Sears rating improved

Staff -- Home Textiles Today, 10/1/2001 12:00:00 AM

HOFFMAN ESTATES, IL —

Wall Street brokerage Credit Suisse First Boston has raised its rating on Sears, Roebuck and Co., based on a substantially improved outlook for the big retailer.

Analyst Michael Exstein raised the company's rating to a "buy" from a previous "hold" and set a 12-month price target of $45 on the stock. He based the upgrade on merchandising strategy, the low price of the stock and an anticipated program to improve the big retailer's competitive position in the market place.

Sears is holding an analysts' meeting next month, said Exstein, and at that time is expected to announce "major actions to improve the company's positioning and profitability."