Activist investment firm Jana Partners said on Wednesday that the share price of retailer Macy’s (M.N) could double if the company separated its e-commerce business as customers buy more online.
“Macy’s could see an increase in its stock price by 100% if it followed the playbook of Saks,” Jana Partners portfolio manager Scott Ostfeld said at the 13D Monitor Active-Passive Investor Summit. He did not explicitly say whether the firm owns a stake in the company.
He said Macy’s online business could be worth about $14 billion. Macy’s as a whole has a market valuation of about $6.9 billion.
Jana has built a reputation for working collaboratively and behind the scenes over the two decades since Barry Rosenstein founded.