Citi Reiterates Buy on Macy's

Citi is out with its report today on Macy's

, reiterating Buy. In a note to clients, Citi writes, "We hosted very upbeat meetings with management today. Macy's remains in the very early innings with its three key initiatives: 1) My Macy's (3rd/4th inning); 2) omnichannel integration (2nd inning); and 3) Magic Selling Training (top of the 1st inning). The continued execution of these initiatives positions the company well to gain market share and deliver mid-single digit SSS growth over the next several years. Management also believes that its 14% EBITDA margin target is well within sight, and EBITDA margins could eventually reach 15%, as My Macy's drives topline growth and omnichannel integration improves inventory turnover and gross margin. We reiterate our Buy rating and $44 target price. The stock is also on CIRA's Top Picks Live! list." Shares of M closed Wednesday at $28.28, down 2.08% from Tuesday's close.