Goldman Sachs issued notes towards Macy's, Kohl's, and Nordstrom
Goldman Sachs weighed in on three retail giants today, issuing analyst notes to Macy's Inc (NYSE:M), Kohl's Corporation (NYSE:KSS), and Nordstrom Inc (NYSE:JWN).
The brokerage initiated coverage on Macy's stock with a "buy" rating, noting it's the "best-positioned" in the retail sector going into 2023. Last seen marginally higher ahead of the open, M is down roughly 10% in the last 12 months; however, the analyst said the shares could add more than 20% in the coming months due to its "position of strength." Year-to-date, the shares re up 11.7%.
Kohl's stock is down 2.8% to trade at $30.60 premarket, after the brokerage rated the shares a "sell," with a price target of $27. KSS is down more than 47% year-over-year, and its 24.7% year-to-date rally has lost steam at its 200-day moving average.
Nordstrom stock is off by 0.9% before the opening bell, last seen trading at $18.25. This comes after Goldman Sachs downgraded the shares to "neutral." JWN is down 16% in the in the last 12 months, but has gained 14% already in 2023.