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.
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