Macy's Analysts Raise Their Forecasts After Better-Than-Expected Earnings

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

The company reported a third-quarter FY23 sales decline of 7% year-on-year to $4.86 billion, beating the analyst consensus estimate of $4.79 billion. Adjusted EPS of $0.21 beat the consensus estimate of $0.02, according to data from Benzinga Pro.

The company said it sees FY23 sales of $22.9 billion - $23.2 billion (prior $22.8 billion - $23.2 billion), against the consensus of $23.12 billion. The company expects FY23 adjusted EPS of $2.88 - $3.13 (prior $2.70 - $3.20) versus the Street view of $2.77.

Macy's shares jumped 7.1% to trade at $14.28 on Friday.

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

• Telsey Advisory Group increased the price target on Macy's from $14 to $15. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• JP Morgan raised the price target on Macy's from $16 to $19. JP Morgan analyst Matthew Boss maintained an Overweight rating.

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