Simon Property Group posts strong Q1, raises full-year guidance but shares look fully valued at current price.

Simon Property Group reported strong first-quarter results with robust leasing and portfolio growth, prompting an increase in its full-year FFO guidance. The company maintains a strong balance sheet with an A credit rating, low leverage, and high fixed-rate debt, which supports future financial flexibility. However, the stock's valuation at 16.01 times forward FFO appears fully priced, limiting near-term upside and exposing it to downside risks amid economic uncertainties. The analyst recommends waiting for a 15-20% price pullback below $180 to buy with a margin of safety.