UPDATE: Jefferies Upgrades Simon Property Group to Buy

Jefferies raises its rating on Simon Property Group SPG to Buy from Hold as it believes risk/reward profile is appropriate for the new rating. Price target goes up $10 to $150. Jefferies says, "4Q11 results and 2012 earnings guidance show that REITs which own Class A malls are delivering better results versus the rest of the Mall sector. That said, premium valuations reflect the strong outlook for these REITs. As such, we are selective within the group. We are upgrading Macerich (MAC) to a Buy, from Hold as we believe it is an attractive way to play this thesis on a risk adjusted basis." SPG closed at $138.22 yesterday.