Macy’s price target raised to $21 from $20 at Morgan Stanley

Morgan Stanley analyst Alex Straton raised the firm’s price target on Macy’s (M) to $21 from $20 and keeps an Equal Weight rating on the shares. The beat and raise and second consecutive quarter of positive comps across all banners represents another encouraging data point for strategy execution, the analyst tells investors in a research note. The firm added, however, that the company’s status as an ongoing “show me” story and limited conviction in an EPS revision path either way keeps the firm Equal Weight rated.