M - Macy's: Still Looking For A Bigger Bid
2024-04-25 04:56:15 ET
Summary
- Macy's has a buyout bid of $24 per share, up from the original offer of $21.
- The real estate value of Macy's is estimated to be worth double the current stock price.
- Macy's plans to focus on luxury stores and close underperforming locations while expanding the Bluemercury beauty brand.
- Macy's stock only trades at 7x EPS targets that appear conservative.
The retail sector has faced a tough time since the economy reopened after Covid shutdowns, which led to consumers turning attention towards experiences and travel. Macy's ( M ) still reported solid results in 2023, and along with a potential buyout bid, the stock should trade much higher. My investment thesis remains Bullish on the stock, even after the large bounce off the 2023 lows....
Macy's: Still Looking For A Bigger Bid