Separately, Saks was upgraded on Tuesday to overweight from neutral by JPMorgan (JPM), which cited higher sales, cost controls and inventory management for its revised opinion on Saks' stock. The company has seen its same-store sales rise for three months straight.
JPMorgan's analyst, Charles Grom, wrote in a note that Saks is coming out of the recession strongly, with lower costs, a stable balance sheet and long-term opportunities.
Grom also upped his price target on the stock to $11 from $7.
Shares of Saks hit a new 52-week high of $9.57 earlier Tuesday, before pulling back. In afternoon trading, the stock was changing hands at $8.93, up 1.9%.--Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.