Myer Holdings Ltd bounces on Macquarie Group upgrade

Things have been gloomy for Australian department store household name Myer Holdings Ltd (ASX: MYR) for some time as the company has lost market share by the month with share prices on a steady decline since 2013.

But Macquarie has placed a neutral rating on Myer off the back of the appointment of a new CEO which the broker believes will help to minimise leadership disruption.

Myer shares are down 3.8% to 37c per share at the time of writing with the company booking three profit downgrades in 12 months and losing close to 70% of its market capitalisation to sit at $320.2 million.

New CEO John King was previously at the helm of UK department store House of Fraser, which was acquired by a Chinese company in 2014.

Macquarie has maintained a 50c per share target on Myer.

Elsewhere in the sector retail stocks are sliding into the red today with Harvey Norman Holdings Ltd (ASX: HVN) shares down 0.8% to $3.54 at the time of writing, JB Hi-Fi Limited (ASX: JBH) shares also down to $25.43, while sector darling Premier Investments Limited (ASX: PMV) is holding strong up 0.2% to $15.86.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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