Analysts Just Cut Price Targets for These 5 Stocks

3. Macy’s, Inc. (NYSE:M)

Number of Hedge Fund Holders: 39

Shares of Macy’s, Inc. (NYSE:M) fell nearly four percent on Wednesday, August 24, 2022, after Citi analyst Paul Lejuez lowered his price target for the department stores operator from $23 per share to $21 per share.

The price-target cut came a day after Macy’s, Inc. (NYSE:M) slashed its profit outlook for the full year. Macy’s, Inc. (NYSE:M) now anticipates adjusted earnings in the range of $4 – $4.20 per share, down from its earlier guidance between $4.53 – $4.95 per share.

The revised outlook also overshadowed Macy’s better-than-expected Q2 results. Macy’s, Inc. (NYSE:M) reported adjusted earnings of $1 per share, topping estimates of 86 cents. Revenue increased to $5.6 billion, while analysts were looking for $5.49 billion.

Speaking on the results, CEO Jeff Gennette said:

“During the second quarter, we delivered solid results, despite the challenging environment. Our teams have consistently responded to the dynamic landscape with disciplined, data-driven actions to ensure the health and stability of our business. We believe that we are well positioned to respond to changing consumer behaviors.”