Shares of Macy's Inc (NYSE:M) remained volatile in early trading on Thursday, after the company reported weak quarterly sales.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

JPMorgan On Macy's

Analyst Matthew Boss reiterated an Overweight rating, while cutting the price target from $24 to $23.

Macy's reported second-quarter adjusted earnings of 53 cents per share, surpassing Street expectations of 29 cents per share. Despite a steeper-than-expected decline in same-store sales, the company benefited from a 240 basis point (bps) gross margin expansion to 40.5%, according to a note from Boss.

"All doors (including the First 50) and all regions saw a sequential softening in comp performance in the middle of the quarter (late June) and into early July," which management attributed to soft consumer spend due to the ongoing macroeconomic uncertainty and "an increasingly complex news cycle," the analyst stated. He added, however, that promotions and fashion/newness translated to "encouraging" demand trends in late July and so far in August.

Check out other analyst stock ratings.

Telsey Advisory Group On Macy's

Analyst Dana Telsey reiterated a Market Perform rating, while reducing the price target from $21 to $17.

Macy's delivered a strong earnings beat due to better-than-expected expense control in the quarter and earlier asset sales, Telsey said. Management's revised guidance for the year reflects continued macro challenges and elevated promotions, she added.

Macy's witnessed "continued strength in fragrances along with green shoots in the women's ready-to-wear category," the analyst stated. "We remain encouraged by new CEO Tony Spring's Bold New Chapter strategy with plans to close 150 Macy's stores, grow luxury stores by 20%, and unlock $600MM-$750MM from asset monetization efforts over the next three years," she further wrote.

Goldman Sachs On Macy's

Analyst Brooke Roach reaffirmed a Buy rating, while cutting the price target from $23 to $20.

Macy's results were disappointing, with a sharper-than-expected deceleration, "despite management's idiosyncratic initiatives," Roach said. "That said, we were pleased by management's margin control in the quarter, with 2Q profit outperforming and full year EPS guidance reaffirmed despite a significant cut to the full year sales outlook," she added.

Management's guidance continues to reflect a sequential improvement in reported results into the back half of the year, the analyst stated. There are "several reasons for sequential optimism from here," she further wrote.

M Price Action: Shares of Macy's had declined by 0.26% to $15.41 at the time of publication on Thursday.

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