Simon Property price target raised to $155 from $150 at Evercore ISI

Evercore ISI raised the firm’s price target on Simon Property to $155 from $150 and keeps an In Line rating on the shares after Simon reported Q2 FFO of $2.90, which fell short of consensus and the firm’s estimate of $2.95, but was still able to raise their full year guidance by 3c at the midpoint to $12.85 given the very strong NOI growth in the quarter at 5.2%. After updating the firm’s model for Q2 results, Evercore’s FFO estimate increases to $12.88 from $12.83 as it now models slightly higher rental income and assumes occupancy picks up given the continued leasing strength and reaches 96% by year end.