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Fly News Breaks for August 15, 2019
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Aug 15, 2019 | 07:47 EDT
Guggenheim analyst Robert Drbul lowered his price target on Macy's shares to $20 from $30 after the company reported softer than expected Q2 results, which he said was mainly driven by a gross margin miss but was also impacted by lower than expected sales and asset sale gains. While disappointed by the results, he believes the company's 9% dividend yield is secure and views the valuation as reason to maintain a Buy rating.