JPMorgan Upgrades Macy's (M) to Overweight Following Strong Monthly Comps
M Hot Sheet
Rating Summary:9 Buy, 2 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 1
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.
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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