Can Analyst Optimism Signal a Real Turnaround for Macerich’s (MAC) Leasing Momentum?

• Macerich recently received an analyst upgrade from Bank of America, which highlighted improvements in the mall operator’s portfolio and overall financial health.
• This analyst endorsement points to renewed confidence in Macerich’s leasing momentum and its ability to achieve ambitious long-term targets.
• We'll explore how Bank of America's optimism about stronger financials and leasing momentum could influence the outlook for Macerich.

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Macerich Investment Narrative Recap

To be a Macerich shareholder, you need confidence that physical retail is evolving and that Macerich can continue improving its mall portfolio and strengthen leasing activity despite market headwinds. The recent Bank of America upgrade reinforces optimism around short-term leasing momentum, which is one of the most important catalysts for the business; however, it does not materially reduce the company’s high leverage, the primary risk facing Macerich as refinancing needs loom and interest costs remain elevated.

One announcement that stands out amid this momentum is Macerich’s consistent dividend declaration of US$0.17 per share, most recently on July 31, 2025. This ongoing payout underscores management’s commitment to shareholder returns, but also draws attention to the balance they must strike between rewarding investors and managing debt levels in a still-challenging retail environment.

By contrast, investors should be aware that even with improved leasing activity, high net debt and refinancing risk could ...

Read the full narrative on Macerich (it's free!)

Macerich's narrative projects $1.0 billion in revenue and $9.5 million in earnings by 2028. This implies a -0.7% annual revenue decline and a $420.8 million increase in earnings from the current loss of $-411.3 million.

Uncover how Macerich's forecasts yield a $19.53 fair value, a 9% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members estimate Macerich’s fair value between US$19.53 and US$28.25, based on just 2 independent forecasts. As leasing momentum remains a crucial factor for revenue growth, you may want to consider the full range of opinions to inform your outlook on Macerich’s future.

Explore 2 other fair value estimates on Macerich - why the stock might be worth as much as 58% more than the current price!

Build Your Own Macerich Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Macerich research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Macerich research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Macerich's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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