JPMorgan trims Macy’s price target to $21, sees upside opportunity

JPMorgan analyst Matthew Boss lowered the firm’s price target on Macy’s (M) to $21 from $24 and keeps a Neutral rating on the shares following the company’s Q4 report and the firm’s follow-up access with the CFO. Management confirmed winter storms in late January did have an impact on the quarter’s results, which compared to strength observed during the holiday period, the analyst tells investors. Looking over the balance of the year, the firm’s math “points to upside opportunity” in Q2-Q4 for same-store sales growth of low single digits, the analyst added.