KeyBanc Thinks Macerich’s Stock is Going to Recover

By Jason Carr

In a report released yesterday, Jordan Sadler from KeyBanc reiterated a Buy rating on Macerich (NYSE: MAC), with a price target of $75. The company’s shares closed on Friday at $54.26, close to its 52-week high of $83.71.

According to TipRanks.com, Sadler is a 4-star analyst with an average return of 4.0% and a 57.7% success rate. Sadler covers the Financial sector, focusing on stocks such as Apartment Investment & Management, National Storage Affiliates Trust, and Retail Properties of America Inc.

Currently, the analyst consensus on Macerich is Moderate Buy and the average price target is $64.75, representing a 19.3% upside.

In a report issued on August 23, Boenning & Scattergood also upgraded the stock to Buy.

Based on Macerich’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $246 million and quarterly net profit of $26.93 million. In comparison, last year the company earned revenue of $257 million and had a net profit of $34.14 million.

Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock.

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Macerich Co. operates as a real estate investment trust, which engages in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. It conducts all of its operations through the operating partnership and the management companies.