Goldman Sachs Upgrades Saks Inc. (SKS) to Neutral

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Goldman Sachs upgraded Saks Inc. (NYSE: SKS) from Sell to Neutral with a $12 price target, saying the high end is positioned to pass on inflation.

The analyst said, "we expect continued EPS upside from the combination of strong sales momentum and margin initiatives to narrow the gap vs. competition."

Goldman said while valuation is not compelling, the stock trades at a discount to luxury peers.

For more ratings news on Saks Inc. click here and for the rating history of Saks Inc. click here.

Shares of Saks Inc. closed at $11.32 yesterday, with a 52 week range of $6.60-$12.97.

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