Morgan Stanley analyst Richard Hill said he sees cash flow headwinds accelerating at Macerich (MAC) and believes the market underappreciates its deterioration in free cash flow. The analyst, who projects a $150M-$200M cash shortfall every year after payment of the dividend, lowered his price target on Macerich shares to $30 from $45 and keeps an Underweight rating on the stock. He also lowered his price target on Taubman Centers (TCO) to $45 from $50 and cut his price target for Simon Property (SPG) to $170 from $180 to reflect the challenging retail environment. He has Equal Weight ratings on Taubman and Simon shares.