Simon Property: Time To Take Some Profit

RichVintage Thesis I wrote a few bullish articles on Simon Property Group (NYSE:SPG) in the second half of 2023 when the stock was trading around an average price of ~$115 (see the chart below). The key arguments for my bullish thesis back then were twofold: A) I expect the performance metrics of SPG to rebound nicely from the aftermath of the COVID pandemic, and B) the valuation discounts were too large to ignore at that time. Seeking Alpha Against this background, the goal of this article is to downgrade ...