Macy’s price target lowered to $22 from $23 at Deutsche Bank

Deutsche Bank analyst Gabriella Carbone lowered the firm’s price target on Macy’s to $22 from $23 and keeps a Hold rating on the shares after meeting with management. The analyst walked away with increased confidence that management is executing well in the face of ongoing macro challenges. However, Carbone expects fiscal 2023 Street forecasts to move lower on the back of management’s cautious tone as investors await for further clarity around demand trends and margin opportunities.