Stifel affirms Macy's (NYSE: M) at Buy with a price target of $70 following the company's Q4 report and outlook issued earlier Tuesday.

Analyst Richard Jaffe noted that Macy's Q4 EPS of $2.44 topped the firm's $2.41 estimate, which was above the $2.39 Street consensus.

Jaffe noted conservative FY15 guidance from Macy's, with the retailer looking for FY15 EPS of $4.70 to $4.80, versus $4.80 expected by Stifel and $4.83 on the Street.

Jaffe also commented, We believe Macy’s is well positioned as a dominant apparel retailer and in a better position than most to gain market share. In addition, its focus on improving the merchandise assortment while enhancing the customer experience both in stores and online will likely continue, driving strong results.

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Macy's closed at $64.16 yesterday.