Macy's (M) Price Target Raised to $69 at Deutsche Bank (Earlier)

Deutsche Bank earlier maintained a Buy rating on Macy's (NYSE: M) and raised its price target to $69 (from $64). The change follows meetings with management.

Analyst Paul Trussell said, "Our upbeat meeting today with CFO Karen Hoguet and Sarah Graman of IR reinforced our belief that M is well positioned heading into Holiday, combining an achievable plan for comp acceleration with well managed margins and continued share repurchase activity. Looking further ahead, we remain on the hunt for signs that the company can sustainably reverse anemic comp trends, especially in the challenging non-Millennial women’s apparel category, though we are encouraged by new initiatives."

"We believe that Macy’s still has other levers to pull in SG&A, even on top of a long history of good expense control over time, to drive solid double-digit bottom line growth greater than its current forward multiple," he added.

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 $62.85 yesterday.

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