Wal-Mart's rating cut; Federated's upgraded
January 9, 2002,
Chicago — Two major retailers, Wal-Mart Stores Inc. and Federated Department Stores Inc., saw JP Morgan retail analyst Shari Eberts change her investment ratings on their respective stocks.
Wal-Mart saw its rating downgraded to "long-term buy" from "buy", due to valuation.
Meanwhile, Eberts raised her rating on Federated Department Stores Inc. to long-term buy" from "market performer," saying the department store was poised for improved earnings in 2002. Federated has a 12-month price target of $48 a share.