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Article: New York Investment Banks Are Bullish on Big Retailers for Holidays.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 12, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Nancy Dillon, Daily News, New York Knight Ridder/Tribune Business News
Nov. 12--With projections for the holiday shopping season growing cheerier by the day, J. C. Penney and May Department Stores yesterday posted rosier-than-expected third quarters.
Big banks, meanwhile, put a bevy of retail stocks on their upgrade lists.
Federated, the parent of Macy's and Bloomingdale's, won the title of "our top holiday pick" from Smith Barney.
"We are expecting a strong holiday season at Federated," wrote Smith Barney analyst Deborah Weinswig.
Merrill Lynch upgraded nine major retail companies including Neiman Marcus and Gap, ...