The Macerich Company is trading higher as investors react to a recent sell-side upgrade cycle that turned more constructive on the mall REIT’s earnings power and balance-sheet trajectory. Scotiabank upgraded MAC to Sector Outperform and lifted its price target to $22 (from $19), helping fuel incremental buying interest as the stock rebounds with the broader REIT complex. (gurufocus.com)

The upgrade is landing as Macerich has been emphasizing tangible operating progress under its multi-year “Path Forward” strategy. In its March 2026 business update tied to Citi’s 2026 Global Property CEO Conference, the company highlighted record leasing activity, go-forward leased occupancy around the mid-90% range, and about $107 million of signed-not-open revenue uplift committed, with total potential around $140 million and an estimated ~80% flow-through to NOI. (stocktitan.net)

Management has been pointing to leasing as the core engine of the turnaround: a company-record 7.1 million square feet of new and renewal leases signed in 2025, a “leasing speedometer” tracking revenue completion at 76%, and a signed-not-open pipeline of roughly $107 million with incremental annual contribution estimates building from 2026 into 2028. Investors are also focused on the balance-sheet plan, including disposition progress toward a $2 billion target and leverage reduction goals over the next couple of years. (fool.com)

Near-term trading catalysts include additional analyst revisions, any new disclosures on asset sales and refinancing execution, and the market’s read-through on whether signed-not-open rent commencements convert on schedule as build-outs complete. Investors will also monitor upcoming quarterly results and commentary on the pace of leasing conversions and remaining 2026 balance-sheet actions, since the stock’s rerating case depends on steady evidence that leasing gains are translating into cash flow and lower leverage.