On June 11, Macys rose 5.63% in regular trading, trading at $24.435/share, with turnover of $106 million. The rally was driven by the companys strong Q1 earnings report and subsequent target price upgrades from major investment banks.
Macys delivered a Q1 earnings beat across the board, reporting non-GAAP EPS of $0.13 versus the consensus estimate of $0.10. Total revenue grew 1.7% year-over-year, with group-wide comparable store sales rising 3%. The flagship Macys brand posted same-store sales growth of 1.6%, while Reimagine 200 renovated locations achieved a 2.4% increase, with all three brand segments recording growth. Management simultaneously raised full-year operating guidance, signaling increased confidence in the business outlook.
On the analyst front, JPMorgan raised its target price from $21 to $27, maintaining a Neutral rating, while Citi lifted its target from $18 to $22, also maintaining Neutral. The upgrades further reinforced bullish market sentiment. Notably, competitor performance has been relatively subdued, with Macys outpacing peers such as Kohls and Dillards in growth momentum.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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