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NEW YORK - With the economy beginning to improve, high-end retailers are in a good position for recovery, a Goldman Sachs analyst said Monday.
Adrianne Shapira said in a client note that in previous downturns high-end retailers have been hurt more than other retailers, but they've rebounded sharply once a recovery began.
The retail sector has been hit hard during the recession, as many shoppers have curbed their spending and traded down to discount retailers. Improved business among high-end retailers would be an encouraging sign for the sector, signaling shoppers are becoming more comfortable with spending more.
Shapira upgraded Nordstrom Inc. to "Buy" from "Neutral," saying the company has adjusted its expenses, inventory and product assortment to deal with the downturn.
The analyst also upgraded Coach Inc. to "Buy" from "Neutral" and lifted her share price target to $42 from $37. She said the handbag and accessories maker is likely to benefit from easing comparisons in coming quarters and long-term opportunities in China.
Shapira increased some estimates for Nordstrom, Tiffany & Co. and Saks Inc.
Shares of Nordstrom gained 95 cents, or 2.8 percent, to $34.94 in morning trading.
Coach's stock added 68 cents to $36.24. The shares hit a 52-week high of $37.10 earlier in the session, eclipsing a prior peak of $36.47 hit last Wednesday.
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