BUZZ-Macy's slides after brokerages cut PT on competition concerns

Reuters12-12

** Department store operator Macy's shares down ~2% at $16.29

** Brokerage Morgan Stanley cuts PT to $16 from $17, says promotions may continue into 2025

** Adds that co's 2025 guidance may fall short of "Bold New Chapter" plans or be viewed as overly optimistic

** UBS also cuts PT by $1 to $9, believes Macy's continues to face challenges against competition around price, product, and service

** Company's initiatives to stop share loss will likely not be enough to change the trend - brokerage

** Four of 15 brokerages rate the stock "buy" or higher, 10 "hold" and one "sell" or lower; their median PT is $16 - LSEG data

** M stock has fallen 18% YTD, as of last close

(Reporting by Aamir Sohail in Bengaluru)

((Aamir.Sohail@thomsonreuters.com;))

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