Mizuho Securities Upgrades The Macerich Company (MAC) to Buy
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Mizuho Securities upgraded The Macerich Company (NYSE: MAC) from Neutral to Buy with a price target of $84.00.
Analyst Haendel St. Juste commented, "We are upgrading MAC to Buy from Neutral with a $84 price target based on an 15% warranted discount to our $98.50 NAV estimate at a 4.6% cap rate. At current levels, MAC shares offer substantial value, in our view, trading at 68% of NAV, despite owning an high productivity (mid-$600 psf of sales) portfolio concentrated on the East and West coasts (as well as Chicago and Phoenix) heavily weighted in affluent, dense MSAs characterized by high s/f home prices and highly-educated populations."
Shares of The Macerich Company closed at $67.57 yesterday.
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