Macy's upgraded to Outperform from Market Perform at Wells Fargo Wells Fargo upgraded Macy's to Outperform saying the company's Q4 results indicate it’s the "clear leader” in the mid-tier department store sector. Wells sees an attractive valuation and strong fundamentals and raised its price target range for shares to $66-$70 from $54-$58. Macy's closed yesterday up 7c to $58.12.
J.C. Penney downgraded to Sell from Neutral at UBS UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.