Macy's (M) PT Lifted to $60 at Maxim Group

Maxim Group analyst Rick Snyder bumped his price target on Macy's (NYSE: M) to $60.00 (from $48.50) while maintaining a Hold rating.

Snyder comments, "We believe that investor caution regarding acceleration in comps (described in more detail below) will result in a shorter time horizon and multiple contraction from the current 6.7x EV/EBITDA multiple. Thus, we believe that Macy's shares are currently fairly valued, but the direction of the share price will be dictated by comps given management's guidance of maintaining a 14.0%* EBITDA margin."

For an analyst ratings summary and ratings history on Macy's click here. For more ratings news on Macy's click here.

Shares of Macy's closed at $62.89 yesterday.

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