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SMALL BUSINESS
Analyst ups estimate for Macy's on better results
AP
NEW YORK -A key sales comparison is improving at Macy's Inc., an analyst said Tuesday, and raised his price target and estimates on the department store operator.
Department stores have been among the hardest hit during the recession as consumers cut back. But Macy's last week said sales in stores open at least one year, a key measure of a retailer's financial health, fell 2.3 percent in September, less than analysts expected. It was the smallest monthly drop in over a year for the Cincinnati-based retailer.
"Given the accelerated trend in sales, we now expect a third-quarter (loss per share) of 5 cents, up from a loss of 9 cents," JP Morgan analyst Charles Grom wrote in a note to investors.
Analysts polled by Thomson Reuters, on average, predict a loss of 13 cents per share.
He raised his price target to $19 from $17.
Shares rose 41 cents, or 2 percent, to $20.02 after earlier reaching a 52-week high of $20.36. The stock had traded between $5.07 and $19.64 over the past year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-13 12:01:16
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