Macy’s price target raised to $21 from $20 at TD Cowen

TD Cowen raised the firm’s price target on Macy’s to $21 from $20 and keeps a Hold rating on the shares. The firm said encouragingly, Macy s is seeing greater conversion traffic and customer satisfaction at First 50 stores. Cowen monitors apparel weakness, private label changes, ability to scale First 50 store learnings to broader fleet, and promo needs on warmer weather apparel.