Macy’s Price Target Cut at UBS
<p>UBS analysts lowered their price target on <a href='https://financialmodelingprep.com/financial-summary/M'>Macy (NYSE:M)</a> to $12.00 from $12.75 while maintaining their Sell rating. The analysts expect broader economic factors to lead to a slowdown in consumer spending, which will have a negative impact on Macy's profits. </p>
<p>Due to this, analysts predict that Macy's will experience weaker sales growth and a decrease in margins, causing it to fall short of Street EPS estimates and putting pressure on its stock price. Their estimate for Macy's EPS in fiscal 2023 is significantly lower, around 36%, compared to the Street's forecast. </p>
<p>Looking ahead to 2024, the analysts believe the market is not fully acknowledging the challenges Macy's will face in terms of losing market share to online retailers, as well as brands with their own stores and websites. The analysts project a (12%) compound annual growth rate (CAGR) for the company's EPS over the next five years.</p>

NYSE:M