UPFATE: Goldman Sachs Raises PT to $32 on Macy's

A report from Goldman Sachs reiterates its Neutral rating and raises its price target from $30 to $32 on Macy's (NYSE: M).

The report states, “3Q's $0.16 beat was driven by a combination of a lower tax rate (5c) and above plan expense leverage due to significantly improved credit performance (13c); these positives helped offset weaker-than-expected gross margin contraction of 50bp due to free shipping."

M closed yesterday at $30.45.