Goldman Sachs analyst Alexandra Walvis upgraded Macy's to Neutral from Sell while lowering her price target for the shares to $21 from $23. Following the company's Q1 results, the analyst sees a more balanced risk/reward in the wake of the stock's recent underperformance. Since her Sell initiation on September 3, 2018, Macy's shares have fallen 41%. While the company continues to face "fading fundamentals" in the medium term as secular challenges weigh, the stock's near term risk/reward is now less skewed to the downside, Walvis tells investors in a research note. Further, she believes Macy's planned quantification of its cost savings program this fall and a potential update on the monetization of Herald Square as potential near-term catalysts for the shares.