UBS raised the firm’s price target on Macy’s (M) to $8 from $7 and keeps a Sell rating on the shares. Macy’s is expected to continue ceding market share as it faces significant competitive disadvantages in price, product, and service, a view reinforced by its Q3 results, the analyst tells investors in a research note. Despite beating expectations, net sales still fell 0.6% year over year, and the company remains challenged in delivering profitable growth, suggesting earnings pressure ahead, UBS argues.
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