Macy’s downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Macy’s (M) to Neutral from Buy with a price target of $12, down from $17. The firm cites rising macro uncertainty and increased cyclicality risk for the downgrade. Historical data suggests department store sales consistently underperform during economic downturns, and the current environment “warrants caution,” the analyst tells investors in a research note. Goldman remains constructive on Macy’s growth initiatives, nut believes these are likely offset by slowing GDP growth, tariff risk, and inflationary pressures.