Piper Sandler analyst Alexander Goldfarb upgraded Simon Property (SPG) to Overweight from Neutral with a price target of $205, up from $175. The company’s Q4 beat was driven by equity investment gains and its 2025 outlook outperformance shows the underlying earnings power of its real estate portfolio, without the impact of the retailer business, the analyst tells investors in a research note. The firm says that while Simon contemplates ways to further maximize platform investments and Catalyst, which could lead to an exit, the spotlight returns to the growing opportunities within its real estate portfolio.
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