Macy's Ability To Achieve Revised Outlook Amid Weak Macro Environment Is Doubtful: Analyst
Portfolio Pulse from Lekha Gupta
Macy's reported a second-quarter revenue miss, leading to a downward revision of its 2024 sales outlook. Despite exceeding EPS expectations, concerns arise due to slowing comp trends. Analyst Brooke Roach maintains a Buy rating with a $23 price target, but questions remain about Macy's ability to achieve its revised outlook amid a weak macro environment.
August 21, 2024 | 5:40 pm
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NEGATIVE IMPACT
Macy's reported a Q2 revenue miss and revised its 2024 sales outlook downward. Despite exceeding EPS expectations, concerns about slowing comp trends and achieving the revised outlook in a weak macro environment persist. Analyst maintains a Buy rating with a $23 target.
Macy's missed Q2 revenue expectations and revised its 2024 sales outlook downward, which is likely to negatively impact short-term stock price. Despite a Buy rating, concerns about slowing comp trends and achieving the revised outlook in a weak macro environment are significant.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Invesco S&P MidCap 400 Pure Value ETF, which includes Macy's, may see short-term impact due to Macy's revenue miss and revised outlook. Macy's stock is down 12.6%, affecting the ETF's performance.
Macy's is a component of the RFV ETF. The negative news about Macy's revenue miss and revised outlook could lead to a short-term negative impact on the ETF's performance.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Invesco S&P MidCap 400 Revenue ETF, which includes Macy's, may experience short-term impact due to Macy's revenue miss and revised outlook. Macy's stock decline could affect the ETF's performance.
Macy's is part of the RWK ETF. The negative news about Macy's revenue miss and revised outlook could lead to a short-term negative impact on the ETF's performance.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50