In Thursday’s Analysts’ Actions, we highlight a downgrade for Cisco (CSCO), a coverage initiation on CarMax (KMX), and a higher price target for J.C. Penney (JCP) following its earnings release. Cisco was downgraded to NEUTRAL from BUY at Sterne Agee on a valuation call. Analysts at the firm said they see limited earnings leverage in the next few quarters. Sterne Agee also started coverage on CarMax with a BUY rating and a price target of $87. The firm cited the used-car retailer’s dominance in the sector and its long-term opportunities. J.C. Penney had its price target increased to $15 at Piper Jaffray with an OVERWEIGHT rating. TheStreet’s Kurumi Fukushima reports in New York.
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