UPDATE: Stifel Nicolaus Downgrades The Macerich Company to Hold on Valuation

Stifel Nicolaus lowers its rating on The Macerich Company MAC from Buy to Hold and suspends its $58 price target on shares. Stifel Nicolaus comments, "We are downgrading Macerich from Buy to Hold on valuation as the shares trade at a 5.7% implied cap rate, in line with our $61 NAV and a 5% premium to our $58 target price. Macerich shares are up 22.5% in 2012 compared to the RMS which is up 14.1%. MAC is well positioned to generate above average growth for the next few years, in our view, through its high productivity regional mall portfolio and a few large ground up developments which are starting to take shape, however, the shares are fully valued, in our view." MAC closed at $60.80 on Friday.