While Macy’s Inc (NYSE:M) reported upbeat fourth-quarter results, its outlook reflects flexibility due to uncertainty, according to Telsey Advisory Group.
The Macy’s Analyst: Analyst Dana Telsey reiterated a Market Perform rating, while reducing the price target from $25 to $20.
The Macy’s Thesis: The company reported a strong earnings beat, with sales, gross margin, and operating expense deleverage coming in better than consensus estimates, Telsey said in the note.
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The fourth-quarter momentum has continued so far in the first quarter, she added.
Management announced …