Gordon Haskett upgrades Macy’s on ‘very upbeat’ business trends

Gordon Haskett upgraded Macy’s (M) to Buy from Hold with a $20 price target which suggests over 20% upside from current levels. Macy’s tone on current business trends “was very upbeat,” which brings confidence the company can deliver a positive comp in Q4, the analyst tells investors in a research note. The firm says this would be first positive same-store-sales since Q1 of 2022. In addition, much colder weather in the coming weeks bodes well for Macy’s seasonal sales, adds Gordon Haskett. The firm also thinks the presence of an activist creates a floor for the stock over the next 6-12 months.