Macy’s (M) continues to face challenges vs. peers around price, product, and service, and while the company’s growth initiatives are “interesting” and management is operating with a sense of urgency, UBS thinks the retailer will lose share in the competitive environment, pressuring the stock. The firm expects EPS misses to continue and for sentiment to weaken, driving the share price lower, and forecasts a -12.5% 5-year EPS compound annual growth rate for FY23-FY28. UBS has a Sell rating and $9 price target on the shares.
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