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.

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