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Fly News Breaks for April 1, 2015
SPG, MAC
Apr 1, 2015 | 08:53 EDT
Wells Fargo expects shares of Macerich (MAC) to initially trade in the mid-$70s before stabilizing in the $77-$82 range after the company rejected Simon Property's (SPG) best and final offer. Wells does not expect Simon to pursue Macerich and notes shareholders are dissatisfied with Macerich's "poor articulation" of a path to a superior outcome. The firm lowered its price target range for Macerich shares to $77-$82 from $95-$100 and keeps a Market Perform rating on the name. Macerich is trading down $4.22 to $80.11 in pre-open trading.
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