Macerich climbs after BofA upgrades to 'buy', raises PT

** Shares of real estate investment trust Macerich MAC.N up 5% at $17.60; upgrades rating to "buy" from "neutral"

** BofA raises price objective for the California-based firm to $23 from $19, a 37.2% upside to stock's last close, based on portfolio improvements, stronger financials and strong leasing momentum

** "We expect NOI and FFO growth to inflect in mid-26 and continue accelerating in '27 and '28'," BofA says

** Brokerage expects meaningful earnings growth from 2026 onward and MAC to hit high end of its long-term targets

** Including session's move, MAC shares down 12.3% YTD