Macy’s price target raised to $12 from $11 at Citi

Citi analyst Paul Lejuez raised the firm’s price target on Macy’s (M) to $12 from $11 and keeps a Neutral rating on the shares. The company’s Q1 was better than consensus as sales trends improved as the quarter progressed and have further improved in May, the analyst tells investors in a research note. The firm says management indicated on the earnings call that consumer demand is better than consumer sentiment would indicate, but the backdrop remains volatile. Citi believes Macy’s risk/reward remains balanced.