Analysts Are Upgrading These 5 Stocks on Friday

In this article, we take a look at five stocks that are being upgraded today. If you want to take a look at some more stocks that analysts are upgrading on Friday and the latest market situation, go to Analysts Are Upgrading These 10 Stocks on Friday.

5. Macy’s, Inc. (NYSE:M)

Number of Hedge Fund Holders: 42

Macy’s Inc. (NYSE:M) is 0.92% in the green as of 11:42 AM ET after the New York-based chain of high-end departmental stores received an upgrade in rating from Kimberly Greenberger at Morgan Stanley. The analyst upgraded Macy’s Inc. (NYSE:M) stock from an Underweight to an Equal-weight rating in the hope that the firm will be able to outperform its peers during a challenging macroeconomic outlook.

Greenberger further added that Macy’s Inc. (NYSE:M) has provided a conservative outlook that incorporates the impact of macroeconomic headwinds. The analyst anticipates a lower probability of a cut in earnings guidance due to this move, resulting in the company’s outperformance against competitors. Greenberger assigned the stock a target price of $22, which is 4% lower than the last closing price.

ClearBridge Investments shared its insights on Macy’s Inc. (NYSE:M) in its Q3 2021 investor letter. Here’s what the firm said:

“Meanwhile, Macy’s, an omnichannel retail organization that operates stores, websites, and mobile applications under the Macy’s, Bloomingdale’s, and Bluemercury brands, also had a strong quarter (+21.5%). Macy’s delivered strong second-quarter earnings, beating on earnings and revenue and raising guidance as the retailer continues to pay down debt and grow its digital business.”