Deutsche Bank Upgrades Saks (SKS) to Buy, Street High Price Target
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Deutsche Bank upgrades Saks (NYSE: SKS) from Hold to Buy and a Street High $7 price target.
The firm said, "we now have conviction that SKS has solid initiatives & strategies currently in place that will drive FY12 EBIT margins toward FY07 levels (+4.39%). There appears to be more drivers to achieve this goal than previously anticipated, though it is clear that sales acceleration, which is highly correlated with the stock market, will be the key driver in achieving sustained long-term improvement. Mgmt’s initiatives to rationalize the business will create a substantial margin benefit to the upside. BUY."
FY09 EPS estimate goes to -$0.71 (-1.2% y/y) from -$0.73 previously, FY10 EPS becomes -$0.37 (+47.5% y/y), from -$0.64 previously, and our FY11 EPS estimate becomes $0.02, up from -$0.18 previously.
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