BMO Capital analyst R. Jeremy Metz lowered his price target on Macerich to $56, citing the company's latest rejection of buyout speculation in spite of its stock price closing at a 7-year low yesterday. The analyst notes that the decline has been driven by the widening valuation gap, "long-in-the-tooth" cycle, rising capital expenditures, and the exit of its CEO Art Coppola at the end of the year. Metz also keeps his Outperform rating on the shares, stating 2018 could mark an inflection point for the company as same-store net operating income accelerates next year. The analyst further states that "Macerich has one of the more desirable U.S. mall portfolios and a significant holding by Ontario Teachers."