Macy's (NYSE:M) is a Steal Says Credit Suisse (NYSE:CS)

Credit Suisse (NYSE:CS) says they see Macy's (NYSE:M) as being undervalued, and are high on the stock at this share price.

"...while the company is projected to produce 32% more EBITDA than it was in '05, the EV is only 19% higher. This disparity is a rather recent phenomenon as FY1 EBITDA estimates have risen by 25% since the beginning of '10 while EV has only increased by 8%," said Credit Suisse.

They said they have more conviction now in their belief Macy's is undervalued than last month when they boosted their rating on the retailer.

Credit Suisse maintains its "Outperform" rating on Macy's, which was trading at $24.09, gaining $0.58, or 2.47 percent, as of 1:41 PM EST. CS has a price target of $27 on Macy's.