Macy’s price target lowered to $12 from $13 at BofA

BofA analyst Lorraine Hutchinson lowered the firm’s price target on Macy’s to $12 from $13 and keeps an Underperform rating on the shares following the company’s Q2 report. Credit card delinquency rates “increased much more quickly than previously anticipated,” says the analyst, who expects continued pressure on sales and for credit card revenues to deteriorate. BofA still views the department store sector as “structurally challenged,” the analyst added.