The Macerich Company (MAC) PT Lowered to $16 at Piper Sandler

Piper Sandler analyst Alex Goldfarb lowered the price target on The Macerich Company (NYSE: MAC) to $16.00 (from $17.00) while maintaining a Underweight rating.

The analyst commented: "We appreciated MAC's candid assessment of its Path Forward Plan, acknowledging the hard work needed to improve the tenancy, selling assets, and addressing its balance sheet, which is consistent with our thesis heading into the call. However, the market seemed surprised earnings will take a further hit before the eventual rebound, as the stock was down ~9%. MAC has been clear previously it won't know until mid-2026 whether it's on plan for $1.80 in 2028, which makes Thursday's reaction puzzling. The new team continues its overhaul, including improved, centralized coordination for operations and leasing, so everyone knows the status of each lease and what the objectives are. The prior reliance on temp and lagging tenants to sustain FFO is giving way to more productive, permanent ones, which contributes to depressed NOI until the SNO comes online. We like MAC's plans, but keep the UW given it won't deliver until 2028."

You May Also Be Interested In

• Palo Alto Networks (PANW) PT Raised to $415 at Rosenblatt
• Berkshire’s Abel says data centers are energy opportunity
• MongoDB (MDB) PT Raised to $445 at Rosenblatt