Barclays Maintains an 'Equalweight' on Saks Inc. (SKS); Q2 Review

Barclays maintains an 'Equalweight' on Saks Inc. (NYSE: SKS) price target of $12.00.

Barclays analyst says, "Sales increased 13.0% to $670.2 mm and comps rose 15.5%, with increases in both traffic and ticket. Consumers have shifted from "better" towards "best" pricing, driving growth in AUR. Saks Direct sales rose 50% for the quarter. The company noted that the first two weeks of August have reflected comps in-line with mid-to-high single digit expectations for the fall of 2011."

"Given the upside in the quarter, and our expectation of solid top-line trends and continued margin expansion, we are increasing our 2011 EPS estimate to $0.40 from $0.35."

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 $8.65 yesterday.

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