Gordon Haskett downgrades Macy’s on moderating foot traffic trends

Gordon Haskett analyst Chuck Grom downgraded Macy’s to Hold from Accumulate with an $18 price target. The analyst commends Macy’s management team for "delivering on many company-specific initiatives and doing an excellent job controlling inventory levels." However, no company is immune to the macro pressures that are manifesting, the analyst tells investors in a research note. The firm sees trends in its data work that give it pause in the short to medium-term despite a favorable view on the company long-term. The data show moderating foot traffic trends at Macy’s and across the entire department store complex in recent months as well as moderating digital visits, Gordon Haskett says.