Barclays Maintains an 'Overweight' on Macy's (M); Review of 3Q11

Barclays maintains an 'Overweight' on Macy's (NYSE: M) price target of $35.00.

Barclays analyst says, "Macy's reported 3Q11 EPS of $0.32, $0.16 above our estimate of $0.16, including a $0.05 benefit from tax settlements completed in the quarter. Revenue increased 4.1% to $5.85 B, including a 4.0% comp increase. Online sales grew 39.8%, and contributed 1.5% to the total comp increase."

"Given upside to the quarter and further clarity on 4Q gross margins, we are adjusting our 2011 EPS estimate to $2.78 from $2.68. We are maintaining our 2012 EPS estimate of $3.00 and view valuation as compelling at 10.7 x 2012 EPS."

For an analyst ratings summary and ratings history on Macy's click here. For more ratings news on Macys click here.

Shares of Macy's closed at $30.45 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Lowe's (LOW) PT Lowered to $260 at Barclays
• Ultragenyx Pharma (RARE) PT Raised to $83 at Canaccord
• Okta, Inc (OKTA) PT Raised to $162 at Guggenheim