Macy’s price target lowered to $16 from $17 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Macy’s (M) to $16 from $17 and keeps an Equal Weight rating on the shares. Macy’s delivered a slight EPS beat, though “upside was lower-quality” and came with a fiscal year EPS guidance cut, notes the analyst, who exits the Q3 report “incrementally negative on Bold New Chapter strategy success.”