By  on July 20, 2007

NEW YORK — With investors speculating about the ability of Kohlberg Kravis & Roberts to acquire Macy's Inc., trading leveled off as Citigroup put the largest U.S. department store operator on its list of companies with undervalued real estate — saying it sees a 25 percent upside to the current share price.

In a research note Thursday, Citigroup analyst Jonathan Litt valued Macy's at $25.57 billion, or $53.66 a share. The fi gure is a 26.6 percent premium over the stock's Thursday closing price of $42.40, and $1.66 more than the $52 a share, or $24 billion, which KKR is said to have offered.

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