Citi analyst Paul Lejuez says Macy’s Q2 earnings report contained “much more for the bears.” The Q3 guidance for sales of down 1%-3% does not imply any improvement currently from Q2, the analyst tells investors in a research note. The firm expects the stock to trade lower on the “very weak sales results and more tempered outlook.” It keeps a Neutral rating on the shares with a $17 price target. The stock in premarket trading is down 10% to $15.95.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on M:
- Macy’s (NYSE:M) Pre-Earnings: Here’s What to Expect
- Macy’s price target lowered to $24 from $27 at JPMorgan
- Options Volatility and Implied Earnings Moves This Week, August 19 – August 22, 2024
- M Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Unusually active option classes on open August 16th