macys incs m ecommerce platform could have an enterprise value of 115 billion according to estimates from cowen analysts macys is facing a showdown with activist investors jana partners llc according to the wall street journal who are encouraging the department store retailer to separate its ecommerce from its bricksandmortar business cowen analysts say that with an 115 billion enterprise value macys ecommerce unit could be worth as much as 40 per share macys stock will open thursday at 2635 we believe a spinoff could be possible and management and the board have and are analyzing this possibility along with other value generating initiatives said cowen analysts however we acknowledge that there have not been many successful longterm proof points and there are significant risks to destabilizing the business and slowing momentum cowen rates macys stock outperform with a 32 price target up from 27 macys shares have rallied 1342 for the year to date while the sp 500 index spx has gained 208 for the period