Macerich price target raised to $21 from $20 at Jefferies

Jefferies raised the firm’s price target on Macerich (MAC) to $21 from $20 and keeps a Buy rating on the shares as part of a broader research note previewing 2026 for Retail REITs. The firm sees retail as “well positioned” with a strong lease backlog starting in FY26-27 while supporting net operating income growth, the analyst tells investors in a research note. Jefferies adds however that while Macerich owns a portfolio of mostly high-quality assets with strong demographics, higher interest rates and an over-levered balance sheet make earnings growth more difficult vs. its better-capitalized peers.