Macy's: Jefferies likes leadership shake-up
(CercleFinance.com) - Jefferies reiterates its "buy" rating on and $26 price target for Macy's shares, saying that it liked the leadership transition announced on Wednesday.
The broker believes that the internal appointment of Bloomingdale's current CEO as CEO of the entire group brings a wealth of knowledge (36 years to be exact) about the company and the industry.
The addition of a COO (the current CFO) shows optimism and commitment to execution, the company's calling card of late, Jefferies adds, which also considers the department store chain's stock undervalued, trading at 4.5x EPS.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker believes that the internal appointment of Bloomingdale's current CEO as CEO of the entire group brings a wealth of knowledge (36 years to be exact) about the company and the industry.
The addition of a COO (the current CFO) shows optimism and commitment to execution, the company's calling card of late, Jefferies adds, which also considers the department store chain's stock undervalued, trading at 4.5x EPS.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.