Zacks reiterated their neutral rating on shares of Saks (NYSE: SKS) in a research report sent to investors on Monday morning. The firm currently has a $12.00 price target on the stock.
Zacks’ analyst wrote, “Saks’ fourth quarter earnings of $0.17 per share beat the Zacks Consensus Estimate by $0.02. Earnings were in line with the prior-year quarter. Net sales rose 1.0% to $713.2 million. However, quarterly revenue lagged the Zacks Consensus Estimate. We are encouraged with the strong performance of women’s and men’s contemporary apparel, women’s and men’s shoes, handbags, fine jewelry and fragrances, which drove the comparable store sales by 3.3% in the quarter. In fact, we are impressed that the company has reported positive comp sales in the last two consecutively. The company remains focused on executing its core merchandising, service and marketing strategies, through various operating initiatives. However, higher input costs and uncertain macro-economic environment remain a headwind, keeping us on the sidelines with a Neutral recommendation. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Morgan Stanley downgraded shares of Saks from an equal weight rating to an underweight rating in a research note to investors on Thursday, February 28th. They now have a $10.00 price target on the stock. Separately, analysts at S&P Equity Research raised their price target on shares of Saks from $8.00 to $10.00 in a research note to investors on Wednesday, February 27th. Finally, analysts at Citigroup raised their price target on shares of Saks from $10.00 to $12.00 in a research note to investors on Wednesday, February 27th. They now have a neutral rating on the stock.
Shares of Saks opened at 11.16 on Monday. Saks has a 52 week low of $9.24 and a 52 week high of $12.14. The stock’s 50-day moving average is currently $11.02. The company has a market cap of $1.622 billion and a P/E ratio of 27.22.
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