Jeff Smith Hypes Macy's At Delivering Alpha

Starboard Value LP founder and CEO Jeff Smith expressed a bullish outlook on Macy's M Wednesday morning at the Delivering Alpha conference in New York. The stock shot up by more than 4 percent immediately following his comments. Smith believes Macy's is worth about $100 per share -- significantly more than its current price tag of about $70. According to his analysis, the retailer has $29 billion in enterprise value and another $21 billion in real estate assets. Macy's credit card sales, Smith estimated, are worth about $776 million. This isn't the first time Smith has moved markets with just his words. On May 6, his optimistic stance on Yahoo! YHOO gave the company a 6 percent boost, although it has plummeted by more than 12 percent since. Macy's shareholders have had a rocky ride for most of the last few months, with the stock bouncing up and down between $60 and $70 but struggling to break either barrier.