Macy's (M) PT Lowered to $16 at Cowen

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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