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

Morgan Stanley lowered the firm’s price target on Macy’s to $20 from $21 and keeps an Equal Weight rating on the shares. The firm views the company’s footprint rationalization and Macy’s nameplate growth initiatives as execution stories that likely won’t impact the P&L until 2025 “at the soonest,” leaving its 2024 expectations largely unchanged after the company’s “anticipated” Q4 beat and mid-term strategic plan unveiling.