By  on July 8, 2009

Jones Apparel Group Inc. rode an upgrade from Goldman Sachs & Co. to a 1.6 percent stock gain Tuesday as retail shares and the major indices endured a sell-off.

Citing Jones’ initiatives and an expected improvement among midtier department stores starting in the second half, Goldman equity analyst Benjamin Rowbotham upgraded Jones to “buy” from “neutral” and raised his price target to $12 from $9.70. Shares of the New York-based wholesaler and retailer of sportswear, footwear and accessories ended the session at $9.68, up 15 cents, and traded as high as $10.24.

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