GO - Macy's LVMH Costco among Cowen's top picks in luxury retail and beauty

Macy's (M +1.3%) is among today's top gainers after Cowen reiterates its selection of the company as its top retail pick for 2022, citing the department store chain's accelerating digital business, which could reach $10B in sales by FY 2023. More broadly, Cowen analysts including Oliver Chen advise owning stocks tailored toward high-end consumers, such as LVMH (OTCPK:LVMHF -0.7%), Restoration Hardware (RH -1.9%) and Brilliant Earth (BRLT +1.1%), as well as stocks that provide "deep value" to lower-end consumers, such as Costco (COST +0.1%), Walmart (WMT +1.5%) and Grocery Outlet (GO +0.7%). Investors should seek defensive stocks such as Costco that perform better during broad market recessions and offer solid returns during periods of inflation, which will be "significant and semi-permanent" in 2022, Cowen says. Walmart and Target (TGT +0.6%) also have successfully merged their physical store operations with digital strategies, according to Cowen. "Consumers' awareness and preference for health

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Macy's, LVMH, Costco among Cowen's top picks in luxury, retail and beauty