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Macy's: Jefferies raises target price

(CercleFinance.com) - Jefferies reinstates its "buy" rating on the Macy's share, having increased its corresponding target price to 20 dollars (from 18.
5 dollars), saying that, in the context of broader retail, it is "revisiting our valuation framework and tightening the multiple gap".

In its comments on the department stores' chain, the broker said, "We continue to see FY21 as a transition year, with steady improvement in operating performance into 2H".

"Feedback from vendors suggests prospects for a more meaningful 2H uplift, supported by more robust newness, pent up demand, and possible fashion changeover," it continued.


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