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Simon Property downgraded to Hold from Buy at Stifel

Stifel analyst Simon Yarmak downgraded Simon Property (SPG) to Hold from Buy with an unchanged price target of $179. The firm cites valuation for the downgrade, noting the shares are trading above its price target which reflects a 6.0% implied cap rate. The downgrade is not related to any change in Stifel’s view of Simon’s fundamentals, the analyst tells investors in a research note.

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