Macerich Upgraded To Buy At BofA, Shares Rise 2%

BofA Securities upgraded The Macerich Company (NYSE: MAC) from Neutral to Buy, raising its price target to $23 from $19. Shares climbed more than 2% in pre-market trading Friday.

The firm cited improvements in portfolio quality, stronger balance sheet deleveraging prospects, robust leasing progress, and expectations of solid NOI growth from 2026 onward. Leasing volume surpassed 4 million square feet, and analysts projected NOI and FFO growth to accelerate in 2027–2028, supported by new projects and redevelopments.

BofA raised its 2028 FFO estimates by 6.4%, now 8.2% above consensus. Its forecast of $1.99 per share sits at the upper end of management’s $1.73–$2.05 target range, including $0.08 accretion from the Crabtree Mall acquisition.