Image result for macy'sMacy's faces "structural issues" that won't be offset by the value found in its real estate portfolio, according to Citi Research, which downgraded the retailer to neutral from buy on Friday.

"M's inability to post better results against very easy comparisons in 4Q highlights the structural issues facing the department stores (they largely sell 'other people's stuff' and have too many stores in world shifting to Ecom)," Citi analyst Paul Lejeuz said in a note titled "Not Strong Enough to Win the Race; Downgrading to Neutral.". . . more