UPDATE: Deutsche Bank Raises PT on Macy's on Elevated Expectations

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Macy's

, and raised the price target from $47.00 to $53.00. In the report, Poole noted, “Expectations at Macy's are somewhat elevated heading into the 1Q13 print on May 15, as the stock is up close to 20% YTD and with investors looking for 1Q SSS of 3.5%-4.0%. In our view, the shares represent a mixed bag at current levels, with sales potentially coming in at the high-end of expectations, while margins may have been pressured by promo spend and free shipping. Despite the tough set-up, we remain constructive on the shares and are buyers on any pullback, as Macy's is one of the better operators among its peers.” Macy's closed on Friday at $47.23.