Why Macy's Inc. Stock Climbed Today

Shares of Macy's Inc. (NYSE: M) moved higher today. Not only were they riding a broader wave in the retail sector, but also OTR Global upgraded the stock to neutral and Guggenheim reaffirmed its buy rating on the department-store chain on Friday. As of 3:18 p.m. EDT, the stock was up 5.2%.

Image source: Macy's.

Macy's wasn't the only retail stock gaining today; the SPDR S&P Retail ETF (NYSEMKT: XRT) was up 2.7%. Though there was no specific news driving up retail stocks, investors seem to be bullish about this holiday season, and a strong November retail sales report, out last week, also may have stoked investor hopes. OTR Global said it upgraded the stock after it found sell-through rates meeting or exceeding expectations due to strong e-commerce trends. Meanwhile, Guggenheim reaffirmed its buy rating and $27 price target, 4% above the current price.

Source: Fool.com