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Malls will continue to struggle as the pandemic forces new business shutdowns across the nation, according to
Citigroup, which says it’s time to sell shares of
The problem isn’t the company’s ability to get through these tough times, Citi’s Katy McConnell wrote in a note on Tuesday. It’s Macerich’s (ticker: MAC) debt, which will force it to raise capital at some point and potential asset sales or joint ventures are difficult in the current environment.
While positive news on Covid-19 vaccines have sparked a run-up in the stock since the beginning of October, “we see more risk of downside,” she said, downgrading the shares to Sell from Neutral. She expects continued volatility in the shares in the near term.
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Analyst Kate McShane cut her rating on Best Buy shares to Sell from Neutral, and shaved $10 off her price target, to $97. Justin Sullivan/Getty Images
Best Buy stock is falling early Thursday, following a downgrade from
Goldman Sachs, which warns that it could struggle to maintain its rally next year.
Analyst Kate McShane cut her rating on Best Buy shares (ticker: BBY) to Sell from Neutral, and shaved $10 off her price target, to $97. She writes that this isn’t a negative commentary on the company itself: “Best Buy is one of the best run retailers in the U.S. and continues to evolve its omnichannel, but as we look to 2021 we see risk for the stock.”