Wells Fargo analyst Jeffrey Donnelly downgraded Macerich to Market Perform from Outperform and lowered his price target to $43 from $65.50. In a research note to investors, Donnelly says he is unable to see an internal catalyst to drive shareholder value and believes Macerich will continue to face outsized capital expenditures for anchor re-tenanting over the next 2-3 years, but 2019 guidance implies cash flow from operations may not fully cover the growing capital needs as well as the common dividend. He adds that he is concerned that with low earnings growth and retained cash flows, there is little internally-generated capital on hand in the event capital needs in the next 2-3 years exceed incremental mortgage refinancing proceeds.