Making Macy's Great Again?
Sure, Macy's maintained its full-year guidance, but it predicted declining margins, and that was enough to cause its share to tumble 8%, making it the worst performer in the S&P 500.
But Macy's discussed more than just its guidance. In fact, it offered a strategy for trying to right the ship. The question, of course, is whether it will be enough. Cowen's Oliver Chen and team explain:
Macy's did a good job articulating its challenges as a very familiar but
Does that mean Chen is willing to get bullish on Macy's stock ? Nope. He maintains his "cautious Market Perform" on the stock because estimates might still be too high, and store traffic could fall even more than expected, among other reasons.
Shares of Macy's have declined 0.2% to $21.86 at 9:40 a.m. today, while Amazon.com has risen 0.5% to $1,007.88, TJX has advanced 0.4% to $74.29, and Ross Stores has ticked up 0.3% to $62.01.