Macy's (M) PT Lowered to $16 at Cowen
Get Alerts M Hot Sheet
Price: $19.04 +0.16%
Rating Summary:
9 Buy, 17 Hold, 5 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
9 Buy, 17 Hold, 5 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Cowen analyst Oliver Chen lowered the price target on Macy's (NYSE: M) to $16.00 (from $18.00) while maintaining a Market Perform rating.
The analyst commented, "…It is Macy’s vs. the New Consumer. M missed quarter & guided down as comps were -3.9%, negatively impacted by tourism, warmer weather, lower tier malls & digital. M’s awareness is exceptionally high & valuation is very low but we worry that LT sales, margins, & store count may need to go down before going up. Structural concerns: store footprint & service levels, speed, and women’s apparel."
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