NEW YORK (TheStreet) -- The Greek debt drama is weighing on stocks, so TheStreet's Jim Cramer said he's surprised Macy's (M) - Get Report shares aren't lower after Deutsche Bank analysts downgraded the stock to sell from buy Monday. 

The retailer's shares are down 2.3%, which would've been likely even without the downgrade, said Cramer, co-manager of the Action Alerts PLUS portfolio, on CNBC's "Mad Dash" segment. 

Macy's M data by YCharts

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Analysts are concerned about the company's earnings potential, rather than the real estate investment trust structure many hedge fund managers have been talking about for Macy's valuable real estate, Cramer said. While the strong U.S. dollar seems to have hurt the company's New York City sales, Cramer said a downgrade from buy to hold would have been more appropriate.

Analysts at Credit Suisse, meanwhile, maintained their outperform rating on Tesla Motors (TSLA) - Get Report and raised their price target to $325 from $290. Cramer said he doesn't know if the electric-car maker can reach such lofty expectations. Its stock currently trades at $264.

Analysts are basing this price target on earnings per share reaching $6 in full-year 2017, Cramer said. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.