UPDATE: Deutsche Bank Maintains Buy on Macy's on Solid 1Q Print

On Wednesday, Deutsche Bank published a research report in which analyst Paul Trussel maintained the position on Macy's (NYSE: M), with a rating of Buy and price target of $53.00.

In the report, Deutsche Bank noted, "Macy's 1Q print was strong, in our view, checking all the boxes including: (1) a solid comp of 3.8%, (2) GPM down much less than feared (-7 bps vs. DB @ -29 bps), (3) inventory well-managed (up only 3.0% vs. sales growth of 4.0%), (4) strong expense leverage (52 bps), (5) significant buyback activity (spent $360 million in 1Q), (6) a 25% dividend increase (yield of 2.1%), and (7) reiterated comp and EPS guidance for the FY."

Macy's closed Tuesday at $47.39 and is currently trading up 2.31 percent since market open hours.