Piper Sandler analyst Alexander Goldfarb lowered the firm’s price target on Macerich (MAC) to $16 from $17 and keeps an Underweight rating on the shares. The firm appreciated Macerich’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 its 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 about 9%, Piper adds.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MAC:
- Cautious Outlook on Macerich: Hold Rating Amidst Transitional Challenges and Strategic Initiatives
- Macerich Company Reports Strategic Progress Amid Earnings Loss
- Mixed Signals in Macerich’s Performance: Strong Leasing Activity Offset by Income Growth Challenges
- Macerich reports Q4 FFO per share 47c, consensus 47c
- Macerich Advances Path Forward Plan with Key Acquisitions