Citi Reiterates 'Buy' Rating on Saks Inc (SKS), Citing Probability of a Takeover Target
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Citi reiterates a 'Buy' rating on Saks Inc (NYSE: SKS). Price target $20.
Citi analyst says, "As reported in Baugur’s 13 D/A filing released yesterday (6/11/08), Baugur has further consolidated and/or rolled over its previously disclosed forward contracts for SKS shares into new forward contracts maturing on 7/30/08. The consolidated forward contract prices now range from $12.1796 to $23.1078 per share. We view this news as an incremental positive for our investment thesis for SKS as it increases our confidence that there is a probability of a takeout deal in SKS’s future."
Saks Incorporated operates Saks Fifth Avenue (SFA), Off Fifth and Club Libby Lu (CLL).
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