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M

Macy's

$20.11

-0.63 (-3.04%)

14:05
05/31/19
05/31
14:05
05/31/19
14:05

Macy's call volume above normal and directionally bullish

Bullish option flow detected in Macy's with 17,770 calls trading, 1.3x expected, and implied vol increasing almost 4 points to 37.77%. Jun-19 20.5 calls and Jun-19 19 puts are the most active options, with total volume in those strikes near 8,800 contracts. The Put/Call Ratio is 0.45. Earnings are expected on August 14th.

M Macy's
$20.11

-0.63 (-3.04%)

05/08/19
CLVD
05/08/19
NO CHANGE
CLVD
Neutral
Macy's Q1 owned comps estimate lowered at Cleveland Research
Cleveland Research analyst Rusty Wilson lowered his Q1 owned comp store sales estimate for Macy's to down 0.5% from flat, citing weather headwinds and soft trends during Easter and the company's "Friends & Family" event. He noted that consensus calls for a 0.1% decline in owned comps in Q1. Wilson, who also thinks gross margin will be pressured by elevated markdowns and promotions in Q1, keeps a Neutral rating on Macy's shares.
05/16/19
GSCO
05/16/19
UPGRADE
Target $21
GSCO
Neutral
Macy's upgraded to Neutral from Sell at Goldman Sachs
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.
05/16/19
MSCO
05/16/19
NO CHANGE
Target $20
MSCO
Underweight
Macy's EPS beat masks 'worrying' core retail performance, says Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger said the 11c EPS beat reported by Macy's compared to consensus was driven by lower taxes, real estate gains and credit card revenue growth outperformance. However, she estimates that Macy's had a 0% core retail operating margin in Q1 and noted that its trend of shrinking core retail EBIT dollars, which began in 2015, has continued. The company's same-store comparisons were the easiest of the year in Q1 and Macy's laps significantly more difficult comparisons in the second half, said Greenberger, who sees "little room for error." She maintains an Underweight rating on Macy's shares and lowered her price target on the stock to $20 from $22 after lowering her 2022 and 2023 gross margin estimates due to expectations for higher e-commerce delivery expenses.
05/16/19
05/16/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Macy's (M) upgraded to Neutral from Sell at Goldman Sachs with analyst Alexandra Walvis saying she sees a more balanced risk/reward in the wake of the stock's recent underperformance. 2. SAIC (SAIC) upgraded to Outperform from Market Perform at Wells Fargo with analyst Edward Caso saying he has "growing comfort" with the company's ongoing integration of its Engility acquisition and sees the deal producing a "notable improvement" in free cash flow. 3. Scorpio Tankers (STNG) upgraded to Overweight from Neutral at JPMorgan with analyst Noah Parquette saying he's seen a considerable increase in interest from investors in the IMO 2020 product tanker story in recent weeks. 4. KB Home (KBH) and Taylor Morrison (TMHC) were upgraded to Outperform from Sector Perform at RBC Capital. 5. MYR Group (MYRG) upgraded to Buy from Hold at Stifel with analyst Noelle Dilts saying she sees "compelling dynamics" in the electric transmission and distribution market as utilities move investment toward power delivery in order to address reliability concerns, the need for grid hardening, and aging infrastructure. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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