J.P. Morgan Reiterates Overweight Rating, $178 PT on Simon Property Group

In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating and $178.00 price target on Simon Property Group

. J.P. Morgan noted, “We are updating our model and estimates to account for the $1.25 million of senior notes that were issued as well as the announced 50/50 joint venture with Tanger Factory Outlets (SKT - N) to develop two outlet centers in the United States. As a result, we are maintaining our 2012 and 2013 FFO estimates of $7.87/share and $8.42/share, respectively and we are increasing our 2014 FFO estimate by $0.02/share to $8.97.” Simon Property Group closed on Friday at $156.02.