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Deutsche Bank Cautious on Macy's (M): 'Buyout Is Questionable'

December 13, 2023 7:51 AM EST

Deutsche Bank analyst Paul Trussell reiterated a Hold rating and $14.00 price target on Macy's (NYSE: M).

The analyst comments "M's shares were up 19% on 12/11 following reports that the department store has received a buyout proposal from Arkhouse Management and Brigade Capital Management. The investor group has offered $21 a share for the company (~$5.8B), which is more than a 20% premium to the close on 12/8. The proposed deal implies a little over a 4.0x FY23 EV/EBITDA multiple vs. the current valuation of 3.6x (as of 12/8) and... More

Citi Downgrades Macy's (M) to Sell, 'Consider Us Skeptical of a Deal Materializing'

December 12, 2023 5:05 AM EST

Citi analyst Paul Lejuez downgraded Macy's (NYSE: M) from Neutral to Sell with a price target of $14.00.

The analyst comments "We are downgrading M from Neutral to Sell. The stock was +20% on the WSJ report of a $21/sh bid made for the... More

Macy's (M) PT Raised to $21 at Evercore ISI, 'take-out bid will shine a light on the asset value of the company'

December 11, 2023 9:38 AM EST

Evercore ISI analyst Michael Binetti raised the price target on Macy's (NYSE: M) to $21.00 (from $13.00) while maintaining a In Line rating.

The analyst comments " We think the take-out bid will shine a light on the asset value of the company, and we... More