Morgan Stanley Equal-Weight on Saks

Morgan Stanley is out with a research report on Saks (NYSE: SKS) and it has an Equali-Weight rating on shares.

In a note to clients, Morgan Stanley writes, " On the positive side, we see continued relative top-line strength at the high-end and SKS shares are not expensive vs. history (trading at 6.3x EV/EBITDA 2012e vs. 5-yr avg. 9.6x). However, we do expect comp store sales trends to slow in 2012 and see limited upside to margins. We remain EW."

Shares of SKS are off 29 cents to $10.08.