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.

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