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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