These Analysts Revise Their Forecasts On Macy's Following Q4 Results

Macy’s Inc M reported mixed quarterly results and announced plans to close 150 stores on Tuesday.

The company reported fourth-quarter adjusted EPS of $2.45, beating the analyst consensus of $1.96. Quarterly revenue of $8.12 billion missed the analyst consensus of $8.15 billion, acording to data from Benzinga Pro.

Macy’s announced a new strategy, “A Bold New Chapter,” designed to return the company to enterprise growth. The company plans to focus on Macy’s resources by closing approximately 150 underproductive locations through 2026.

Macy’s sees FY24 adjusted EPS of $2.45-$2.85 versus $2.76 estimate. The firm plans net sales of $22.20 billion-$22.90 billion versus $22.96 billion estimate. Beginning in 2025, Macy’s sees low-single-digit annual comparable Owned + Licensed + Marketplace sales growth and free cash flow to return to pre-pandemic levels.

Macy’s shares dipped 6.1% to trade at $18.73 on Wednesday.

These analysts made changes to their price targets on Macy’s after the company reported quarterly results.

• Telsey Advisory Group raised the price target on Macy’s from $15 to $21. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• Goldman Sachs increased the price target on Macy’s from $16 to $22. Goldman Sachs analyst Brooke Roach maintained a Buy rating.
• Morgan Stanley cut the price target on Macy’s from $21 to $20. Morgan Stanley analyst Alexandra Walvis maintained an Equal-Weight rating.

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