UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Macerich Co. Following Dispositions Announcement

In a report published Monday, BMO Capital Markets analyst Paul E. Adornato reiterated a Market Perform rating on

, but lowered the price target from $72.00 to $66.00. In the report, BMO Capital Markets noted, “The announced dispositions are another step forward in Macerich's strategic plan to focus on productive assets in gateway markets. The divested malls averaged $389 in sales per square foot -- well below MAC's $535 average – and sold for a low- to mid-7% cap rate. We are attracted to MAC's focus on quality and sales productivity and believe management is positioning the portfolio to create value over the long term. That said, we anticipated closer to the midpoint of dispositions guidance ($750 million), and based on third-party conversations, we believe that private equity investors may have felt that the marketed MAC assets bore more risks than other recent B asset transactions.” Macerich Co. closed on Friday at $62.25.