Is Macy's really worth $16 billion?

The value of Macy's (NYSE:M) real estate may be worth more than the company itself, as an analyst recently calculated, but is it really worth $16 billion as investment management firm Cowen says?

With activist hedge fund investor Starboard Value putting a price tag of $21 billion on the property last year, it could be that Cowen was undervaluing the properties. But with the retail industry still needing to rationalize thousands of stores and hundreds of millions of square feet of space, the mid-teen figure still seems high.

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