The Warehouse shares upgraded as Macquarie sees earnings recovery. (Image: NZME)Analysts at Macquarie have upgraded their rating of The Warehouse to outperform, saying “recovery is under way” following a prolonged difficult period. Macquarie forecasts earnings per share of 7.4c for the 2027 financial year and expects dividend payments to resume. The Warehouse Group shares were trading at $0.58 on Monday. “[The Warehouse] has moved beyond a pure turnaround story and is now an early-stage earnings recovery opportunity,” Macquarie wrote in an Aug 7 research note.