Citi Downgrades Macy's (M) to Sell

(Updated - October 30, 2017 6:23 AM EDT)

(updated to add analyst comment)

Citi downgraded Macy's (NYSE: M) from Neutral to Sell with a price target of $16.00 (from $21.00).

Analyst Paul Lejuez says risks at the company are growing noting pressure on sales and margins. The analyst sees risks that the dividend will be cut as FCF declines over the next half-decade. Lejuez says "with business risks mounting, we believe mgmt may be proactive and opt to pay down debt rather than pay the full amount of the current dividend."

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 $19.69 Friday.

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