Piper Sandler downgraded Simon Property to Neutral from Overweight with a price target of $175, down from $190. The downgraded is based on anticipated slower earnings growth for Simon versus shopping centers over the next two years, and represents the first time Piper hasn’t had an Overweight rating since late 2009, the analyst tells investors in a research note. The firm says Simon Property’s growing headwind comes from more refinancing of low-coupon debt to higher rate.
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