Jefferies Raises PT on Macerich to $49 (MAC)

Jefferies is out with its report today on Macerich MAC, raising its PT from $46 to $49. In a note to clients, Jefferies writes, "We are revising our 2011 and 2012 FFO/sh. est to $2.87 (ex. $0.06 debt prepayment charge) and $3.14, from $2.88 and $3.13, respectively. We are increasing our PT to $49, from $46 as a result of MAC's improving growth outlook." Jefferies maintains Hold on MAC. Shares of MAC closed Monday at $49.28.