Macy’s price target raised to $18.50 from $14.50 at Jefferies

Jefferies raised the firm’s price target on Macy’s (M) to $18.50 from $14.50 and keeps a Buy rating on the shares. July was the strongest month in Q2 and momentum has continued into August, notes the analyst, who adds that the company is remaining “cautious” and “prudent” with its fiscal year guidance despite the Q2 beat.