Wells Fargo maintained an Outperform rating on Macy's (NYSE: M) with a price target of $68. Analyst Paul Lejuez described Q1 as "good enough."

"M posted EPS slightly above consensus, but comps declined. Management reiterated its annual guidance, and business has improved in April. The company also upped its share repo authorization by $1.5B (now at $2.5B). Overall, it was not a great quarter, but given the environment, the company managed the business well and we expect improvement in FQ2 given a shift in promotions, pent-up demand, and easier comparisons," said Lejuez.

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Shares of Macy's closed at $57.84 yesterday.