MAC - Macerich: Q4 And Guidance Imply That Upside Is Exhausted

2024-02-09 01:15:16 ET

Summary

• The Macerich Company's stock has maintained strong momentum, outperforming its peers in the retail real estate market.
• The company's net operating income grew by 4.5% in 2023, indicating strong demand for its properties.
• The growth rate is expected to decelerate in 2024, and the company's high debt and short maturity life will put pressure on its cash flows.
• Given the recent expansion in the multiple and grim outlook on the underlying cash generation end, MAC Stock is not a solid bet.

Back in late Summer 2023, I issued an article on The Macerich Company (MAC) downgrading the Stock to a hold due to a massive price surge and relatively stable Q2, 2023 results....

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