Zacks Equity Research named Macy's (M) the 'Bull of the Day,' assigning the stock a Zacks Rank #1 (Strong Buy). This upgraded rating follows significant upward revisions in earnings estimates from analysts over the past sixty days.
Growing confidence stems from the successful execution of the company's 'Polaris' turnaround strategy. This strategy features tighter inventory control, improved merchandising, and a successful omnichannel approach that balances digital and physical store performance.
Better inventory management has led to reduced discounting and recovering gross margins. This performance demonstrates the retailer's ability to grow earnings despite a challenging environment. Over the last 60 days, three analysts raised their earnings estimates for the current and next fiscal year.