Deutsche Bank Upgrades Saks Inc. (SKS) to Hold; Closing Out Pair Trade with JWN

Deutsche Bank upgraded Saks Inc. (NYSE: SKS) from Sell to Hold with a price target of $9.00.

Deutsche analyst says, "We are upgrading shares of Saks to Hold and closing out our Buy Nordstrom (NYSE: JWN) /Sell SKS pair trade. To explain, our prior thesis was based on deceleration (as we saw in August) in comp trends, which has not materialized and, if anything, may have surprisingly improved since early September. Risks remain, however, including a potential slowdown at the NYC flagship from lower Wall Street bonuses/layoffs, slowing tourism (especially from Europe), and cycling tough compares."

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 $10.20 yesterday.

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