What: Macy’s modernization strategies have received approval from J.P. Morgan’s managing director of equity research and retailing.

Why it is important: The department store group’s succession plan and rebranding are going over well on Wall Street with Macy’s stock price up 7.5 to USD 18.78 and an overweight rating, suggesting the stock price should perform better in the future.

The managing director reported clear confidence in Macy’s FY23 top/bottom-line plan, foundational change, and a clean balance sheet with no material debt maturities until 2027.

Macy’s has also rebranded its website, logo, and ticker symbol as part of its modernization strategy, moving the department store’s signature star from the apostrophe to the lowercase ‘i’ and the stock ticker symbol now featuring a small star on the top left side of the ‘m.’

J.P. Morgan upgrades Macy’s Inc.