In a report published Monday, Bank of America analyst Jeffrey Spector upgraded the rating on Macerich Co. MAC from Neutral to Buy, and raised the price target from $62.00 to $68.00.
In the report, Spector noted, “We derive our PO on a forward NAV with a 5.9% cap rate, applying a 5% premium, which we believe is warranted given MAC's dominance in Phoenix. Positive potential catalysts include MAC's positioning in Phoenix and the likely development site at Estrella Falls, the potential optimization at King's Plaza, MAC's new NYC urban property, and better than expected tenancy at MAC's Chicago outlet. This March, we conducted a deep dive and a proprietary tour of MAC and the Phoenix MSA. We visited with marketing research, mall management and leasing. We visited a number of regional malls and one future regional mall site (Estrella Falls) in the Phoenix area.”
Macerich Co. closed on Thursday at $64.38.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in