Why Macy's Stock Is Rising Today
Shares of Macy's (NYSE: M) were rising on Thursday, despite a price-target cut from a key analyst, as investors bid up shares of retailers on optimism that U.S. states would continue to lift restrictions on movement intended to slow the spread of COVID-19.
As of 1:15 p.m. EDT, Macy's shares were up about 4.3% from Wednesday's closing price.
In a note on Thursday morning, Deutsche Bank analyst Paul Trussell cut his estimates and price targets for several department stores, including Macy's. He said that he remains cautious about the overall sector, as companies continue to cut costs and say that they will permanently close stores as they emerge from coronavirus-related shutdowns.
Source Fool.com
