) to Hold from Buy, but is raising its price target to $49 from $46.50. It cites valuation as the reason for the downgrade. In a note to clients, Jefferies states, "MAC's core strength is redeveloping neglected, worn down regional malls in attractive locations into state of the art Class A malls. While redevelopment plans are in the works, the earnings benefit will not be realized for at least the next 3 - 5 years." Shares of MAC gained 37 cents yesterday to close at $49.40, a gain of 0.75%.