BTIG analyst Thomas Catherwood raised his price target on Mack-Cali Realty to $30 and kept his Buy rating after Bow Street prevailed in their proxy battle, granting the firm the right to nominate three new directors. The analyst notes that Mack-Cali's plans to form a committee of independent advisors to review the company's strategic alternatives will highlight the "substantial value" embedded in its portfolio. Catherwood also points to Mack-Cali's 14.6-times expected FY20 FFO multiple, which represents a discount of about 20% to his estimated net asset value per share.