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NSC

Norfolk Southern

$93.99

-0.68 (-0.72%)

, FTNT

Fortinet

$34.09

-0.9 (-2.57%)

10:31
10/12/16
10/12
10:31
10/12/16
10:31

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Norfolk Southern (NSC) downgraded to Underperform from Market Perform at Avondale with Donald Broughton saying he continues to believe volumes will continue to decline, yields will continue to disappoint, cost savings will be increasingly harder to achieve, return on invested capital will continue to deteriorate, and the combination of those factors should result in fiscal 2017 earnings below fiscal 2016, pressuring valuation. 2. Fortinet (FTNT) downgraded to Equal Weight from Overweight at Stephens with analyst Jonathan Ruykhaver saying he believes that in addition to slower overall growth in the network security market, heightened competition is impacting sales growth. 3. Alcoa (AA) downgraded to Neutral from Buy at BofA/Merrill with analyst Timna Tanners saying she believes Alcoa's aerospace-focused downstream segment will continue to struggle with execution issues and delays over the next several quarters. 4. Emerson (EMR) downgraded to Sell from Neutral at UBS with analyst Shannon O'Callaghan saying analysts need to lower estimates to reflect Emerson's portfolio transformation, pension headwinds and end market pressures. 5. Nanometrics (NANO) downgraded to Sector Weight from Overweight at Pacific Crest with analyst Weston Twigg saying 3D NAND equipment demand is likely to peak in 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

NSC

Norfolk Southern

$93.99

-0.68 (-0.72%)

FTNT

Fortinet

$34.09

-0.9 (-2.57%)

AA

Alcoa

$27.27

-0.644 (-2.31%)

EMR

Emerson

$50.39

-0.4001 (-0.79%)

NANO

Nanometrics

$21.39

-0.99 (-4.42%)

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    Nov

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    Dec

NSC Norfolk Southern
$93.99

-0.68 (-0.72%)

10/12/16
10/12/16
DOWNGRADE

Underperform
Norfolk Southern downgraded to Underperform at Avondale
As previously reported, Avondale downgraded Norfolk Southern to Underperform from Market Perform. Analyst Donald Broughton continues to believe volumes will continue to decline, yields will continue to disappoint, cost savings will be increasingly harder to achieve, ROIC will continue to deteriorate, and the combination of those factors should result in FY17 earnings below FY16, pressuring valuation.
10/11/16
VERT
10/11/16
INITIATION
Target $110
VERT
Sell
Norfolk Southern initiated with a Sell at Vertical Research
Vertical Research analyst Brian Konigsberg initiated Norfolk Southern with a Sell and a $110 price target.
10/11/16
10/11/16
UPGRADE
Target $110

Buy
Norfolk Southern upgraded to Buy on efficiency gains at BofA/Merrill
As previously reported, BofA/Merrill upgraded Norfolk Southern to Buy from Neutral. Analyst Ken Hoexter believes Norfolk is making a series of incremental improvements and progressing to its goal of achieving $650M in efficiency gains by 2020. He raised Norfolk's price target to $110 from $97 given sustainable double-digit earnings growth, improved capital returns, and balance sheet employment. .
10/12/16
AVON
10/12/16
DOWNGRADE
AVON
Underperform
Norfolk Southern downgraded to Underperform from Market Perform at Avondale
FTNT Fortinet
$34.09

-0.9 (-2.57%)

10/12/16
UBSW
10/12/16
NO CHANGE
Target $40
UBSW
Buy
Fortinet positive fundamentals remain unchanged, says UBS
UBS analyst Brent Thill noted Fortinet pre-announced negative earnings and attributed the miss to sales execution challenges in the U.S. Thill said his positive fundamental view on Fortinet's core technology remains unchanged and sees the company's problems as fixable. Thill maintained his Buy rating and lowered his price target to $40 from $42 on Fortinet shares.
10/12/16
SPHN
10/12/16
DOWNGRADE
SPHN
Equal Weight
Fortinet downgraded to Equal Weight from Overweight at Stephens
10/12/16
GSCO
10/12/16
DOWNGRADE
Target $36
GSCO
Buy
Fortinet downgraded to Buy from Conviction Buy at Goldman
Goldman analyst Gabriela Borges removed Fortinet from the Conviction Buy List and lowered its price target to $36 from $43 following the negative Q3 preannouncement. The analyst maintains his Buy rating as he continues to believe Fortinet is wll positioned to gain share and outgrow peers,and sees the potential for a capital allocation, restructuring, or M&A event, and views valuation as compelling.
10/12/16
10/12/16
DOWNGRADE
Target $32

Equal Weight
Fortinet downgraded to Equal Weight at Stephens
As previously reported, Stephens analyst Jonathan Ruykhaver downgraded Fortinet to Equal Weight from Overweight after the company announced "disappointing" preliminary Q3 results with an expected billings range of $343M-$348M versus consensus of $375M. The analyst believes that in addition to slower overall growth in the network security market, heightened competition is impacting sales growth. He also lowered his price target on the shares to $32 from $43.
AA Alcoa
$27.27

-0.644 (-2.31%)

10/11/16
BOFA
10/11/16
DOWNGRADE
BOFA
Neutral
Alcoa downgraded to Neutral from Buy at BofA/Merrill
09/09/16
09/09/16
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. American Express (AXP) initiated with an Underweight at Atlantic Equities. 2. Alcoa (AA) initiated with a Neutral at Seaport Global. 3. Blue Buffalo Pet Products (BUFF) initiated with an Outperform at Oppenheimer. 4. Harley-Davidson (HOG) initiated with an Outperform at Bernstein. 5. Verifone (PAY) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/09/16
GHSC
09/09/16
INITIATION
Target $11
GHSC
Neutral
Alcoa initiated with a Neutral at Seaport Global
Seaport Global analyst Josh Sullivan initiated Alcoa with a Neutral and $11 price target.
10/12/16
10/12/16
DOWNGRADE
Target $30

Neutral
Alcoa downgraded to Neutral on aerospace issues at BofA/Merrill
As previously reported, BofA/Merrill downgraded Alcoa to Neutral from Buy and lowered its price target to $30 from $33. Analyst Timna Tanners believes Alcoa's aerospace-focused downstream segment will continue to struggle with execution issues and delays over the next several quarters. The analyst cut our estimates to reflect a weaker aerospace view and sees risk to Alcoa's guidance and continued margin pressures.
EMR Emerson
$50.39

-0.4001 (-0.79%)

10/07/16
HSBC
10/07/16
INITIATION
Target $42
HSBC
Reduce
Emerson initiated with a Reduce at HSBC
HSBC analyst Debashis Chand initiated Emerson with a Reduce and a $42 price target given unfavourable end market exposure and does not expect any earnings upgrades soon despite the ongoing restructuring initiatives.
10/03/16
BREN
10/03/16
INITIATION
Target $41
BREN
Sell
Emerson initiated with a Sell at Berenberg
Berenberg analyst Simon Toennessen initiated Emerson with a Sell and a $41 price target due to cyclical pressures, a lackluster dividend outlook, valuation, and lack of transformative M&A.
08/19/16
BUCK
08/19/16
DOWNGRADE
Target $44
BUCK
Underperform
Emerson downgraded to Underperform from Neutral at Buckingham
Buckingham analyst Joshua Pokrzywinski downgraded Emerson (EMR) to Underperform and reduced its price target to $44 from $49. The analyst believes the purchase of Pentair's (PNR) Valves & Controls business adds increased risk to earnings over the next several years, including dividend sustainability, while diluting the quality of the portfolio. Pokrzywinski believes the strategic overlap is less than ideal with the high quality Process portfolio and sees synergy targets as aggressive absent pricing improvement.
10/12/16
UBSW
10/12/16
DOWNGRADE
Target $44
UBSW
Sell
Emerson downgraded to Sell from Neutral at UBS
UBS analyst Shannon O'Callaghan downgraded Emerson Electric to Sell on expectations 2017 consensus estimates will "decline significantly." Analysts need to lower estimates to reflect Emerson's portfolio transformation, pension headwinds and end market pressures, O'Callaghan tells investors in a research note. The analyst cut Emerson's price target to $44 from $53.
NANO Nanometrics
$21.39

-0.99 (-4.42%)

07/15/16
PACS
07/15/16
NO CHANGE
PACS
Nanometrics price target raised to $24 from $20 at Pacific Crest
Pacific Crest says that Nanometrics "has won virtually all the available business at three 3D NAND producers and over half the business at two producers." The firm expects the company to benefit from strong spending on 3D NAND going forward. It keeps an Overweight rating on the shares.
10/12/16
PACS
10/12/16
DOWNGRADE
PACS
Sector Weight
Nanometrics, Lam Research downgraded to Sector Weight at Pacific Crest
Pacific Crest analyst Weston Twigg downgraded both Nanometrics (NANO) and Lam Research (LRCX) to Sector Weight from Overweight saying 3D NAND equipment demand is likely to peak in 2017. The analyst expects order declines and limited demand growth for semiconductor equipment names, which he sees limiting share upside. Twigg keeps Overweight ratings on Applied Materials (AMAT), MKS Instruments (MKSI) and Entegris (ENTG) for their longer term potential.
10/12/16
PACS
10/12/16
DOWNGRADE
PACS
Sector Weight
Nanometrics downgraded to Sector Weight from Overweight at Pacific Crest
07/18/16
BFIN
07/18/16
NO CHANGE
BFIN
Semi Equipment sector upgraded to Positive from Slightly Positive at BlueFin
BlueFin says its checks indicate that wafer fab equipment spending is poised to gain momentum for the rest of the year. Reporting that the positive trend is being driven by 3D NAND and 10nm, BlueFin now estimates that spending on the category could rise 2%-3% in 2016, up from its previous estimate of "flattish." BlueFin thinks that semi equipment stocks are also benefiting from positive trends in EUV adoption and increased requirements in process control. It identifies its favorite stocks in the sector, in order, as Lam Research (LRCX), Nanometrics (NANO), and Applied Materials (AMAT).

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NGD

New Gold

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LGF

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REGN

Regeneron

$526.53

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ETSY

Etsy

$14.68

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ADHD

Alcobra

, AVEO

AVEO Oncology

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RIO

Rio Tinto

, GLNCY

Glencore

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