Macy's Upgraded To Hold From Sell At Deutsche Bank

Macy's Inc. was upgraded from hold to sell at Deutsche Bank on Tuesday, though the firm is not revising its estimates or its $61 price target. "[W]e continue to see significant operational challenges ahead amidst an intense promotional environment, especially in luxury," analysts wrote in a note. Competition with other retailers was cited as a risk. And Deutsche Bank said the retailer is competing with other industries like restaurants for a piece of the consumer's wallet. Analysts see options to monetize the company's real estate holdings. Macy's recently announced a deal to sell a portion of its store in downtown Brooklyn to property developer Tishman Speyer. Macy's stock has reached and fallen below $61 in the past 52 weeks.