UPDATE: Jefferies Downgrades Macerich

According to a research report published this morning, Jefferies has downgraded Macerich MAC from Buy to Hold. In the report, Jefferies said, "We upgraded MAC in March on the thesis that the stock underperformance was unwarranted given MAC also had an attractive domestic portfolio and was ramping up nicely in the outlet business. Since then, the stock has rebounded sharply with MAC making up a lot of the valuation gap versus TCO and SPG. We still like the MAC story, but upside now seems more limited." Jefferies maintains its $63 PT on Macerich, which closed yesterday at $60.68.