UPDATE: Sterne Agee Initiates Saks at Neutral on Management's Re-Positioning

In a report published on Wednesday, Sterne Agee analyst Charles Grom initiated coverage on

with a Neutral rating and a price target of $13. In the report, Sterne Agee stated, "We're big fans of the Saks management team and like the steps they're taking to reposition the organization on the omni front. That said, we'd prefer to get a better entry point and will start off on the sidelines." Saks closed on Tuesday at $14.82.