Macy's: Strong Execution Beats Financial Engineering
Hedge funds might want (M) to spin off the e-commerce business, but the department store retailer just reported numbers supportive of continuing the current omnichannel business. As the company pushes more into a digital marketplace platform, the stock remains cheap. My investment thesis remains Bullish on Macy's due to the fundamental shift in the business.
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Disclosure: Long M. Please review the disclaimer page for more details.
Update - Dec. 10
Macy's has seen a rather remarkable collapse in the last month. The Cowen is hardly more than pointing out the stock should rally back to previous highs. The opportunity is at least a double from here.