Macy’s downgraded to Neutral at JPMorgan on pushed out path to SSS growth

JPMorgan downgraded Macy’s (M) to Neutral from Overweight with a price target of $14, down from $19. Management guided FY25 EPS to $2.05-$2.25 versus the Street view of $2.26 based on same-store-sales down 0.5% to down 2.0%, notes the analyst, who models FY25 EPS of $2.17 and FY26 EPS of $2.17. The return to same-store sales growth timeline has been extended, the analyst tells investors.