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CLI

Mack-Cali Realty

$22.69

0.53 (2.39%)

07:04
06/03/19
06/03
07:04
06/03/19
07:04

Bow Street says Glass Lewis recommends vote for its Mack-Cali nominees

Bow Street, an investment firm that beneficially owns approximately 4.5% of the outstanding shares of common stock of Mack-Cali Realty, announced that Glass, Lewis & Co., has recommended that Mack-Cali shareholders vote the GOLD proxy card "FOR" the election of Bow Street's director nominees MaryAnne Gilmartin and Frederic Cumenal in connection with Mack-Cali's Annual Meeting of Shareholders to be held June 12, 2019. Glass Lewis' recommendation follows Institutional Shareholder Services' recommendation that Mack-Cali shareholders vote the GOLD proxy card "FOR" Bow Street's nominees MaryAnne Gilmartin, Nori Gerardo Lietz and Alan Batkin. In making its recommendation "FOR" Bow Street's nominees Glass Lewis noted: "In short, we believe Mack-Cali's long-term TSR underperformance, multiple shifts in strategies and management through the years, disparate asset portfolio at times, lack of sustainable asset or share value creation, potentially insurmountable financial leverage, persistent trading discount and seemingly limited strategic and financial alternatives, coupled with what appears to remain a somewhat weak corporate governance structure with certain hallmarks of an entrenched board (i.e., founding family shareholder and chairman, lengthy director tenures, long-standing relationships between certain directors, potentially misaligned incentives and interests)...we see ample grounds for shareholders to support incremental board change at this time."

  • 04

    Jun

CLI Mack-Cali Realty
$22.69

0.53 (2.39%)

10/05/18
JPMS
10/05/18
DOWNGRADE
Target $24
JPMS
Neutral
Mack-Cali Realty downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Anthony Paolone downgraded Mack-Cali Realty to Neutral with an unchanged price target of $24. The analyst believes the company has had a difficult time finding leasing momentum to backfill key New Jersey waterfront office vacancies. As such, he sees more attractive opportunities elsewhere in the sector.
01/15/19
RHCO
01/15/19
DOWNGRADE
RHCO
Hold
Mack-Cali Realty downgraded to Hold from Buy at SunTrust
03/19/19
BTIG
03/19/19
UPGRADE
Target $26
BTIG
Buy
Mack-Cali Realty upgraded to Buy from Neutral at BTIG
BTIG analyst Thomas Catherwood upgraded Mack-Cali Realty to Buy with a price target of $26, saying the latest unsolicited offer for the company's office assets from Bow Street could be "just the start". In spite of its challenges in producing "sustainable growth" for its portfolio, the analyst believes that the REIT could be near an upward inflection point, adding that while this latest offer may be "insufficient", it may cause investors to reconsider the stock.
04/16/19
STFL
04/16/19
UPGRADE
Target $25
STFL
Buy
Mack-Cali Realty upgraded to Buy from Hold at Stifel
Stifel analyst John Guinee upgraded Mack-Cali Realty to Buy and raised his price target to $25 from $22. The analyst says the proposed slate of directors by Bow Street, along with its proposal to acquire the office portfolio and spin off the multifamily portfolio, has a "good chance of prevailing". Guinee is also positive on Mack-Cali Realty's "very inexpensive real estate valuation metrics relative to low barrier office peers", potential liquidity and the ability to de-lever from Bow Street proposals, as well as "increased third party investment in Roseland multifamily portfolio."

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