In continuing good news for Macy’s and their private brands JP Morgan upgraded Macy’s stock to overweight citing improved monthly same-store sales and a potential for better-than-expected earnings. JP Morgan also said Macy’s is getting a lift from strength in its higher-margin Private Brand and exclusive brands. The “My Macy’s” initiative and an improving New York City shopping backdrop also should help, the bank said. Macy’s will publish Q3 results Wednesday.
I make no claims to expertise in the stock market and would never pretend to give investment advice, however it is good to hear from JP Morgan that the emphasis Macy’s has placed on Private Brands is paying off. Private Brand becoming a strategic pillar is key to continued success as the economy begins to improve.