Macy's (M) PT Raised to $10 at UBS Following Channel Checks

UBS analyst Jay Sole raised the price target on Macy's (NYSE: M) to $10.00 (from $9.00) while maintaining a Sell rating.

The analyst commented, "Our channel checks suggest sales trends in 2Q were better than we had expected. Thus we raise our 2Q EPS forecast by 4c to $0.36, and are now in-line with consensus. We expect M to raise its FY26 EPS guidance to $2.10 to $2.30 bracketing the Street's $2.23 view. Plus, we anticipate 3Q comp sales growth and EPS outlooks in-line with the Street's view. We also believe the market has a similar view. Therefore we don't expect M's 2Q report to meaningfully shift sentiment or change EPS forecasts and see a balanced upside/downside skew over the event. The options market is pricing in a +/- 8.0% jump over the event vs. a 7.7% historical avg. move. We expect less vol than +/- 8.0%."

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