Best Buy (NYSE:BBY): Citigroup has upgraded Best Buy to Buy from Neutral, citing yesterday’s pullback in shares, easy same-store-sales and margin comparisons, as well as the company’s growing cash balance. The firm hiked its price target for the shares to $48 from $44.
J.C. Penney (NYSE:JCP): Wells Fargo does not believe that J.C. Penney’s third quarter results are “anything to be excited about,” with comparable sales down 4.8 percent, and total inventory up 11.5 percent. The firm believes the retailer’s hole is “just too deep” to get out of, and it keeps an Underperform rating on the stock with a $4-$5 price target range.
Dick’s Sporting Goods (NYSE:DKS): BMO Capital has downgraded Dick’s Sporting Goods to Underperform from Market Perform, due to concerns that comparable store sales growth is not enough to leverage the business model, margin pressure from free shipping, challenging sales per square foot growth, and high Wall Street expectations, among other reasons. The price target has been lowered to $46 from $57.
Caterpillar (NYSE:CAT): Wells Fargo notes that Caterpillar dealer retail sales trends in October deteriorated from September after the company disclosed that machine sales dropped 12 percent year-over-year. The firm keeps a Market Perform rating on the stock.
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