Morgan Stanley analyst Alex Straton says the firm’s analysis of Placer.ai traffic data points to topline downside in Q4 for Macy’s. However, more broadly, the firm says ongoing strong traffic and controlled discounting activity “further embolden our view” that Q4 and the holiday season is “likely trending inline to better than retailers’ initial expectations.” The firm keeps an Equal Weight rating and $21 price target on Macy’s shares.
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