These Analysts Revise Their Forecasts On Macy's Following Q4 Results
Portfolio Pulse from Avi Kapoor
Macy's Inc reported mixed Q4 results, beating EPS estimates but missing on revenue. The company announced a new strategy, 'A Bold New Chapter,' including closing 150 stores by 2026, and provided FY24 guidance with EPS and net sales estimates below consensus. Shares fell 6.1%. Telsey Advisory Group, Goldman Sachs, and Morgan Stanley revised their price targets on Macy's.
February 28, 2024 | 6:04 pm
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Macy's reported mixed Q4 results, announced 150 store closures by 2026, and provided below-consensus FY24 guidance. Shares fell 6.1%.
The mixed Q4 results, coupled with the announcement of significant store closures and FY24 guidance below analyst expectations, likely contributed to the negative investor sentiment, resulting in a 6.1% drop in Macy's shares.
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