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On Jul 8, 2013, shares of Macy’s, Inc. (M - Analyst Report) recorded a new 52-week high of $50.47. At the end of the trading session, the stock closed at $50.27, up approximately 33% year to date.

The current price is 2.2% below the Zacks Consensus average price target of $51.42, signifying further upside potential. Moreover, the stock is currently trading at a forward P/E of 12.72x, at par with the peer group average. The long-term EPS growth rate stands healthy at 10.7%.

Macy’s has been taking prudent steps to augment sales, profitability and cash flow. These include integration of operations, consolidation of divisions and customer-centric localization initiatives. To help drive traffic, Macy’s continues to focus on price optimization, inventory management and merchandise planning to generate long-term profitability, which is well evident from its record of beating the quarterly earnings expectations.

If we look at the company’s earnings surprise history, Macy’s has beaten the Zacks Consensus Estimates in 12 straight quarters by an average of 35.6%.

Going forward, Macy’s is expected to continue with its upbeat performance through the My Macy's localization initiatives, omnichannel integration, robust online sales and effective cost management. The company is seeking to expand both the Macy's and Bloomingdale's brands.

Macy’s stood by its earlier earnings guidance of $3.90 to $3.95 per share for fiscal 2013. Moreover, management now anticipates comparable-store sales to climb 3.5% for fiscal 2013.

Currently, Macy’s holds a Zacks Rank #2 (Buy). Alongside, retailers like Sally Beauty Holdings Inc. (SBH - Snapshot Report), DSW Inc. (DSW - Snapshot Report) and Whole Foods Market, Inc. (WFM - Analyst Report) attained new 52-week highs on Jul 8, 2013.

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