UPDATE: Imperial Capital Initiates The Macerich Company at In-Line on Valuation

Imperial Capital initiated coverage on The Macerich Company MAC with a In-line rating and a $60.00 price target. Imperial Capital commented, "MAC is one of the larger owners of upper end retail malls in the U.S. The company owns an interest in some well-known retail properties, including Tysons Corner, Virginia; Queens Center, New York, and Santa Monica Place in Los Angeles. Malls have outperformed in 2012, while MAC's stock has performed consistently with the REIT sector (as measured by SNL U.S. REIT Equity) We expect discretionary spending will be under pressure in 2013 and this might curb demand for some physical retail space. We regard MAC's valuation as being broadly consistent with its peers and its common stock as being fairly valued." The Macerich Company closed at $58.02 on Monday.