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IBM

IBM

$154.74

0.29 (0.19%)

, IMPV

Imperva

$47.55

-1.48 (-3.02%)

13:21
10/17/16
10/17
13:21
10/17/16
13:21

On The Fly: What to watch in IBM earnings report

IBM (IBM) is scheduled to report results of its third fiscal quarter after the market close on October 17, with a conference call scheduled for 5:00 pm ET. What to watch for: 1. FULL YEAR EPS VIEW UP A TICK: Along with its last report, IBM reaffirmed its fiscal 2016 adjusted earnings per share view of at least $13.50. At the time, analysts expected the company to report FY16 adjusted EPS of $13.49, but that figure has since risen to $13.51. In addition, on its second quarter earnings conference call, the company said that Q3 EPS should land at the mid-to-high end of the 22%-24% of FY16 EPS range. Analysts expect IBM to report Q3 earnings per share of $3.24. 2. M&A ACTIVITY: IBM has been heavily involved in mergers and acquisitions in 2016. In the company's last earnings report, senior vice president and chief financial officer Martin Schroeter said the company closed 11 acquisitions for over $5B in the first half of 2016 and invested nearly $2B in capital expenditures. In early August, Bloomberg reported that IBM was in early discussions to acquire Revel Systems. On September 22, Bloomberg also reported that IBM was among companies interested in acquiring security-software firm Imperva (IMPV). Cisco (CSCO) and Forcepoint, which is jointly owned by Vista Equity Partners and Raytheon (RTN), were also listed as interested parties, the report noted at the time. Last week, however, Bloomberg reported that private equity firms Silver Lake and Thomas Bravo also intend to submit takeover offers for Imperva. The company also announced plans to acquire global risk management and regulatory compliance consulting firm Promontory Financial Group in late September. 3. FOCUS ON STRATEGIC IMPERATIVES: In its last earnings report, IBM chairman, president, and chief executive officer Ginni Rometty commented on how the company "continues to establish itself as the leading cognitive solutions and cloud platform company" and mentioned the company's innovation and focus on strategic imperatives. "In the second quarter we delivered double-digit revenue growth in our strategic imperatives, driven by innovations in areas such as analytics, security, cloud video services and Watson Health, all powered by the IBM Cloud and differentiated by industry," Rometty said. IBM reported Q2 strategic imperatives revenue of $8.3B, up 12% year-over-year.

IBM

IBM

$154.74

0.29 (0.19%)

IMPV

Imperva

$47.55

-1.48 (-3.02%)

CSCO

Cisco

$30.18

0.01 (0.03%)

RTN

Raytheon

$137.73

0.39 (0.28%)

  • 23

    Oct

  • 03

    Nov

  • 08

    Nov

  • 14

    Nov

  • 08

    Dec

IBM IBM
$154.74

0.29 (0.19%)

09/26/16
SOCG
09/26/16
UPGRADE
SOCG
Hold
IBM upgraded to Hold from Sell at Societe Generale
09/23/16
OPCO
09/23/16
NO CHANGE
OPCO
Outperform
Speculation suggests Imperva takeover in 'near sight,' says Oppenheimer
Oppenheimer analyst Shaul Eyal is not surprised to see the list of potential Imperva (IMPV) buyer candidates mentioned in an article from Bloomberg, which includes Cisco (CSCO), IBM (IBM), Fortinet (FTNT), Akamai (AKAM), and privately held Forcepoint. The analyst envisions Imperva's product line aligning particularly well with Cisco's and IBM's given the recent drive by both to expand their security offerings. Eyal sees a potential price target ranging between $55-$60 if the speculation has any merit and sufficient interest from multiple bidders. Oppenheimer has an Outperform rating on Imperva's shares.
09/06/16
EVER
09/06/16
UPGRADE
Target $45
EVER
Buy
Intel upgraded to Buy from Hold at Evercore ISI
Evercore ISI analyst C.J. Muse upgraded Intel (INTC) to Buy and raised his price target for the shares to $45 from $38. The chipmaker closed Friday up 6c to $36.08. Fears of a slowdown in its Server business and sustained weakness in PCs have led Intel shares to underperform peers thus far in 2016, Muse tells investors in a research note. The analyst expects the underperformance to change as the company's Data Center Group segment accelerates to 10%+plus growth in the second half of 2016. Further, Muse thinks Intel's "competitive moat remains" despite potential competition from ARM Holdings (ARMH) and IBM's (IBM) Power9 architecture. He sees 25% upside in Intel shares from current levels.
08/16/16
08/16/16
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. IBM (IBM) initiated with a Perform at Oppenheimer. 2. GrubHub (GRUB) initiated with a Hold at Jefferies. 3. Broadwind Energy (BWEN) initiated with an Outperform at Cowen. 4. TPI Composites (TPIC) initiated with an Overweight at JPMorgan, with an Outperform at Cowen, with a Buy at Canaccord, with an Overweight at Morgan Stanley, and with an Outperform at Raymond James. 5. Tableau (DATA) initiated with an Outperform at Oppenheimer. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
IMPV Imperva
$47.55

-1.48 (-3.02%)

10/06/16
DADA
10/06/16
DOWNGRADE
DADA
Neutral
Imperva downgraded on valuation at DA Davidson
As noted earlier, DA Davidson downgraded Imperva to Neutral from Buy. Analyst Jack Andrews downgraded the stock based on valuation. He thinks that a number of strategic and financial entities could be interested in buying Imperva, and he believes that the company will probably be sold "over the next few months." However, the analyst thinks that the company may not be bought for a price that is significantly higher than its current valuation. Target remains $55.
10/06/16
DADA
10/06/16
DOWNGRADE
DADA
Neutral
Imperva downgraded to Neutral from Buy at DA Davidson
09/26/16
NOMU
09/26/16
DOWNGRADE
NOMU
Neutral
Imperva downgraded to Neutral from Buy at Nomura
Nomura downgraded Imperva to Neutral with a $50 price target saying Friday's share strength reflects a potential acquisition of the company.
10/03/16
BTIG
10/03/16
DOWNGRADE
BTIG
Neutral
Imperva downgraded to Neutral from Buy at BTIG
BTIG analyst Joel Fishbein downgraded Imperva to Neutral saying valuation reflects a potential acquisition of the company.
CSCO Cisco
$30.18

0.01 (0.03%)

09/19/16
IMPC
09/19/16
NO CHANGE
Target $190
IMPC
Outperform
Palo Alto win rates strong, can keep gaining share, says Imperial Capital
After meeting with Palo Alto Networks (PANW) management, Imperial Capital analyst Michael Kim noted that they highlighted their strong win rates when customers conduct head-to-head evaluations. Kim, who believes the company is gaining share in the network security market at the cost of Cisco (CSCO) and Check Point (CHKP), keeps an Outperform rating and $190 price target on Palo Alto shares.
10/10/16
UBSW
10/10/16
NO CHANGE
Target $35
UBSW
Buy
Consensus may be underestimating Cisco security growth, says UBS
UBS analyst Steven Milunovich said Cisco needs to grow its security business by double digits for the stock to outperform. He believes the company can do that and sees the Street underestimating its ability in security, citing the company's opportunity to leverage its network dominance and differentiate by providing a unified offering versus competitors' piecemeal parts. Milunovich reiterated his Buy rating and $35 price target on Cisco shares.
10/14/16
MSCO
10/14/16
NO CHANGE
MSCO
Morgan Stanley positive on Arista, Cisco, cautious on F5 Networks, Juniper
Morgan Stanley analyst James Faucette favors Arista Networks (ANET), is positive on Cisco (CSCO) and cautious on F5 Networks (FFIV) and Juniper (JNPR) heading into Q3 results. The analyst expects another beat and raise for Arista and said increasing demand is straining availability but the company is prioritizing inventory to meet demand at hyperscales and the largest data center customers. Faucette expects Cisco to report in line results and said signs of stabilization in campus switch activity gives him confidence the strategy focus towards software and services will drive shares higher. He expects F5 to report an in line report with a modest improvement from new appliances ramp but is hearing crosscurrents on the longevity of the new product cycle. Finally, Faucette said Juniper's business continues to be below plan and is hearing instances of share loss in enterprise routers.
RTN Raytheon
$137.73

0.39 (0.28%)

04/29/16
04/29/16
NO CHANGE

Raytheon should be bought on weakness, says Sterne Agee CRT
Sterne Agee CRT believes that Raytheon's Q1 results will mark the low point for the year. The firm expects the company to win $25B-$26B in contracts this year.
07/29/16
STFL
07/29/16
NO CHANGE
STFL
Raytheon price target raised to $160 from $140 at Stifel
After Raytheon reported higher than expected Q2 EPS, Stifel analyst Joseph DeNardi continues to believe that the company's 2016 guidance is conservative, while it is benefiting from "rock solid" demand. He keeps a Buy rating on the stock.
10/06/16
10/06/16
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. Boeing (BA) initiated with an Outperform at Baird. 2. AMC Networks (AMCX) initiated with an Outperform at FBN Securities. 3. CVS Health (CVS) initiated with a Buy at UBS. 4. L-3 Communications (LLL) initiated with an Outperform at Baird. 5. Raytheon (RTN) initiated with an Outperform at Baird. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/06/16
BARD
10/06/16
INITIATION
Target $170
BARD
Outperform
Raytheon initiated with an Outperform at Baird
Baird analyst Peter.Arment initiated Raytheon with an Outperform and a $170 price target.

TODAY'S FREE FLY STORIES

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0.07 (0.17%)

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$12.45

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ProShares Short VIX Short-Term Futures

$89.64

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ALV

Autoliv

$122.59

1.04 (0.86%)

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USO

United States Oil Fund

$10.24

0.13 (1.29%)

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XOP

SPDR Oil Exploration and Production Fund

$32.86

0.68 (2.11%)

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DGAZ

VelocityShares 3x Inv Natural Gas ETN

$21.73

0.61 (2.89%)

06:34
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UGAZ

VelocityShares 3x Long Natural Gas ETN

$13.20

-0.36 (-2.65%)

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AMD

AMD

$13.74

0.62 (4.73%)

, NVDA

Nvidia

$185.84

-1.51 (-0.81%)

06:34
09/21/17
09/21
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Recommendations
AMD, Nvidia, Tesla analyst commentary  »

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AMD

AMD

$13.74

0.62 (4.73%)

NVDA

Nvidia

$185.84

-1.51 (-0.81%)

TSLA

Tesla

$373.91

-1.19 (-0.32%)

03/08/13
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  • 02

    Oct

EWZ

MSCI Brazil Index

$43.19

0.13 (0.30%)

06:34
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EFA

iShares MSCI EAFE Index Fund

$68.32

-0.15 (-0.22%)

06:33
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JNK

SPDR Barclays High Yield Bond

$37.21

-0.01 (-0.03%)

06:33
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SJB

ProShares Short High Yield

$23.19

0.0092 (0.04%)

06:32
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AUO

AU Optronics

$4.19

-0.03 (-0.71%)

06:32
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AU Optronics to continue 'smart investment' policy, DigiTimes reports »

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HYG

iShares iBoxx $ High Yield Corporate Bond

$88.45

-0.01 (-0.01%)

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LQD

iShares iBoxx $ Investment Grade Corporate Bond

$120.82

-0.15 (-0.12%)

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TLT

iShares 20+ Year Treasury Bond Fund

$125.91

0.09 (0.07%)

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TSM

TSMC

$37.82

-0.48 (-1.25%)

, QCOM

Qualcomm

$51.98

-0.32 (-0.61%)

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TSM

TSMC

$37.82

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QCOM

Qualcomm

$51.98

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SMI

SMIC

$5.65

0.19 (3.48%)

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P

Pandora

$8.23

-0.09 (-1.08%)

, AAPL

Apple

$156.07

-2.66 (-1.68%)

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P

Pandora

$8.23

-0.09 (-1.08%)

AAPL

Apple

$156.07

-2.66 (-1.68%)

GOOG

Alphabet

$931.58

9.77 (1.06%)

GOOGL

Alphabet Class A

$947.54

10.68 (1.14%)

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SLV

iShares Silver Trust

$16.19

-0.17 (-1.04%)

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USLV

VelocityShares 3x Long Silver ETN

$12.54

-0.37 (-2.87%)

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IYR

DJ US Real Estate Index Fund

$80.81

-0.2 (-0.25%)

06:29
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EFX

Equifax

$96.00

1.13 (1.19%)

06:29
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  • 22

    Oct

IBB

iShares Nasdaq Biotechnology Index

$332.75

2.79 (0.85%)

06:29
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