Deutsche Bank Reiterates Hold, $9 Target on Saks

Deutsche Bank maintains its Hold rating and $9 target price on Saks SKS as the company continues momentum on volatility that seems to have avoided high-end customers. DB says, “[Saks CEO Steve Sadove] sounded upbeat about trends in the luxury sector. Despite volatile markets, Saks core customer “still feels good”. Favorable momentum continues in footwear, handbags, cosmetics, contemporary women's, and tailored men's categories, although outerwear has been slow (b/c of warmer weather). Importantly, tourism has been consistent to date in NY with Florida strength supported by travel from Latin/South America.” SKS closed at $9.03 per share on Wednesday.