Citi upgrades Macy’s (NYSE:M) to Buy from Neutral in a timely upgrade on the department store stock.
The Citi team points to Macy’s ample free cash flow and attractive dividend yield in making its bullish call.
«We believe the stock has support that makes the risk reward attractive at current levels, particularly considering the opportunity to improve the business in 2H16/1Q17 relative to 2H15/1Q16,» reads the Citi note.
Citi’s price target of $44 on Macy’s implies 27% upside potential. Shares of Macy’s haven’t traded over $45 this year.
Wall Street ratings scorecard on Macy’s: 7 Buys, 16 Holds, 2 Sells.
Fuente: Seeking Alpha
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