Macy's off to strong start in Q2, says Wells Fargo Wells Fargo believes that Macy's reported weak Q1 comps, but the firm thinks the company's sales in the first ten days of May were up low double digits. Wells Fargo predicts that the company's Q2 results will be positive for the stock. The firm keeps an Outperform rating on the shares.
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.