Nomura Securities Maintains a 'Buy/Top Pick' on Macy's (M); Q1 Review
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Price: $23.22 -0.81%
Rating Summary:
9 Buy, 19 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
9 Buy, 19 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Nomura Securities maintains a 'Buy/Top Pick' on Macy's (NYSE: M) price target of $43.00.
Analyst, Paul Lejuez, said, "M reported a good 1Q, but the company’s failure to raise guidance has caused the market to question whether trends may be slowing. We believe mgmt is being conservative in not raising guidance, and that top-line trends remain strong. We also expect the company to pick up the pace of share repurchase in future quarters as it generates more FCF. Our F12E of $3.44 and our F13E of $4.04 remain unchanged. We model a comp increase of ~4% for F12 and operating margin of 9.6% (+60bp). We model FCF of $1.6bn and share repurchase of $1.2bn. M remains one of our top picks and we expect the company to beat F12 consensus estimates."
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 $38.05 yesterday.
Analyst, Paul Lejuez, said, "M reported a good 1Q, but the company’s failure to raise guidance has caused the market to question whether trends may be slowing. We believe mgmt is being conservative in not raising guidance, and that top-line trends remain strong. We also expect the company to pick up the pace of share repurchase in future quarters as it generates more FCF. Our F12E of $3.44 and our F13E of $4.04 remain unchanged. We model a comp increase of ~4% for F12 and operating margin of 9.6% (+60bp). We model FCF of $1.6bn and share repurchase of $1.2bn. M remains one of our top picks and we expect the company to beat F12 consensus estimates."
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 $38.05 yesterday.
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