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Macerich (MAC) has an average rating of overweight and mean price target of $25.36, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
Macerich (MAC) has an average rating of overweight and mean price target of $23.29, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target by $3 to $18, 14.2x our 2026 FFO estimate, reflecting increased property dispositions, elevated leverage, and a growing signed-not-opened (SNO) pipeline. We leave our 2026 FFO view unchanged at $1.27 and increase 2027 by $0.05 to $1.36. We now believe management is pivoting to a strategy of being a serial acquirer, using its premium valuation to fund growth while leverage remains structurally elevated. We no longer believe management intends to reduce leverage as part of its Path Forward plan originally claimed it would into the low- to mid-6x leverage range and see disposition activity slowing in 2H 2026. Risks of MAC's large SNO pipeline taking longer to translate into revenue remain. However, we are upgrading our view on the stock as we believe MAC is now likely to issue stock at a premium valuation and acquire new properties, which could increase FFO faster than we had previously expected.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MAC reported Q1 revenue of $242M, down 3.1% Y/Y and 7.8% Q/Q, with leasing revenue of $226M. Revenue including unconsolidated joint ventures on a pro rata basis was $297M, down 3.0% Y/Y. The company's SNO pipeline reached $116M, representing cumulative incremental revenue through 2028, which we view as a positive catalyst for future growth momentum. MAC replaced same-store NOI reporting with Go-Forward Portfolio Centers metrics going forward. Go-Forward Portfolio NOI (excluding lease termination income) increased 1.2% Y/Y to $173M, while portfolio tenant sales per square foot reached $899 for the trailing-12-month period, up 7.4% Y/Y and 2.0% vs. Q4 2025. Go-Forward Portfolio Centers sales per square foot hit $941, up 4.8% Y/Y and 2.2% vs. Q4 2025. MAC signed 1.6M square feet of leases in Q1, up 2.5% Y/Y excluding prior-year multi-location anchor renewals. We believe the improving sales productivity and strong leasing momentum support the company's operational progress despite the sequential revenue decline.
