Stifel on Tuesday increased its price target for Simon Property Group (NYSE:SPG) to $185.00, up marginally from $184.00, while retaining a Hold rating on the shares. At the time of the update, SPG was trading at $187.77, trading just under its 52-week high of $193.50 and above its InvestingPro Fair Value estimate.
The firm’s tweak in valuation followed Simon Property Group’s release of fourth-quarter Real Estate Funds From Operations (FFO) per share of $3.49, a result that surpassed consensus expectations. InvestingPro data also attributes a "GREAT" financial health score of 3.11 to the company.
Stifel analyst Simon Yarmak quantified the beat, noting the reported FFO was $0.05 ahead of Stifel’s internal estimate and $0.04 above the Street consensus. Yarmak attributed the variance to stronger-than-expected Net Operating Income (NOI) generated by the REIT’s property portfolio.
The updated $185 price target represents a modest $1.00 increase versus Stifel’s prior valuation, while the firm kept its Hold designation unchanged.
Separately, Simon Property Group reported fourth-quarter results for 2025 that materially exceeded expectations on both the earnings and revenue lines. The company posted earnings per share of $9.35, substantially higher than the forecast of $1.84. Revenue for the period came in at $1.79 billion, topping the anticipated $1.49 billion by 20.13 percent.
Those headline figures were described in company updates as indicative of robust financial performance and management initiatives. The scale of the EPS and revenue beats has attracted attention among investors and analysts, and they form the immediate backdrop for the analyst reassessment at Stifel.
For market participants tracking SPG, the combination of an FFO beat, stronger NOI, and outsized reported EPS and revenue underscores near-term operating momentum as measured by the company’s reported metrics. Despite these results and the slight upward revision to Stifel’s target, the broker-dealer’s Hold rating signals no change to its recommendation posture.
Summary
Stifel raised its price target on Simon Property Group to $185 from $184 and left its Hold rating in place after the REIT reported a Q4 FFO per share of $3.49 that topped expectations. Stifel highlighted higher NOI as the primary driver of the upside to its FFO estimate. Simon also reported Q4 2025 EPS of $9.35 and revenue of $1.79 billion, both well above forecasts.