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Fly News Breaks for January 15, 2020
Jan 15, 2020 | 07:00 EDT
Jefferies analyst Linda Tsai downgraded Macerich to Underperform from Hold with a price target of $19, down from $29. In spite of Macerich's "quality portfolio and low valuation," its EBITDA is under pressure from store closures, while also servicing a higher amount of debt, Tsai tells investors in a research note. Without rightsizing its dividend or executing on a jopint venture sale to help de-lever, the analyst expects continued pressure on the company's cash flow.