On tonight’s Cramer found two retail turnarounds that are begging to be exploited.
Cramer likes Saks (SKS) as the first pick. Cramer thinks that once retailers tank, they stay down and dormant. Cramer thinks the first pick won’t even be public in a year, but if so he thinks it goes higher. He likes the earnings story, and then again he likes the asset takeout plays. The guts behind the turnaround is their merchandising and it is misunderstood by Wall Street. He likes the sales per square foot and the metrics here are subjective. He likes that they are carrying and selling higher-end items. Their last comp sales were 11% and it already paid out two $4 special dividends since he first recommended it around the time that Neiman’s was acquired. Cramer thinks it gets bought since management has sold off divisions and it seems they’ll sell the whole company. Dana Cohen thinks her $21 target is a 50/50 chance of being bought.
SKS ran 3.5% to $18.30 after hours, and the 52-week range is $14.10 to $21.45.
Jon C. Ogg
January 10, 2007
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