Stifel analyst John Guinee said he thinks the Mack-Cali proxy fight ended in a "close to the best case scenario for Bow Street and shareholders," saying that only a new chairman being named was missing from what he would have considered the absolute best case. The company announced a strategic review committee composed entirely of independent board members and though Guinee said such a review process can be something of a "black box," he thinks the board "appears to be saying all the right things." He keeps a Buy rating on Mack-Cali shares and raised his price target to $26 from $25.