Evercore ISI Downgrades Macy's (M) to Hold
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November 12, 2015 9:00 AM EST
UBS analyst, Michael Binetti slashed his estimates and price target on Macy's (NYSE: M) after publishing a conservative earnings preview earlier in the week.
He reduced 4Q EPS est to $2.60 from $3.05which includes $250m of asset sale gainsbased on:
1) -3.5% SSS (ex-licenses)
2) GM: -100bp... More
November 11, 2015 8:01 AM EST
Macy's (NYSE: M) reported Q3 EPS of $0.56, versus the analyst estimate of $0.54. Revenue for the quarter came in at $5.87 billion versus the consensus estimate of $6.12 billion.
Owned comps fell 3.9 percent, versus expectations of a 0.4 percent drop.
Macys, Inc. is pursuing the following strategic real estate initiatives:
Based on a successful collaboration on Macys previously announced Brooklyn store redevelopment project, the company has engaged Tishman Speyer in an expanded relationship to advise and support the companys senior management team in identifying and advancing potential store redevelopment...
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