Macy's Analysts Raise Their Forecasts After Better-Than-Expected Earnings
Portfolio Pulse from Lisa Levin
Macy's Inc (NYSE:M) reported Q3 FY23 sales of $4.86 billion, surpassing estimates of $4.79 billion, with adjusted EPS of $0.21 beating the $0.02 consensus. The company updated its FY23 sales forecast to $22.9-$23.2 billion and adjusted EPS to $2.88-$3.13. Following the earnings report, Macy's shares rose 7.1%. Telsey Advisory Group and JP Morgan raised their price targets for Macy's to $15 and $19, respectively.
November 17, 2023 | 5:32 pm
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Macy's reported strong Q3 earnings with higher than expected sales and EPS, leading to a positive revision in FY23 guidance and a surge in stock price. Analysts at Telsey Advisory Group and JP Morgan raised their price targets.
The positive earnings report and the subsequent increase in price targets by reputable analysts suggest a bullish short-term outlook for Macy's stock. The upward revision in FY23 guidance indicates strong company performance and potential for continued stock appreciation.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100