The Edison, NJ-based real estate investment trust owns and operates a portfolio of office and luxury multi-family rental properties.
The higher price target comes after the REIT reported better-than-expected results for the 2015 fourth quarter in late February.
The company posted funds from operations of 47 cents per share, beating analysts' projections of 46 cents per share and Barclays' estimate of 45 cents.
Funds from operations is a closely followed metric in the REIT industry, which takes net income and adds back items such as depreciation and amortization.
Revenue for the quarter was $146.4 million, surpassing Wall Street's expectations of $143.9 million.
"On the property level, the company showed improvement. Its commercial portfolio was 86.2% leased at year-end 2015," Barclays wrote in an analyst note.
"Strategically, the company appears to be on course, namely focusing on the NJ waterfront and other transportation hub submarkets, while looking to sell out of slower growth markets," the firm added.
Shares of Mack-Cali closed lower by 0.3% to $23.46 on Wednesday.
Separately, TheStreet Ratings Team has a "Hold" rating with a ratings score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its solid stock price performance and good cash flow from operations.
However, the team also finds weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CLI