Macy's (M) PT Lowered to $36 at BMO Capital on 1Q Miss; '5.2% SSS Decline... Margin Pressure in a Few Other Categories'

BMO Capital lowered its price target on Macy's (NYSE: M) to $36.00 (from $39.00) while maintaining a Outperform rating, following the company's first quarter earnings report.

Analyst Wayne Hood notes the company delivered first quarter earnings per share and revenue results below consensus estimates due to a 5.2% SSS decline, also worse than the Street expected, while management saw a 1% decline in gross margins.

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