Wells Fargo Securities Reiterates Neutral Rating on Macy's on Reduced Q3 2013 Comp Estimate - Macy's (NYSE:M)

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In a report published Monday, Wells Fargo Securities analyst Paul Lejuez reiterated a Neutral rating on

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Macy's

(NYSE: M).In the report, Wells Fargo Securities noted, “We are reducing our Q3 2013 comp estimate from +2-3% to +1-2% and our EPS estimate from $0.43 to $0.39. Our FY2013E is now $3.72 vs. $3.76 previously and our FY2014E is now $4.41 vs. $4.46 previously. While M has posted strong midsingle-digit comps over the last three years, it posted its first negative quarterly comp since 2009 in Q2 2013, and we are concerned that JCP's highly elevated promotional activity will hurt M, particularly at holiday.”Macy's closed on Friday at $42.64.