Macy's Inc.'s /zigman2/quotes/201854387/composite M -1.76% e-commerce platform could have an enterprise value of $11.5 billion, according to estimates from Cowen analysts. Macy's is facing a showdown with activist investors Jana Partners LLC, according to The Wall Street Journal, who are encouraging the department store retailer to separate its e-commerce from its bricks-and-mortar business. Cowen analysts say that, with an $11.5 billion enterprise value, Macy's e-commerce unit could be worth as much as $40 per share. Macy's stock will open Thursday at $26.35. "We believe a spinoff could be possible, and management and the board have and are analyzing this possibility along with other value generating initiatives," said Cowen analysts. "However, we acknowledge that there have not been many successful long-term proof points, and there are significant risks to destabilizing the business and slowing momentum." Cowen rates Macy's stock outperform with a $32 price target, up from $27. Macy's shares have rallied 134.2% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.31% has gained 20.8% for the period.