Macy's (M) to Close Up to 40 Underperforming Stores

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Go back to Macy's (M) to Close Up to 40 Underperforming Stores

Cowen Remains Bullish on Macy's (M) Following Announced Store Closures

September 9, 2015 11:54 AM EDT

Cowen reiterated an Outperform rating and $70.00 price target on Macy's (NYSE: M) following the company's announcement to shutter 35 to 40 stores in early 2016. Analyst Oliver Chen believes that shrinking the fleet size is likely prudent as M makes greater investment in its online business.

Chen commented, "Yesterday AMC, M announced... More