The firm said shares, which are currently at an attractive entry point, could rally more than 65%.
Macy's is cheap ahead of what could be a pivotal series of years, JPMorgan said. Analyst Matthew Boss upgraded the retail stock to overweight from neutral and increased his price target by $1 to $29. His price target implies the stock will rally 65.8% over the next year from where shares ended Friday's session. The stock advanced 3.5% in premarket trading. It's down 15.3% this year, driven by selloffs of 13.4% and 14.5% in February and March, respectively.
These trends can help bring the company back to low single-digit growth on the top line and incremental EBITDA margin expansion by the 2024 fiscal year: Private label Off-mall store expansion Digital market place Luxury brands Personalization Sustainable, multi-year growth on both lines expected in the coming years hasn't been seen since the period between the 2010 and 2014 fiscal years, Boss said.
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