Breaking Finance News

BREAKING- Maxim Says there Could be Another Bidder for Saks Fifth Avenue (SKS)

According to a research note today, Maxim believes that another bidder for Saks Fifth Avenue (NYSE: SKS) will emerge. The firm has an $18.50 price target on the stock, along with a “Buy” rating.

Earlier, we reported that Hudson’s Bay, the Canadian department store chain that owns Lord & Taylor. It offered $16 per share for Saks–only a 4.5 percent premium over Friday’s close. This leaves plenty of room for a better offer, according to sources.

Hudson’s Bay chairman Richard Baker has wanted to own Saks for more than a decade and a recent move to bring rival Norstrom to Canada may have accelerated the move.

[stock-tools exchange="NYSE" symbol="SKS" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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