CNBC's Jim Cramer thinks Macy's new CEO Jeff Gennette has more than a fighting chance to bring his retailer back in style.
"In the end, we need Macy's to raise its earnings forecast and pay down even more debt if its stock's going to have a sustainable run back to $30," the "Mad Money" host said. "That may be too much to ask of a single executive like Mr. Gennette, but I wouldn't be surprised if he can pull off something like it."
With Gennette already making seemingly positive changes company-wide, from cleaning up the department stores for the holidays to picking winning styles, Cramer's opinion has on Macy's certainly improved.
"While Macy's omni-channel strategy will always be hobbled by the company's mall-based stores — where it's too difficult for them to do 'buy online, pick up in person' in that much of a voluminous manner because of the parking concerns — the merchandising and the stores themselves remain a heck of a lot more attractive than most retailers, with always reasonable prices," Cramer said. "So should you buy the stock of Macy's? I know it sounds crazy, but yeah, I think it's worth a shot."