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P

Pandora

, DRI

Darden

09:23
10/04/16
10/04
09:23
10/04/16
09:23

On The Fly: Pre-market Movers

HIGHER: Pandora (P), up 4% after Goldman Sachs analyst Heath Terry added the stock to the firm's Conviction Buy List and raised his price target on shares to $19 from $17. UP AFTER EARNINGS: Darden (DRI), up 3.5% after the owner of the Olive Garden brand reported better than expected quarterly earnings and raised its full-year profit forecast. LOWER: Splunk (SPLK), down 1.6% after the stock was downgraded to Neutral from Buy at Guggenheim... Shares of a number of gold miners' stocks, including Barrick Gold (ABX), Newmont Mining (NEM), Agnico Eagle (AEM) and Kinross Gold (KGC), are slumping as gold prices have fallen below $1,300 per ounce to hit their lowest level since late June.

P

Pandora

DRI

Darden

SPLK

Splunk

$61.18

2.5 (4.26%)

ABX

Barrick Gold

NEM

Newmont Mining

AEM

Agnico Eagle

KGC

Kinross Gold

  • 04

    Oct

  • 04

    Oct

  • 27

    Oct

  • 27

    Oct

  • 27

    Oct

  • 02

    Nov

  • 03

    Nov

P Pandora

10/04/16
GSCO
10/04/16
UPGRADE
Target $19
GSCO
Conviction Buy
Pandora upgraded to Conviction Buy from Buy at Goldman
Goldman analyst Heath Terry added Pandora to the Conviction Buy List and raised his price target to $19 from $17. Terry sees sees significant upside to out-year estimates from premium radio and on-demand subscriptions. He expects competition to ease as new entrants slow and existing providers focus on profitability and limit "free" models.
09/14/16
PACS
09/14/16
NO CHANGE
PACS
Pandora deal negative, says Pacific Crest
Pacific Crest analyst Andy Hargreaves says that Pandora's deals with music labels create a business model that "is fraught with a lack of limited control of content costs and a lack of incremental leverage on operating expenses." The analyst says that the agreement "cedes control of (Pandora's) content costs to the major labels," significantly reducing his confidence in the company's profitability going forward. He keeps an Underweight rating on the stock.
09/14/16
RHCO
09/14/16
NO CHANGE
RHCO
Pandora improved monetization could offset higher royalties, says SunTrust
After Pandora announced direct deals with most of the major music labels, SunTrust analyst Robert Peck says that the deals will enable the company "to launch new interactive services and enhance existing products." He thinks that improved monetization as a result of more expensive ads could enable it to offset "potential cost increases" stemming from higher royalties. He keeps an $18 price target and Buy rating on the shares.
09/14/16
ADAM
09/14/16
NO CHANGE
Target $18
ADAM
Buy
Pandora price target raised to $18 from $14 at Canaccord
Canaccord analyst Michael Graham raised his price target on Pandora to $18 from $14 citing its long anticipated direct sound recording licensing deals with Universal Music Group, Sony Music, and over 40 independent labels. The analyst said management is hopeful of also signing Warner Music Group, providing the company with catalogs to launch an on-demand service by year-end. Graham reiterated his Buy rating on Pandora shares.
DRI Darden

09/06/16
OPCO
09/06/16
NO CHANGE
Target $70
OPCO
Outperform
Darden at a 'misplaced discount' to peers, says Oppenheimer
Oppenheimer analyst Brian Bittner believes the market has presented another Darden buying opportunity, with stock valuation sitting at a "misplaced discount" to peers. Further, the analyst believes better in-store execution, improved off-premise business and elevated brand momentum can sustain sales trends above peers. Bittner also sees limited risk to upcoming Q1 results. He reiterates an Outperform rating and $70 price target on the shares.
08/22/16
ADAM
08/22/16
INITIATION
Target $74
ADAM
Buy
Darden initiated with a Buy at Canaccord
Canaccord analyst Lynne Collier initiated coverage on the Restaurant industry with an overall cautious outlook, saying that being selective is key. The analyst started coverage of Darden with a Buy rating and $74 price target, making it one of only four Buy rated stocks among fifteen that were initiated.
07/13/16
WELS
07/13/16
DOWNGRADE
WELS
Market Perform
Darden downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Jeff Farmer downgraded Darden Restaurants to Market Perform citing accelerating casual dining segment same-same-store declines in June. The analyst expects a diminished rate of upward earnings revision in coming quarters. He cut his price target range for the shares to $66-$70 from $70-$74.
07/26/16
STFL
07/26/16
DOWNGRADE
STFL
Sell
Darden downgraded to Sell from Hold at Stifel
Stifel analyst Paul Westra downgraded Darden based on the firm's belief that the U.S. economy will probably enter a recession within nine months. As a result, the firm now expects two year industrywide comps to come in at 0.5% in the first half of 2018, versus the consensus outlook of 1.75%, Westra stated. The analyst says that Darden's Olve Garden and Longhorn brands are already seeing weak demand, while the company lacks "brand agility" amid "fierce competition." Target $53.
SPLK Splunk
$61.18

2.5 (4.26%)

08/26/16
NEED
08/26/16
NO CHANGE
NEED
Hold
Needham not seeing catalyst for upside to Splunk shares
Needham analyst Scott Zeller notes that Splunk's Q2 results were another "beat and raise" and says he is impressed with the growth the company is seeing in its Splunk Cloud offering. However, the analyst struggles to see an upside catalyst to shares, with decelerating revenues and billings. Zeller reiterates a Hold rating on the stock.
08/26/16
MSCO
08/26/16
NO CHANGE
MSCO
Splunk fundamentals reamin intact, says Morgan Stanley
09/21/16
MZHO
09/21/16
INITIATION
Target $60
MZHO
Neutral
Splunk initiated with a Neutral at Mizuho
Mizuho initiated Splunk with a Neutral and a $60 price target.
10/04/16
GUGG
10/04/16
DOWNGRADE
GUGG
Neutral
Splunk downgraded to Neutral from Buy at Guggenheim
ABX Barrick Gold

10/03/16
DBAB
10/03/16
UPGRADE
DBAB
Buy
Barrick Gold upgraded to Buy from Hold at Deutsche Bank
10/03/16
10/03/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Dow Chemical (DOW) and DuPont (DD) were upgraded to Buy from Neutral at Citi with analyst P.J. Juvekar citing he opportunity presented by the proposed merger. 2. Freeport McMoRan (FCX), Barrick Gold (ABX), and Pan American Silver (PAAS) were upgraded to Buy from Hold at Deutsche Bank. 3. LogMeln (LOGM) upgraded to Overweight from Equal Weight at Barclays with analyst Raimo Lenschow saying the pending merger with Citrix's (CTXS) divested GoTo assets creates a "great new opportunity." 4. Halliburton (HAL) upgraded to Buy from Hold at Societe General. 5. Coty (COTY) upgraded to Buy from Neutral at BofA/Merrill with analyst Olivia Tong saying she believes Coty is at the beginning of a potential transformation with the pending closure of the P&G Beauty deal this week that could bring increased scale as well as a more targeted operational structure. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/07/16
09/07/16
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Navistar (NAV) initiated with a Hold at Deutsche Bank. 2. Barrick Gold (ABX) initiated with a Sell at Berenberg while the firm initiated Randgold (GOLD), Kinross Gold (KGC), and Goldcorp (GG) with a Hold. 3. 3. After the close on Tuesday, Deutsche Bank analysts Nicole DeBlase, Saree Boroditsky, and Kevin Marek initiated the U.S. Machinery group with a "cautious view." Oshkosh (OSK), Caterpillar (CAT), and Wabtec (WAB) were initiated with Buy ratings at Deutsche Bank, while the firm initiated Cummins (CMI) and CNH Industrial (CNHI) with Sell ratings. The firm also initiated Deere (DE), AGCO (AGCO), Terex (TEX), PACCAR (PCAR), WABCO (WBC), and United Rentals (URI) with Hold ratings. 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
DBAB
10/03/16
UPGRADE
DBAB
Buy
Barrick, Freeport, Pan American upgraded to Buy at Deutsche Bank
Deutsche Bank analyst Jorge Beristain noted that while commodity prices rallied in Q3 Metals & Mining companies continued to get their "financial houses in order" and he expects the trend to continue for the next few quarters. The analyst, who recommends investing in non-integrated companies as well as building Precious exposure, is upgrading several stocks in the sector, including Barrick Gold (ABX), Freeport McMoRan (FCX), Pan American Silver (PAAS), all to Buy from Hold. The analyst also upgraded a number of others in the sector to Hold from Sell this morning.
NEM Newmont Mining

08/02/16
SBSH
08/02/16
INITIATION
Target $51
SBSH
Buy
Newmont Mining initiated with a Buy at Citi
Citi analyst Alexander Hacking started Newmont Mining with a Buy rating and $51 price target.
06/02/16
JEFF
06/02/16
DOWNGRADE
Target $33
JEFF
Hold
Newmont Mining downgraded to Hold from Buy at Jefferies
Jefferies analyst Christopher LaFemina downgraded Newmont Mining to Hold citing valuation, near-term gold price risk, potential U.S. interest rate increase headwinds and a lack of positive catalysts. The analyst lowered his price target for the shares to $33 from $38.
05/11/16
GSCO
05/11/16
UPGRADE
Target $36
GSCO
Buy
Newmont Mining upgraded to Buy from Neutral at Goldman
Goldman analysts led by Andrew Quail upgraded Newmont Mining to Buy and raised his price target to $36 from $23.30. The analyst said Merian organic growth is now less than 6 months away and there is a possible Indonesia asset sale on the horizon. Quail believes Newmont is well positioned to outperform given his revised gold price deck that was lifted by 10-15% over the next three years, and for 2017, raised the average to $1,150/oz from $1,000/oz.
08/09/16
MSCO
08/09/16
INITIATION
Target $41
MSCO
Equal Weight
Newmont Mining initiated with an Equal Weight at Morgan Stanley
Target $41.
AEM Agnico Eagle

08/08/16
RBCM
08/08/16
DOWNGRADE
RBCM
Sector Perform
Agnico Eagle downgraded on valuation at RBC Capital
As noted earlier, RBC Capital downgraded Agnico to Sector Perform from Outperform. Analyst Stephen Walker downgraded the stock based on valuation. Target to $67 from $65.
07/14/16
DUND
07/14/16
DOWNGRADE
DUND
Neutral
Agnico Eagle downgraded to Neutral from Buy at Dundee
08/08/16
RBCM
08/08/16
DOWNGRADE
RBCM
Sector Perform
Agnico Eagle downgraded to Sector Perform from Outperform at RBC Capital
08/02/16
SBSH
08/02/16
INITIATION
Target $44
SBSH
Sell
Agnico Eagle initiated with a Sell at Citi
Citi analyst Alexander Hacking started Agnico Eagle with a Sell rating and $44 price target. The valuation is "excessive" at current levels, the analyst contends.
KGC Kinross Gold

09/07/16
BREN
09/07/16
INITIATION
Target $4.6
BREN
Hold
Kinross Gold initiated with a Hold at Berenberg
Berenberg analyst Yuriy Vlasov initiated Kinross Gold with a Hold and $4.60 price target.
08/02/16
SBSH
08/02/16
INITIATION
Target $5.5
SBSH
Neutral
Kinross Gold initiated with a Neutral at Citi
Citi analyst Alexander Hacking started Kinross Gold with a Neutral rating and $5.50 price target.
07/14/16
JEFF
07/14/16
UPGRADE
Target $6
JEFF
Hold
Kinross Gold upgraded to Hold from Underperform at Jefferies
Jefferies analyst Christopher LaFemina upgraded Kinross Gold (KGC) to Hold after his firm increased its gold price forecasts to reflect ongoing elevated macro risk. Investment demand should support the gold price to a near-term peak of at least $1,400/oz, LaFemina tells investors in a research note. He raised his price target for Kinross shares to $6 from $4. LaFemina this morning also upgraded Barrick Gold (ABX) and Randgold Resources (GOLD) to Buy.

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