So how did the retailers shape up for the big Black Friday shopping weekend? As usual, there were winners and losers in the retail space.

Overall, the Black Friday weekend wasn't the blockbuster weekend it used to be, retail observers say. "Shoppers stuck to their lists (smaller baskets year-over-year), [which was] partly offset by further migration of traffic to online and before the weekend," according to a Deutsche Bank note on Monday.

Notably, off-price retailers "outperformed" on apparel compared to deep department store discounts. "We saw a modest shift in traffic away from big box retailers as the weekend progressed," the Deutsche Bank analysts wrote.

Early data from ShopperTrak estimates in-store sales for Thanksgiving and Black Friday to total $12.1 billion versus $12.29 billion for the two days combined last year, the note points out.

However, a National Retail Federation survey said more than 151 million people said they shopped either in stores and/or online over the weekend vs. 136 million people who said they planned to shop over the holiday weekend in a mid-November survey. And data from comScore estimates that online spending during the holiday season (11/1-11/27) is up 5% year-over-year, with Thanksgiving up 9% and Black Friday up 10%, noted Deutsche Bank.

On-the-ground reports of lighter in-store traffic from TheStreet reporter Brian Sozzi, who visited multiple stores on Thanksgiving and Black Friday, added to the evidence of shifting consumer behavior. 

Deutsche Bank noted store initiatives that drove traffic and sales included: Amazon moving its Black Friday deals to start Fri., 11/20; Target offering a $100 gift card with purchase of an Apple Watch; buy online, pick up in store at KSS; J.C. Penney opening at 3 p.m. (vs. the pack at 6 p.m.) on Thanksgiving; Foot Locker's "Week of Greatness" offering; and "Buy 3 Get 3 Free" at Bath & Body Works.

On the other hand, several retailers had "missteps," including: Walmart holding only a 6 p.m. event (vs. 6 p.m. and 8 p.m. last year); [a lack of] impulse gifts as shoppers appeared focused on their lists; big screen TV's -- after the initial crush dissipated, we saw surplus inventory above 32"; and [few] efforts to entice very high-end shoppers who we think remain elusive," the note said.

Deutsche Bank noted four retailers were winners over the weekend, while three others fell behind. Here's the list, along with ratings from TheStreet Ratings, TheStreet's proprietary ratings tool for added perspective.

TheStreet Ratings uses a quantitative approach to rating over 4,300 stocks to predict return potential for the next year. The model is both objective, using elements such as volatility of past operating revenues, financial strength, and company cash flows, and subjective, including expected equity market returns, future interest rates, implied industry outlook and forecasted company earnings.

Buying an S&P 500 stock that TheStreet Ratings rated a buy yielded a 16.56% return in 2014, beating the S&P 500 Total Return Index by 304 basis points. Buying a Russell 2000 stock that TheStreet Ratings rated a buy yielded a 9.5% return in 2014, beating the Russell 2000 index, including dividends reinvested, by 460 basis points last year.

Note: Year-to-date returns are based on Nov. 27 closing prices.

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TGT

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1. Target (TGT) - Get Report
Year-to-date return: -3.3%

Deutsche Bank Rating: Hold
Deutsche Bank Said: In our view, TGT came out on top with very long lines seen at its Thanksgiving opening and sustained traffic levels well into the night and the weekend, as well as "unprecedented" results online.

TGT issued a press release on Friday morning, noting that Thanksgiving was the company's biggest day for online sales ever, driven largely by electronics.

TheStreet Said: TheStreet Ratings team rates TARGET CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

We rate TARGET CORP (TGT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and good cash flow from operations. We feel its strengths outweigh the fact that the company shows low profit margins.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The company, on the basis of net income growth from the same quarter one year ago, has significantly outperformed against the S&P 500 and exceeded that of the Multiline Retail industry average. The net income increased by 56.4% when compared to the same quarter one year prior, rising from $351.00 million to $549.00 million.
  • TGT's revenue growth trails the industry average of 12.6%. Since the same quarter one year prior, revenues slightly increased by 2.1%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • The debt-to-equity ratio is somewhat low, currently at 0.96, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels.
  • Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Multiline Retail industry and the overall market, TARGET CORP's return on equity exceeds that of both the industry average and the S&P 500.
  • After a year of stock price fluctuations, the net result is that TGT's price has not changed very much. Although its weak earnings growth may have played a role in this flat result, don't lose sight of the fact that the performance of the overall market, as measured by the S&P 500 Index, was essentially similar. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • You can view the full analysis from the report here: TGT
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KSS

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2. Kohl's (KSS) - Get Report
Year-to-date return: -21.2%

Deutsche Bank Rating: Hold
Deutsche Bank Said: KSS attracted a strong crowd as well, with very good levels on Thanksgiving night and through the weekend, and customers cross-shopping the store as small appliances, apparel, footwear, and toys were all popular.

TheStreet Said: TheStreet Ratings team rates KOHL'S CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate KOHL'S CORP (KSS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • KSS's revenue growth trails the industry average of 12.6%. Since the same quarter one year prior, revenues slightly increased by 1.2%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • The debt-to-equity ratio is somewhat low, currently at 0.94, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. Even though the company has a strong debt-to-equity ratio, the quick ratio of 0.14 is very weak and demonstrates a lack of ability to pay short-term obligations.
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed compared to the Multiline Retail industry average, but is greater than that of the S&P 500. The net income has decreased by 14.9% when compared to the same quarter one year ago, dropping from $141.00 million to $120.00 million.
  • Net operating cash flow has significantly decreased to $54.00 million or 73.00% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.
  • You can view the full analysis from the report here: KSS
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JCP

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3. J.C. Penney (JCP) - Get Report
Year-to-date return: 26.7%

Deutsche Bank Rating: Buy
Deutsche Bank Said: JCP performed well and gained market share this year, in our opinion, driven by its earlier Thanksgiving opening time and robust soft home goods sales, and good traffic follow-through later in the weekend.

TheStreet Said: TheStreet Ratings team rates PENNEY (J C) CO as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

We rate PENNEY (J C) CO (JCP) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and disappointing return on equity.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The debt-to-equity ratio is very high at 3.42 and currently higher than the industry average, implying increased risk associated with the management of debt levels within the company. Along with this, the company manages to maintain a quick ratio of 0.23, which clearly demonstrates the inability to cover short-term cash needs.
  • The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. Compared to other companies in the Multiline Retail industry and the overall market, PENNEY (J C) CO's return on equity significantly trails that of both the industry average and the S&P 500.
  • Net operating cash flow has increased to -$232.00 million or 27.50% when compared to the same quarter last year. Despite an increase in cash flow of 27.50%, PENNEY (J C) CO is still growing at a significantly lower rate than the industry average of 93.54%.
  • 37.35% is the gross profit margin for PENNEY (J C) CO which we consider to be strong. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of -4.72% trails the industry average.
  • Compared to where it was a year ago today, the stock is now trading at a higher level, and has traded in line with the S&P 500. Turning our attention to the future direction of the stock, we do not believe this stock offers ample reward opportunity to compensate for the risks, despite the fact that it rose over the past year.
  • You can view the full analysis from the report here: JCP
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FL

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4. Foot Locker (FL) - Get Report
Year-to-date return: 18%

Deutsche Bank Rating: Buy 
Deutsche Bank Said: Finally, FL was a clear Black Friday morning winner with strong traffic and full price sales being driven by the release of the Jordan Aqua 8.

TheStreet Said: TheStreet Ratings team rates FOOT LOCKER INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

We rate FOOT LOCKER INC (FL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, notable return on equity and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Despite its growing revenue, the company underperformed as compared with the industry average of 4.5%. Since the same quarter one year prior, revenues slightly increased by 3.6%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • FL's debt-to-equity ratio is very low at 0.05 and is currently below that of the industry average, implying that there has been very successful management of debt levels.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Specialty Retail industry and the overall market on the basis of return on equity, FOOT LOCKER INC has underperformed in comparison with the industry average, but has exceeded that of the S&P 500.
  • Looking at where the stock is today compared to one year ago, we find that it is not only higher, but it has also clearly outperformed the rise in the S&P 500 over the same period, despite the company's weak earnings results. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • You can view the full analysis from the report here: FL

And now for Deutsche Bank's Black Friday losers.

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WMT

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1. Walmart Stores (WMT) - Get Report
Year-to-date return: -30.3%

Deutsche Bank Rating: Hold
Deutsche Bank Said: We think WMT's tweak to only a 6pm event on Thursday was a net negative with crowds dissipating far earlier than a year ago.

Unlike prior years, WMT did not issue a press release on Friday morning. We believe the lack of disclosure is concerning.

TheStreet Said: TheStreet Ratings team rates WAL-MART STORES INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate WAL-MART STORES INC (WMT) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, poor profit margins and feeble growth in the company's earnings per share.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Net operating cash flow has increased to $4,903.00 million or 37.33% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of 10.24%.
  • The debt-to-equity ratio is somewhat low, currently at 0.66, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. Even though the company has a strong debt-to-equity ratio, the quick ratio of 0.17 is very weak and demonstrates a lack of ability to pay short-term obligations.
  • The gross profit margin for WAL-MART STORES INC is currently lower than what is desirable, coming in at 27.53%. Regardless of WMT's low profit margin, it has managed to increase from the same period last year. Despite the mixed results of the gross profit margin, WMT's net profit margin of 2.81% compares favorably to the industry average.
  • Looking at the price performance of WMT's shares over the past 12 months, there is not much good news to report: the stock is down 29.09%, and it has underformed the S&P 500 Index. In addition, the company's earnings per share are lower today than the year-earlier quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
  • You can view the full analysis from the report here: WMT
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M

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2. Macy's (M) - Get Report
Year-to-date return: -39.2%

Deutsche Bank Rating: Hold
Deutsche Bank Said: We also saw soft trends in apparel at M and remained concerned about Bloomie's given weakness among high-end consumers.

TheStreet Said: TheStreet Ratings team rates MACY'S INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate MACY'S INC (M) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Multiline Retail industry and the overall market, MACY'S INC's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • 39.79% is the gross profit margin for MACY'S INC which we consider to be strong. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 2.00% trails the industry average.
  • The debt-to-equity ratio is very high at 2.01 and currently higher than the industry average, implying increased risk associated with the management of debt levels within the company. Along with this, the company manages to maintain a quick ratio of 0.09, which clearly demonstrates the inability to cover short-term cash needs.
  • Net operating cash flow has significantly decreased to -$120.00 million or 191.60% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.
  • You can view the full analysis from the report here: M
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DDS

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3. Dillard's (DDS) - Get Report
Year-to-date return: -37%

Deutsche Bank Rating: Hold,
Deutsche Bank Said: Finally, DDS, which under-indexes online, drove only moderate in-store traffic with a lack of attention-grabbing doorbusters.

TheStreet Said: TheStreet Ratings team rates DILLARDS INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate DILLARDS INC (DDS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The current debt-to-equity ratio, 0.52, is low and is below the industry average, implying that there has been successful management of debt levels. Even though the company has a strong debt-to-equity ratio, the quick ratio of 0.11 is very weak and demonstrates a lack of ability to pay short-term obligations.
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed compared to the Multiline Retail industry average, but is greater than that of the S&P 500. The net income has decreased by 17.3% when compared to the same quarter one year ago, dropping from $55.23 million to $45.70 million.
  • Net operating cash flow has significantly decreased to $21.33 million or 71.96% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.
  • You can view the full analysis from the report here: DDS