Jeff Smith Hypes Macy's At Delivering Alpha

Starboard Value LP founder and CEO Jeff Smith expressed a bullish outlook on Macy's, Inc. (NYSE: M) Wednesday morning at the Delivering Alpha conference in New York. The stock shot up by more than 4 percent 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, $21 billion of that 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 his words. On May 6, his optimistic stance on Yahoo! Inc. (NASDAQ: 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.

Shares of Macy's traded recently at $71.30, up 6.8 percent.