Why Macy's Stock Is Trading Lower Today
Macy's, Inc. (NYSE: M) shares are trading lower on Wednesday after UBS downgraded the stock from Neutral to Sell and lowered its price target from $6 to $3 per share.
Founded in 1858, Macy's operates about 613 stores under the Macy's brand, 55 stores under the Bloomingdale's brand, and about 172 Bluemercury specialty beauty stores. Macy's also operates e-commerce sites, owns 65% of a Chinese e-commerce joint venture, and licenses two Bloomingdale's stores in the United Arab Emirates and Kuwait.
Women's apparel, accessories, shoes, cosmetics, and fragrances constitute approximately 61% of Macy's sales. The retailer recently consolidated its headquarters in New York City.
Macy's shares were down 6.18% at $6.38 on Wednesday at the time of publication. The stock has a 52-week high of $23.40 and a 52-week low of $4.38.
Date | Firm | Action | From | To |
|---|---|---|---|---|
Jul 2020 | UBS | Downgrades | Neutral | Sell |
Jul 2020 | Morgan Stanley | Maintains | Underweight | |
Jun 2020 | Credit Suisse | Maintains | Underperform |
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