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Bank of America downgrades Zale (ZLC -8.8%) to Neutral from Buy based on "limited upside" for...
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Friday, June 10, 2011, 10:38 AM ETBank of America downgrades Zale (ZLC -8.8%) to Neutral from Buy based on "limited upside" for the shares after their recent rally. Quarter-to-date, Zale +70% vs. -5% for the S&P and -6% for the S&P Retail index. Yet Zale has yet to broadly raise prices, and little resistance to price hikes by rivals Tiffany (TIF -1.2%) and Signet (SIG -1.7%) bodes well.
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