Gordon Haskett downgrades Macy’s amid macro uncertainty

Gordon Haskett analyst Chuck Grom downgraded Macy’s (M) to Hold from Accumulate with a price target of $13, down from $16. While the company’s Bold New Chapter initiatives are clearly taking root with plenty of runway from here, the company cautioned that macro uncertainty could lead to a bump year ahead, with trends expected to improve in the back half of FY25, the analyst tells investors in a research note. The firm noted that Macy’s cited still-elevate inflation, tariff/legislative uncertainty, and geopolitical instability as key drivers, as well as unfavorable weather.