Macy’s price target lowered to $14 from $16 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Macy’s to $14 from $16 and keeps a Market Perform rating on the shares. The company did not flow through the Q2 beat as it maintained its fiscal 2023 outlook, which is appropriate given the “choppy macro backdrop,” the analyst tells investors in a research note. The firm reduced estimates on continued caution over the consumer macroenvironment in the second half of 2023.