UPDATE: Morgan Stanley Reiterates on Macerich Company on Positive Outlook Despite 2014 Guidance

In a report published Wednesday, Morgan Stanley analyst Haendel E. St. Juste reiterated an Overweight rating on Macerich Company MAC, but removed the $69.00 price target. In the report, Morgan Stanley noted, “Sales psf growth of 3.8% y/y came in ahead of peers despite a challenging retail environment. With solid execution of asset sales in ‘13 and more on the way in 1H '14, we continue to see NAV upside, especially as accretive reinvestment into redevelopment starts to translate into higher retailer productivity. That said, ‘14 guidance is a bit murky and includes asset sales dilution that we do not believe the Street fully comprehends, which could result in downward earnings revisions to FY '14 FFO/sh est. and pressure on the stock tomorrow. We recommend buying on weakness.” Macerich Company closed on Tuesday at $56.62.