UBS Starts JWN at Buy, JCP, M, KSS, SKS at Neutral

A UBS analyst initiated coverage on a number of Department and Discount Retailers Wednesday morning. The analyst was mostly neutral, saying "easy" early-cycle money has already been made.

• Nordstrom (NYSE: JWN) with a Buy rating and a $63 price target.
  
• JCPenney (NYSE: JCP) with a Neutral rating.
  
• Macy's (NYSE: M) with a Neutral rating.
  
• Kohl's (NYSE: KSS) with a Neutral rating.
  
• Saks (NYSE: SKS) with a Neutral rating.

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