Barclays Maintains an 'Equalweight' on Saks Inc. (SKS); Review of 3Q11
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Rating Summary:
0 Buy, 7 Hold, 4 Sell
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Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
0 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Barclays maintains an 'Equalweight' on Saks Inc. (NYSE: SKS) price target of $12.00.
Barclays analyst says, "Saks reported 3Q11 EPS of $0.11, $0.01 above our estimate of $0.10. Sales increased 5.1% to $692.3 mm and comps rose 5.8%. Saks Direct sales rose 24% for the quarter. While sales in most categories were solid and largely in line with expectations, it is worth noting that sales in the designer women's business were softer than expected in the quarter. Despite tougher sequential comps, we continue to expect comps in the mid-to-high single digit range."
"Despite the upside to the quarter, we are taking a more conservative view on gross margin in 4Q11, and slightly decreasing our 2011 EPS estimate to $0.35 from $0.40 and decreasing our 2012 EPS estimate to $0.45 from $0.48."
For an analyst ratings summary and ratings history on Saks Inc. click here. For more ratings news on Saks Inc. click here.
Shares of Saks Inc. closed at $10.37 yesterday.
Barclays analyst says, "Saks reported 3Q11 EPS of $0.11, $0.01 above our estimate of $0.10. Sales increased 5.1% to $692.3 mm and comps rose 5.8%. Saks Direct sales rose 24% for the quarter. While sales in most categories were solid and largely in line with expectations, it is worth noting that sales in the designer women's business were softer than expected in the quarter. Despite tougher sequential comps, we continue to expect comps in the mid-to-high single digit range."
"Despite the upside to the quarter, we are taking a more conservative view on gross margin in 4Q11, and slightly decreasing our 2011 EPS estimate to $0.35 from $0.40 and decreasing our 2012 EPS estimate to $0.45 from $0.48."
For an analyst ratings summary and ratings history on Saks Inc. click here. For more ratings news on Saks Inc. click here.
Shares of Saks Inc. closed at $10.37 yesterday.
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