Investing.com — Simon Property Group (NYSE:SPG) rose 3% after getting an upgrade as we’re expected to go mad at the mall.
Jefferies (NYSE:JEF) bumped shares to buy from hold and increased the price target to $130 from $112.
“SPG’s valuation can grow,” said analyst Jonathan Petersen, according to StreetInsider, citing “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts, in addition to external growth opportunities.”
Malls, of course, have been ghost towns for much of the past 13 months, victims of the pandemic that has killed and sickened millions and kept shoppers buying online instead of in-person. The death of the mall has long been expected, but maybe we underestimated the power of a food court and the windowless charm of capitalism in a box.
Shares of Simon have more than doubled since the pandemic hit in March 2020.
Simon’s been picking up dying retailers — also often its tenants — buying Brooks Brothers, Forever 21 and J.C. Penney.