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Macy’s (NYSE:M) turned around in late trading on Thursday after an initial post-earnings drop.
The department store stock got a boost in the afternoon when Gordon Haskett fired off an upgrade to a Buy rating.
Analyst Chuck Grom and team said the risk-reward profile is favorable with shares of Macy’s down ~34.0% year-to-date and with FY23 EPS guidance now more appropriately positioned.
“May SSS have accelerated from April across all banners with a notable recovery in the aforementioned seasonal parts of the company’s business. Moreover, over the past four months, less weather sensitive categories, such as beauty, jewelry, career wear, and men’s tailored have remained healthy with Macy’s even calling out an uptick in the home area (i.e. textiles, tabletops, etc.) .”
Gordon Haskett’s price target on Macy’s of $18 is based on 6X the firm’s FY23 EPS estimate.
Shares of Macy’s (M) were up 1.15% at 3:35 p.m.
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