Citi Upgraded Macy’s (M) To Buy

Citi’s analyst Deborah Weinswig upgraded Macy’s (NYSE: M) from hold to buy. After meeting with senior Macy’s (M) employees Weinswig came to conclusion that their new unified organizational structure will lead them to gross margin improvement. Macy’s (M) has created a division in New York that will be responsible for purchasing all the items and supplying them to the right stores. Citi thinks that this concept will be much better than the previous one where four divisions distributed goods to the stores.

Macy’s (M) had a fantastic start on Tuesday jumping more than 6%. The stock was trading around $19.