Citigroup reduces its rating on Macy's M from Buy to Neutral and reduces its price target from $49 to $37.
Citigroup comments, "We are downgrading Macy's to Neutral from Buy and are lowering our target price to $37, down from $49 previously. We believe that Macy's fits well into our "Empty Pockets" theme, which envisions slower growth in consumer spending for the back half of the year, especially at the high-end. We also believe that consensus EPS estimates for 2012 are too high, which could limit upside for the stock in the near term."
M closed at $34.20 on Tuesday.
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Posted In: Analyst ColorDowngradesPrice TargetIntraday UpdateAnalyst RatingsCitigroupConsumer DiscretionaryDepartment Stores
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