NEW YORK (TheStreet) -- Bristol-Myers Squibb (BMY) 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.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. Follow @BretKenwell >>Read More: Cisco Surges on Earnings Beat, Eyes Growth >>Read More: It's Not Too Late to Detach From Plug Power >>Read More: 5 Lowest-Priced 2014 Cars You'll Actually Want to Drive
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV