Simon Property upgraded to Buy from Hold at Stifel

Stifel upgraded Simon Property (SPG) to Buy from Hold with a price target of $168.50, down from $178. The firm said the relative valuation is attractive on a multiple basis, believing that the company’s reduction in OPI exposure merits a higher multiple. Stifle added that it believes that with a cleaner story and more earnings contribution from core real estate funds from operations, there is room for multiple expansion here.