Macy’s price target lowered to $14 from $15 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Macy’s (M) to $14 from $15 and keeps a Market Perform rating on the shares. The company’s Q1 EPS beat benefited from a better topline decline and a real estate sale gain that mitigated higher than anticipated operating expenses, the analyst tells investors. The near term, however, has limited visibility as sales and profitability growth remains challenging while operating in a competitive promotion space against an uncertain consumer environment, the firm adds.