A report out of Citigroup this morning is sending shares of Saks Inc. (NYSE: SKS) higher this morning. The broker reiterated its BUY rating on the stock and its $20.00 target notes that the high-end retailer may be in-play as a merger target. Citi noted that Baugur’s filing earlier this week shows forward contracts to buy more shares.
If this sounds at all familiar, that is because this one has been a buyout rumor on many occasions in the past two years. A year ago, this was noted by Jim Cramer positively on this chance and Dana Cohen gave this a 50/50 chance of being a $21.00 buyout. This was also one of our recent "top US brands that could disappear" as US-owned companies because foreign buyers can take advantage of the weak dollar to buy vanity and non-key companies.
Shares are up almost 5% at $12.55 so far this morning and the 52-week trading range is $11.04 to $23.05.
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Jon C. Ogg
June 13, 2008
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