Macy’s downgraded to Market Perform from Outperform at TD Cowen

TD Cowen downgraded Macy’s to Market Perform from Outperform with a price target of $20, down from $23. The analyst likes the company’s changes ahead, including 150 Macy’s closures, store growth across luxury and small format, and private label and inventory agility execution. However, these material changes will take time, and several risks could limit near-term upside, the analyst tells investors in a research note. The firm says Macy’s offered flattish comp guidance despite a resilient consumer, is seeing credit card losses, and has a need for younger customer relevance.