Boenning & Scattergood Inc. analyst cut hisinvestment opinion of MacerichCo. to "neutral" from "outperform."

The analyst wrote in a research report: "We believethat MAC is one of the highest quality malls owners and should continue to postsolid long-term growth. However, we are less convinced that MAC could be inplay next month with SPG being 'out of the big deal business'. By way ofcomparison, 'A' Mall peer GGP has outlined steps to reduce leverage while MAC'sleverage has increased substantially over the past year. "