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Wall Street Is Underestimating Macerich Stock

TheMotleyFool

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Wall Street Is Underestimating Macerich Stock

Mall owners have been among the hardest-hit companies during the COVID-19 pandemic. Most indoor malls were forced to close in mid-late March, and many were unable to reopen for months. The mall closures -- and sharp traffic declines for retail properties that remained open -- led many tenants to withhold rent payments. Furthermore, numerous retailers have filed for bankruptcy this year due to the pandemic. Many plan to liquidate entirely.

Macerich (NYSE: MAC) has been caught in the middle of this carnage. As a result, shares of the mall REIT have lost nearly three-quarters of their value year to date. Despite that steep drop, Wall Street analysts continue to slash their outlooks for Macerich stock.