Buckingham Research Upgrades Macy's (M) to Accumulate
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Buckingham Research upgrades Macy's (NYSE: M) from Neutral to Accumulate.
Buckingham analyst says, "Too Cheap to Ignore Valuation Any Longer - While environment remains challenging and M may lack near term catalysts, valuation (8x ’09) has drifted very close to 10 year low of 7x on what we believe are unfounded liquidity concerns...Sales trends YTD have outpaced department store competition, as company disclosed late Friday that May/June comps were down -1.9%, in line with our projections, which gives us confidence in our near term earnings outlook for Macy's."
Macy's, Inc., formerly Federated Department Stores, Inc., is a retail company operating retail stores that sell a range of merchandise, including men’s, women’s and children’s apparel and accessories, cosmetics, home furnishings and other consumer goods. [SM]
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