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At $35 Macy’s Is Oversold: Karen Finerman

Trade of the Day: Macy's Falls 4.5% Today

Trader Karen Finerman is always scouring the market for value. And she thinks Macy’s is way too cheap.

Finerman, who is a hedge fund manager and president of Metropolitan Capital thinks the Street went into ‘sell first and ask questions later' mode after the latest retail sales figures came in weaker than expected across the industry.

But Finerman thinks Macy’s has a slew of tailwinds:
- Cotton prices going down
- Pays nice dividend
- Likely winning share from JCPenney.

Not only do all those catalysts make the stock a buy around $35 but she says historically current levels have provided a good entry point. “Right now Macy’s is trading at 10 times earnings and in the past this has been a really good level to buy.”

Posted by CNBC's Lee Brodie

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Trader disclosure: On June 13, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Brian Kelly is long UUP; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long RIMM calls; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Dan Nathan is long AAPL; Dan Nathan is long BAC; Dan Nathan is long JPM; Dan Nathan is long MS; Dan Nathan is long IBM; Dan Nathan is long RIMM; Dan Nathan is long WMT; Dan Nathan is long FB

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