Jefferies identified Macy’s as a stock with significant potential upside. The firm cited the ongoing bankruptcy and restructuring of competitor Saks Global as a primary driver. Macy’s is positioned to capture market share as Saks closes the majority of its Saks OFF 5TH locations. Saks Global also plans to shutter all Neiman Marcus Last Call stores.
This competitive shift serves as a potential catalyst for Macy’s to exceed earnings expectations for the second half of 2026. Despite this outlook, Macy’s stock fell approximately 4.2% during trading. The shares gapped down at the market open on February 9, 2026. This immediate negative reaction occurred despite the positive strategic news regarding the retail landscape.