Macy’s Inc M shares climbed in early trading on Wednesday after the company reported better-than-expected earnings and raised its outlook.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

JPMorgan On Macy’s

Analyst Matthew Boss reaffirmed an Overweight rating while raising the price target from $25 to $27.

Macy’s reported adjusted earnings of 27 cents per share, "more/less doubling mgmt's $0.10-$0.16 guide," with adjusted EBITDA margins at 7.2%, beating consensus of 6.3%, Boss said in a note. Same-store sales declined by 0.3%, much better than the Street's estimate of a 2.6% decline, he added.

"Importantly, management cited the Bold New Chapter strategy gaining traction with the First 50 Macy's nameplate doors comping +3.4% in 1Q – outperforming total Macy's nameplate SSS of -0.4% by +380bps (and outperforming the non-go-forward store locations by nearly 800bps," the analyst wrote.

Management raised the full-year earnings guidance to $2.55-$2.90 per share, from $2.45-$2.85 per share, driven by better same-store sales growth and higher adjusted EBITDA margins, Boss further stated.

Check out other analyst stock ratings.

Goldman Sachs On Macy’s

Analyst Brooke Roach reiterated a Buy rating while lifting the price target from $22 to $23.

Macy's delivered better-than-expected comps, "as successful new store initiatives drove a +3.4% comp at the ‘First 50’ Macy's stores, widening the performance gap vs. the balance of the Macy's fleet (-4.5% comp)," Roach wrote in a note. The company exhibited disciplined cost management during the quarter, she added.

While higher markdowns led to a gross margin miss in the first quarter, due to a colder start to spring, Macy's indicated inventory was well-positioned into the second quarter, the analyst stated.

Morgan Stanley On Macy’s

Analyst Alex Straton maintained an Equal-Weight rating and price target of $19.

Macy's delivered "yet another EPS beat, with SG&A discipline offsetting GM downside," Straton said. While some risk remained to the company's topline in the second quarter and full year, the earnings guidance "appears achievable in aggregate," he added.

The analyst stated, however, the first-quarter beat and the full-year guidance raise "make for a lower 2Q-4Q bar than prior."

"Uncertainty surrounding the proposed real estate bid, credit card late fee regulation and unproven strategy execution limits our P&L visibility," Straton further wrote.

M Price Action: Shares of Macy’s had risen by 1.00% to $20.28 at the time of publication on Wednesday.

Read Next: Target’s Q1 Earnings: Falling Revenues and Comp Sales Weigh On Retailer, But Inventories Fall By 80%

Photo: Shutterstock