Evercore ISI lowered the firm’s price target on Macy’s to $16 from $17 and keeps an In Line rating on the shares. Q2 net sales declined a worse-than-expected at 3.8% year-over-year and Macy’s lowered second half net sales and EPS expectations, noted the analyst. While in the past Macy’s has been able to reaccelerate same-store sales behind a strong Holiday strategy, the firm thinks the assumption that trends will accelerate after the Q2 step-down “will leave the stock range bound in the near-term even after trading lower today,” the analyst added.
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