JPMorgan Chase & Co. Boosts Macy's (NYSE:M) Price Target to $16.00

Key Points

• JPMorgan Chase & Co. has increased its price target for Macy's (NYSE:M) from $12.00 to $16.00, suggesting a potential upside of 22.28% based on the stock's previous closing price.
• Macy's received mixed ratings from analysts, with a majority holding a "neutral" rating while Morgan Stanley has assigned a "negative" rating.
• In its latest earnings report, Macy's posted an earnings per share (EPS) of $0.16, slightly exceeding analysts' expectations, but experienced a year-over-year revenue decline of 5.1%.

Macy's (NYSE:M - Get Free Report) had its target price upped by stock analysts at JPMorgan Chase & Co. from $12.00 to $16.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 22.28% from the company's previous close.

A number of other research firms also recently weighed in on M. Morgan Stanley reiterated a "negative" rating on shares of Macy's in a research report on Tuesday, May 6th. The Goldman Sachs Group cut shares of Macy's from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $17.00 to $12.00 in a research note on Tuesday, April 22nd. Citigroup reissued a "neutral" rating and issued a $12.00 price objective (up previously from $11.00) on shares of Macy's in a research note on Thursday, May 29th. Barclays started coverage on shares of Macy's in a report on Monday, April 28th. They issued a "cautious" rating and a $12.00 target price on the stock. Finally, Telsey Advisory Group dropped their price objective on shares of Macy's from $15.00 to $14.00 and set a "market perform" rating on the stock in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $13.22.

Macy's Price Performance

M opened at $13.09 on Monday. The company has a quick ratio of 0.37, a current ratio of 1.43 and a debt-to-equity ratio of 0.62. Macy's has a 12 month low of $9.76 and a 12 month high of $18.13. The company has a fifty day simple moving average of $11.94 and a 200 day simple moving average of $12.79. The stock has a market cap of $3.55 billion, a P/E ratio of 6.64 and a beta of 1.71.

Macy's (NYSE:M - Get Free Report) last released its earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.01. The firm had revenue of $4.60 billion during the quarter, compared to analysts' expectations of $4.38 billion. Macy's had a return on equity of 16.34% and a net margin of 2.45%. The company's revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 EPS. On average, research analysts expect that Macy's will post 2.39 EPS for the current year.

Institutional Investors Weigh In On Macy's

A number of large investors have recently added to or reduced their stakes in M. Raymond James Financial Inc. bought a new stake in shares of Macy's during the 4th quarter valued at about $624,000. Commonwealth Equity Services LLC boosted its stake in shares of Macy's by 2.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 45,105 shares of the company's stock valued at $764,000 after purchasing an additional 1,122 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Macy's during the 4th quarter valued at about $990,000. LPL Financial LLC boosted its stake in shares of Macy's by 7.5% during the 4th quarter. LPL Financial LLC now owns 80,836 shares of the company's stock valued at $1,369,000 after purchasing an additional 5,665 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Macy's by 31.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,223,918 shares of the company's stock valued at $20,721,000 after purchasing an additional 295,928 shares in the last quarter. Institutional investors own 87.36% of the company's stock.

About Macy's

Macy's, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm's brands include Macy's, Bloomingdale's, and Bluemercury. It offers men's, women's, and children's apparel, women's accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

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