UPDATE: Jefferies Color On SPG 4Q10

In its post-4Q10 review of Simon Property Group (NYSE: SPG), Jefferies said that it believes SPG's high quality portfolio puts it in a better position vs. peers for the current retail environment.

Additionally, excellent capital management and a growing redevelopment pipeline should provide double-digit earnings growth over the next few years.

“We are revising our 2011 and 2012 FFO/sh. estimates to $6.66 and $7.35, from $6.54 and $7.22, respectively,” Jefferies writes. “Our adjustments reflect 4Q10 results and improving operational trends on nearly all fronts of SPG's leasing business.

“We are also increasing our PT to $120, from $112 given a strong earnings growth profile (+10%, +10%, and +11% YoY growth in 2011, 2012, and 2013, respectively).”

Simon Property Group closed Wednesday at $106.26.