Saks (SKS) Shares Sink Following BofA's Downgrade to Underperform
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Price: $15.49 -0.06%
Rating Summary:
1 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
1 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade SKS Now!
Shares of Saks (NYSE: SKS) are down more than 3 percent on a day when the S&P 500 is trading up nearly 1.4 percent and the DJIA is up nearly 200 points. Investors are hitting the sell button following a downgrade from Neutral to Underperform by BofA/Merrill. The firm's price target was lowered from $13 to $9.
BofA noted "sales trends across luxury have begun to slow and we think the recent volatility in the stock market could create near-term headwinds for Saks' customer." The downgrade comes on the heels of a 12 percent rise in shares of Saks so far this year even as the majority of other high-end retail stocks have moved lower.
With Saks shares last trading around $10.55, BofA's new price target implies potential downside of about 15 percent.
To track all the market-moving analyst calls on shares of Saks, visit our Analyst Ratings page.
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BofA noted "sales trends across luxury have begun to slow and we think the recent volatility in the stock market could create near-term headwinds for Saks' customer." The downgrade comes on the heels of a 12 percent rise in shares of Saks so far this year even as the majority of other high-end retail stocks have moved lower.
With Saks shares last trading around $10.55, BofA's new price target implies potential downside of about 15 percent.
To track all the market-moving analyst calls on shares of Saks, visit our Analyst Ratings page.
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