Shares of Macy's Inc. (M) surged 5.01% during intraday trading on Thursday, as investors reacted positively to bullish analyst reports. The department store chain's stock received a boost after two prominent Wall Street firms raised their price targets, signaling increased confidence in the company's prospects.

Telsey Advisory Group led the charge by increasing its target price for Macy's from $14 to $17, representing a significant 21% upward revision. This move was closely followed by Barclays, which raised its price target from $12 to $15, marking a 25% increase. These upgrades from respected financial institutions have sparked renewed interest in Macy's shares among investors.

The higher price targets suggest that analysts are becoming more optimistic about Macy's future performance and its ability to navigate the challenging retail landscape. While specific reasons for the upgrades were not provided in the available news, such revisions often reflect improved outlooks on a company's financial health, strategic initiatives, or market positioning. As Macy's continues its efforts to adapt to changing consumer preferences and enhance its omnichannel capabilities, these positive assessments from Wall Street could potentially attract more investors and further support the stock's upward momentum.