Keefe, Bruyette & Woods Increase Simon Property Group PT To $110, Maintains Market Perform (SPG)

Keefe, Bruyette & Woods increased its Simon Property Group SPG price target to $110 and maintained Simon Property Group's Market Perform rating in a research report published today. In the report, Keefe, Bruyette & Woods states, "SPG reported strong 4Q10 results. Operating FFO/sh $1.82 above KBW and consensus - beat vs. KBW due to better core growth. Difference between reported and operating due to non-cash impairment and transaction expenses. Operating results robust: SSNOI +3.4%, 2010 sales +9.2% to $494/sf, occupancy +80bps to 94.2%. 2011 FFO/sh guidance $6.45-$6.60; likely conservative. " Shares of Simon Property Group were at $103.67 at the time of posting in after hours trading, up 0.19% from Friday's market close.