Argus keeps a Hold rating on Macy’s with no price target but notes that the firm is considering upgrading the company’s financial strength assessment while boosting its FY25 EPS view by 5c to $2.85. Argus believes that Macy’s will bolster liquidity, monetize less-productive real estate and grow the Bloomingdales and Bluemercury brands as inflation and tight monetary policy continue to weigh on discretionary spending, the analyst tells investors in a research note. The firm adds that the company’s inventory position was up just 1.7% year-over-year at the end of Q1, noting that Macy’s has done a good job managing inventories over the last several quarters and in this area probably ranks as one of the more successful of the retailers that it follows.
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