Credit Suisse analyst Michael Binetti downgraded Macy's (M) to Underperform from Neutral with a price target of $12, down from $19. In a research note to investors, Binetti says he thinks structural challenges are poised to accelerate in 2020 and thinks consensus estimates for 2020 are likely to be revised significantly lower. Binetti adds that same-store sales trends for Q3 are likely running below Street estimates and guidance to a big Q4 SSS inflection is "tough to embrace" without downside gross margin risk. Binetti also downgraded L Brands (LB) and Gap (GPS).