10:25 AM EDT, 05/07/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target by $8 to $151, on a forward P/FFO of 11.8x our 2024 FFO estimate, a premium to SPG's five-year average multiple (10.5x) due to the strong retail leasing environment. We raise our 2024 FFO estimate by $0.81 to $12.80 and keep 2025 at $12.54. SPG posted Q1 2024 FFO of $3.56 vs. $2.74, a $0.74 consensus beat, driven by SPG's $0.75 gain from investment activity as the company sold its remaining stake in Authentic Brands Group for $1.2B. Revenues rose 7% Y/Y as leasing activity within the class A mall sub-industry remains robust, with SPG signing 1,300 leases in the quarter and completing 65% of its 2024 lease expirations. Portfolio NOI rose 3.9% Y/Y, while pricing power remained strong. Portfolio occupancy of 95.5% was up 90 bps Y/Y, while base minimum rents rose 3% Y/Y to $57.53 vs. $55.84. Retail sales per square foot were $745 vs. $759 Y/Y, but increased sequentially ($743 in Q4) for the first time since Q4 2022. Liquidity is strong at $11.2B with fixed charge coverage at 4.3x vs. 4.6x Y/Y.