By
Reuters
Reuters
Published
May 2, 2011
May 2, 2011
Macy's looks attractive compared to peers
By
Reuters
Reuters
Published
May 2, 2011
May 2, 2011
May 1 - Once in tatters, the national retail chain Macy's has better prospects than its peers, according to the May 2 edition of Barron's.
After going on a buying binge that racked up a pile of debt, Macy's sales and earnings uptick and distribution strategy should only help, said the report.
Macy's flagship store in Herald Square, New York City |
Shares are still reasonably priced, despite a bounce back from a low of $5.07 in 2008 and are trading well below the current market multiple, said the report. Macy's stock is trading at about just under 10 times forward earnings of $2.33 a share for the fiscal year ending January 2012, below the current market multiple of 13.7, according to Barron's.
Shares of Macy's closed at $23.91 on Friday.
(Reporting by Jennifer Saba; Editing by Diane Craft)
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