Ride Macy's Surging Stock Ahead of This Exclusive Interview

New Price Target: &#xA0;$42, up from $38.
New Panic Point: &#xA0;$32 up from $30.

You know that we had two retailers simply blow right through our upside price targets this week.

Author:: Stephen Guilfoyle
Publish date:: Jun 6, 2018 9:54 AM EDT

You know that we had two retailers simply blow right through our upside price targets this week.

Go figure, Macy's stock is surging.

If you follow me closely, then you know that we had two retailers, Macy's (M) - Get Report and Kohl's (KSS) - Get Report , simply blow right through our upside price targets this week. Our personal discipline demands that we address this.

Let's look at Macy's. Our price target had been $38. The shares closed last night at $40.05, and will likely face some profit taking this morning.

Some Pitchfork. Relentless. Thinking about taking a profit? I am too. One thing slows me down. The shares go ex-dividend on June 14th, payable July 2nd. Oh, another thing in addition to the recent plethora of kind words coming from analysts... I don't know how many shorts covered yesterday, but my data shows 23% of the entire float being held in short positions. That's some serious depth on the bid side, kids.

Ride Macy's here, especially ahead of CEO Jeff Gennette's one-on-one interview with Jim Cramer at The Deal's corporate governance Thursday.

Macy's