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Investing.com - Piper Sandler raised its price target on Simon Property Group (NYSE:SPG) to $225.00 from $210.00 on Monday, while maintaining an Overweight rating on the mall operator’s stock. The new target represents a significant premium to SPG’s current trading price of $183.60, with the stock already trading near its 52-week high of $190.13.
The research firm cited tailwinds from the full consummation of Simon’s Taubman Centers (TCO) acquisition as the primary driver for the increased target. Piper Sandler expects Simon to see modest benefits in 2026, followed by substantial improvements in 2027. According to InvestingPro data, Simon Property Group has demonstrated solid financial stability with a "GREAT" overall financial health score and has maintained dividend payments for 32 consecutive years, providing a foundation for this expansion strategy.
The firm anticipates Simon will fully integrate its operating platform into the Taubman portfolio by late 2026, with additional yield improvements of potentially 50 basis points in the second half of 2027. This integration process, which Piper Sandler refers to as being "Simonized," includes implementing specialty brand vehicles, temporary tenants, and signage. With a market capitalization of $69.25 billion and revenue growth of 4.17% over the last twelve months, SPG has the financial resources to execute this integration effectively.
Taubman’s portfolio includes several premium mall properties across the United States, including Short Hills, International Plaza, Dolphin Mall, and Beverly Center. Management had previously indicated an expected 8% yield once Taubman is fully integrated.
Piper Sandler’s new estimates for Simon Property Group exceed consensus forecasts for both 2026 and 2027, with additional upside potential from eventual financial savings when Simon unencumbers the wholly-owned Taubman centers.
In other recent news, Simon Property Group reported its third-quarter earnings for 2025, surpassing analysts’ expectations with an earnings per share (EPS) of $1.86, compared to the forecasted $1.61. However, the company faced a revenue shortfall, reporting $868.25 million against the anticipated $1.4 billion. This mixed outcome reflects a 15.53% earnings surprise, highlighting a discrepancy between earnings and revenue performance. Meanwhile, the Russian services sector experienced a renewed rise in business activity in October, according to the latest S&P Global Russia Services PMI survey. The index registered 51.7, up from 47.0 in September, marking the first expansion in output since May. These developments indicate a shift in economic activities and performance for both Simon Property Group and the Russian services sector.
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