Macy's Inc. (M) shares plummeted 5.19% in early trading on Thursday, as the stock opened significantly lower.

The sharp decline came after several prominent Wall Street firms reduced their price targets for the retailer. Analysts from Telsey Advisory Group, Citigroup, and TD Cowen all issued downward revisions to their target prices for Macy's stock before the market opened, signaling a more cautious outlook on the company's prospects.