Macerich price target lowered to $12.50 from $14 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Macerich to $12.50 from $14 and keeps a Sell rating on the shares. The firm is adjusting its model after the REIT’s Q1 FFO miss reported last month due to unexpected headwinds from the Q1 Express bankruptcy filing and the non-recurring costs associated with the recent leadership transition, lower lease termination income, and lower rents, the analyst tells investors in a research note.