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Fly News Breaks for February 10, 2020
Feb 10, 2020 | 11:45 EDT
Morgan Stanley analyst Richard Hill raised his price target on Taubman Centers (TCO) shares to $52.50 and reiterated an Equal Weight rating on the stock after Simon Property Group (SPG) announced a deal to acquire all of Taubman's common stock for $52.50 per share in cash. In terms of what the deal means to peer Macerich (MAC), Hill said he expects the shares to move higher over the near-term as some investors cover shorts, though he remains cautious on Macerich's fundamentals and sees the risks being skewed to the downside. While bulls view the Taubman deal as a look through to the value of MACs malls, noting that a 6.2% implied cap rate would value the company at a price of $41.50 per share, the bear case is that the deal reduces the potential pool of buyers for Macerich, said Hill, who keeps an Underweight rating on the stock. In late morning trading, Macerich shares are up $2.19, or 9.4%, to $25.55.
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