Deutsche Bank Adjusts Estimates & PT on Macy's (NYSE: M); Just A Bump In The Road

Deutsche Bank maintains a 'Buy' on Macy's (NYSE: M) price target of $43.00 (from $45.00).

Deutsche analyst said, "Macy’s reported June SSS of 1.2% below our 1.5% view and 2.3% Street expectation. Year-to-date, M had averaged a 4.3% comp prior to June, so the results suggest a noteworthy change in trend. That said, given that Macy’s has been one of the most consistent retailers in the space despite substantial volatility in peers, we believe this miss is just a bump in the road..."

Q21 EPS estimate lowered from $0.66 to $0.63, FY12 from $3.40 to $3.37 and FY13 from $4.05 to $3.95. Sees July SSS at 2.5%

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 $33.36 yesterday.

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