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CUDA

Barracuda

$26.23

2.9 (12.43%)

, FTNT

Fortinet

$34.09

-0.9 (-2.57%)

12:18
10/12/16
10/12
12:18
10/12/16
12:18

On The Fly: Top stock stories at midday

Stocks have been in a virtual holding pattern since the open and have moved in a very narrow trading range. The market was down roughly 1.5% yesterday, so investors were hoping the market could snap back with a rally. For now, they seem content to let the averages drift as they await the release of the minutes from last month's FOMC meeting. ECONOMIC NEWS: In the U.S., the MBA mortgage applications composite index decreased 6% for the week ending October 7. The JOLTS report showed job openings fell 388,000 to 5.44M in August. Speaking at a "fireside chat," NY Fed William Dudley said he hopes to raise rates as the economy strengthens, but noted inflation expectations are well anchored and inflation levels are still below Fed targets. The Fed is scheduled to release the minutes from its September policy meeting at 2:00 pm ET. In Europe, Eurozone industrial production expanded 1.6% in August from July. COMPANY NEWS: Shares of Stanley Black & Decker (SWK) have gained 2.5% after the company agreed to acquire the Tools business of Newell Brands (NWL), which includes the brands Irwin and Lenox, for $1.95B in cash. Newell shares are also up about 1% after the announcement... Barracuda Networks (CUDA) announced last night better than expected second quarter revenue and earnings per share, while Fortinet (FTNT) reported lower than expected preliminary third quarter results, sending the shares of the two cybersecurity companies in opposite directions. Near noon, shares of Barracuda jumped 12%, and Fortinet's stock dropped 12%... Amazon (AMZN) launched its new Amazon Music Unlimited, a competitor to the likes of Spotify, Apple Music (AAPL), and Google's (GOOG; GOOGL) Play Music. The service will be available to Amazon Prime members for $7.99 per month and owners of its Echo devices will be able to get it for just $3.99 per month. MAJOR MOVERS: Among the notable gainers was Blackhawk Network (HAWK), which advanced almost 8% after the company reported better than expected third quarter earnings per share. Also higher was Polaris Industries (PII), which gained about 3.5% after the company announced that it has entered into an agreement to acquire Transamerican Auto Parts Company for an aggregate consideration of $665M. Among the noteworthy losers was Ericsson (ERIC), which fell over 20% after issuing a profit warning for the third quarter, saying that results will be significantly lower than company expectations due to weaker demand for mobile broadband, especially in markets with a weak macro-economic environment. Shares of Nokia (NOK) trading in New York are also down 5% after Ericsson's warning. Also lower was Adaptimmune Therapeutics (ADAP), which slid about 2% after the company provided an update in a clinical study for its experimental treatment of ovarian cancer. Additionally, Humana (HUM) dropped over 5% after the Centers for Medicare and Medicaid Services reported that the percentage of the company's July 31, 2016 membership in 4-Star plans or higher declined to approximately 37%, or 1.17M members, from approximately 78%, or 2.15M members, in the prior year. The company, which said it believes that its Star ratings for the 2018 bonus year do not accurately reflect the company's actual performance under the applicable Star measures, also increased its FY16 EPS guidance, primarily due to better-than-previously-projected performance in the company's Medicare Advantage business and its Healthcare Services segment. INDEXES: Near midday, the Dow was up 32.87, or 0.18%, to 18,161.53, the Nasdaq was up 0.06 to 5,246.85, and the S&P 500 was up 4.10, or 0.19%, to 2,140.83.

CUDA

Barracuda

$26.23

2.9 (12.43%)

FTNT

Fortinet

$34.09

-0.9 (-2.57%)

SWK

Stanley Black & Decker

$120.58

2.92 (2.48%)

NWL

Newell Brands

$50.85

0.505 (1.00%)

HUM

Humana

$167.72

-9.81 (-5.53%)

AAPL

Apple

$116.30

0.25 (0.22%)

GOOG

Alphabet

$783.07

-2.87 (-0.37%)

GOOGL

Alphabet Class A

$809.57

-4.6 (-0.56%)

AMZN

Amazon.com

$831.00

-10.71 (-1.27%)

HAWK

Blackhawk

$31.93

-0.27 (-0.84%)

PII

Polaris Industries

$76.61

2.575 (3.48%)

ERIC

Ericsson

$7.01

-0.18 (-2.50%)

NOK

Nokia

$5.12

-0.27 (-5.01%)

ADAP

Adaptimmune

$6.56

-0.09 (-1.35%)

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CUDA Barracuda
$26.23

2.9 (12.43%)

10/12/16
WEDB
10/12/16
NO CHANGE
WEDB
Outperform
Proofpoint selloff brings good entry point, says Wedbush
Wedbush analyst Steve Koenig believes today's selloff in shares of Proofpoint (PFPT) presents a good entry opportunity. The analyst does not view Fortinet (FTNT), which last night preannounced weaker than expected results, as a bellwether for the network security space. Koenig adds Barracuda Networks (CUDA) last night attributed its earnings beat to traction with new cloud-based offerings. The analyst keeps an Outperform rating on Proofpoint.
10/12/16
SPHN
10/12/16
NO CHANGE
Target $24
SPHN
Equal Weight
Barracuda price target raised to $24 from $18 at Stephens
Stephens analyst Jonathan Ruykhaver raised his price target for Barracuda to $24 from $18 after the company reported Q2 results that "meaningfully" beat on revenue, earnings, and gross billings. The analyst reiterates an Equal Weight rating on the stock.
10/12/16
STFL
10/12/16
NO CHANGE
Target $32
STFL
Buy
Barracuda price target raised to $32 from $26 at Stifel
Stifel analyst Gur Talpaz raised Barracuda's price target to $32 from $26 following the Q2 beat and raised FY17 guidance. The analyst said Barracuda had meaningful traction in core products and continues to achieve with its email security and public cloud solutions with both new and existing customers. Additionally, the initial demand for the company's core product line not only translates to growth in core billings but in core subscription ARR, which increased 50% year-over-year to $146mn during the period, the analyst wrote. Talpaz believes the growth opportunity for Barracuda's email security and public cloud solutions to be large and reiterates his Buy rating.
10/12/16
10/12/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apple (AAPL) upgraded to Positive from Negative at OTR Global with the firm saying its checks indicate iPhone 7 launch orders are above last year's model launch, with fourth quarter order gains and stable inventories. 2. Procter & Gamble (PG) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's plans to accelerate Research & Development and advertising spending, as well as recent positive earnings surprises. 3. Barracuda (CUDA) upgraded to Overweight from Neutral at Piper Jaffray with analyst Andrew Nowinski saying the company reported "another strong quarter" and its transition to a subscription-based cloud portfolio is nearly complete. 4. AMD (AMD) upgraded to Neutral from Underperform at Credit Suisse with analyst John Pitzer saying near-term momentum will continue to offset longer-term concerns around lack of scale. 5. Motorola Solutions (MSI) upgraded to Outperform from Market Perform at BMO Capital with analyst Tim Long saying he expects organic revenue growth to return later this year and sees the company's investment in smart public safety software to help expansion beyond hardware. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FTNT Fortinet
$34.09

-0.9 (-2.57%)

10/12/16
SPHN
10/12/16
DOWNGRADE
SPHN
Equal Weight
Fortinet downgraded to Equal Weight from Overweight at Stephens
10/12/16
10/12/16
DOWNGRADE

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.
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.
SWK Stanley Black & Decker
$120.58

2.92 (2.48%)

07/25/16
ZELM
07/25/16
DOWNGRADE
ZELM
Hold
Stanley Black & Decker downgraded to Hold from Buy at Zelman
08/22/16
LBOW
08/22/16
DOWNGRADE
LBOW
Neutral
Stanley Black & Decker downgraded to Neutral from Buy at Longbow
Longbow analyst David MacGregor downgraded Stanley Black & Decker to Neutral siting balanced risk/reward as shares are up 35% since mid-Q1 2016.
08/22/16
08/22/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Workday (WDAY) downgraded to Mixed from Positive at OTR Global and to Hold from Buy at Needham with Needham analyst Scott Berg citing industry checks that indicate second quarter billings upside will be limited and Financials sales remain challenging. 2. Garmin (GRMN) downgraded to Market Perform from Outperform at Raymond James with analyst Tavis McCourt citing valuation. 3. Urban Outfitters (URBN) downgraded to Neutral from Buy at Goldman with analyst Lindsay Drucker Mann saying Urban has successfully turned around the UO brand and is near-peak operating performance, leaving less room for meaningful improvement from here. 4. Stanley Black & Decker (SWK) downgraded to Neutral from Buy at Longbow with analyst David MacGregor citing balanced risk/reward as shares are up 35% since mid-first quarter. 5. Madison Square Garden (MSG) downgraded to Hold from Buy at Jefferies with the firm citing valuation and lack of near-term catalysts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/12/16
RBCM
10/12/16
NO CHANGE
RBCM
Top Pick
Newell should be able to offset dilution from Tools sale, says RBC Capital
RBC Capital analyst Nik Modi said the EPS dilution from Newell Brands' (NWL) sale of its Tools business to Stanley Black & Decker (SWK) came in slightly ahead of his expectations, but he believes Newell will be more than able to offset this through accelerated synergy realization and/or strategic, bolt-on M&A. Modi, who believes Newell ultimately can achieve up to $750M in synergies, keeps a Top Pick rating on Newell shares.
NWL Newell Brands
$50.85

0.505 (1.00%)

09/14/16
JEFF
09/14/16
NO CHANGE
Target $66
JEFF
Buy
Newell Brands remains a top pick at Jefferies
Jefferies analyst Kevin Grundy says his regional market analysis suggests that Yankee Candle can double sales to $2B over the next six-to-seven years. He believes shares of Newell Brands remain undervalued and expects consensus estimates to move higher. The analyst calls the stock a top pick with a Buy rating and $66 price target.
08/01/16
MSCO
08/01/16
NO CHANGE
MSCO
Overweight
Newell Brands reiterated as a Top pIck at Morgan Stanley
Morgan Stanley analyst Dara Mohsenian said Newell Brands' valuation does not reflect growth opportunities post the Jarden deal. The analyst believes Newall's market share gains are sustainable and sees substantial earnings upside for the combined entity. Mohsenian reiterates Newall as an Overweight and Top Pick with plenty of room for multiple expansion.
08/01/16
UBSW
08/01/16
NO CHANGE
Target $59
UBSW
Buy
Newell Brands investor concerns over growth abating, says UBS
UBS said as Newell Brands investors concerns abate, their attention will turn to the long-term. The firm tweaked its growth forecast but raised its earnings forecast to reflect the company's underlying strength, better margin mix, and sales leverage benefits. UBS reiterated its Buy rating and raised its price target to $59 from $55 on Newell Brands shares.
HUM Humana
$167.72

-9.81 (-5.53%)

07/22/16
COWN
07/22/16
NO CHANGE
Target $160
COWN
Outperform
Cigna has greatest upside should DOJ block mergers, says Cowen
Cowen noted the DOJ tone toward the pending managed care deals is decidedly negative and raised the burden of proof on the companies to demonstrate the deals are not anti-competitive. Cowen believes Cigna has the most upside of the four companies involved whether the deals go through or not. Cowen has an Outperform rating and $160 price target on Cigna shares.
08/22/16
LEER
08/22/16
NO CHANGE
LEER
Leerink less positive that Anthem challenge to DOJ lawsuit will be successful
Following a conference call with an anti-trust specialist, Leerink analyst Ana Gupte is less positive that the Anthem (ANTM) challenge to the lawsuit by the DOJ will be successful. The analyst says that the specialist views the obstacles to a defense by Anthem-Cigna (CI) to the anti-trust concerns as too numerous to result in a successful close. Further, the analyst believes that any favorable decision, however unlikely, on the merger close, will likely be appealed by the DOJ. Nonetheless, the lower likelihood of this defense being successful may improve the odds of a successful Aetna (AET)-Humana (HUM) defense, the analyst notes.
08/25/16
COWN
08/25/16
NO CHANGE
COWN
Managed Care mergers unlikely to close, says Cowen
Cowen analyst Christine Arnold believes the current managed care mergers including Aetna (AET) and Humana (HUM) and Anthem (ANTM) and Cigna (CI) are unlikely to close. The analyst said the government's ability to appeal could extend the litigation process beyond the termination dates stipulated in the merger agreements. Arnold believes the Aetna/Humana merger has a better chance of closing relative to the Anthem/Cigna deal, but believes neither are likely to close.
09/22/16
EVER
09/22/16
INITIATION
EVER
Buy
Humana initiated with a Buy at Evercore ISI
AAPL Apple
$116.30

0.25 (0.22%)

10/12/16
10/12/16
UPGRADE

Positive
Apple upgraded to Positive on iPhone 7 strength at OTR Global
As previously reported, OTR Global upgraded Apple to Positive from Negative. The firm's checks indicate iPhone 7 launch orders are above last year's model launch,with Q4 order gains and stable inventories.
10/12/16
GSCO
10/12/16
NO CHANGE
Target $124
GSCO
Buy
Goldman expects a beat and raise quarter for Apple
Goldman analyst Simona Jankowski expects Apple to report a solid beat-and raise quarter on the back of iPhone 7 strength. The analyst said iPhone 7 demand is tracking ahead of expectations driven by the one week earlier than expected launch, better than expected carrier promotions, and Samsung Note 7 issues. Jankowski raised his September quarter iPhone unit estimate by 1M units to 45.6M, versus consensus of 44.5M, and raised the December quarter unit estimate by 2M to 78.1M, versus consensus of 75.5M. The analyst rates Apple a Buy with a $124 price target on share.
10/12/16
OTRG
10/12/16
UPGRADE
OTRG
Positive
Apple upgraded to Positive from Negative at OTR Global
GOOG Alphabet
$783.07

-2.87 (-0.37%)

09/28/16
09/28/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alphabet (GOOG, GOOGL) downgraded to Underperform from Neutral at Wedbush with analyst James Dix citing concerns that the "Four Horsemen of the Search Apocalypse" -- self-identified consumers, consumer control of IP-delivered ads, payments innovation, and attention markets -- might arrive. 2. AT&T (T) downgraded to Neutral from Buy at UBS with analyst John Hodulik citing expectations for lower earnings growth. 3. Macy's (M) downgraded to Neutral from Outperform at Credit Suisse with analyst Michael Exstein saying the retailer, after outlining in August its operations and merchandising strategies, is now in an execution phase. 4. Twitter (TWTR) downgraded to Underperform from Neutral at Mizuho and to Sell from Hold at Loop Capital. 5. Galectin Therapeutics (GALT) downgraded to Sell from Buy at Roth Capital with analyst Sa'ar Yaniv citing the company's announcement that NASH-FX, GR-MD-02's Phase 2a study in NASH fibrosis, failed both primary and secondary endpoints. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/06/16
SBSH
10/06/16
NO CHANGE
Target $89
SBSH
Buy
Citi says Salesforce buying Twitter 'nearly impossible' above $28/share
Citi analyst Walter Pritchard believes a Salesforce (CRM) acquisition of Twitter (TWTR) is possible financially but that such a deal would put "significant constraints" on the company for the next three-plus years. The analyst sees "very little reason" for Salesforce to own Twitter and feels the acquisition "would pose a difficult decision" for CEO Marc Benioff and the board. Salesforce closed yesterday down 6%, or $4.21, to $68.42. Recode reported last night that the company is likely the only bidder left for Twitter after Disney (DIS) and Alphabet (GOOG) opted not to pursue a deal while Apple (AAPL) is unlikely. Twitter in pre-market trading is down 14% to $21.50. In order for Salesforce to avoid a shareholder vote, it would have to borrow $7.5B to fund the transaction if Twitter were valued at $20B, or $27.50-$28 per share, Pritchard tells investors in a research note. This is a level that likely constrains the company with little additional borrowing capacity for other deals, the analyst contends. He thinks the deal is "nearly impossible to do" for Salesforce should the bidding for Twitter go above $20B or $28 per share. Pritchard has a Buy rating on Salesforce with an $89 price target.
10/12/16
WELS
10/12/16
NO CHANGE
WELS
Market Perform
Wells doesn't see Apple as biggest beneficiary from Samsung issues
Wells Fargo analyst Maynard Um attributes the recent rally in shares of Apple (AAPL), at least in part, to Samsung's (SSNLF) issues with its Note 7 phones. Apple gained an incremental $14B in market capitalization at its intraday peak, which the analyst believes embeds more than 3M of incremental iPhone 7 Plus units. Samsung's production halt will help Apple, but other Android vendors with 5.7 inch phones could see a bigger benefit if Android users prefer to stick with Android, Um tells investors in a research note. He points out that LG, Kyocera, and Microsoft (MFST) have 5.7 inch Android phones at U.S. carriers. Um thinks expectations for Apple into earnings "have risen materially." He keeps a Market Perform rating on the iPhone maker. Apple closed yesterday up 25c to $116.30.
10/10/16
WELS
10/10/16
NO CHANGE
WELS
Alphabet, Facebook can meet Street estimates, says Wells Fargo
Wells Fargo says that investors are concerned about the ability of Facebook (FB) and Google (GOOG,GOOGL) to meet Street estimates because forecasts continue to indicate that TV's ad share will be relatively stable over the next two years. But Wells says that Facebook and Google will continue to gain share from "non-TV media" and could see increased revenue from "non-advertising marketing services" such as sponsorships and public relations. Wells keeps Outperform ratings on both stocks.
GOOGL Alphabet Class A
$809.57

-4.6 (-0.56%)

09/30/16
RBCM
09/30/16
NO CHANGE
RBCM
Street underestimating Google growth outlook, says RBC Capital
RBC Capital analyst Mark Mahaney expects Google to end 2016 with "up to 20% growth," versus the Street's outlook of mid teen percentage level growth. Mahaney says that Google's growth should be boosted by "ongoing Search innovations, rising Mobile CPCs, and the growing impact of YouTube, Play & Cloud." He thinks that YouTube's revenue is growing at a 30%-40% clip. Mahaney raised his price target on the stock to $1,025 from $1,000 and keeps an Outperform rating on the shares.
AMZN Amazon.com
$831.00

-10.71 (-1.27%)

10/06/16
OPCO
10/06/16
NO CHANGE
OPCO
Microsoft, Amazon well positioned to enable cloud, AI trends, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that machine learning and artificial intelligence have been use to improve applications and acceleration of infrastructure builds, with "intelligent software" designed to make lives easier and more productive. Further, the analyst sees communications and cloud services continuing to converge, with infrastructure and data as key components to AI. Microsoft (MSFT) and Amazon (AMZN) Web Service are well positioned to enable these trends, he contends, adding that he see colocation providers, such as Equinix (EQIX) and Interxion (INXN), and networking companies like Zayo Group (ZAYO) GTT Communications (GTT) as beneficiaries.
10/12/16
CANT
10/12/16
NO CHANGE
Target $1000
CANT
Buy
Amazon.com price target raised to $1,000 from $835 at Cantor
Cantor Fitzgerald analyst Youssef Squali raised his price target for Amazon.com to $1,000 from $835 citing continued strength in core retail and sustained momentum in Web Services. The stock closed yesterday down $10.71 to $831.00. We're reaching a tipping point in e-commerce, with revenue growth in the U.S. accelerating year-over-year in the first nine months of 2016, Squali tells investors in a research note. This trend is "playing into the hands of market leader Amazon," the analyst contends. He points out that Prime's user base is growing and that Amazon's share of retail searches online is growing. The analyst expects Amazon Web Services' "strong economics" to continue to fund growth initiatives at Amazon. Squali sees the stock as continuing to "grind higher." He keeps a Buy rating on the name.
10/12/16
MSCO
10/12/16
NO CHANGE
Target $110
MSCO
Morgan Stanley sees 'un-grandfathering' peaking for Netflix in Q3
Morgan Stanley analyst Benjamin Swinburne believes the market expects Netflix (NFLX) to report Q3 domestic net subscriber additions that fall short of the company's 300K forecast. However, he thinks the impact of "un-grandfathering" will peak in Q3 and that the percentage of U.S. members seeing price increases will begin to fade in Q4. While acknowledging that Amazon (AMZN) continues to grow as a competitor for content and time spent, Swinburne notes that local and regional players in many markets continue to struggle. The analyst keeps an Overweight rating and $110 price target on Netflix shares.
10/10/16
DBAB
10/10/16
INITIATION
Target $90
DBAB
Sell
Deutsche sees Netflix takeover as unlikely, starts shares at Sell
Deutsche Bank analyst Bryan Kraft initiated shares of Netflix (NFLX) with a Sell rating and $90 price target. The stock closed Friday down 25c to $104.82. The risk/reward is unattractive as consensus expectations reflect an "optimistic case," Kraft tells investors in a research note. Market expectations appear too high through 2020, the analyst contends. He also expresses skepticism that Netflix will be acquired. The business is "too fully formed" and valued to be acquired by Disney (DIS) and Apple (AAPL), Kraft writes. He also sees Amazon.com (AMZN) as a competitive risk to Netflix.
HAWK Blackhawk
$31.93

-0.27 (-0.84%)

10/07/16
10/07/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tyson Foods (TSN) downgraded to Sell from Hold at Pivotal Research with analyst Timothy Ramey citing the broiler price-fixing alleged in the class action complaint filed on September 2. 2. SolarEdge (SEDG) was downgraded to Sell from Neutral at Goldman while the firm also downgraded First Solar (FSLR) to Neutral from Buy. 3. CIT Group (CIT) downgraded to Hold from Buy at Stifel with analyst Christopher Brendler saying investors should sell into the rally that will result from the "impressive" price that the company received for its aircraft business and the approval of its capital plan by the Fed. 4. Fifth Third (FITB) downgraded to Hold from Buy at Jefferies with analyst Ken Usdin saying the shares are reasonably valued following the recent rally. 5. Blackhawk (HAWK) downgraded to Neutral from Buy at BofA/Merrill with analyst David Chu saying the firm's channel checks indicate that conversions to EMV, the new standard for chip-based debit/credit card transactions, are taking longer than expected, which he believes could impact Blackhawk's 2016 guidance and expectations for 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.
09/21/16
09/21/16
UPGRADE

Outperform
Blackhawk upgraded to Outperform on valuation at CLSA
As previously reported, CLSA upgraded Blackhawk to Outperform from Market Perform and raised its price target to $36 from $34. Analyst Tom McCrohan said the recent pullback in shares provides a buying opportunity and said his overall thesis of operating leverage, EMV and earnings quality remains unchanged.
10/07/16
BOFA
10/07/16
DOWNGRADE
Target $34
BOFA
Neutral
Blackhawk downgraded to Neutral from Buy at BofA/Merrill
BofA Merrill Lynch analyst David Chu downgraded Blackhawk to Neutral from Buy, stating that the firm's channel checks indicate that conversions to EMV, the new standard for chip-based debit/credit card transactions, are taking longer than expected, which he believes could impact Blackhawk's 2016 guidance and expectations for 2017. Chu cut his price target on Blackhawk shares to $34 from $41.
10/10/16
JEFF
10/10/16
NO CHANGE
Target $43
JEFF
Buy
Blackhawk recent selloff a buying opportunity, says Jefferies
Jefferies analyst Ramsey El-Assal recommends using the recent pullback in shares of Blackhawk Network as a buying opportunity. Revenue lost to chip cards should flow back into 2017, El-Assal tells investors in a research note. The analyst sees upside to the company's 2017 estimates and keeps a Buy rating on the shares with a $43 price target.
PII Polaris Industries
$76.61

2.575 (3.48%)

09/15/16
SPHN
09/15/16
NO CHANGE
Target $75
SPHN
Equal Weight
Polaris Industries price target lowered to $75 from $90 at Stephens
Stephens analyst Trey Grooms lowered his price target for Polaris Industries to $75 from $90 after the company lowered its 2016 EPS guidance over 40% at the mid-point. The analyst says he lacks confidence in the company's ability to stem market share losses in the current environment and reiterates an Equal Weight rating on the shares.
09/13/16
BARD
09/13/16
NO CHANGE
Target $84
BARD
Outperform
Polaris Industries price target lowered to $84 from $105 at Baird
Baird analyst Craig Kennison lowered his price target on Polaris Industries to $84 from $105 after the company slashed its guidance as it struggles to get ahead of recall issues. The company also noted delayed shipments, higher promotional costs, and additional recall expenses, said Kennison, who added that the stock usually bottoms shortly after its resets. Kennison maintained his Outperform rating on Polaris Industries shares.
10/04/16
LBOW
10/04/16
NO CHANGE
Target $77.5
LBOW
Underperform
Polaris Industries checks indicate continued ORV losses, says Longbow
Longbow analyst David MacGregor said September dealer survey results continue to indicate ORV share losses for Polaris despite an extension of the Factory Authorized Clearance into September. MacGregor said recent recalls have done considerable damage to Polaris' brand resulting in share loss and concerns regarding 2017 sales. The analyst expects increased promotional activity will pressure margins as competition continues to increase with foreign manufacturers introducing models that are both cheaper and comparable in performance. MacGregor revised estimates lower and reiterated his Underperform rating and $77.50 price target on Polaris Industries shares.
09/30/16
JEFF
09/30/16
INITIATION
Target $69
JEFF
Hold
Polaris Industries initiated with a Hold at Jefferies
Jefferies analyst Trevor Young started Polaris Industries with a Hold rating and $69 price target.
ERIC Ericsson
$7.01

-0.18 (-2.50%)

07/21/16
07/21/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Navient (NAVI) downgraded to Neutral from Buy at Goldman with analyst Eric Beardsley saying the risk/reward is more balanced at current share levels. 2. Ericsson (ERIC) downgraded to Neutral from Buy at UBS with the firm citing a lack of revenue stabilization in the second quarter and little management commentary stating it would change. 3. Graco (GGG) downgraded to Market Perform from Outperform at William Blair with analyst Nicholas Heymann citing the company's transition after it cut its fiscal 2016 organic growth view. 4. ASML (ASML) downgraded to Neutral from Buy at UBS with analyst Gareth Jenkins stating he thinks ASML shares are now discounting some of the recent positive developments on EUV lithography following a 28% rally since January. 5. Boardwalk Pipeline (BWP) downgraded to Neutral from Buy at Ladenburg. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/21/16
UBSW
07/21/16
DOWNGRADE
UBSW
Neutral
Ericsson downgraded to Neutral at UBS
As reported previously, UBS downgraded Ericsson to Neutral from Buy. The firm cited a lack of revenue stabilization in Q2 and little management commentary stating it would change. UBS also cited negative industry trends, which will provide a structural headwind. leaving the firm seeing cost cutting as the only way of generating solid returns.
09/26/16
FBCO
09/26/16
UPGRADE
Target $6.4
FBCO
Neutral
Ericsson upgraded to Neutral from Underperform at Credit Suisse
Credit Suisse analyst Achal Sultania upgraded Ericsson to Neutral saying the worst is behind the company with capex declines moderating. The analyst has a $6.40 price target for the shares.
09/26/16
09/26/16
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. AT&T (T) upgraded to Hold from Reduce at HSBC. 2. Potash (POT) upgraded to Positive from Neutral at Susquehanna with analyst Don Carson citing expected benefits from the company's proposed merger with Agrium (AGU), which he sees as having relatively low antitrust risk compared to the other mega-mergers being pursued in the Ag space. 3. Oshkosh (OSK) upgraded to Overweight from Neutral at JPMorgan and to Neutral from Underperform at Credit Suisse. 4. Marriott (MAR) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Thomas Allen citing strong unit growth. 5. NetApp (NTAP) upgraded to Buy from Hold at Cross Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NOK Nokia
$5.12

-0.27 (-5.01%)

09/16/16
ADAM
09/16/16
NO CHANGE
Target $7
ADAM
Buy
Nokia positioned as long-term industry leader, says Canaccord
Canaccord analyst T. Michael Walkley noted Nokia has a full end-to-end product portfolio with wireless, fixed networks, and IP routing solutions that positions it for leadership in the transition to 5G. Its licensing deals with Samsung should help drive long term licensing revenues and a solid case to negotiate stronger long-term deals with Chinese OEM's, said Walkley, who reiterated his Buy rating and $7 price target on Nokia shares.
09/26/16
BOFA
09/26/16
NO CHANGE
BOFA
Follow-up: Nokia upgraded in Japan by BofA/Merrill analyst
08/18/16
NEED
08/18/16
NO CHANGE
NEED
Nokia, Alcatel-Lucent win positive for optical component companies, says Needham
Needham analyst Alex Henderson says that Alcatel-Lucent (ALU)/Nokia (NOK) announcement of a major contract win to build over 30% share of China Mobile's (CHL) 2016-2017 new construction of optical network is also a major positive for optical component companies such as Oclaro (OCLR), NeoPhotonics (NPTN), Fabrinet (FN), Lumentum (LITE), Inphi (IPHI), and Acacia (ACIA). Henderson thinks this is likely the first of three major awards in China, which will likely result in the current sold-out conditions in the coherent optical market to stretch out well into 2017.
08/05/16
BERN
08/05/16
NO CHANGE
BERN
Nokia should be bought at current levels, says Bernstein
After Nokia reported weaker than expected results, Bernstein analyst Peierre Ferragu says that the company's more specific guidance indicates that it's "calling a bottom." The analyst says that the company is significantly cutting its costs and should benefit from a better business environment. He recommends buying the shares.
ADAP Adaptimmune
$6.56

-0.09 (-1.35%)

08/04/16
LEER
08/04/16
NO CHANGE
LEER
Outperform
Adaptimmune partial clinical hold on planned trial 'surprising,' says Leerink
Leerink analyst Michael Schmidt sees the announced partial clinical hold on Adaptimmune's liposarcoma study as "surprising" and notes that it introduces some additional risk. However, the analyst says the news does not "fundamentally" change his investment thesis on Adaptimmune as he expects a rapid resolution. Schmidt reiterates an Outperform rating on the shares.
08/26/16
SBSH
08/26/16
NO CHANGE
SBSH
Buy
Adaptimmune partial clinical hold may be lifted within weeks, says Citi
Citi analyst Robyn Karnauskas said that after traveling with several members of Adaptimmune's management team, including its CEO and CFO, she came away feeling that their TCR platform remains in the lead despite delays. The FDA's partial clinical hold in myxoid round cell liposarcoma, or MRCLS, was not related to safety or efficacy of the product and Karnauskas sees the potential for the FDA to possibly reverse the partial clinical hold within a few weeks, she tells investors. Citi keeps a Buy rating on Adaptimmune shares.
09/30/16
RAJA
09/30/16
INITIATION
Target $16
RAJA
Outperform
Adaptimmune initiated with an Outperform at Raymond James
Raymond James analyst Reni Benjamin initiated Adaptimmune with a Buy and a $16 price target saying it is a leading player in the engineered T cell receptor therapy space, with a growing product portfolio concentrating primarily in the solid tumor market.
02/25/16
02/25/16
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. Boston Scientific (BSX) initiated with a Buy at SunTrust by analyst Bruce Nudell, who expects an organic growth accelerating through 2018 driven by structural heart sales and core market stabilization. 2. Kite Pharma (KITE) initiated with a Buy, with analyst Robyn Karnauskas saying that Kite's technology could be the first to market and its data in the largest blood cancer market look similar to competition. The analyst also started Juno Therapeutics (JUNO) and Adaptimmune (ADAP) with Buy ratings. 3. Insulet (PODD) initiated with a Sell at Empire by analyst Cathy Reese, who said the company has several issues with its OmniPod System that will not be remedied with planned upgrades. 4. Biogen (BIIB) initiated with a Buy at Citi. 5. Crown Castle (CCI) initiated with a Buy at SunTrust. 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

MTN

Vail Resorts

$160.92

-1.81 (-1.11%)

20:25
12/08/16
12/08
20:25
12/08/16
20:25
Earnings
Notable companies reporting before tomorrow's open »

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  • 08

    Dec

MON

Monsanto

$104.70

-0.71 (-0.67%)

20:17
12/08/16
12/08
20:17
12/08/16
20:17
Hot Stocks
Washington sues Monsanto over PCB contamination »

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  • 13

    Dec

  • 27

    Jan

USAC

USA Compression

$18.01

-0.14 (-0.77%)

20:15
12/08/16
12/08
20:15
12/08/16
20:15
Syndicate
USA Compression 4.5M share Spot Secondary priced at $16.25 »

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  • 09

    Dec

ICHR

Ichor Holdings

20:11
12/08/16
12/08
20:11
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20:11
Syndicate
Ichor Holdings 5.9M share IPO priced at $9.00 »

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  • 09

    Dec

GOOG

Alphabet

$776.42

5.23 (0.68%)

, GOOGL

Alphabet Class A

$795.17

3.7 (0.47%)

19:53
12/08/16
12/08
19:53
12/08/16
19:53
Periodicals
YouTube-NMPA settlement estimated at over $40M, NY Times says »

The agreement between…

GOOG

Alphabet

$776.42

5.23 (0.68%)

GOOGL

Alphabet Class A

$795.17

3.7 (0.47%)

SNE

Sony

$29.16

0.55 (1.92%)

VIVHY

Vivendi

$18.83

-0.455 (-2.36%)

03/08/13
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03/08/13
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  • 15

    Jan

GOOG

Alphabet

$776.42

5.23 (0.68%)

, GOOGL

Alphabet Class A

$795.17

3.7 (0.47%)

19:46
12/08/16
12/08
19:46
12/08/16
19:46
Hot Stocks
YouTube reaches agreement to pay out unclaimed song royalties »

The National Music…

GOOG

Alphabet

$776.42

5.23 (0.68%)

GOOGL

Alphabet Class A

$795.17

3.7 (0.47%)

SNE

Sony

$29.16

0.55 (1.92%)

VIVHY

Vivendi

$18.83

-0.455 (-2.36%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 15

    Jan

ATH

Athene Holding

19:33
12/08/16
12/08
19:33
12/08/16
19:33
Syndicate
Athene Holding 27M share IPO priced at $40.00 »

The deal size was…

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  • 09

    Dec

MMM

3M

$175.88

-0.17 (-0.10%)

19:29
12/08/16
12/08
19:29
12/08/16
19:29
Hot Stocks
3M to sell identity management business to Gemalto for $850M »

3M announced that it has…

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  • 13

    Dec

SMI

SMIC

$5.99

-0.54 (-8.27%)

19:24
12/08/16
12/08
19:24
12/08/16
19:24
Hot Stocks
SMIC announces 10-for-1 reverse stock split »

Semiconductor…

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VTR

Ventas

$62.61

0.41 (0.66%)

19:10
12/08/16
12/08
19:10
12/08/16
19:10
Hot Stocks
Ventas raises quarterly dividend 6% to 77.5c per share »

Ventas said that its…

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WFC

Wells Fargo

$57.29

0.01 (0.02%)

19:08
12/08/16
12/08
19:08
12/08/16
19:08
Periodicals
Wells Fargo chairman appointed to sales investigation committee, Reuters says »

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  • 08

    Dec

WFC

Wells Fargo

$57.29

0.01 (0.02%)

19:03
12/08/16
12/08
19:03
12/08/16
19:03
Periodicals
Former Wells Fargo managers file suit over fake accounts, Bloomberg reports »

Three former Wells Fargo…

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  • 08

    Dec

EIX

Edison International

$69.44

-0.17 (-0.24%)

18:42
12/08/16
12/08
18:42
12/08/16
18:42
Hot Stocks
Edison International raises annual dividend 13% to $2.17 per share »

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PLM

PolyMet Mining

$0.87

0.0001 (0.01%)

18:24
12/08/16
12/08
18:24
12/08/16
18:24
Earnings
Breaking Earnings news story on PolyMet Mining »

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MTCH

Match Group

$18.38

0.18 (0.99%)

18:24
12/08/16
12/08
18:24
12/08/16
18:24
Hot Stocks
Match Group launches 'Swipe Ventures,' says Tinder CEO to step down »

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BIIB

Biogen

$289.54

4.24 (1.49%)

18:18
12/08/16
12/08
18:18
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18:18
Hot Stocks
Biogen to present aducanumab Phase 1b data at CTAD meeting »

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  • 08

    Dec

HIVE

Aerohive

$5.41

0.18 (3.44%)

18:17
12/08/16
12/08
18:17
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18:17
Hot Stocks
Discovery Group reports 9.1% stake in Aerohive Networks, sends letter to board »

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ENLK

EnLink Midstream Partners

$17.45

0.2 (1.16%)

, ENLC

EnLink Midstream

$18.20

0.1 (0.55%)

18:05
12/08/16
12/08
18:05
12/08/16
18:05
Periodicals
Outrigger Energy nears sale to midstream services provider, Forbes says »

Private-equity backed…

ENLK

EnLink Midstream Partners

$17.45

0.2 (1.16%)

ENLC

EnLink Midstream

$18.20

0.1 (0.55%)

TRGP

Targa Resources

$54.20

0.38 (0.71%)

ETP

Energy Transfer Partners

$35.13

0.55 (1.59%)

03/08/13
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POST

Post Holdings

$78.65

0.96 (1.24%)

18:02
12/08/16
12/08
18:02
12/08/16
18:02
Hot Stocks
Post Holdings settles egg antitrust class action claims »

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ENZN

Enzon

$0.44

-0.0027 (-0.62%)

17:54
12/08/16
12/08
17:54
12/08/16
17:54
Hot Stocks
Icahn says enters standstill pact with Enzon »

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LDOS

Leidos

$52.27

0.15 (0.29%)

17:53
12/08/16
12/08
17:53
12/08/16
17:53
Hot Stocks
Leidos awarded $350M government contract »

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DDC

Dominion Diamond

$10.27

0.21 (2.09%)

17:50
12/08/16
12/08
17:50
12/08/16
17:50
Hot Stocks
Dominion Diamond sees FY17 production at Ekati diamond mine 4.5M carats »

Sees FY17 Ekati diamond…

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  • 09

    Dec

FNSR

Finisar

$34.13

1.89 (5.86%)

, AVGO

Broadcom

$170.71

2.16 (1.28%)

17:49
12/08/16
12/08
17:49
12/08/16
17:49
Hot Stocks
On The Fly: After Hours Movers »

UP AFTER EARNINGS:…

FNSR

Finisar

$34.13

1.89 (5.86%)

AVGO

Broadcom

$170.71

2.16 (1.28%)

GLPG

Galapagos NV

$58.95

0.71 (1.22%)

XTLY

Xactly

$14.35

0.35 (2.50%)

RH

Restoration Hardware

$38.99

1.05 (2.77%)

DLTH

Duluth Holdings

$37.04

3.09 (9.10%)

NCS

NCI Building

$17.85

0.6 (3.48%)

FRED

Fred's

$10.84

0.15 (1.40%)

USAC

USA Compression

$18.01

-0.14 (-0.77%)

FRO

Frontline

$7.71

0.37 (5.04%)

WSM

Williams-Sonoma

$56.90

0.61 (1.08%)

03/08/13
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  • 08

    Dec

  • 08

    Dec

  • 08

    Dec

  • 08

    Dec

  • 08

    Dec

  • 08

    Dec

  • 09

    Dec

  • 13

    Dec

  • 14

    Dec

  • 09

    Dec

ESRX

Express Scripts

$70.75

-5.1 (-6.72%)

, ANTM

Anthem

$146.61

1.41 (0.97%)

17:48
12/08/16
12/08
17:48
12/08/16
17:48
Hot Stocks
Citron's Andrew Left: 'By no means' calling Express Scripts a fraud or zero »

Speaking in a CNBC…

ESRX

Express Scripts

$70.75

-5.1 (-6.72%)

ANTM

Anthem

$146.61

1.41 (0.97%)

CVS

CVS Health

$78.11

-2.42 (-3.01%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 15

    Dec

DDC

Dominion Diamond

$10.27

0.21 (2.09%)

17:45
12/08/16
12/08
17:45
12/08/16
17:45
Earnings
Dominion Diamond reports Q3 EPS 34c with items, consensus (32c) »

Reports Q3 revenue…

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  • 09

    Dec

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