Josh Brown Says Simon Property Group Could Outperform

Simon Property Group Inc (NYSE: SPG) could outperform on a total return basis over the next three years, Ritholtz Wealth Management CEO Josh Brown said Tuesday on CNBC's "Fast Money: Halftime Report."

The way to play the reopening of retailers in malls is to own the landlord, Brown said.

Simon Property Group reported outstanding earnings last week and has plenty of options moving forward, he said, adding the company has "so many ways to win."

Simon Property Group could be $150 per share or higher in three years, Brown told CNBC. 

SPG Earnings: Simon Property Group reported earnings of $1.36 per share on May 10. 

"Our business has substantially improved after addressing the impacts from the COVID-19 pandemic including significantly restrictive governmental orders as evidenced by our improved profitability and cash flow growth, increasing shopper traffic, increasing retailer sales, and leasing momentum across our portfolio," said David Simon, chairman, president and CEO of Simon Property Group.

Analyst Rating: Morgan Stanley maintained Simon Property Group with an Overweight rating and raised the price target from $135 to $140 on Tuesday.

Related Link: Why Simon Property Group Could Outperform

SPG Price Action: Simon Property Group traded as high as $128.25 and as low as $49.38 over a 52-week period. It is up 44.13% year-to-date.

At last check Tuesday, the stock was up 0.27% at $122.57.

(Photo: Simon Property Group)