BofA/Merrill Lynch Raises Price Target on Macy’s (M)
Bank of America/Merrill Lynch reported on Wednesday that it has raised its price target on department store, Macy’s, Inc. (M).
The firm has maintained a “Buy” rating on Macy’s, and has increased the company’s price target to $55. This price target suggests a 12% upside from the stock’s current price of $48.67.
The upgrade was due to the highlights of long term growth opportunities made on analyst day.
Macy’s shares were up 36 cents, or 0.75% during Wednesday morning trading. The stock is up 25% YTD.
The Bottom Line
Shares of Macy’s, Inc. (M) have a 2.05% yield, based on Wednesday morning’s price of $48.85.
Macy’s, Inc. (M) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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