These 3 Analysts Cut Price Targets On Macy's After Q2 Results

Macy's M reported better-than-expected Q2 results on Tuesday.

However, Macy's reduced its FY22 sales guidance to $24.34 billion - $24.58 billion from the previously expected $24.46 billion – $24.7 billion, against the consensus of $24.36 billion. The company lowered the FY22 adjusted EPS outlook to $4.00 - $4.20 from $4.53 - $4.95 versus the Street view of $4.51.

Macy's shares fell 0.9% to $19.13 in pre-market trading.

Several analysts made changes to their price targets on Macy's following the release of results.

• Telsey Advisory Group cut price target on Macy's from $28 to $25. Telsey Advisory Group analyst Dana Telsey maintained the stock with a Market Perform.
• Citigroup lowered Macy's price target from $23 to $21. Citigroup analyst Paul Lejuez maintained the stock with a Neutral rating.
• Morgan Stanley reduced Macy's price target from $22 to $21. Morgan Stanley analyst Kimberly Greenberger maintained an Equal-Weight rating on the stock.