Saks Incorporated (SKS)

[MWM]

Saks upgraded to overweight by J.P. Morgan

By Andria Cheng SKS

New YORK (MarketWatch) -- Luxury retailer Saks Inc. (SKS 9.34, +0.58, +6.62%) was upgraded to overweight from neutral by J.P. Morgan on Tuesday. Analyst Charles Grom, following a meeting with Saks management, also raised his 2010 price target on the stock to $11 from $7. Saks has increased same-store sales for three straight months as its core shoppers visited its more often and luxury spending has returned from a hiatus, the analyst said. The company also has cut costs and has a solid plan to increase its sales per square foot among moves that will narrow its gaps with rivals, he said, adding Internet and the Off 5th discount outlets also present growth opportunities.