Macy’s shares double with 13% more upside on strong sales, restructuring, and luxury market growth

Macy’s has successfully turned around its business, with shares doubling over the past year and an additional 13% upside potential to a $26-27 fair value target. The company benefits from strong consumer spending, resilient labor markets, and strategic store renovations, leading to positive same-store sales and raised earnings guidance of $2.00-$2.20 per share. Macy’s 'Bold New Chapter' restructuring, expansion into the luxury market, and strong performances from Bluemercury and Bloomingdale’s contribute to growth and margin stability. With a strong balance sheet, ongoing share buybacks, and a secure 3.2% dividend, Macy’s remains a buy despite expectations of moderating returns.