d3sign/Moment via Getty Images Summary In our initial report on Simon (NYSE:SPG), we gave it a Hold. Following a generally positive Q4 earnings report, we raised our price target and upgraded it to a bullish Hold. While Simon is now trading at a moderate discount to our NAV estimate, we require a more substantial margin of safety before moving to a Buy. We also reevaluate the Series J preferred stock, and maintain our Sell rating given the ~3.4% YTC, which is lower than the entire US treasury yield curv ...