NEW YORK (TheStreet) -- Bristol-Myers Squibb (BMY - Get Report) was downgraded by BMO to hold from buy. On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said the downgrade actually has merit.
Regarding the rating change, he called it "a downgrade that is going to send quivers through people."
The downgrade matters because it specifically questions the company's cancer applications pipeline, Cramer said, adding that Bristol-Myers is highly valued compared to its peers.
Cramer admitted to liking shares of Bristol-Myers, but suggested that investors read the downgrade report -- as will he, for the second time.
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Turning to Plug Power (PLUG), the stock was upgraded by Cowen & Company to buy from hold. The analyst cited busy factory activity as the catalyst for its upgrade.
The stock just did a "gigantic" secondary offering, Cramer said, and reiterated that he is not a buyer of the stock.
-- Written by Bret Kenwell in Petoskey, Mich.
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