(Article on Saks store closing updated with comments from Saks CEO.)NEW YORK ( TheStreet) -- Saks ( SKS) may close some underperforming stores, the company said during an investor conference Tuesday. CEO Stephen Sadove said during Citigroup's ( C) Retail Conference, which was broadcast over the Internet, that Saks could close money-losing stores as their leases come due.
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.