Macerich price target raised to $23 from $20 at Compass Point

Compass Point raised the firm’s price target on Macerich (MAC) to $23 from $20 and keeps a Buy rating on the shares. The shares are priced to deliver more than an 11% unleveraged return by combining the 7% implied rate and 4% estimated three year same-store NOI growth, “suggesting prospective returns well in excess of most REIT sectors,” the analyst tells investors.