Macy's, Inc. : Department stores make resistance
By Lara Villeneuve
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$38.31 | $41 | $36.3 | +7.02% |
Macy’s 2012 guidance was in line with expectations. The company, which has corporate offices in Cincinnati and New York, expects fiscal 2012 earnings of $3.25 to $3.30 per share. Wall Street estimtates $3.27 per share. Macy’s also anticipates its online sales will surpass $2 billion in 2012 and revenue from new stores open at least one year should be up 3.5%.
Technically the stock is strongly upwarding. The short-term resistance provoked breathlessness in this movement but moving averages are well oriented and may support the trend. The short-term resistance crossing will be a strong buying indicator with a focus on the $40 area. A stop loss will be engaged at $36.3, current level of the 20-days moving average.