Macerich upgraded to Outperform from Neutral at Mizuho

Mizuho upgraded Macerich (MAC) to Outperform from Neutral with a price target of $18, down from $22. The firm believes the stock offers an attractive risk/reward profile and that its underperformance year-to-date “offers an intriguing entry point for risk-tolerant investors to gain exposure to a highly productive mall portfolio with substantial long-term earnings upside.” Macerich is trading at a clear and sizable discount versus its history and peers, the analyst tells investors in a research note. Mizuho believes Macerich’s new management has exceeded expectations set within its “Path Forward Plan” in spring 2024 for leasing, asset sales and leverage reduction goals.