Goldman Sachs Downgrades Saks Inc. (SKS) to Sell

Goldman Sachs downgraded Saks Inc. (NYSE: SKS) from Neutral to Sell with a price target of $9.00 (from $12.00), calling it a cyclical retailer bound by the macro environment.

The firm comments, "We believe consensus estimates have yet to reflect a tougher macro backdrop and now expect slowing top-line growth coupled with margin contraction to cause downward EPS revisions and multiple compression."

The firm cut FY11/12/13 EPS estimates to $0.40/$0.35/$0.40 from prior $0.50/$0.58/$0.65.

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 $10.26 yesterday.

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