Piper Sandler raised the firm’s price target on Macerich to $14 from $11 and keeps an Underweight rating on the shares. The firm’s updated estimates reflect Q2 results and assumes dispositions of $400M in the second half of 2024 and $600M in 2025. Piper also assumes $500M of equity in the second half of 2025, part of the 4-year turn-around plan, with 2025 likely the earnings trough.
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