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VSM

Versum Materials

$22.99

0.2917 (1.29%)

, ANF

Abercrombie & Fitch

$15.66

-0.23 (-1.45%)

14:55
10/03/16
10/03
14:55
10/03/16
14:55

Versum Materials to replace Abercrombie & Fitch in S&P 400 as of 10/3 close

S&P 500 constituent Air Products and Chemicals (APD) is spinning off Versum Materials (VSEM) in a transaction expected to be completed on Friday, September 30 pending final conditions.

VSM

Versum Materials

$22.99

0.2917 (1.29%)

ANF

Abercrombie & Fitch

$15.66

-0.23 (-1.45%)

APD

Air Products

$140.09

1.1 (0.79%)

  • 23

    Oct

  • 27

    Oct

VSM Versum Materials
$22.99

0.2917 (1.29%)

10/03/16
10/03/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. 3D Systems (DDD) coverage transferred with a Market Perform at FBR Capital. 2. Carnival (CCL) initiated with a Buy at HSBC. 3. GoDaddy (GDDY) initiated with a Buy at Summit Redstone. 4. Versum Materials (VSM) initiated with a Buy at Seaport Global. 5. ExOne (XONE) coverage transferred with an Outperform at FBR Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/03/16
GHSC
10/03/16
INITIATION
Target $29
GHSC
Buy
Versum Materials initiated with a Buy at Seaport Global
Seaport analsyt Michael Harrison initiated Versum Materials with a Buy and a $29 price target given sustainable margin improvement, secular growth opportunities, and potential value creation through consolidation. Versum's volumes should grow with semiconductor demand, which is becoming less cyclical as applications diversify to include mobility, automotive, industrial, and the Internet of Things, the analyst wrote.
10/03/16
MSCO
10/03/16
INITIATION
Target $24
MSCO
Equal Weight
Versum Materials initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Neel Kumar initiated Versum Materials with an Equal Weight and a $24 price target. The analyst views the current 11x multiple as an appropriate valuation level given expectations for 10% earnings CAGR in 2016-2018.
10/03/16
FBCO
10/03/16
INITIATION
Target $27
FBCO
Outperform
Versum Materials initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kieran de Brun initiated Versum Materials with an Outperform and a a $27 price target. The analyst said Versum has best-in-class margins, leading technology that strategically integrates its platform with customers to benefit from secular growth trends in the semiconductor industry, and the ability to pursue accretive M&A due to robust free cash flow generation.
ANF Abercrombie & Fitch
$15.66

-0.23 (-1.45%)

09/14/16
SBSH
09/14/16
UPGRADE
Target $44
SBSH
Buy
Macy's upgraded to Buy from Neutral at Citi
Citi analyst Paul Lejuez upgraded Macy's (M) to Buy saying an attractive free cash flow and dividend yield makes the risk/reward attractive at current levels. While the long term structural challenges to department stores are unlikely to go away, Macy's is "doing the right things for the business," Lejuez tells investors in a research note. He calls the retailer "one of the stronger horses in the race" and sees upcoming quarterly results as potential catalysts. Lejuez keeps a $44 price target for Macy's shares. The analyst points out that Macy's 4.4% dividend yielding 4.4% trails only Kohl's (KSS) and Abercrombie & Fitch (ANF) among the retailers he covers. Macy's closed yesterday down 59c to $34.68.
09/06/16
JEFF
09/06/16
NO CHANGE
Target $45
JEFF
Buy
Urban Outfitters added to Franchise Picks list at Jefferies
Jefferies analyst Randal Konik added Urban Outfitters to his firm's Franchise Picks list and upped his price target for the shares to $45 from $40. The company is positioned to benefit from an improving fashion cycle and changes in footwear trends, Konik tells investors in a research note. He keeps a Buy rating on Urban. The analyst removed Abercrombie & Fitch (ANF) from the Franchise Picks list.
08/31/16
STFL
08/31/16
DOWNGRADE
STFL
Hold
Abercrombie & Fitch downgraded on lack of visibility at Stifel
As noted earlier, Stifel downgraded Abercrombie & Fitch to Hold from Buy. Following the company's Q2 results, Stifel analyst Richard Jaffe says there is a lack of visibility on a near-term improvement by the company. Given the company's warning that its comps will remain challenged in 2H16, Jaffe thinks that the company's merchandise isn't pleasing consumers, while it's marketing campaign is failing to drive traffic.
08/31/16
STFL
08/31/16
DOWNGRADE
STFL
Hold
Abercrombie & Fitch downgraded to Hold from Buy at Stifel
APD Air Products
$140.09

1.1 (0.79%)

09/30/16
ATLE
09/30/16
UPGRADE
ATLE
Neutral
Air Products upgraded to Neutral from Underweight at Atlantic Equities
09/23/16
JEFF
09/23/16
INITIATION
Target $26
JEFF
Hold
Versum Materials initiated with a Hold at Jefferies
Jefferies analyst Laurence Alexander started then when issued shares of Versum Materials (VSM) with a Hold rating and $26 price target. The company is being spun off from Air Products (APD).
09/19/16
OPCO
09/19/16
INITIATION
Target $28
OPCO
Outperform
Versum Materials initiated with an Outperform at Oppenheimer
Oppenheimer analyst Ian Zaffino initiated Versum Materials (VSM) with an Outperform rating and $28 target, saying the stock will offer a play on the proliferation of consumer devices, increasingly complex semiconductor design and an industry that has become less cyclical when the separation from Air Products (APD) is completed. Air Products previously said it expects "regular way" trading of Versum common stock to begin on the NYSE on October 3.
08/12/16
08/12/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: Alibaba (BABA) upgraded to Strong Buy from Outperform at Raymond James, to Outperform from Neutral at Macquarie, and to Conviction Buy from Buy at Goldman. 2. Foot Locker (FL) upgraded to Buy from Neutral at B. Riley with analyst Mitchel Kummetz citing continued strength in athletic footwear. 3. NVIDIA (NVDA) upgraded to Outperform from Sector Perform at RBC Capital with analyst Mitch Stevens saying the company reported " blow out" results, as its data center business beat expectations by a significant amount. 4. BlackBerry (BBRY) upgraded to Outperform from Market Perform at Raymond James with analyst Steven Li saying BlackBerry's narrative is shifting towards software and sees 80% recurring revenues, 15% organic growth, and 30% Earnings Before Interest Tax Depreciation and Amortization margins. Given the profit growth and profitability profile of software, Li raised BlackBerry's price target to $10.50 from $8. 5. Air Products (APD) upgraded to Overweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas saying the company is likely to have a "far stronger" capital structure following the close of the sale of its Performance Materials business and the spin of Versum Materials to its shareholders. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

X

U.S. Steel

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1.54 (4.28%)

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VNDA

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AE

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EZPW

EZCORP

$11.80

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RICE

Rice Energy

$24.59

-0.16 (-0.65%)

18:33
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AMZN

Amazon.com

$770.42

5.7 (0.75%)

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ICON

Iconix Brand

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0.14 (1.54%)

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PBYI

Puma Biotechnology

$39.80

-2 (-4.78%)

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FTK

Flotek

$11.10

-2.01 (-15.33%)

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PBYI

Puma Biotechnology

$39.80

-2 (-4.78%)

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PNM

PNM Resources

$32.05

0.45 (1.42%)

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BK

BNY Mellon

$48.55

0.56 (1.17%)

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TLRD

Tailored Brands

$18.93

0.62 (3.39%)

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  • 08

    Dec

FLXS

Flexsteel Industries

$59.12

2.92 (5.20%)

, UNH

UnitedHealth

$159.40

2.08 (1.32%)

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FLXS

Flexsteel Industries

$59.12

2.92 (5.20%)

UNH

UnitedHealth

$159.40

2.08 (1.32%)

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NKE

Nike

$52.10

1.53 (3.03%)

, UA

Under Armour

$27.03

1.62 (6.38%)

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NKE

Nike

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UA

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ADDYY

adidas

$76.96

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T

AT&T

$40.45

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EFC

Ellington Financial

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TLRD

Tailored Brands

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  • 08

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TLRD

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  • 08

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TLRD

Tailored Brands

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  • 08

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VLKAY

Volkswagen

$28.94

0.895 (3.19%)

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  • 05

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TLRD

Tailored Brands

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  • 08

    Dec

TLRD

Tailored Brands

$18.93

0.62 (3.39%)

17:31
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Earnings
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  • 08

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DAL

Delta Air Lines

$51.10

1.67 (3.38%)

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