Binetti views Macy's as the most improved stock in the department store sector over the last two years. "The company emerged from the recession with stores customized to local tastes, significantly re-energized employees and a top-notch e-commerce platform," he wrote.
Binetti started Macy's with a $43 price target. Binetti said he’s concerned a bit about J.C. Penney's near-term sales but that the company should be able to make $900 million in selling, general and administrative cuts by 2013.
“The new everyday value strategy seems smart but we have to see if it gains traction with consumers.”Binetti gave J.C. Penney a price target of $36.
Finally, the analyst says Kohl's will likely face some pressure as J.C. Penney works on its aggressive turnaround strategy and Macy's momentum continues to build.Binetti has a price target of $53 on Kohl's.
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