UPDATE: Jefferies Upgrades Macerich; Raises PT

According to a research report published earlier today, Jefferies has upgraded Macerich Co.

from Hold to Buy, and has increased PT from $50 to $61. In the report, Jefferies commented, “Post 4Q11, we maintain our bias towards the Class A malls as it appears fundamentals will further diverge between Class A malls and the rest of the mall sector. MAC in our view is an attractive way to play this trend on a risk adjusted basis.” Macerich closed yesterday at $55.36.