Credit Suisse reiterates its Outperform rating on Macy's M and raises its price targets from $32 to $36 as momentum and a competitor's restructuring should help the company in the new year.
Credit Suisse says, "With strong access to national brands and categories of merchandise that other competitors do not have, the company is uniquely positioned to respond to merchandising trends as they evolve. Consequently, this should be a key positive as other major retailers attempt to
reposition themselves. The most prominent retailer to undergo a shift in '12 being JCPenney, but in the mall anchor space specifically, Kohl's and Sears should also be mentioned. In effect, M has a successful strategy in place and is gaining traction with the consumer while some of its key competitors will be dislocating share as they reposition themselves."
M closed at $34.46 per share on Monday.
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Posted In: Price TargetReiterationIntraday UpdateMarketsAnalyst RatingsConsumer DiscretionaryCredit SuisseDepartment Stores
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