Fly News Breaks for March 14, 2018
MAC
Mar 14, 2018 | 07:49 EDT
BTIG analyst James Sullivan lowered his price target on Macerich to $66, citing the slowdown in the company's same-store NOI growth below 3% in 2017 vs. prior forecast of 3%-4% as well as the management's expectations of 2.0%-2.5% range in 2018. The analyst keeps his Buy rating on the stock, saying his valuation is "conservative" given the 17% discount to his NAV estimate while also pointing to "healthy" operating metrics of the company's sub-markets suggesting better performance amid improvement in the economic environment.
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