Macerich upgraded to Neutral on ‘notable progress’ at Mizuho

Mizuho upgraded Macerich (MAC) to Neutral from Underperform with a price target of $22, up from $14. The firm sees a a “balanced” opportunity for the mall real estate investment trust sector in 2025. It upgraded Macerich to Neutral saying the company’s new leadership has made “notable progress” toward its strategic initiatives and deleveraging goals, while its improved cost of capital enhances its capital deployment options and earnings potential. Macerich now warrants a higher multiple, the analyst tells investors in a research note.