03:15 PM EDT, 05/23/2024 (MT Newswires) -- Macy's (M) will continue to lose market share to its rivals in a "tough" macro environment, putting bearish pressure on the stock, UBS said in a report emailed Thursday.

"Macy's is a share loss stock," UBS said. "It has major disadvantages versus. peers around price, product and service."

The department store retailer's fiscal Q1 results showed consumers were still under pressure and holding higher credit balances, UBS said.

UBS still raised its fiscal 2024 earnings per share estimate for Macy's to $2.60 from $2.45 on expectations that a transformation strategy will drive revenue growth.

UBS reiterated its sell rating on the stock and $10 price target.

Shares of Macy's fell 0.6% in recent trading Thursday.

Price: 20.00, Change: -0.12, Percent Change: -0.60