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Fly News Breaks for June 29, 2015
M
Jun 29, 2015 | 06:28 EDT
Deutsche Bank downgraded Macy's two notches to Sell from Buy and lowered its price target to $63 from $71. The firm lowered estimates below consensus to reflect stagnant same-store-sales, flattish EBITDA, and limited buybacks. Deutsche Bank said earnings growth is being pressured by shipping, healthcare, and retirement expenses and EBITDA should stay flattish given capex constraint and the promotional environment. Further, Deutsche Bank views a real estate monetization event as a low probability event.
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