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Macy’s (M) Stock Lower on Cowen Rating Downgrade

NEW YORK (TheStreet) -- Shares of Macy's (M - Get Report) are slipping by 0.96% to $47.51 in pre-market trading on Monday morning, following a rating downgrade to "market perform" from "outperform" at Cowen. The firm slashed its price target on the retail giant to $52 from $70.

Cowen's downgrade comes on concerns regarding Macy's lack of upside comps in the third quarter, risk to the company's fourth quarter comps, "aggressive" street estimates for the 2016 fiscal year and an increase in competition from (AMZN), The Fly reports.

Macy's is a Cincinnati, OH-based retail department store operator. The company's brands include Macy's, Bloomingdales and Bluemercury.

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Macy's is expected to release its 2015 third quarter earnings results before the market open on Wednesday, November 11. Analysts are anticipating earnings of 53 cents per share on revenue of $6.13 billion for the latest quarter.

Separately, TheStreet Ratings team rates...