Deutsche Bank Starts Macy's (M) at Buy; SSS Growth Should Continue

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Deutsche Bank initiates coverage on Macy's (NYSE: M) with a Buy. PT $34.00.

Deutsche analyst says, "At current valuation (8.2x our 2012 EPS), M appears to be discounting a repeat of 2008/2009, which while plausible from a macro standpoint seems unlikely for company specific reasons, and should not impact the stock to the same degree. To this end, M balance sheet is much healthier today (no covenant issues) and structural changes internally should lead to outsized Same-Store Sales (SSS) growth versus peers."

For more ratings news on Macy's click here and for the rating history of Macy's click here.

Shares of Macy's closed at $26.18 yesterday, with a 52 week range of $21.07-$30.62.

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