FBR Capital Maintains an 'Outperform' on Macy's (M); Re-Rate to Great; Raising Price Target After Spectacular Quarter

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FBR Capital maintains an 'Outperform' on Macy's (NYSE: M), raises PT from $31 to $34.

FBR analyst says, "Macy’s continues to take market share as it grew 1Q11 sales by 5.7%, five points faster than at J.C. Penney (NYSE: JCP) and two points faster than at Kohl’s (NYSE: KSS) for the quarter. We are maintaining our rating on the stock as the customer-facing strategies continue to drive sales growth. In addition, the company has made major strides over the last year toward cleaning its balance sheet with debt repayments and pension contributions. We believe it will resume share repurchases this year."

For more ratings news on Macy's click here and for the rating history of Macy's click here.

Shares of Macy's closed at $28.36 yesterday, with a 52 week range of $16.93-$28.88.

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