03:12 PM EDT, 05/12/2025 (MT Newswires) -- Macy's (M) is likely to withdraw its fiscal 2025 guidance when it reports fiscal Q1 results, due to tariff and macro uncertainties, UBS Securities said in a note Monday.

The firm said its channel checks suggest Q1 sales trends were slightly better than expected, and it forecasts earnings of $0.15 per share, a cent above the Street consensus.

"Thus, we don't expect [Macy's] 1Q report to lead to significant revisions of the Street's estimates or move the stock's P/E much," the firm said.

UBS said the options market was pricing a plus-minus 3.4% change in the stock's price following Macy's Q1 earnings release versus a 7.5% historical average move.

"We see a wide range of potential outcomes," UBS said.

Separately, Washington and Beijing reached an agreement on a 90-day suspension of reciprocal duties following their talks in Switzerland over the weekend. The two sides had been in a trade war since President Donald Trump's announcement of sweeping new tariffs early last month.

US Treasury Secretary Scott Bessent said Monday he expects to meet with Chinese officials again "in the next few weeks" to continue trade negotiations, CNBC reported.

UBS has a sell rating on the stock with a price target of $6.

Macy's stock was up nearly 6% in recent Monday trading.

Price: 12.29, Change: +0.67, Percent Change: +5.77