Macy's Seen Underperforming Over Near Term -- Market Talk

Dow Jones11-19

1212 ET - Macy's will likely report soft earnings for the third quarter, but the market probably expects that, too, UBS analysts say in a research note. Sentiment around the department store chain has recently deteriorated, so the analysts don't expect investors to make big decisions around Macy's if it reports lower-than-expected quarterly earnings. "While we see a balanced upside/downside skew over the event, we expect Macy's to underperform over the near term," the analysts say. UBS thinks the bar for Macy's results is a 3 cents to 5 cents per-share miss, a fourth-quarter earnings guidance of $1.80 to $1.85 per share, and a reiteration of Macy's earnings outlook. Shares fall 2% to $15.18. (sabela.ojea@wsj.com; @sabelaojeaguix)

(END) Dow Jones Newswires

November 18, 2024 12:12 ET (17:12 GMT)

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