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Fly News Breaks for March 2, 2020
MAC
Mar 2, 2020 | 12:57 EDT
Morgan Stanley analyst Richard Hill upgraded Macerich to Equal Weight from Underweight given what he sees as a more balanced risk-reward after the shares have underperformed over the last 12 months. He thinks the current share price reflects the risk of a meaningful dividend cut that would improve the company's cash flow profile, Hill noted. However, he reduced his 2020 and 2021 FFO estimates following the company's Q4 report and cut his price target on the shares to $18, down from $21.75.
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