Macy’s price target lowered to $13 from $15 at Citi

Citi lowered the firm’s price target on Macy’s to $13 from $15 and keeps a Neutral rating on the shares. The company’s Q2 results highlight the challenges to Macy’s traffic and sales, but its inventory is in better shape and expenses have been well managed, the analyst tells investors in a research note. The more concerning issue this quarter is the “more rapid-than-expected” decline in credit income, says the firm. Citi believes challenges in credit could lead retailers to pull back on who they extend credit to.