(News Bulletin 247) – Jefferies reiterates its ‘buy’ recommendation and its $26 price target on Macy’s, saying it is positive about the leadership transition announced on Wednesday and encouraged by the stock’s closing higher after a more early in the day.
The broker believes that the internal appointment of the current CEO of Bloomingdale’s for the position of CEO of the entire group ‘brings a wealth of knowledge (36 years to be exact) about the company and the sector’.
“The addition of a COO (the current CFO) shows optimism and commitment to execution, the business card of late,” continues Jefferies who further considers the title the department store chain as undervalued at 4.5 times EPS.
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