UPDATE: Credit Suisse Upgrades Dillard's to Outperform on Spending Shift Exposure

Credit Suisse upgraded Dillard's

from Neutral to Outperform. Credit Suisse noted, "Over the past few years, we have become more and more impressed by the Dillard's strategy, and during the past year, it became one of our more favored stocks with a Neutral rating. After nearly two decades of decline, it was one of the first department stores to truly address its store base and shutter underperforming locations. In the mid-2000's, it also began to control its inventory levels for the first time in years. Around the same time, it started to focus on directing its capex dollars and merchandising efforts towards key "FAB" (footwear/accessories/beauty) categories of merchandise. The result has been a much more efficient company with a lower cost structure, and for the first time since the late '90's, a three year streak of positive same store sales." Dillard's closed at $81.04 on Wednesday.