Analyst Actions: Wachovia, Macy's, Cemex - BusinessWeek

Sandler analyst Kevin Fitzsimmons says Citigroup announced it has ended talks with Wells Fargo related to the deal involving Wachovia ; he notes WFC said proceeding with earlier planned all-stock purchase for all of WB on original terms. Fitzsimmons thinks this a relatively positive outcome for WB shareholders as it provides much needed clarity after brewing legal/regulatory fight that could've left WB's fate unresolved for a while. He adjusts WB price target to $5 and downgrades the stock to sell from hold, to be in alignment with his target and rating for WFC. He sees WB trading up toward the implied deal price at the open. CREDIT SUISSE CUTS ESTIMATES FOR MACY'S Credit Suisse analyst Michael Exstein says that Macy's final mall anchor plans to formally update its quarter to date (QTD) performance. While he adjusted his... [read full story]