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Fly News Breaks for August 15, 2019
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Aug 15, 2019 | 08:14 EDT
Morgan Stanley analyst Kimberly Greenberger said the "tough" first half of the year for Macy's was capped by a "rocky" second quarter, noting that the company's core retail operation excluding credit and asset sale gains lost $70M in the first six months of the year. While management continues to find "innovative strategies" to help drive sales, she cut her 2019 EPS estimate to $2.85 from $3.05 to account for a lower gross margin estimate and lower credit card revenue forecast. Greenberger lowered her price target on Macy's shares to $17 from $20 and keeps an Underweight rating on the stock.