Macy's & Bristol-Myers Downgraded, Upgrade for Applied Materials

Macy's (M) and Bristol-Myers Squibb were downgraded but an upgrade for Applied Materials (AMAT) in Thursday's Analysts Actions. A day after reporting earnings, Macy's was downgraded to MARKET PERFORM from OUTPERFORM at Wells Fargo. The firm believes the retailers quarterly results were overall on the weak side and says Macy's is too dependent on its top-line growth, which is slowing. The price target range was also cut to $4 to $60-$64. Bristol-Myers Squibb is now rated an EQUAL WEIGHT from OVERWEIGHT at Morgan Stanley based on the its risk/reward ratio looking more balanced for the firm. The price target is unchanged at $60 a share. Applied Materials was raised to OUTPERFORM from NEUTRAL with a price target increase to $26 at Credit Suisse. The firm predicts chip equipment spending will be better than expected next year.