JP Morgan Upgrades Macy's on Earnings Upside Potential (M)

11/7/2009-Friday, JP Morgan upgraded shares of Macy's (NYSE:M) to Overweight from Neutral, citing significant earnings-per-share upside, especially in the fourth quarter. JP Morgan said, "With sales momentum clearly on its side ahead of the all-important holiday season, we're going to take advantage of the stock's 15.1% pullback since mid-October (S&P 500 down 2.3%) and get back on the Macy's train." JP Morgan also said that Macy's sales figures would receive a boost specifically from "My Macy's" localization initiative and an improving "New York City shopping backdrop."

Write to Chip Brian at cbrian@tradethetrend.com

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Related terms: earnings, market, new york, nyse, S&P, sales, securities