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Upgrade Alert for Macy's (M)

By David Diaz

Macy's (NYSE:M) was upgraded from Negative to Mixed at OTR Global today. The stock closed yesterday at $36.89 on volume of 5.1 million shares, above average daily volume of 3.5 million.

There is potential upside of 27.9% for shares of Macy's based on a current price of $36.89 and an average consensus analyst price target of $47.20. The stock should find initial resistance at its 50-day moving average (MA) of $42.24 and further resistance at its 200-day MA of $46.79.

In the past 52 weeks, Macy's share prices have been bracketed by a low of $29.94 and a high of $73.61 and closed yesterday at $36.89, 23% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 0.5%.

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.

SmarTrend is tracking the current trend status for Macy's and will alert subscribers who have M in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades macy's

Ticker(s): M