Wall Street Stock Forecaster Hotline – Friday, January 11, 2019
Article Excerpt
MACY’S INC., $25.42, New York symbol M, operates 690 Macy’s and Bloomingdale’s department stores. It also has 180 speciality stores and sells goods online.
The stock fell 12% this week after the company cut its sales and earnings forecasts for the current fiscal year, ending January 31, 2019.
Macy’s now expects its same-store sales for the full year will rise about 2.0%. That’s below its earlier forecast for 2.3% to 2.5% growth.
As well, the company now expects to earn between $3.95 and $4.00 a share (excluding unusual items), down from its earlier range of $4.10 to $4.30 a share.
The reduced expectations reflect weaker demand for women’s sportswear, fashion jewelry and cosmetics.
The stock trades at 6.4 times the midpoint of the new earnings range. That low p/e reflects uncertainty over Macy’s prospects as more consumers shop online.
OUR RECOMMENDATION: Macy’s is still a hold.
Macy’s recent coverage
Hotline for November 16, 2018
September 2018 issue
GENERAL ELECTRIC CO., $8.94, New York symbol GE, gained 7% this…
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