Analysts' Upgrades, Downgrades: Saks

CHANGE IN RATINGS

Bon-Ton (BONT Quote) downgraded at Credit Suisse to Underperform from Neutral. Limited flexibility stemming from de-leveraging results, negative outlook for same store sales, and negative cash flows for multiple stores has led to the decline in ratings. Maintained price target of $3.

Dillard's (DDS Quote) downgraded at Credit Suisse to Underperform from Neutral. Market share challenges, several structural negatives, and tightening consumer credit has led to the reduction of ratings. Maintained price target of $8.

Granite Construction (GVA Quote) upgraded at Goldman Sachs to Buy from Neutral based on leverage to domestic construction. Note that Build America Bonds, stimulus funding and passage of the California state budget represent positive catalysts. Price target at $41.

JC Penney (JCP Quote) upgraded from Underperform to Buy at Merrill Lynch/Bank of America. Estimates appear conservative, and the company is executing ahead of plan. $35 price target.

Nordstrom (JWN Quote) downgraded at Credit Suisse to Neutral from Outperform. Due to its recent surge in share price, they believe the stock is fully valued and remains open to several structural negatives in the mall anchor industry. Maintained price target of $22.

Public Service (PEG Quote) downgraded at UBS to neutral from buy and price target decreased to $34 from $35. While PEG is in a strong financial position and visible growth from its lower risk-utility business, these merits are sufficiently captured in current valuation. UBS sees greater opportunities from compelling names like ETR, PPL and SRE in the group.

Saks (SKS Quote) downgraded at Credit Suisse to Underperform from Neutral. Citing underproductive store bases and several full line stores having negative cash flows. Maintained price target of $2.