Macy’s initiated with an Equal Weight at Barclays

Barclays initiated coverage of Macy’s (M) with an Equal Weight rating and $12 price target The analyst believes Macy’s strategy for the “Bold New Chapter” takes the right actions in order to return the business to positive growth, but is cautious on the structural headwinds to the department store channel. This is coupled with near-term pressures from a slowing consumer environment and cost pressures from incremental tariff-related disruptions, the analyst tells investors in a research note.