Macy’s price target raised to $22 from $18 at Citi

Citi analyst Paul Lejuez raised the firm’s price target on Macy’s to $22 from $18 and keeps a Neutral rating on the shares. The company’s Q4 margin and earnings beat consensus though sales were still weak and management is looking for a sales decline in Q1, the analyst tells investors in a research note. The firm says that despite good inventory and expense management, Macy’s fiscal 2024 guidance implies another year of EBIT margin decline, highlighting the challenges of expanding margins with declining sales.