JPMorgan Upgrades Macy's (M) to Overweight Following Strong Monthly Comps
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An analyst at JPMorgan has upgraded shares of Macy's (NYSE: M) from Neutral to Overweight this morning, also boosting his price target from $19 to $23.
The upgrade follows yesterday's October same store sales results (which came in down 0.8%), marking "back-to-back improvement on its monthly same store sales on a two-year stacked basis." JPMorgan also likes the "My Macy's" localization initiative, as well as recent improvements in both its high-end Bloomingdale's chain and its flagship namesake store in NYC.
The JPM analyst boosted his Q3 and Q4 earnings estimate from a loss of $0.05 and $1.32 to a gain of $0.01 and $1.41, respectively. The Street is currently looking for a Q3 loss of $0.10 and Q4 EPS of $1.11.
Shares of Macy's have jumped more than 2% in the pre-market session. The stock most recently traded at $18.45.
Visit our Analyst Ratings page to see all the upgrades/downgrades on shares of Macy's.
Macy's, Inc., through its subsidiaries, operates department stores in the United States.
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