Macy’s: ‘A Bold New Chapter’ Or Same Old Story?

Kena Betancur It’s been almost a year since we last covered Macy’s (NYSE:M), and while we were cautious given a number of headwinds, we thought the valuation made up for it. Shares have significantly underperformed the S&P 500 index (SPY), despite the company getting an unsolicited takeover offer valuing the company at $5.8 billion. Macy’s was quick to reject the offer by saying that the "unsolicited proposal lacks compelling value." Now, shares are trading with a market cap of ~$4.8 billion, reflecting low expectations that a deal will be reached. While we continue to believe shares to be trading at…