Macy’s price target lowered to $17 from $22 at Evercore ISI

Evercore ISI analyst Michael Binetti lowered the firm’s price target on Macy’s to $17 from $22 and keeps an In Line rating on the shares after the company announced it terminated conversations with activist investors Arkhouse and Brigade about a potential deal. The firm thinks this was “largely a real estate play,” partly because it thinks Macy’s has a thoughtful plan already in play to try to turn around its retail operations, and was “not surprised by the negative stock reaction” considering Macy’s shares traded at $14 per share on average for the six months prior to the December announcement, compared to at $19 per share since then. Evercore thinks Macy’s stock could remain under pressure in the near-term, the analyst added.