Macy's Delays Q3 Earnings Report Amid Investigation Over $154M Accounting Scandal; Stock Dips

Written by Emily J. Thompson, Senior Investment Analyst

M-3.16%

WBIY+0.85%

RFV+0.17%

Source: Benzinga

Updated: Nov 25 2024

0mins

Source: Benzinga

Earnings Release Delay: Macy's Inc. shares fell premarket after the company postponed its third-quarter earnings release to complete an independent investigation into an employee who concealed $132-$154 million in delivery expenses from 2021 to 2024.
Preliminary Q3 Results: The company reported a 2.4% decline in net sales for Q3, totaling $4.742 billion, with mixed performance across its brands; however, it anticipates a strong holiday season and plans to report full results by December 11, 2024.

$20.54+Infinity%1D

Analyst Views on M

Wall Street analysts forecast M stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for M is 21.33 USD with a low forecast of 8.00 USD and a high forecast of 27.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

12 Analyst Rating

2 Buy

9 Hold

1 Sell

Hold

Current: 21.210

Low

8.00

Averages

21.33

High

27.00

Current: 21.210

Low

8.00

Averages

21.33

High

27.00

Jefferies

Buy

maintain

$26 -> $27

2025-12-12

Reason

Jefferies

Price Target

$26 -> $27

AI Analysis

2025-12-12

maintain

Buy

Reason

Jefferies raised the firm's price target on Macy's to $27 from $26 and keeps a Buy rating on the shares. The firm, which adjusted targets among its fashion brands coverage, would prioritize momentum-led upside to estimates versus turnarounds at this point. The firm, which believes across the fashion space that the market is expecting a more resilient consumer and constructive tariff backdrop at least for the near-term, has a 2026 base case that assumes stable consumer spend, although still pressured at the low-end, the analyst tells investors.

Guggenheim

Simeon Siegel

Neutral

initiated

2025-12-09

Reason

Guggenheim

Simeon Siegel

Price Target

2025-12-09

initiated

Neutral

Reason

Guggenheim analyst Simeon Siegel initiated coverage of Macy's with a Neutral rating and no price target. The retail sector still seems to be perceived as "structurally sick," but the firm says "holiday brought the cheer," tariffs have been manageable so far and "most importantly and likely going unnoticed" is the fact that the majority of the firm's coverage actually operates at, or close to, their gross margin peaks.

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Evercore ISI

Michael Binetti

In Line

maintain

$14 -> $21

2025-12-05

Reason

Evercore ISI

Michael Binetti

Price Target

$14 -> $21

2025-12-05

maintain

In Line

Reason

Evercore ISI analyst Michael Binetti raised the firm's price target on Macy's to $21 from $14 and keeps an In Line rating on the shares. "Solid" Q3 results suggest "a promising holiday season ahead" from Macy's, the analyst tells investors in a post-earnings note. Guidance for Q4 same-store sales ranging from down 2.5% to flat is "conservative" and early indications from November suggest performance "might exceed these cautious projections," the analyst added.

Goldman Sachs

Neutral

maintain

$22

2025-12-05

Reason

Goldman Sachs

Price Target

$22

2025-12-05

maintain

Neutral

Reason

Goldman Sachs raised the firm's price target on Macy's to $22 from $16.50 and keeps a Neutral rating on the shares. The company delivered a "broad-based" Q3 beat and raised its guidance for FY25, the analyst tells investors. The firm steps away from this quarter "encouraged" by the sequential improvement in the business and believes continued positive comp growth will be key to driving stock outperformance.

About M

Macy's, Inc. is an omni-channel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Cerulean 6, Charter Club, Club Room, Epic Threads, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, I-N-C, jenni, JM Collection, and others.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.