Nov 06, 2009 (MarketNewsVideo.com via COMTEX News Network) -- This morning, JP Morgan upgraded shares of Macy's (M) from Neutral to Overweight as same store sales have shown signs of improvement heading into the holiday season. Analysts have bumped up third quarter EPS estimates from a loss of five cents to a gain of a penny, well above the consensus estimates. With the upgrade, JP Morgan raised its price target from $19 per share up to $23.
In morning trading, shares of Macy's climbed by more than three percent following the upgrade.
Bank of America upgraded the home improvement retailer sector this morning and with it, two of the biggest names. The firm raised its rating for both Lowe's (LOW) and Home Depot (HD) from Underperform to Buy, a two notch improvement to the rating. With the upgrade, the firm raised the price target of Home Depot to $29 per share and the price target for Lowe's to $23 per share.
Shares of Lowe's gained more than two and a half percent following the upgrade, as Home Depot gained a little more than one percent on the news.
The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200911Upgrades071309&mv=1.
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