Macy's Analysts Cut Their Forecasts After Q2 Results

Macy's Inc M reported better-than-expected second-quarter earnings.

Macy's reported a second-quarter FY23 sales decline of 8.4% year-on-year to $5.13 billion, beating the analyst consensus of $5.09 billion. Adjusted EPS of $0.26 beat the analyst consensus of $0.13.

The company's FY23 sales outlook is unchanged at $22.8 billion - $23.2 billion, against the consensus of $23.17 billion. The company's FY23 adjusted EPS forecast is unchanged at $2.70 - $3.20 versus the Street view of $2.89.

Macy's shares fell 0.5% to trade at $12.60 on Wednesday.

These analysts made changes to their price targets on Macy's following earnings announcement.

• Telsey Advisory Group cut the price target on Macy's from $16 to $14. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• Citigroup lowered the price target on Macy's from $15 to $13. Citigroup analyst Paul Lejuez maintained a Neutral rating.
• B of A Securities cut the price target on Macy's from $13 to $12. B of A Securities analyst Lorraine Hutchinson maintained an Underperform rating.
• UBS lowered the price target on Macy's from $12 to $10. UBS analyst Jay Sole maintained a Sell rating.
• Goldman Sachs cut the price target on Macy's from $23 to $17. Goldman Sachs analyst Brooke Roach maintained a Buy rating.