Traders Are Bullish Macy's, Inc. (M) After The Stock Formed Wedge Up Pattern

May 16, 2018 - By Karen Cook

Macy's, Inc. (NYSE:M) Logo

The stock of Macy's, Inc. (M) formed an up wedge with $35.38 target or 7.00 % above today’s $33.07 share price. The 8 months wedge indicates low risk for the $10.12 billion company. If the $35.38 price target is reached, the company will be worth $708.19M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 10.48% or $3.136 during the last trading session, reaching $33.066. About 38.87M shares traded or 293.52% up from the average. Macy's, Inc. (NYSE:M) has declined 0.25% since May 16, 2017 and is downtrending. It has underperformed by 11.80% the S&P500.

Macy's, Inc. (NYSE:M) Ratings Coverage

Among 9 analysts covering Macy’s Inc (NYSE:M), 3 have Buy rating, 1 Sell and 5 Hold. Therefore 33% are positive. Macy’s Inc had 11 analyst reports since December 14, 2017 according to SRatingsIntel. RBC Capital Markets maintained Macy's, Inc. (NYSE:M) rating on Friday, January 19. RBC Capital Markets has “Hold” rating and $26.0 target. As per Tuesday, February 27, the company rating was maintained by Jefferies. Deutsche Bank maintained Macy's, Inc. (NYSE:M) on Monday, February 26 with “Hold” rating. The company was downgraded on Thursday, May 10 by Morgan Stanley. Telsey Advisory Group maintained Macy's, Inc. (NYSE:M) rating on Thursday, December 28. Telsey Advisory Group has “Market Perform” rating and $28 target. The firm earned “Equal-Weight” rating on Wednesday, February 28 by Morgan Stanley. BMO Capital Markets maintained it with “Outperform” rating and $42 target in Thursday, March 1 report. As per Thursday, March 1, the company rating was upgraded by Gordon Haskett. On Thursday, December 14 the stock rating was maintained by Guggenheim with “Buy”.

More notable recent Macy's, Inc. (NYSE:M) news were published by: Benzinga.com which released: “Market Appears Directionless Amid Geopolitical, Retail, Housing News” on May 16, 2018, also Investorplace.com with their article: “Profit From the Flash Sale in Macy’s Inc Stock” published on May 10, 2018, Benzinga.com published: “Benzinga Pro’s 5 Stocks To Watch Today” on May 16, 2018. More interesting news about Macy's, Inc. (NYSE:M) were released by: Seekingalpha.com and their article: “Macy’s soars after lifting profit guidance” published on May 16, 2018 as well as Seekingalpha.com‘s news article titled: “The Stars Are Aligning For Macy’s” with publication date: May 07, 2018.

MacyÂ’s, Inc., together with its subsidiaries, operates stores, Websites, and mobile applications. The company has market cap of $10.12 billion. The Company’s stores and Websites sell a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. It has a 6.56 P/E ratio. The firm also operates stores that offer a range of women's, men's, and children's apparel; shoes; fashion accessories; housewares; home textiles; intimate apparel; and jewelry.

Macy's, Inc. (NYSE:M) Institutional Positions Chart

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