UPDATE: UBS Investment Research Raises Target to $60 on Macerich

UBS Investment Research reiterates its Buy rating on Macerich (NYSE: MAC) and raises its price target by $5 to $60 a share as it sees the company to be a relative value play.

UBS Investment Research comments, "We expect solid fundamental growth to continue into 2012 for MAC's Class A/B+ mall portfolio, driven by incremental gains in pricing power and modest occupancy upside. We favor a strategy of using access to low-cost debt capital to prepay, fix, and term out variable rate debt coming due in ‘13, as well as the continued upgrade of portfolio quality through acquisitions and ramp in re/development."

MAC closed at $55.50 a share on Tuesday.

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