Macy’s price target raised to $26 from $18.50 at Jefferies

Jefferies raised the firm’s price target on Macy’s (M) to $26 from $18.50 and keeps a Buy rating on the shares. The company remains cautious on Q4 despite “encouraging” Q3 and quarter-to-date trends, which the firm believes creates an “achievable” near-term setup, the analyst tells investors. The firm sees Macy’s momentum, Bloomingdale’s strength, and potentially credit card revenue strength providing upside next year to Street estimates.