Citi Upgrades Macerich to Buy Amid Positive Leasing Progress
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 24 2026
0mins
Source: seekingalpha
- Rating Upgrade: Citi has upgraded Macerich (MAC) from Neutral to Buy, reflecting significant progress on the shopping mall REIT's 'Path Forward' leasing plan, which is expected to drive stock price appreciation.
- Price Target Increase: The bank raised its price target for Macerich from $24 to $28, implying approximately 15% upside potential from Tuesday's closing price, indicating a positive market outlook for the company's future performance.
- Leasing Target Progress: Macerich is on track to achieve 85% of its 'Path Forward' leasing target by midyear, which will further enhance the company's net operating income and strengthen its financial performance.
- Funding Support: The company’s 14 million-share forward equity raise is expected to generate $324 million in net proceeds, combined with $120 million in existing cash, supporting an estimated $800-$900 million in incremental acquisitions, showcasing strong capital management capabilities.
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Analyst Views on MAC
Wall Street analysts forecast MAC stock price to fall
10 Analyst Rating
5 Buy
4 Hold
1 Sell
Moderate Buy
Current: 25.490
Low
18.00
Averages
19.80
High
23.00
Current: 25.490
Low
18.00
Averages
19.80
High
23.00
About MAC
The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). As an owner, operator, and developer of retail real estate in United States markets, the Company’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. The Company is developing and managing properties that serve as community cornerstones. It owns interests in approximately 39 retail centers. Its properties include Arrowhead Towne Center, Danbury Fair, Desert Sky Mall, Eastland Mall, Fashion District Philadelphia, Fashion Outlets of Chicago, The Village at Corte Madera, Washington Square, Vintage Faire Mall, Broadway Plaza, Superstition Springs Center, Crabtree, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Citi Upgrades Macerich to Buy Amid Positive Leasing Progress
- Rating Upgrade: Citi has upgraded Macerich (MAC) from Neutral to Buy, reflecting significant progress on the shopping mall REIT's 'Path Forward' leasing plan, which is expected to drive stock price appreciation.
- Price Target Increase: The bank raised its price target for Macerich from $24 to $28, implying approximately 15% upside potential from Tuesday's closing price, indicating a positive market outlook for the company's future performance.
- Leasing Target Progress: Macerich is on track to achieve 85% of its 'Path Forward' leasing target by midyear, which will further enhance the company's net operating income and strengthen its financial performance.
- Funding Support: The company’s 14 million-share forward equity raise is expected to generate $324 million in net proceeds, combined with $120 million in existing cash, supporting an estimated $800-$900 million in incremental acquisitions, showcasing strong capital management capabilities.
See More
Latest Wall Street Rating Updates
- Citi Upgrade: Citi upgraded Macerich from Neutral to Buy, raising the target price from $24 to $28, indicating strong balance sheet strength that is expected to drive stock price appreciation.
- Citizens Initiation: Citizens initiated coverage on Bitdeer Holdings and Mara Holdings, stating that these bitcoin miners have significant potential to outperform the market by repurposing existing power capacity for high-performance computing.
- Mizuho's Biotech Outlook: Mizuho initiated coverage of Sol-Gel Technologies with an Outperform rating and a $285 price target, suggesting that the biotech firm is well-positioned for future growth in a competitive landscape.
- Goldman on Twilio: Goldman Sachs initiated coverage of Twilio with a Buy rating and a 12-month price target of $300, highlighting expected margin upside that reflects strong confidence in the company's financial prospects.
See More
Macerich Seeks Naming Rights Partner for Scottsdale Fashion Square
- Naming Rights Opportunity: Macerich is actively seeking a naming rights partner for its redesigned social hub at Scottsdale Fashion Square, aiming to enhance the brand value and market appeal of this high-traffic retail property.
- Strong Market Appeal: Scottsdale Fashion Square attracts over 12 million visitors annually and is located in one of the wealthiest economic trade areas in the U.S., with an average household income of $247,000, significantly above the national average.
- Project Upgrade: The third phase of the project commenced in January 2026 and is expected to be completed ahead of the holiday season, aiming to enhance consumer experience and market competitiveness through the introduction of upscale dining and social spaces.
- Brand Exposure Opportunities: The naming rights partner will receive year-round brand exposure, including iconic signage and media displays, thereby enhancing brand influence in a high-end retail environment.
See More
Macerich Company Prices Public Offering of 14M Shares
- Offering Size and Price: The Macerich Company priced its public offering at $23.90 per share for 14 million common shares, expected to close on June 17, 2026, indicating a strategic move in capital markets.
- Forward Sale Agreement Structure: The offering is structured through forward sale agreements rather than immediate issuance, reflecting the company's cautious approach to liquidity management, with settlement anticipated by June 16, 2027.
- Underwriter Selection: Macerich entered into forward sale agreements with major financial institutions including Goldman Sachs, Deutsche Bank, J.P. Morgan, and Morgan Stanley, enhancing its market credibility and laying the groundwork for future financing.
- Use of Proceeds and Market Reaction: Although the offering will not provide immediate cash flow, Macerich plans to use future proceeds for acquisition opportunities and general corporate purposes; however, the stock price fell about 4% post-announcement, indicating market caution regarding this financing method.
See More
Macerich Company Prices Public Offering of 14 Million Shares
- Offering Size: Macerich Company has announced a public offering of 14 million shares at a price of $23.90 per share, expected to close on June 17, 2026, which will provide funding for future acquisition opportunities.
- Underwriter Lineup: Goldman Sachs serves as the lead underwriter, with Deutsche Bank, J.P. Morgan, and Morgan Stanley among the joint bookrunning managers, reflecting strong market confidence in the company's stock.
- Forward Sale Agreements: The company has entered into forward sale agreements with multiple financial institutions, expecting to deliver shares by June 16, 2027, although it will not initially receive any proceeds from the sales, aiding in liquidity optimization.
- Additional Option: The underwriters have a 30-day option to purchase an additional 2.1 million shares, and if exercised, the company will enter into further agreements with forward purchasers, enhancing capital flexibility.
See More
Macerich Launches Public Offering of 14 Million Shares
- Public Offering Initiation: Macerich has announced the commencement of a public offering of 14 million shares of common stock, resulting in a 4.22% decline in share price to $24.03 during after-hours trading on Monday, indicating market caution regarding this financing move.
- Forward Sale Agreement Details: The issuance is linked to a forward sale agreement with Goldman Sachs and its affiliates, with forward purchasers expected to borrow and sell 14 million shares to underwriters, highlighting the company's strategic approach to capital market financing.
- Underwriter Option: Macerich intends to grant underwriters a 30-day option to purchase up to 2.1 million shares of common stock, a strategy that may provide the company with additional financial flexibility to address future acquisition opportunities.
- Planned Use of Proceeds: Although the company will not initially receive any proceeds from this offering, any future proceeds from the settlement of the forward sale agreements are intended for funding future acquisition opportunities and general corporate purposes, reflecting the company's proactive stance on business expansion.
See More
Citi Upgrades Macerich to Buy Amid Positive Leasing Progress
- Rating Upgrade: Citi has upgraded Macerich (MAC) from Neutral to Buy, reflecting significant progress on the shopping mall REIT's 'Path Forward' leasing plan, which is expected to drive stock price appreciation.
- Price Target Increase: The bank raised its price target for Macerich from $24 to $28, implying approximately 15% upside potential from Tuesday's closing price, indicating a positive market outlook for the company's future performance.
- Leasing Target Progress: Macerich is on track to achieve 85% of its 'Path Forward' leasing target by midyear, which will further enhance the company's net operating income and strengthen its financial performance.
- Funding Support: The company’s 14 million-share forward equity raise is expected to generate $324 million in net proceeds, combined with $120 million in existing cash, supporting an estimated $800-$900 million in incremental acquisitions, showcasing strong capital management capabilities.
See More
Latest Wall Street Rating Updates
- Citi Upgrade: Citi upgraded Macerich from Neutral to Buy, raising the target price from $24 to $28, indicating strong balance sheet strength that is expected to drive stock price appreciation.
- Citizens Initiation: Citizens initiated coverage on Bitdeer Holdings and Mara Holdings, stating that these bitcoin miners have significant potential to outperform the market by repurposing existing power capacity for high-performance computing.
- Mizuho's Biotech Outlook: Mizuho initiated coverage of Sol-Gel Technologies with an Outperform rating and a $285 price target, suggesting that the biotech firm is well-positioned for future growth in a competitive landscape.
- Goldman on Twilio: Goldman Sachs initiated coverage of Twilio with a Buy rating and a 12-month price target of $300, highlighting expected margin upside that reflects strong confidence in the company's financial prospects.
See More
Macerich Seeks Naming Rights Partner for Scottsdale Fashion Square
- Naming Rights Opportunity: Macerich is actively seeking a naming rights partner for its redesigned social hub at Scottsdale Fashion Square, aiming to enhance the brand value and market appeal of this high-traffic retail property.
- Strong Market Appeal: Scottsdale Fashion Square attracts over 12 million visitors annually and is located in one of the wealthiest economic trade areas in the U.S., with an average household income of $247,000, significantly above the national average.
- Project Upgrade: The third phase of the project commenced in January 2026 and is expected to be completed ahead of the holiday season, aiming to enhance consumer experience and market competitiveness through the introduction of upscale dining and social spaces.
- Brand Exposure Opportunities: The naming rights partner will receive year-round brand exposure, including iconic signage and media displays, thereby enhancing brand influence in a high-end retail environment.
See More
Macerich Company Prices Public Offering of 14M Shares
- Offering Size and Price: The Macerich Company priced its public offering at $23.90 per share for 14 million common shares, expected to close on June 17, 2026, indicating a strategic move in capital markets.
- Forward Sale Agreement Structure: The offering is structured through forward sale agreements rather than immediate issuance, reflecting the company's cautious approach to liquidity management, with settlement anticipated by June 16, 2027.
- Underwriter Selection: Macerich entered into forward sale agreements with major financial institutions including Goldman Sachs, Deutsche Bank, J.P. Morgan, and Morgan Stanley, enhancing its market credibility and laying the groundwork for future financing.
- Use of Proceeds and Market Reaction: Although the offering will not provide immediate cash flow, Macerich plans to use future proceeds for acquisition opportunities and general corporate purposes; however, the stock price fell about 4% post-announcement, indicating market caution regarding this financing method.
See More
Macerich Company Prices Public Offering of 14 Million Shares
- Offering Size: Macerich Company has announced a public offering of 14 million shares at a price of $23.90 per share, expected to close on June 17, 2026, which will provide funding for future acquisition opportunities.
- Underwriter Lineup: Goldman Sachs serves as the lead underwriter, with Deutsche Bank, J.P. Morgan, and Morgan Stanley among the joint bookrunning managers, reflecting strong market confidence in the company's stock.
- Forward Sale Agreements: The company has entered into forward sale agreements with multiple financial institutions, expecting to deliver shares by June 16, 2027, although it will not initially receive any proceeds from the sales, aiding in liquidity optimization.
- Additional Option: The underwriters have a 30-day option to purchase an additional 2.1 million shares, and if exercised, the company will enter into further agreements with forward purchasers, enhancing capital flexibility.
See More
Macerich Launches Public Offering of 14 Million Shares
- Public Offering Initiation: Macerich has announced the commencement of a public offering of 14 million shares of common stock, resulting in a 4.22% decline in share price to $24.03 during after-hours trading on Monday, indicating market caution regarding this financing move.
- Forward Sale Agreement Details: The issuance is linked to a forward sale agreement with Goldman Sachs and its affiliates, with forward purchasers expected to borrow and sell 14 million shares to underwriters, highlighting the company's strategic approach to capital market financing.
- Underwriter Option: Macerich intends to grant underwriters a 30-day option to purchase up to 2.1 million shares of common stock, a strategy that may provide the company with additional financial flexibility to address future acquisition opportunities.
- Planned Use of Proceeds: Although the company will not initially receive any proceeds from this offering, any future proceeds from the settlement of the forward sale agreements are intended for funding future acquisition opportunities and general corporate purposes, reflecting the company's proactive stance on business expansion.
See More
