Buy Macy's: It's A Covered Land Play In Disguise (NYSE:M)

The article mentions Macy's (NYSE:M) stock. The author's suggestion is to buy Macy's stock, as they believe it is undervalued and has the potential for growth in the future.

The author's core argument is that Macy's stock is cheap based on conventional valuation metrics and that the company's real estate assets hold significant value. They believe that even if Macy's fails to turn its business around, investors can still achieve strong returns through the monetization of its real estate. The author also highlights Macy's solid profitability and cash flow generation.

Key information and data mentioned in the article include Macy's stock falling more than 50% since the beginning of 2022, the challenges the company faces due to inflation and credit card delinquencies, Macy's projected decline in adjusted EPS for fiscal 2023, the company's reduced debt and strengthened balance sheet, the value of Macy's real estate portfolio, and the risks associated with the company's financials and real estate values.