Umar noted that Sterne Agee has picked Macy's as the retailer in the best position to benefit through the holiday season.
The rating agency said the company's decision to open at 8 p.m. EST on Thanksgiving Day, as opposed to at midnight, helped drive more foot traffic than the prior year.
Umar said the company also did one other thing very well: door-buster sales. Unlike many retailers that typically run out of sale items quickly, Macy's did not.
Sterne Agee suggested the retailer picked the right sale items, had prominent advertising, and as of midday on Black Friday, still had inventory.
The company also did well in key product categories, such as cold weather products, Umar concluded.
-- Written by Bret Kenwell in Petoskey, Mich.