Macy’s initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Brooke Roach initiated coverage of Macy’s with a Buy rating and $28 price target. The analyst says the company’s strengthening execution and inventory management, coupled with its new initiatives to drive market share and profitability position Macy’s favorably. Strong margins and free cash flow "with ample share repurchase opportunity provide a ballast to a choppy apparel backdrop," Goldman tells investors in a research note.