UPDATE: Jefferies Upgrades Macerich to Buy

Jefferies upgrades its rating on Macerich

to Buy from Hold and raises its price target $11 to $61 on the better valuation of REITS with Class A malls. Jefferies says, "4Q11 results and 2012 earnings guidance show that REITs which own Class A malls are delivering better results versus the rest of the Mall sector. That said, premium valuations reflect the strong outlook for these REITs. As such, we are selective within the group. We are upgrading Macerich (

) to a Buy, from Hold as we believe it is an attractive way to play this thesis on a risk adjusted basis." MAC closed at $55.36 a share yesterday.