Macerich

MAC · NYSE

$23.24+$0.71 (+3.15%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $22.53

MAC analyst rating

BuyConsensus of 17 analysts over the last 12 months. 71% rate it a buy.

Strong buy0
Buy12
Hold4
Underperform0
Sell1

12-month price target · 16 analysts

Average $27.69 (+19.1% upside)

Low: $21.21
Now: $23.24
High: $31.50

Upgrades and downgrades

The latest rating actions, newest first

MAC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 12, 2026	Maintains	Overweight	$30.00 → $26.00	44%
Truist Securities	Oct 2, 2026	Initiates	Buy	$26.00	54%
JP Morgan	Sep 24, 2026	Upgrade	Neutral → Overweight	$26.00	53%
Evercore ISI Group	Sep 21, 2026	Upgrade	In-Line → Outperform	$26.00	58%
Piper Sandler	Aug 27, 2026	Upgrade	Neutral → Overweight	$28.00 → $30.00	44%
Evercore ISI Group	Aug 18, 2026	Maintains	In-Line	$25.00 → $26.00	41%
Citigroup	Aug 11, 2026	Maintains	Buy	$28.00 → $29.00	44%
Evercore ISI Group	Aug 6, 2026	Maintains	In-Line	$24.00 → $25.00	41%
Piper Sandler	Jul 21, 2026	Maintains	Neutral	$21.00 → $28.00	44%
Evercore ISI Group	Jul 7, 2026	Maintains	In-Line	$22.00 → $24.00	41%

The case for and against

Updated Oct 16, 2026

Bull case

Macerich is supported by a premium Class A mall portfolio, with 28 regional malls in its consolidated portfolio and 39.9 million square feet of gross leasable area generating $199 in sales per square foot over the 12 months ended in June 2026. Its Path Forward Plan appears increasingly de-risked, with about 875 of roughly 1,000 targeted new leases either signed or in late-stage negotiation, anchor replacements fully committed, and SNO visibility already at about 85% of the ~$140M 2028 target. Financially, the company is positioned for improving FFO growth, rising occupancy through 2027 and 2028, and further leverage reduction through planned asset sales and accretive portfolio optimization.

Bear case

Macerich is challenged by a weak fundamental setup, as 2026 FFO was lowered to $1.46 per share and even the $1.52 normalized FFO estimate only modestly exceeds the $1.50 consensus, suggesting limited earnings momentum. Its high leverage and short debt maturity schedule raise funding costs and keep valuation pressure elevated, while the risk of a slowdown in the economy could hurt retail sales and trigger tenant bankruptcies. Although the portfolio spans 39.9 million square feet and averaged $199 in sales per square foot over the 12 months ended in June 2026, the stock still trades at 19.0x the 2026 AFFO estimate, only a slight discount to peers despite these balance-sheet and operating risks.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.