Jefferies upgraded Simon Property (SPG) to Buy from Hold with a price target of $198, up from $179. The firm adjusted retail real estate investment trust ratings as a part of a 2025 outlook. Big Lots, Container Store and Party City closures raise 2025 bad debt, but retail supply is tight, and strips' earnings "remain healthy" in 2025 versus 2024, the analyst tells investors in a research note. Jefferies recommends buying Simon based on its "relatively attractive valuation, more generalist interest and further occupancy improvement, driving pricing power."