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Simon Property (SPG) Approaches New Upside Target of $159.72

Published on Fri, 03/22/2013 - 09:43
By Adrienne Chilton

Shares of Simon Property (NYSE:SPG) opened today above their pivot of $158.25 and have already reached the first level of resistance at $158.89. Should the shares continue to rise, the resistance pivots of $159.72 and $161.19 will be of interest.

In the past 52 weeks, Simon Property share prices have been bracketed by a low of $141.33 and a high of $164.32 and are now at $158.93, 12% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

There is potential upside of 10.7% for shares of Simon Property based on a current price of $158.93 and an average consensus analyst price target of $175.88. The stock should find resistance at its 50-day moving average (MA) of $160.44, as well as support at its 200-day MA of $156.40.

Simon Property Group, Inc. is a self-administered and self-managed, real estate investment trust. The Company owns, develops, and manages retail real estate properties including regional malls, outlet centers, community/lifestyle centers, and international properties.

By Adrienne Chilton