Citi's Deborah Weinswig boosted her price target on Saks SKS Wednesday morning as investors and traders are responding to a number of rumors.
Shares of Saks were up around 14 percent throughout most of Wednesday's morning session; the stock spiked even higher just after noon amid a rumor KKR KKR may be considering an investment in the retailer, and potentially push for a merger with Neiman. The stock last traded at $15.83, up nearly 16 percent.
Weinswig's target on Saks now sits at $17, up from $12 previously. She maintains a Neutral rating on the stock.
The Citi analyst believes Saks could be worth $19 per share in a takeover. Her model assumes about 10x enterprise value to 2014 EBITDA of around $303 million.
Weinswig placed a 75 percent change Saks could be purchased by a suitor.
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