Macy’s Inc (NYSE: M) presented to investors new details of a turnaround plan that sounds compelling but not enough to “turn the tide,” according to Morgan Stanley.
Morgan Stanley analyst Kimberly Greenberger maintains an Underweight rating on Macy’s with a price target lowered from $20 to $17.
Macy’s reported second-quarter results, which expanded its total core retail operations losses to $70 million for the first half of 2019, Greenberger wrote in a note. Total operating income dollars were 37% lower year-over-year at $361 million. More concerning is the fact that core retail EBIT dollars in the fourth quarter at $645 …
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