Credit Suisse Downgrades Macy's (M) to Neutral
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Credit Suisse downgraded Macy's (NYSE: M) from Outperform to Neutral with a price target of $40.00.
Analyst Michael Exstein commented, "We are downgrading Macy's and keeping our target price of $40 using a FY2 EV/EBITDA of 6.0x. Following August's announcements that outlined both operations and merchandising strategies, Macy's is one of the first major retailers to outline a strategy in order to cope with the many challenges confronting the company and the industry. Macy's is now in an execution phase in the eyes of the Markets. Historically, the stock has marked time as execution versus strategy takes center stage for investors."
Shares of Macy's closed at $36.60 yesterday.
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