Macy's (M): Cashing In On Real Estate Investments - Stifel
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Stifel analyst, Richard Jaffe, reiterated his Hold rating on shares of Macy's (NYSE: M) after the company announced that it has sold five stores to General Growth Properties, consistent with its plan to capitalize on opportunities available within the company’s real estate portfolio.
Four of the stores were sold in 3Q and one was sold earlier this year. Macy’s will realize a gain of $32 million from the sales of the stores (the purchase price was $46 million).
No change to the price target of $38.
Shares of Macy's closed at $36.49 yesterday.
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