Credit Suisse analyst Michael Binetti lowered his price target on Macy's to $26 from $34 after the company's holiday same-store sales report. In a research note to investors, Binetti, who lowered his Q4 EPS ex-real estate to $1.94 from $2.24, tells investors in a research note that he is "disappointed" that growth initiates, particularly Backstage, don't seem to have driven better upside in Q4 and thinks Macy's miscalculated a loyalty change that drove transactions but hurt UPT. He thinks several of Macy's missteps in Q4 were "self-inflicted" and "curable" and maintains a Neutral rating.