Downgrade Alert for Macy's (M)
Macy's (NYSE:M) was downgraded from Buy to Neutral at Northcoast today. The stock closed yesterday at $31.21 on volume of 16.8 million shares, above average daily volume of 3.5 million.
Macy's, Inc. operates department stores in the United States. The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.
Macy's share prices have moved between a 52-week high of $73.61 and a 52-week low of $31.37 and closed yesterday at -1% above that low price at $31.21 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 1.4%.
There is potential upside of 51.2% for shares of Macy's based on a current price of $31.21 and an average consensus analyst price target of $47.20. Macy's shares should first meet resistance at the 50-day moving average (MA) of $42.24 and find additional resistance at the 200-day MA of $46.79.
SmarTrend recommended that its subscribers protect gains by selling shares of Macy's on April 8th, 2016 by issuing a Downtrend alert when the shares were trading at $39.76. Since that call, shares of Macy's have fallen 21.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades macy's