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Taking Target Practice With Merrill's Dayton Hudson Call

Cramer questions Merrill Lynch's downgrade of Dayton Hudson.
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worked, so now I am going against the

Merrill Lynch

downgrade of

Dayton Hudson


. The overall bearish tone of so much of the firm's research is somewhat debilitating -- if you let it be.

To me, Dayton Hudson shouldn't be down this much off this downgrade. The macro nature of the call simply means that somebody thinks the consumer won't spend very much. That doesn't seem to be a good bet, in my opinion. Back-to-school season beckons, and I know that we will be spending more time in


in the next four weeks than we have in the last four months.

Call me anecdotal, but I think the retail downgrade may be as superfluous as the biotech call.

Come on, Merrill Lynch. Stop being so bearish on America already.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Amgen and Dayton Hudson. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at