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JPMorgan upgrades Macy’s as balance sheet and merchandise get back in shape

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JPMorgan upgrades Macy’s as balance sheet and merchandise get back in shape

Macys Inc. has cut $900 million in expenses, trimmed its fleet of stores to focus on top malls and shopping centers, and made digital investments that are paying off, according to JPMorgan, which upgraded the department store retailer to neutral from underweight.JPMorgan…

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