Scotiabank upgrades Macerich, Deutsche Bank starts coverage

The Macerich

17/12/2024 16:39

** Scotiabank upgrades rating, raises PT of retail real
estate investment trust Macerich  MAC.N 
    ** Raises rating to "sector perform" from "sector
underperform", PT by $5 to $22
    ** Says rating based on co's earlier-than-expected progress
on its "path forward" real estate management plan, says
execution of plan the key piece of the MAC story today
    ** Also says co's new management, no longer beholden to
assets, is taking a healthy approach to portfolio management
    ** Deutsche Bank initiates coverage on stock with "hold"
rating and PT of $22
    ** One of 14 brokerages covering the stock rate it "strong
buy", eight "hold" and five "sell"; with a median PT of $20-
data compiled by LSEG
    ** Up to last close, stock had risen ~40% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))