Keefe, Bruyette, & Woods Reiterates Market Perform on Macerich (MAC)

Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform on Macerich Co. MAC; it has a $42.00 price target on the stock. The KBW analysts cited the company’s recent earnings report; MAC reported 2Q10 FFO/sh of $0.57, which was above KBW’s estimates, but below the Street consensus. The analysts noted the solid operating results, with “same store NOI up 2% in 2Q and 1.9% YTD - better than +0.5% to 1% guidance.” The analyst sdid note the company’s thin construction pipeline though, with redevelopments poised to ramp up. MAC, the second-largest U.S. mall REIT by market capitalization, owns a mall portfolio that generates the third-highest sales productivity in the sector. MAC's largest presence is in the West Coast, with half of the portfolio located in Arizona and California alone.