Macy's (M) Comps and EPS Estimates Cut Ahead of Q3 Print - Maxim Group

Maxim Group analyst Rick Snyder is reducing comp and EPS estimates on Macy's (NYSE: M) ahead of Q3 on Wednesday, 11/12/14, before the Market open.

"We are reducing our Q3 comp store sales estimate to 0.0% from 1.0%," Snyder said. "Our channel checks indicate that sales across retail have weakened throughout Q3 and we believe Macy's has not been immune. As a result, we are reducing our comp store sales estimate to 0.0% from 1.0%. For good order we point out that both current and previous estimates were exclusive of Macy's licensed shops. The company has been reporting comps including licensed shop separately in recent quarters. As a result of our Q3 estimate revision, our full year comp estimate is reduced to 1.4% from 1.6%."

The firm cut Q3 EPS estimate reduced to $0.51 from $0.54 and full year estimate to $4.23 from $4.26 due to lower comp assumption

The firm maintained a Hold rating and price target of $48.50.

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 $59.88 yesterday.

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