Macerich downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler analyst Alexander Goldfarb downgraded Macerich to Underweight from Neutral with a price target of $11, down from $17. Asking shareholders for another 3-4 years to restructure the company after enduring the same game plan executed twice before over the past decade “is a bridge too far,” the analyst tells investors in a research note. The firm says that rather than addressing the balance sheet “pain head on,” management plans to execute a multi-pronged strategy of operating income growth via leasing, asset givebacks, and just $500M of equity over a 3-4 year period.