Jefferies initiated coverage on Macy's with a "Buy" rating. Analyst Blake Anderson set the price target at $27.00. This optimistic outlook reflects confidence in the retail giant's strategic direction and future performance.
The new rating follows a series of recent assessments from other financial institutions. It provides a positive signal as Macy's progresses with its ongoing operational turnaround plan.
On the same day, the company announced a planned operational change. Macy's will close its South Windsor, Connecticut distribution center in March.
This closure will affect 57 employees. The move is part of the company's broader strategy to streamline operations and focus on more productive assets.