Saks Stock Rating Reaffirmed by Zacks (SKS)
Saks (NYSE:SKS)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Wednesday, AnalystRatings.Net reports. They currently have a $17.00 price objective on the stock. Zacks‘ price objective would indicate a potential upside of 6.25% from the company’s current price.
Zacks‘ analyst wrote, “Saks’ second-quarter 2013 loss of $0.10 per share was wider than the year-ago loss of $0.05 per as well as the Zacks Consensus Estimate of a loss of $0.08 mainly due to soft sales and weak margins. However, net sales climbed 0.5% from the year-ago level. Saks entered into a definitive agreement with retail chain Hudson’s Bay to divest itself. This sellout will open up opportunity for the company to expand in Canada. Moreover, it will bring several leading premium and mid-tier brands under one roof. The combined entity will lead the North American apparel retail sector with a broad spectrum of consumers across luxury, mid-tier and outlet retail sectors. Saks has withdrawn its fiscal 2013 guidance due to the pending merger. We await the results of the initiatives of the company and the deal to close and remain on the sidelines “
Shares of Saks (NYSE:SKS) traded up 0.13% on Wednesday, hitting $16.02. The stock had a trading volume of 1,459,751 shares. Saks has a 52-week low of $9.24 and a 52-week high of $17.51. The stock has a 50-day moving average of $15.9 and a 200-day moving average of $13.63. The company has a market cap of $2.331 billion and a P/E ratio of 53.69.
Saks (NYSE:SKS) last posted its quarterly earnings results on Monday, August 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by $0.02. The company had revenue of $707.80 million for the quarter, compared to the consensus estimate of $732.55 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. Analysts expect that Saks will post $0.37 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Maxim Group reiterated a “buy” rating on shares of Saks in a research note to investors on Monday, August 19th. They now have a $18.50 price target on the stock. Separately, analysts at Sterne Agee raised their price target on shares of Saks from $13.00 to $16.00 in a research note to investors on Monday, August 19th. They now have a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Saks currently has an average rating of “Hold” and an average price target of $14.46.
Saks Incorporated is a department store retailer. The Company, and its subsidiaries, is engaged in the operation of Saks Fifth Avenue (NYSE:SKS) stores and SFA e-commerce operations (Saks Direct), as well as Saks Fifth Avenue OFF 5TH (OFF 5TH).
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