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Jefferies raised its price target on Macerich Company (NYSE:MAC) to $19.00 from $18.00 on Monday, while maintaining a Buy rating on the retail real estate investment trust. According to InvestingPro analysis, the company appears slightly undervalued at its current market price of $15.74, with analysts setting price targets ranging from $14.70 to $25.00.
The firm tweaked its model assumptions for Macerich, including lower capital expenditure estimates, reduced joint venture income, and adjusted debt refinancing assumptions. Jefferies also incorporated improved tenant reimbursement rates and updated share count in its revised model.
Jefferies maintained its 2025 funds from operations per share (FFO/sh) estimate at $1.50, which sits slightly above the consensus estimate of $1.49. The firm’s 2026 FFO/sh estimate remains unchanged at $1.59, representing a 6.1% year-over-year increase.
The price target increase comes as Macerich continues to navigate the evolving retail landscape. The company owns, operates and develops major regional shopping centers across the United States.
Macerich’s portfolio includes approximately 48 million square feet of retail space primarily in major metropolitan markets, making it one of the nation’s leading owners and operators of regional town centers.
In other recent news, The Macerich Company reported its Q1 2025 earnings, revealing a larger-than-expected loss with an EPS of -$0.20, missing the forecasted -$0.0747. Despite this earnings miss, the company’s revenue of $249.22 million exceeded expectations of $206.71 million. Truist Securities maintained a Buy rating on Macerich, with a $19.00 price target, citing strong performance in leasing activity and growth in base minimum rents. The company signed 2.6 million square feet of leases in the first quarter, indicating a positive trend in operations. Mizuho (NYSE:MFG) Securities upgraded Macerich’s stock rating from Neutral to Outperform, though they reduced the price target to $18. This upgrade reflects confidence in the company’s strategic plan and potential for long-term earnings growth. At its recent annual stockholders meeting, Macerich elected eight directors and approved executive compensation. Additionally, the appointment of KPMG LLP as the independent registered public accounting firm was ratified.
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