UPDATE: Keefe Bruyette & Woods Upgrades Macerich To Outperform Following Recent Earnings

Macerich's MAC laid-back persona sometimes belies its thoughtful/successful approach to working its assets off. Most notable takeaway from its earnings call is expanding size of external growth opportunities investment target for acquisitions, developments & redevelopments was upsized to $1-$1.5B. FFO accretion & NAV/value-creation opportunities are much brighter than previously expected, which is a key reason for the upgrade to Outperform from Market Perform. Keefe Bruyette & Woods rating and price target for The Macerich Co. are subject to risks and uncertainties including but not limited to, interest rates, demand for commercial real estate, tenant credit risk and real estate development risk. KBW has an Outperform rating and $58 PT on Macerich Co. MAC is trading lower at $50.18