Macy's: Jefferies raises target price

(CercleFinance.com) - Jefferies maintains its buy rating on the Macy's share, having increased its corresponding target price from 14 dollars to 18.
5 dollars, after the department store group announced better targets than feared "even as 2021 is a transitional year".

The broker says that the first half of 2021 should continue to suffer from the pandemic, although thereafter, the second half will see improvements towards a "potentially normalized" fiscal year in 2022.

Jefferies also cites Macy's forecasts of higher e-commerce penetration, tighter cost control, a reduction in the number of shops and inventory, and "improved biz mechanics".

As all shares get on the starting block in Wall Street on Wednesday, the Macy's share s up about 1% in pre-market trading.


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