Macy’s price target lowered to $20 from $21 at JPMorgan

JPMorgan lowered the firm’s price target on Macy’s (M) to $20 from $21 and keeps an Overweight rating on the shares as part of retail preview ahead of next week’s ICR Conference. The firm models up 2.8% average Q4 same-store-sales across its coverage – commensurate with the Q4 performance a year. It sees initial Q4 outlooks embedding potential election disruption in November, the shortened Holiday calendar, and potential heightened promotional activity following a softer start to winter.