Wells Fargo & Co. Reiterates “Neutral” Rating for Macy’s (M)
Macy’s (NYSE:M)‘s stock had its “neutral” rating reiterated by analysts at Wells Fargo & Co. in a research report issued to clients and investors on Monday, AnalystRatingsNetwork.com reports.
The analysts wrote, “We are reducing our Q3 2013 comp estimate from +2-3% to +1-2% and our EPS estimate from $0.43 to $0.39. Our FY2013E is now $3.72 vs. $3.76 previously and our FY2014E is now $4.41 vs. $4.46 previously. While M has posted strong midsingle-digit comps over the last three years, it posted its first negative quarterly comp since 2009 in Q2 2013, and we are concerned that JCP’s highly elevated promotional activity will hurt M, particularly at holiday.”
A number of other analysts have also recently weighed in on M. Analysts at Barclays Capital cut their price target on shares of Macy’s from $55.00 to $52.00 in a research note to investors on Tuesday, October 1st. They now have an “overweight” rating on the stock. Separately, analysts at Zacks downgraded shares of Macy’s from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, September 27th. They now have a $39.00 price target on the stock. Finally, analysts at Pacific Crest initiated coverage on shares of Macy’s in a research note to investors on Friday, September 27th. They set an “outperform” rating and a $54.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $50.72.
Shares of Macy’s (NYSE:M) traded down 0.33% on Monday, hitting $42.50. The stock had a trading volume of 2,043,854 shares. Macy’s has a one year low of $36.30 and a one year high of $50.77. The stock’s 50-day moving average is $44.12 and its 200-day moving average is $46.2. The company has a market cap of $15.990 billion and a P/E ratio of 12.34.
Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $0.72 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.79 by $0.07. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. On average, analysts predict that Macy’s will post $3.83 earnings per share for the current fiscal year.
Macy’s, Inc (NYSE:M) is a retail organization operating stores and Internet Websites under two brands (Macy’s and Bloomingdale’s) that sell a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods in 45 states, the District of Columbia, Guam and Puerto Rico.
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