Macy’s shares were lower Wednesday as Credit Suisse cut its rating on the stock to Neutral from Overweight. The firm noted that Macy’s became one of the first major retailers to announce a strategy to contend with industry-wide trends and it is now in the implementing that plan. Credit Suisse believes that rationalizing Macy’s store base should help the company improve sales productivity as well as returns on fewer assets. The firm maintained its $40 price target on Macy’s shares.
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