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MAC Macerich $48.74 1.61 (3.42%) 09:11 12/14/18 12/14 09:11 12/14/18 09:11 Recommendations	Macerich analyst commentary at BMO Capital » Macerich price target… Macerich price target lowered to $56 from $64 at BMO Capital. 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." 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial

Thursday
SPG Simon Property $185.54 3.03 (1.66%) , MAC Macerich $50.02 2.89 (6.13%) 11:30 12/13/18 12/13 11:30 12/13/18 11:30 Periodicals	Simon Property has 'no interest' in buying Macerich, Bloomberg says » A Simon Property (SPG)… A Simon Property (SPG) spokesperson told Bloomberg that the company has "no interest" in buying Macerich (MAC). The comment came after Dealreporter had earlier stoked speculation with a report connecting the two. SPG Simon Property $185.54 3.03 (1.66%) MAC Macerich $50.02 2.89 (6.13%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
MAC Macerich $49.36 2.23 (4.73%) , SPG Simon Property $184.56 2.05 (1.12%) 10:14 12/13/18 12/13 10:14 12/13/18 10:14 Hot Stocks	Macerich up after Dealreporter speculates on renewed Simon deal interest » Dealreporter noted that… Dealreporter noted that Simon Property Group (SPG) walked away from its hostile pursuit of Macerich (MAC) in 2015 after the latter declined to engage and wondered if the continued slide in Macerich shares "could tempt SPG to come back to the table," according to contacts. Macerich's long-time CEO is scheduled to retire at the end of this month, which "could make this an opportune time to try and strike a deal," contended Dealreporter, according to contacts. In early trading, Macerich shares are up $3.25, or 6.9%, to $50.37. MAC Macerich $49.36 2.23 (4.73%) SPG Simon Property $184.56 2.05 (1.12%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
MAC Macerich $48.91 1.78 (3.78%) 10:00 12/13/18 12/13 10:00 12/13/18 10:00 Options	Call buyers in Macerich as shares gain 3% » Call buyers in Macerich… Call buyers in Macerich as shares gain 3%. The stock up $1.45 to $48.56 amid M&A chatter and Dec 50s trade at the opening bell from 35 to 45c per contract. 1.3K changed hands against against 88 open interest. The bullish flow opens positions struck 2.5% above spot and expiring one week from tomorrow. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
GE General Electric $7.37 0.65 (9.67%) , AFL Aflac $45.33 2.44 (5.69%) … 09:55 12/13/18 12/13 09:55 12/13/18 09:55 Options	Early notable gainers among liquid option names on December 13th » Notable gainers among… Notable gainers among liquid option names this morning include General Electric (GE) $7.38 +0.67, AFLAC (AFL) $44.97 +2.12, Macerich (MAC) $49.31 +2.20, Kimberly Clark (KMB) $116.82 +2.87, and First Solar (FSLR) $44.71 +1.08. GE General Electric $7.37 0.65 (9.67%) AFL Aflac $45.33 2.44 (5.69%) MAC Macerich $48.39 1.26 (2.67%) KMB Kimberly-Clark $115.99 2.12 (1.86%) FSLR First Solar $44.40 0.8 (1.83%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	17 Dec

Over a week ago
WH Wyndham Hotels & Resorts $48.83 0.15 (0.31%) , DIS Disney $113.57 1.02 (0.91%) … 11:34 11/27/18 11/27 11:34 11/27/18 11:34 On The Fly	Fly Intel: Today's top analyst calls on Wall Street » Check out today's top… Open Full Text WH Wyndham Hotels & Resorts $48.83 0.15 (0.31%) DIS Disney $113.57 1.02 (0.91%) FOX 21st Century Fox $48.77 0.24 (0.49%) FOXA 21st Century Fox $49.02 0.15 (0.31%) MAC Macerich $48.63 -0.32 (-0.65%) TCO Taubman Centers $51.42 0.67 (1.32%) HRL Hormel Foods $44.45 -1.26 (-2.76%) MAR Marriott $119.96 0.08 (0.07%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	28 Nov 29 Nov 30 Nov 04 Dec
HRL Hormel Foods $44.40 -1.31 (-2.87%) , WYND Wyndham Destinations $41.43 -1.2 (-2.81%) … 10:20 11/27/18 11/27 10:20 11/27/18 10:20 Downgrade	On The Fly: Top five analyst downgrades » Catch up on today's… Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Hormel Foods (HRL) downgraded to Hold from Buy at Jefferies with analyst Akshay Jagdale citing valuation. 2. Wyndham Hotels & Resorts (WH) downgraded to Buy from Conviction Buy at Goldman Sachs while Wyndham Destinations (WYND) was downgraded to Neutral from Buy. 3. U.S. Bancorp (USB) downgraded to Hold from Buy at Deutsche Bank with analyst Matthew O'Connor citing valuation. 4. Macerich (MAC) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Richard Hill saying he believes the market is underappreciating the company's free cash flow declines in 2019 and 2020. 5. Athenahealth (ATHN) downgraded to Market Perform from Outperform at Wells Fargo with analyst Jamie Stockton saying he suspects a proxy will come out in the next week or two detailing the full process since June to try to sell the company, which ultimately resulted in Veritas Capital and Elliott Management making a $135 all-cash offer on November 12. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. HRL Hormel Foods $44.40 -1.31 (-2.87%) WYND Wyndham Destinations $41.43 -1.2 (-2.81%) WH Wyndham Hotels & Resorts $48.68 (0.00%) USB U.S. Bancorp $53.81 -0.35 (-0.65%) MAC Macerich $48.30 -0.65 (-1.33%) ATHN Athenahealth $132.38 -0.3 (-0.23%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	28 Nov 28 Nov 29 Nov 30 Nov
MAC Macerich $48.95 0.24 (0.49%) , TCO Taubman Centers $50.75 0.38 (0.75%) 16:31 11/26/18 11/26 16:31 11/26/18 16:31 Downgrade	Macerich, Taubman Centers rating change at Morgan Stanley » Macerich downgraded to… Macerich downgraded to Underweight from Equal Weight at Morgan Stanley. Morgan Stanley analyst Richard Hill downgraded Macerich (MAC) to Underweight and lowered his price target for the shares to $45 from $58. The analyst believes the market is underappreciating the company's free cash flow declines in 2019 and 2020. Macerich's dividend payout ratio is over 100% of free cash flow, says Hill. Further, the consensus believes Macerich is a more likely takeover candidate than Taubman (TCO), "but it's not a given to us," Hill tells investors in a research note. The analyst coupled the downgrade of Macerich with an upgrade of Taubman to Equal Weight. MAC Macerich $48.95 0.24 (0.49%) TCO Taubman Centers $50.75 0.38 (0.75%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
TCO Taubman Centers $50.75 0.38 (0.75%) , MAC Macerich $48.95 0.24 (0.49%) 16:27 11/26/18 11/26 16:27 11/26/18 16:27 Upgrade	Taubman Centers, Macerich rating change at Morgan Stanley » Taubman Centers upgraded… Taubman Centers upgraded to Equal Weight from Underweight at Morgan Stanley. Morgan Stanley analyst Richard Hill upgraded Taubman Centers (TCO) to Equal Weight while lowering his price target for the shares to $50 from $51.50. The analyst sees a more balanced risk/reward at current share levels saying consensus net asset value estimates are around 60% above the current stock price. The consensus believes Macerich (MAC) is a more likely takeover candidate than Taubman, "but it's not a given to us," Hill tells investors in a research note. TCO Taubman Centers $50.75 0.38 (0.75%) MAC Macerich $48.95 0.24 (0.49%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
MAC Macerich $48.71 -0.05 (-0.10%) 07:28 11/26/18 11/26 07:28 11/26/18 07:28 Recommendations	Macerich analyst commentary at BTIG » Macerich price target… Macerich price target lowered to $63 from $66 at BTIG. BTIG analyst James Sullivan lowered his price target on Macerich to $63 to reflect the "negative impact of accounting changes for leasing costs and higher interest expense along with lower term fees." The analyst also keeps his Buy rating on the stock, citing its "very healthy" portfolio operating trends which include sales productivity increasing at a high single digit rate so far this year and improving same-store net operating income. Sullivan expects Macerich to sustain its 3% per year increase in that metric going forward. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial

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