Macy’s price target raised to $21 from $15 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Macy’s to $21 from $15 and keeps an Equal Weight rating on the shares. The firm’s REITs team’s in-depth scenario analysis calculates Macy’s real estate is worth $6B-$7B in a base case, the analyst tells investors in a research note. While a transaction is possible, it could prove difficult to execute, the firm says.