Macerich reported 2Q revenues of $178.6 million on Tuesday, which came in below Street estimates of $185.6 million. Revenues fell 21.7% year-over-year as the company closed 9 malls in July due to a resurgence of COVID-19 cases. The move came after the malls were re-opened in May. Its funds from operations (FFO) declined to $0.39 per share as compared to $0.88 in the year-ago quarter. Analysts had expected FFO of $0.49 per share.
MAC) posted a smaller-than-expected net loss of $0.18 per share versus consensus of a loss of $0.27. In the prior-year quarter, it reported earnings of $0.11 per share.” data-reactid=”13″>Still, Macerich (MAC) posted a smaller-than-expected net loss of $0.18 per share versus consensus of a loss of $0.27. In the prior-year quarter, it reported earnings of $0.11 per share.
The majority of the company’s properties are now open, except Queens Center and Kings Plaza in New York City, which have been closed since March 2020, the company said.
Derek Johnston cited lack of visibility surrounding the retail real estate investment trusts, and that the recovery will take time. Johnson noted that “Retail is concurrently coping with three separate headwinds, namely mandated closures and limited capacity upon reopening due to COVID-19, which is jarring rent collectability and impairing tenant survival, a deep recession, and pandemic-accelerated e-commerce". On July 27, the analyst lowered MAC’s price target to $8 (2.2% downside potential) from $16, maintaining a Hold rating on the stock.” data-reactid=”19″>Ahead of the 2Q results, Deutsche Bank analyst Derek Johnston cited lack of visibility surrounding the retail real estate investment trusts, and that the recovery will take time. Johnson noted that “Retail is concurrently coping with three separate headwinds, namely mandated closures and limited capacity upon reopening due to COVID-19, which is jarring rent collectability and impairing tenant survival, a deep recession, and pandemic-accelerated e-commerce”. On July 27, the analyst lowered MAC’s price target to $8 (2.2% downside potential) from $16, maintaining a Hold rating on the stock.
price target of $8.25 now implies that shares are almost fully priced. (See MAC stock analysis on TipRanks).” data-reactid=”20″>Currently, the Street has a cautiously bearish outlook on the stock. The Moderate Sell analyst consensus is based on 3 Sells and 6 Holds. Following the year-to-date stock decline of 68%, the average price target of $8.25 now implies that shares are almost fully priced. (See MAC stock analysis on TipRanks).
Canada Goose Slips 4% On Depressed 2Q Sales Outlook
Casper Sleep Beats 2Q Revenues; Shares Dip Over 10%
Nio Rising 8% On Record-High Quarterly Deliveries; But Street Cautious” data-reactid=”29″>Related News:
Canada Goose Slips 4% On Depressed 2Q Sales Outlook
Casper Sleep Beats 2Q Revenues; Shares Dip Over 10%
Nio Rising 8% On Record-High Quarterly Deliveries; But Street Cautious
More recent articles from Smarter Analyst:
