Wells Fargo Downgrades Macy's (M) to Market Perform
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Macy's (M) Revised FY14 Oulook 'Appropriately Cautious' - Stifel
November 12, 2014 9:54 AM ESTStifel comments on Macy's (NYSE: M) following Q3 results reported earlier. The firm has Macy's at Buy with a price target of $70.
Analyst Richard Jaffe outlined the following key takeaways:
2014 Guidance Lowered Management lowered both its comp and EPS estimates for 2014 despite the EPS beat in 3Q. This is likely due to a cautious outlook for Holiday.... MoreMacy's (M) Tops Q3 EPS by 10c; Trims FY14 EPS Outlook
November 12, 2014 8:02 AM ESTMacy's (NYSE: M) reported Q3 EPS of $0.61, $0.10 better than the analyst estimate of $0.51. Revenue for the quarter came in at $6.2 billion versus the consensus estimate of $6.35 billion.
Comparable sales together with comparable sales of departments licensed to third parties were down 0.7 percent in the third quarter of 2014 over 2013.
We are very pleased with our third quarter earnings, even though the sales performance fell short of our expectations. On a two-year basis, our third quarter sales trend was essentially unchanged from the first half of 2014. We knew we were up against very... More
