Macy's Sales Recovery Is Just Getting Started
Earlier this month, Macy's (NYSE: M) reported that sales beat the high end of its guidance range by about 10% in the first quarter of fiscal 2021. This helped drive a huge earnings beat. Excluding asset sale gains, adjusted earnings per share actually surpassed the company's Q1 2019 performance.
Despite these surprisingly strong results, many analysts and retail pundits continue to take a dim view of Macy's. However, recent commentary by executives at Macerich (NYSE: MAC) -- one of the biggest mall owners in the U.S. -- suggests that Macy's post-pandemic recovery is just beginning.
Macy's stock has quadrupled since bottoming out last spring and now trades for a little more than its pre-pandemic price. Many Wall Street analysts view this as an overreaction. The average Wall Street price target is barely higher than Macy's current stock price, and bears far outnumber bulls within the analyst community.
Source Fool.com
