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Upgrade lifts Kohl's to a high

Shares rallied after UBS analysts upgraded the discount department store operator to buy from neutral and raised its price target to 69 from 54. They cited Kohl's (KSS) new inventory and merchandise strategy, launched in April '12. UBS called the strategy "a much better, multifaceted strategy" and said Kohl's has outlined its plans to address each of the business' key challenges as opposed to simply building up inventories of "low-impact merchandise" to drive traffic and sales. Shares rose 2.9% to 58.47, a 3-1/2-year high.