UPDATE: Wells Fargo Upgrades Macy's, States 'They Won the Battle of the Mid-tier Department Stores' - Macy's (NYSE:M)

In a note released Tuesday, Wells Fargo analyst Paul Lejuez upgraded

Macy'sM

from Market Perform to Outperform and raised the valuation range from $54-58 to $66-70. Looking at the results from this holiday season, Lejuez sees Macy's +2.3 percent comp store sales as "solid." Lejuez continued, "Q4 proves that they won the battle of the mid-tier department stores, demonstrating the company has the brands consumers want, has leverage with those brands, and is nimble with promotions." Moving forward, Lejuez highlighted ten factors he likes about Macy's:

They won the battle of the mid-tiers
They have the best "team" on the field from a brand perspective
Brands need them
Ability to read and react
Ability to cut expenses when they have to
They are set up to be promotional
The most consistent gross margin in retail
Most consistent free cash flows in retail
It's inexpensive

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