Has Goldman Sachs Lost Faith in Macy’s Inc (NYSE:M) After Recent Downgrade


Macy’s Inc (NYSE:M) Receives a Downgrade

Goldman Sachs has just given shares of Macy’s Inc (NYSE:M)an updated Neutral rating in analysts note distributed on Friday, 4 December. This is a ratings cut from the earlier Buy rating that they had set. The broker presently has a $42.00 TP on company, which suggests the potential for a 7.78% upside.

From a total of 21 analysts covering Macy’s Inc. (NYSE:M) stock, 9 rate it a ”Buy”, 3 a “Sell”, and 12 a ”Hold”. This means that 38% of the ratings are positive. The highest target price is $66 while the lowest target price is $32. The mean of all analyst targets is $46.9 with a 61.56% above today’s ($38.97) stock price. Macy’s Inc. was the topic of 34 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. UBS maintained shares on November 12 with “Neutral” rating. Cowen & Co maintained shares with “Market Perform” rating and $42 target share price in a report from a November 12. Northcoast upgraded M stock in a recent report from November 12 to “Buy” rating. Telsey Advisory Group maintained the rating on November 12. Telsey Advisory Group has a “Market Perform” rating and a $46 price target on shares. Finally, Barclays Capital maintained the stock with “Underweight” rating in a report issued on a November 12.

The stock decreased 0.03% or $0.01 during the last trading session, striking $38.97. Approximately 5,160 shares of stock traded hands. Macy’s, Inc. (NYSE:M) has declined 40.10% since May 1, 2015 and is downtrending. It has underperformed by 37.31% the S&P500.

Macy’s, Inc. is an omnichannel retail firm operating stores, Websites and mobile. The company has a market cap of $12.25 billion. As of January 31, 2015, the activities of the Company included 823 stores with an area of approximately 147,400,000 square feet in 45 states of the United States, the District of Columbia, Guam and Puerto Rico. It has 10.23 P/E ratio. Of these 823 stores, 447 were owned, 267 were leased and 109 stores were operated under arrangements where the Company owned the building and leased the land.

According to Zacks Investment Research, “Macy’s is one of the nation’s premier retailers, operating about 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico, under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Prior to June 1, 2007, Macy’s was known as Federated Department Stores.” Get a free copy of the Zacks research report on Macy’s, Inc. (M).