The real estate investment trust last week reported fourth-quarter nt income of $162.1 million, or $1.23 a share, which increased from year-earlier earnings of $23.6 million, or 18 cents."External growth outlook also appears healthy, with three meaningful projects in the near-term (30 mos) pipeline. Fashion Outlets of Chicago is a $200M outlet development held in a 60/40 JV with AWE/Talisman (MAC share $120M)," Keefe, Bruyette & Woods analysts wrote in a report on Monday. "Comments last quarter pointed to a groundbreaking in Nov '11; recent comments suggest construction loan will be in place within next 30-45 days. Despite the delay, new outlet center is expected to open in Aug '13 and garner 10% to 11% yield. MAC also intends to expand Fashion Outlets of Niagara Falls; adding 200-250k sf to existing 530k sf center, which was purchased for $200M in July '11. Construction is expected to begin soon, with opening 2 years after. Finally, MAC continues to work towards densifying Tysons Corner Center; est $200M share investment to add 550k sf of office & 500k sf of retail to its existing 2.0M sf mall. Expansion is expected to open in '14." Macerich was upgraded to a buy from a hold by TheStreet Ratings. Of the 19 analysts who cover the company, 11 rated it a buy. The other eight analysts considered Macerich a hold. Macerich's forward P/E is 55.2. The average for retail REITs is 52.64. Simon Property Group (SPG) and Realty Income (O) both have lower forward P/Es of 36.57 and 36.28, respectively. TheStreet Ratings gives Macerich a B grade and $63.66 price target. The stock closed Monday at $55.20 and has increased 9.09% year to date.
Hologic The surgical products company reported on Jan. 30 first-quarter earnings of $20.8 million, or 8 cents a share, an increase from year-ago fourth quarter earnings of $10.9 million, or 4 cents. "We are reiterating our OUTPERFORM rating and $24 price target following HOLX's Q1/12 earnings release," Barrington Research analysts wrote in a Feb. 1 report. "We believe the women's health market is an attractive market opportunity. Given that HOLX is the clear leader of this market, investors should be appropriately aligned with this positive trend given the current valuation of HOLX's shares." Hologic was upgraded to a buy from a hold by TheStreet Ratings. Of the 24 analysts who cover the company, 15 rated it a buy. Eight considerd Hologic a hold and one rated it a sell. Hologic has a forward P/E of 13.8. The average among medical supplies companies is 20.92. C.R. Bard (BCR) and Alere (ALR) both have lower forward P/Es of 13.29 and 9.55, respectively. TheStreet Ratings gives Hologic a B- grade and $24.37 price target. The stock closed Monday at $20.79 and has risen 18.73% year to date.
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