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M

Macy's

$33.16

3.22 (10.75%)

09:05
05/17/18
05/17
09:05
05/17/18
09:05

Macy's may find it hard to meet raised expectations, says Morgan Stanley

Morgan Stanley analyst Kimberly Greenberger said Macy's raised 2018 guidance rests on second half performance and she remains skeptical given the more difficult comps it will be facing, particularly in the fourth quarter of the year. Greenberger raised her 2018 EPS estimate by 12c to $3.67, but notes this is still below the company's revised $3.75-$3.95 guidance range. Following the stock's more than 10% jump yesterday on the heels of the quarterly report, Greenberger keeps an Underweight rating and $25 price target on Macy's shares.

  • 18

    May

M Macy's
$33.16

3.22 (10.75%)

05/10/18
05/10/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Macy's (M) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Kimberly Greenberger citing its ongoing negative store-only comparable sales and continued decline in return on invested capital, or ROIC. 2. L Brands (LB) downgraded to Sell from Hold at Loop Capital with analyst Laura Champine saying the April same-store-sales result of 0% was driven by promotions, and merchandise margin was once again "down significantly." The analyst also cut her price target for the shares to $28 from $40. 3. Tableau (DATA) downgraded to Sell from Neutral at MoffettNathanson. 4. Roche (RHHBY) downgraded to Market Perform from Outperform at Bernstein with analyst Tim Anderson saying its model shows the slowest 5Y EPS growth among his 10 covered names. 5. Baker Hughes (BHGE) downgraded to Neutral from Buy at BofA/Merrill with analyst Timna Tanners citing the strong run in Baker Hughes shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/16/18
JEFF
05/16/18
NO CHANGE
Target $30
JEFF
Hold
Jefferies ups Macy's target to $30, says read-through positive for retail peers
Jefferies analyst Randal Konik said he liked Macy's (M) "robust" revenue growth, clean inventories and controlled markdowns in the first quarter, though he also noted that Q2 comparable sales are expected to be down given the Friends and Family shift that aided Q1. Following the earnings report, Konik raised his price target on Macy's shares to $30 from $27, but he keeps a Hold rating on the stock, citing secular pressures impacting the company and the industry. The analyst, who thinks Macy's report has a positive read-through for retail more broadly, continues to prefer Kohl's (KSS), citing its off-mall positioning, differentiated assortment, and "omni-channel leadership."
05/17/18
SBSH
05/17/18
NO CHANGE
Target $25
SBSH
Sell
Macy's Q1 results 'as good as it gets,' says Citi
Citi analyst Paul Lejuez says Macy's Q1 results yesterday is "as good as it gets." Comparisons get tougher as the year progresses, Lejuez tells investors in a post-earnings research note. He notes that when stripping away the benefit from the shift in the Friends & Family promotion, the underlying comp trend in Q1 was very similar to Q4 on an absolute basis and worse than Q4 on a stacked basis. The analyst raised his price target for Macy's shares to $25 from $21 and keeps a Sell rating on the name.
05/17/18
RBCM
05/17/18
NO CHANGE
Target $35
RBCM
Sector Perform
Macy's price target raised to $35 from $31 at RBC Capital
RBC Capital analyst Brian Tunick raised his price target on Macy's (M) to $35 after its Q1 results, saying the company's business improvements that stabilized low-single-digit comps were encouraging while margins also appear to be bottoming. Tunick also cites "favorable consumer spending" and progress on strategic initiatives driving sequential improvement in comps. The analyst keeps his Sector Perform rating however, saying the stock price will likely remain range-bound without a "meaningful" comp acceleration amid the persistent investor concerns with the impact of Amazon (AMZN) on retail and the slowing mall traffic.

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