Gordon Haskett downgrades Macy’s on ‘disappointing’ holiday update

Gordon Haskett downgraded Macy’s (M) to Accumulate from Buy with a price target of $16, down from $20. The firm says that following Macy’s “disappointing” holiday update last month, it is prudent to curb its enthusiasm around the stock story. The new rating balances the stock’s “inexpensive valuation” and same-store-sale “optionality,” with Macy’s execution issues and secular pressures that continue to impact the entire department store vertical, the analyst tells investors in a research note.