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BAC

Bank of America

$16.05

0.05 (0.31%)

, CAT

Caterpillar

$87.29

-0.38 (-0.43%)

16:25
10/17/16
10/17
16:25
10/17/16
16:25

On The Fly: Top stock stories for Monday

Stocks opened in quiet fashion and moved in a fairly narrow range, crossing back and forth across the flat line several times in the early going. By late morning the market decided on a direction, with the averages drifting lower and then settling into a new range in negative ground. The listless trading continued into the close as investors braced themselves for the onslaught of the earnings season, which will pick up in earnest this week. ECONOMIC NEWS: In the U.S., the Empire State manufacturing index dropped 4.8 points to -6.8 in October, running its negative streak to a third month. Industrial production rose 0.1% in September, as expected. COMPANY NEWS: Similar to other major U.S. banks that reported earnings last week, Bank of America (BAC) announced better than expected third quarter earnings per share and revenue... Caterpillar (CAT) announced that its Chairman and CEO Doug Oberhelman has elected to retire, effective next year, after more than 41 years with the company... Pepsico (PEP) Chairman and CEO Indra Nooyi unveiled an ambitious target to slash sugar and cut calories as the company looks to counter health concerns about sugar-sweetened beverages and respond to changing consumer preferences. PepsiCo expects that at least two-thirds of the company's beverages will contain 100 calories or less per 12-ounce serving by 2025. MAJOR MOVERS: Among the notable gainers was Hasbro (HAS), which advanced 7.4% after the toymaker reported better than expected third quarter earnings per share and revenue. Also higher was Quality Systems (QSII), which gained 8% after Dealreporter reported on Friday that the company hired UBS (UBS) to explore a potential sale. Additionally, Myriad (MYGN) rose 3.7% after the company announced it will present four new studies at the American Society of Human Genetics Annual Meeting being held October 18-22. Among the noteworthy losers was PTC Therapeutics (PTCT), which fell 39.9% after the FDA denied the company's first appeal of refuse-to-file letter regarding its New Drug Application for Translarna for the treatment of nonsense mutation Duchenne muscular dystrophy. Also lower was LendingClub (LC), which slid 7.25% after the company announced that it is raising interest rates and is tightening its credit policies for the second time in the last six months as delinquencies climb. Additionally, Pandora Media (P) dropped 3.5% after BofA Merrill Lynch analyst Nat Schindler downgraded the stock to Underperform, saying he believes the company's $4B revenue goal by 2020 will be difficult to achieve as the on-demand subscription streaming market has become increasingly competitive and the user base is fully penetrated in the U.S. INDEXES: The Dow fell 51.98, or 0.29%, to 18,086.40, the Nasdaq lost 14.34, or 0.27%, to 5,199.82, and the S&P 500 declined 6.48, or 0.3%, to 2,126.50.

BAC

Bank of America

$16.05

0.05 (0.31%)

CAT

Caterpillar

$87.29

-0.38 (-0.43%)

PEP

PepsiCo

$106.85

0.02 (0.02%)

HAS

Hasbro

$81.82

5.66 (7.43%)

QSII

Quality Systems

$12.40

0.92 (8.01%)

MYGN

Myriad Genetics

$19.31

0.68 (3.65%)

PTCT

PTC Therapeutics

$7.97

-5.3 (-39.94%)

LC

LendingClub

$4.99

-0.39 (-7.25%)

P

Pandora

$12.38

-0.45 (-3.51%)

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BAC Bank of America
$16.05

0.05 (0.31%)

09/13/16
SOCG
09/13/16
DOWNGRADE
Target $42
SOCG
Sell
Societe Generale cuts Citi to Sell, Bank of America to Hold
Societe Generale downgraded Citi (C) to Sell from Hold and Bank of America (BAC) to Hold from Buy. The firm has a $42 price target for shares of Citi and attributes an increased negative stance on Cards for the downgrade. Societe Generale has a $17 price target for Bank of America and cites revenue growth for the downgrade to Hold. Citi is trading down 86c to $46.93 and Bank of America is trading down 19c to $15.71.
09/16/16
GSCO
09/16/16
NO CHANGE
Target $19
GSCO
Conviction Sell
Bank of America operating leverage hitting an inflection, says Goldman
Goldman analyst Richard Ramsden believes Bank of America is hitting an inflection point in operating leverage driven by low single digit growth, stable credit, and absolute reductions in the expense base. The analyst believes topline growth will reach approximately 4% annually through to 2018, driven by consumer bank and wealth management initiatives. Ramsden reiterates his Conviction Buy rating on Bank of American and raised his price target to $19 from $17 given the combination of revenue growth and expense discipline.
10/10/16
OPCO
10/10/16
NO CHANGE
OPCO
Oppenheimer technical analyst upgrades Financials, downgrades Consumer Staples
Oppenheimer technical analyst Ari Wald upgraded the Financials sector to Market Weight and downgraded Consumer Staples to Underweight in next step in the firm's "cyclical rotation road map." Wald identified Ameriprise (AMP), Bank of America (BAC), Citi (C), Goldman Sachs (GS), Lincoln National (LNC) and SunTrust (STI) as six stocks breaking higher that he sees as likely to benefit from internal market rotation.
10/11/16
COMP
10/11/16
INITIATION
Target $13
COMP
Neutral
Bank of America initiated with a Neutral at Compass Point
Compass Point analyst Charles Peabody initiated Bank of America with a Neutral and a $13 price target.
CAT Caterpillar
$87.29

-0.38 (-0.43%)

10/11/16
10/11/16
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. Twitter (TWTR) upgraded to Hold from Sell at Evercore ISI with analyst Ken Sena citing the recent pullback in the shares. 2. Tyson Foods (TSN) upgraded to Outperform from Market Perform at BMO Capital with analyst Kenneth Zaslow saying he thinks that the company's "strong underlying fundamentals" should enable its fiscal 2017 profits to beat expectations, and he says that the shares are undervalued. 3. Virgin America (VA) upgraded to Neutral from Underweight at JPMorgan with analyst Jamie Baker saying regulatory approval of the pending Alaska Air (ALK) takeover "remains more likely than not." 4. Cummins (CMI) was upgraded to Conviction Buy from Neutral and Caterpillar (CAT) was upgraded to Buy from Neutral at Goldman. 5. Carbonite (CARB) upgraded to Outperform from Perform at Oppenheimer with analyst Brian Schwartz saying he sees "substantial upside" from current levels due to valuation and fundamentals. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/11/16
GSCO
10/11/16
UPGRADE
Target $112
GSCO
Buy
Caterpillar upgraded to Buy from Neutral at Goldman
Goldman analyst Jerry Revich upgraded Caterpillar to Buy and raised its price target to $112 from $76 based on expectations for structurally higher margins in this cycle. The analyst believes stabilization in capex budgets suggest eventual normalization in mining equipment share of capex budgets. Following, the completion of the tier 4 product cycle, Revich said Caterpillar's R&D/sales is at 30+ year highs at 5.2% of sales, driving his view of flat to down R&D spending in a recovery, which is a 5% tailwind to incremental margins. The analyst sees $8 in mid-cycle earnings, well ahead of investor expectations, and said mutual funds are broadly underweight Caterpillar shares.
09/19/16
09/19/16
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. PayPal (PYPL) downgraded to Hold from Buy at Canaccord with analyst Michael Graham saying he expects TPV growth to remain solid driven by Venmo and One Touch, but said these factors are well understood and reflected in estimates. 2. Viacom (VIA, VIAB) downgraded to Hold from Buy at Stifel with analyst Benjamin Mogil saying the stock's valuation is no longer attractive in the wake of the news that the company had decided to table its plans to sell a minority stake in Paramount. 3. Caterpillar (CAT) downgraded to Mixed from Positive at OTR Global with the firm saying third quarter global new heavy equipment orders are down 8%-11% year-over-year on weakness in North American. 4. Western Union (WU) downgraded to Negative from Neutral at Susquehanna with analyst James Friedman saying he is concerned about downside risks given the company's high multiple, increased regulatory scrutiny, and the lack of improvement in its Middle East business. 5. Campbell Soup (CPB) downgraded to Hold from Buy at Argus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/19/16
OTRG
09/19/16
DOWNGRADE
OTRG
Mixed
Caterpillar downgraded to Mixed from Positive at OTR Global
OTR Global downgraded Caterpillar to Mixed saying Q3 global new heavy equipment orders are down 8-11% year-over-year on weakness in North American. The firm said EMEA North American used equipment availability is looser and dealers expect further used pricing pressures as large volumes of leased machines are returned to Caterpillar Financial.
PEP PepsiCo
$106.85

0.02 (0.02%)

09/15/16
FBCO
09/15/16
INITIATION
FBCO
Outperform
PepsiCo initiated with an Outperform at Credit Suisse
09/15/16
FBCO
09/15/16
INITIATION
Target $121
FBCO
Outperform
PepsiCo initiated with an Outperform at Credit Suisse
Credit Suisse analyst Laurent Grandet initiated coverage on PepsiCo with an Outperform and a $121 price target. Grandet does not believe the market is giving PepsiCo enough credit for Frito-Lay's marketing and financial strength and the rebalancing of the US beverages portfolio towards faster growing noncarbonated beverages.
09/16/16
09/16/16
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. GoPro (GPRO) initiated with a Buy at BofA/Merrill. 2. JetBlue (JBLU) initiated with an Outperform at Imperial Capital. 3. PepsiCo (PEP), Dr Pepper Snapple (DPS), and Monster Beverage (MNST) were initiated with an Outperform at Credit Suisse, while the firm initiated Boston Beer (SAM) with an Underperform. Credit Suisse also initiated Coca-Cola (KO) and Constellation Brands (STZ) with a Neutral. 4. lululemon (LULU) initiated with a Positive at Susquehanna. 5. Target (TGT) coverage assumed with a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/29/16
STFL
09/29/16
DOWNGRADE
STFL
Hold
Coca-Cola downgraded following Pepsi results at Stifel
As noted earlier, Stifel analyst Mark Swartzberg downgraded Coca-Cola (KO) to Hold from Buy. The analyst downgraded the stock after Pepsi (PEP) reported better than expected Q3 results. The analyst says that Coca-Cola's and Pepsi's organic EPS growth appears to be similar, but he believes that Pepsi is less vulnerable to foreign exchange fluctuations. Additionally, he believes that Coca Cola European Bottlers (CCE) is a better investment than Coca-Cola because of the large amount of revenue synergies which that Coca Cola European Bottlers has identified.
HAS Hasbro
$81.82

5.66 (7.43%)

07/19/16
07/19/16
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. Chipotle (CMG) upgraded to Outperform from Underperform at CLSA with analyst Jeremy Scott saying the Chiptopia loyalty program is a highly compelling and engaging platform that re-energized its most loyal customers while providing a large-scale acquisition of customer data. 2. Hasbro (HAS) upgraded to Overweight from Neutral at Piper Jaffray with analyst Stephanie Wissink saying the recent pullback in shares provides an opportunity to buy for "holiday 2016 and full year 2017 drivers." 3. IDEX Corp. (IEX) upgraded to Buy from Neutral at Janney Capital with analyst Michael Gaugler saying the company's commentary that North American industrial end markets are showing signs of stabilization was probably more relevant than the second quarter results. 4. Ethan Allen (ETH) upgraded to Outperform from Market Perform at Telsey Advisory with analyst Cristina Fernandez saying Ethan Allen has renewed sales momentum and sees several initiatives in the next few quarters that could sustain sales and drive shares higher. 5. Tesoro (TSO) upgraded to Buy from Neutral at Citi with analyst Faisel Khan saying the shares are trading at a significant discount to net asset value. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/19/16
PIPR
07/19/16
UPGRADE
Target $88
PIPR
Overweight
Hasbro upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Stephanie Wissink upgraded Hasbro to Overweight saying the recent pullback in shares provides an opportunity to buy for "holiday 2016 and full year 2017 drivers." Momentum should return to Hasbro business, led by girls and games in the second half of 2016, Wissink tells investors in a research note. The analyst keeps an $88 price target for the shares.
05/10/16
05/10/16
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. Wayfair (W) downgraded to Neutral at Citi by analyst Mark May, who said international investments and aggressive hiring are likely to limit EBITDA upside in 2016. 2. SolarCity (SCTY) downgraded to Neutral at BofA/Merrill by analyst Krish Sankar, who said the company's strategy to manage growth and costs, and long-term economic value creation has become increasingly unclear. He also said the cost strategy will be impacted by numerous factors including the policy environment, financing and execution risks. The company was also downgraded to Market Perform at Avondale. 3. Hasbro (HAS) downgraded to Neutral at Piper Jaffray with analyst Stephanie Wissink citing limited upside to her unchanged price target of $88. 4. Nike (NKE) resumed with a Market Perform at Wells Fargo by analyst Tom Nikic, who said the company's near-term financials "may prove to be fairly noisy" due to the upcoming Summer Olympics in Brazil. The analyst adds that Nike is facing a level of competition that it has not experienced in quite some time. 5. Sprouts Farmers Markets (SFM) downgraded to Sell at Goldman with analyst Stephen Grambling saying both thee consensus estimates and the valuation are overly optimistic. He said that increasing competition caused the company's comp growth to stall. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/10/16
PIPR
05/10/16
DOWNGRADE
Target $88
PIPR
Neutral
Hasbro downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Stephanie Wissink downgraded Hasbro to Neutral citing limited upside to her unchanged price target of $88. The analyst notes she's not a seller of the shares as she believes Hasbro deserves a premium multiple.
QSII Quality Systems
$12.40

0.92 (8.01%)

10/05/16
UBSW
10/05/16
INITIATION
Target $10.5
UBSW
Sell
Quality Systems initiated with a Sell at UBS
Target $10.50.
10/14/16
10/14/16
NO CHANGE

Quality Systems hired UBS to explore a sale, Dealreporter says citing sources
Quality Systems has hired UBS to explore a potential sale, Dealreporter says citing sources. Last week, Quality Systems management conducted presentations for several strategic buyers and financial sponsors, the sources said.
06/08/16
LEER
06/08/16
NO CHANGE
Target $16
LEER
Market Perform
Pieces in place for Quality Systems turn-around, says Leerink
Leerink analyst David Larsen says he is now incrementally more positive on Quality Systems's stock after attending the company's analyst day. Recurring revenue continues to rise and management is focused on growing earnings, the analyst tells investors in a research note. However, Larsen believes Quality Systems still faces "significant attrition" of its core base, and is worried that Q1 bookings may disappoint. The analyst reiterates a Market Perform rating and $16 price target on the shares as he waits to see more turn-around traction before getting more positive.
10/17/16
BARD
10/17/16
NO CHANGE
Target $14
BARD
Neutral
Quality Systems potential LBO returns not compelling, says Baird
Baird analyst Matthew Gillmor noted Quality Systems has reportedly hired an investment bank to explore a potential sale. However, at current levels he would not chase the stock. Gillmor sees LBO returns as non-compelling and anticipates several risks and challenges for any strategic buyer. Gillmor maintained his Neutral rating and $14 price target on Quality Systems shares, which rose 28c, or 2.5%, to close at $11.48 on Friday.
MYGN Myriad Genetics
$19.31

0.68 (3.65%)

10/10/16
LTCO
10/10/16
DOWNGRADE
Target $16
LTCO
Sell
Myriad Genetics downgraded to Sell from Neutral at Ladenburg
Ladenburg Thalmann analyst Kevin DeGeeter downgraded Myriad Genetics (MYGN) to Sell citing a "significant and unexpected deterioration" in outlook for the company's companion diagnostic franchise. The analyst expects a lower growth outlook to drive "significant P/E multiple compression." Tesaro (TSRO) presented data this weekend that suggested its PARP inhibitor niraparib was active in a maintenance setting for recurrent ovarian cancer in patients with either positive or negative HRD scores. The analyst had expected the drug to benefit only HRD positive patients. As such, the use of niraparib will not require HRD testing, DeGeeter tells investors in a research note. The analyst has a $16 price target for the shares.
10/10/16
10/10/16
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. Honeywell (HON) downgraded to Buy from Conviction Buy at Goldman with analyst Christopher Glynn lowering his Q3 Earnings Per Share expectations for Honeywell after the company cut its earnings and revenue outlook and trimmed his price target to $122 from $128. 2. United Technologies (UTX) downgraded to Neutral from Buy at Citi with analyst Jason Gursky saying he sees three issues limiting share upside over the next twelve-plus months. 3. PNC Financial (PNC) was downgraded to Neutral from Buy at Nomura while the firm downgraded Fifth Third (FITB) to Reduce from Neutral. 4. Myriad Genetics (MYGN) downgraded to Sell from Neutral at Ladenburg with analyst Kevin DeGeeter citing a "significant and unexpected deterioration" in outlook for the company's companion diagnostic franchise. 5. HSN, Inc. (HSNI) downgraded to Hold from Buy at Craig-Hallum with analyst Alex Fuhrman saying his channel checks indicate continued weakness in the third quarter, with particular weakness in jewelry and consumer electronics. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/16
PIPR
10/10/16
NO CHANGE
PIPR
Neutral
TESARO data suggest Myriad test not necessary, says Piper Jaffray
Piper Jaffray analyst William Quirk points out that data over the weekend from TESARO (TSRO), Myriad Genetics' (MYGN) companion diagnostic partner, suggest niraparib works in all-comers, making Myriad's test not necessary. Myriad shares may be down physiologically, Quirk tells investors in a research note partially titled "When A Partnership Produces Mixed Results." The analyst, however, believes niraparib is not clinically significant in HRD negative patients and that Myriad's test will be included on the drug label. He keeps a Neutral rating on shares of Myriad. Ladenburg Thalmann this morning downgraded the stock to Neutral.
08/29/16
BOFA
08/29/16
NO CHANGE
BOFA
Myriad Genetics loses BCBS of Nevada contract to LabCorp, says BofA/Merrill
Analysts at BofA Merrill Lynch noted that Myriad Genetics (MYGN) has lost an in-network contract with Blue Cross Blue Shield of Nevada to LabCorp (LH) and the firm expects Myriad shares to trade down following the news. The firm sees the potential for a continuation of this trend across other BCBS systems in other states.
PTCT PTC Therapeutics
$7.97

-5.3 (-39.94%)

09/20/16
JEFF
09/20/16
NO CHANGE
Target $7
JEFF
Hold
Jefferies thinks eteplirsen approval will have limited impact on PTC
Jefferies analyst Gena Wang believes yesterday's FDA approval of Sarepta Therapeutics' (SRPT) eteplirsen will have a limited impact on PTC Therapeutics (PTCT). While PTC's potential treatment for Duchenne muscular dystrophy ataluren is considered safe, the FDA approval of eteplirsen is mainly based on the marginal increase of dystrophin level and PTC does not have any dystrophin data from Phase 3, Wang tells investors in a research note. Eteplirsen's approval could pressure the FDA to reconsider the review progress of ataluren, but the final outcome would likely remain the same, the analyst contends. She keeps a Hold rating on PTC with a $7 price target. The stock closed yesterday up 21%, or $1.88, to $10.99.
10/03/16
BOFA
10/03/16
NO CHANGE
Target $15
BOFA
Buy
PTC Therapeutics price target raised to $15 from $9 at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad raised PTC Therapeutics' price target to $15 from $9 following partner Roche's recruitment for a trial it is conducting to investigate a potential treatment for Spinal Muscular Atrophy, or SMA, patients. Given this advancement, the analyst is raising his probability of approval to 30% from 20% in SMA and maintains his Neutral rating.
10/17/16
JANY
10/17/16
NO CHANGE
JANY
PTC's denial has negative read-through for BioMarin, says Janney Capital
Janney Capital noted that PTC Therapeutics' (PTCT) Translarna and Sarepta's (SRPT) Exondys 51 address non-overlapping DMD populations and there was an expectation of flexibility from the FDA following the conditional approval of Exondys 51. However, the FDA has denied the first appeal of the refuse to file letter regarding PTC's NDA for Translarna for the treatment of nonsense mutation DMD, which the firm said has potential negative read-through for BioMarin's (BMRN) attempt to rekindle Kyndrisa, which is a direct competitor to Sarepta's Exondys 51. The firm added that the news might positively impact reimbursement decisions for Exondys 51.
10/17/16
SBSH
10/17/16
NO CHANGE
Target $9
SBSH
Neutral
Citi says time running out for PTC Therapeutics in Europe
Citi analyst Joel Beatty says that while the FDA's denial of PTC Therapeutics' first appeal was widely expected, the major objection relating to the efficacy of Translarna by Europe's Committee for Medicinal Products for Human Use is more concerning. The move highlights that the CHMP is still not comfortable with the overall risk-benefit profile of Translarna ahead of an expected decision by year-end, Beatty tells investors in a research note. He sees heightened risk of Translarna's marketing authorization not being renewed in Europe and feels PTC's time is running out to alleviate CHMP's concerns. The analyst has a Neutral rating on the shares with a $9 price target. PTC is trading down 30%, or $3.94, to $9.34 in morning trading.
LC LendingClub
$4.99

-0.39 (-7.25%)

10/10/16
WEDB
10/10/16
INITIATION
Target $3.75
WEDB
Underperform
LendingClub initiated with an Underperform at Wedbush
Wedbush analyst Henry Coffey initiated LendingClug with an Underperform and a $3.75 price target.
08/04/16
08/04/16
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. LendingClub (LC) initiated with a Perform at Oppenheimer. 2. uniQure (QURE) assumed with a Buy at H.C. Wainwright. 3. Sunworks (SUNW) initiated with a Buy at Chardan. 4. CSX ( CSX), Canadian Pacific (CP), Norfolk Southern (NSC), and Union Pacific (UNP) initiated with a Hold, and Kansas City Southern (KSU) initiated with a Buy at Loop Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/03/16
OPCO
08/03/16
INITIATION
OPCO
Perform
LendingClub initiated with a Perform at Oppenheimer
Oppenheimer analyst Jed Kelly initiated LendingClub with a Perform rating saying he would to wait for better visibility around loan buyer demand before getting constructive on shares.
10/11/16
WEDB
10/11/16
INITIATION
WEDB
Underperform
LendingClub initiated at Wedbush
As noted earlier, Wedbush analyst Henry Coffey initiated LendingClub with a $3.75 price target and an Underperform rating. The analyst says that the company is three to five years from reporting a "meaningful" profit. He thinks that the company's originations probably won't rise much above current levels, given the limitations of its marketplace model and the difficulties of obtaining funding from more conventional sources.
P Pandora
$12.38

-0.45 (-3.51%)

10/17/16
10/17/16
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. JPMorgan (JPM) downgraded to Neutral from Buy at Buckingham and to Market Perform from Outperform at BMO Capital. 2. Wells Fargo (WFC) downgraded to Market Perform from Outperform at Keefe Bruyette with analyst Brian Kleinhanzl saying the valuation "cannot overcome" all the uncertainty. 3. Lowe's (LOW) downgraded to Buy from Conviction Buy at Goldman with analyst Matthew Fassler saying the home improvement retail sector is closely tied to housing turnover and home improvement sales are also approaching normalized levels. 4. Pandora (P) downgraded to Underperform from Neutral at BofA/Merrill with analyst Nat Schindler saying he believes Pandora's $4B revenue 2020 revenue goal will be difficult to achieve as the on-demand subscription streaming market has become increasingly competitive and the user base is fully penetrated. 5. Time Warner (TWX) downgraded to Neutral from Outperform at Wedbush with analyst James Dix citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/17/16
BOFA
10/17/16
DOWNGRADE
Target $9
BOFA
Underperform
Pandora downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Nat Schindler downgraded Pandora to Underperform and lowered its price target to $9 from $14. The analyst believes Pandora's $4B revenue 2020 revenue goal will be difficult to achieve as the on-demand subscription streaming market has become increasingly competitive and the user base is fully penetrated. Schindler believes acquisition speculation has supported Pandora's valuation rather than fundamentals and lowered estimates to reflect reduced On-Demand services value given lower gross margin assumptions.
10/04/16
10/04/16
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. CBS (CBS) upgraded to Buy from Sell at UBS with analyst Doug Mitchelson saying he sees any deal with Viacom (VIA) as priced into CBS shares already. He also has increased confidence in consensus estimates for CBS and sees further upside if the national TV ad market and CBS' ratings remain strong. 2. Pandora (P) upgraded to Conviction Buy from Buy at Goldman with analyst Heath Terry saying he 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. 3. Las Vegas Sands (LVS) upgraded to Buy from Neutral at BofA/Merrill with analyst Shaun Kelley saying shares remain fairly under-owned and thinks estimate revisions will move higher due to market momentum, better ROI for Parisian, Cotai infrastructure additions, and optionality from Japan and real estate. 4. KBR (KBR) upgraded to Buy from Hold at Deutsche Bank with analyst Chad Dillard saying yesterday's 10% post-guidance cut selloff is overdone and backward-looking. 5. West Marine (WMAR) upgraded to Buy from Neutral at B. Riley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/14/16
JPMS
10/14/16
NO CHANGE
Target $134
JPMS
Overweight
JPMorgan tweaks Alibaba, Netflix targets lower ahead of Q3 results
JPMorgan analyst Doug Anmuth lowered his price target for Alibaba (BABA) to $134 from $135 and his target for Netflix (NFLX) to $122 from $125 ahead of the Q3 reporting season. Both stocks remain Overweight rated. The analyst slightly lowered his estimates for Alibaba to reflect tougher inventory comps and increased investment spending. He remains positive on the company's overall monetization trends. On Netflix, Anmuth tweaked his 2017 average selling price forecast lower while increasing his investment spend estimate modestly. Within the Internet space, the analyst's top large-cap picks into the quarter are Alphabet (GOOGL), Facebook (FB) and Amazon.com (AMZN). Among small-caps, his top picks into earnings are Yelp (YELP), Pandora (P) and Match Group (MTCH).

TODAY'S FREE FLY STORIES

BMRN

BioMarin

$82.45

0.24 (0.29%)

, ESALY

Eisai

$57.37

-0.545 (-0.94%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
American Epilepsy Society to hold annual meeting »

70th Annual Meeting of…

BMRN

BioMarin

$82.45

0.24 (0.29%)

ESALY

Eisai

$57.37

-0.545 (-0.94%)

GWPH

GW Pharmaceuticals

$117.45

5.13 (4.57%)

IART

Integra LifeSciences

$76.78

1 (1.32%)

MDT

Medtronic

$71.67

-0.34 (-0.47%)

MNK

Mallinckrodt

$53.56

-0.05 (-0.09%)

NVTA

Invitae

$7.05

0.1 (1.44%)

SAGE

SAGE Therapeutics

$51.82

2.8 (5.71%)

WTKWY

Wolters Kluwer

$35.23

1.15 (3.37%)

ZGNX

Zogenix

$12.70

-0.35 (-2.68%)

ZYNE

Zynerba

$13.18

-0.46 (-3.37%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

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    Jan

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    Apr

04:55
12/06/16
12/06
04:55
12/06/16
04:55
General news
Productivity and Costs Unit labor costs to be reported at 08:30 »

Productivity and Costs…

ADSK

Autodesk

$71.18

0.61 (0.86%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Autodesk to host investor day »

Investor Day to be held…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 07

    Dec

  • 09

    Jan

GWB

Great Western

$40.42

0.99 (2.51%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Great Western management to meet with JPMorgan »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 07

    Dec

ECL

Ecolab

$118.56

1.67 (1.43%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Ecolab management to meet with Jefferies »

Meetings to be held in…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 06

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    Dec

CGNX

Cognex

$58.03

0.03 (0.05%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Cognex management to meet with Needham »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

SMCI

Super Micro Computer

$27.60

0.6 (2.22%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Super Micro Computer management to meet with Maxim »

Group dinner to be held…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 06

    Dec

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    Feb

  • 09

    Feb

LLL

L-3 Communications

$158.46

1.23 (0.78%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
L-3 Communications to host investor meeting with conference call hookup »

Investor meeting to be…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 06

    Dec

CSV

Carriage Services

$27.79

0.29 (1.05%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Carriage Services management to meet with Barrington »

Meetings to be held in…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 07

    Dec

04:55
12/06/16
12/06
04:55
12/06/16
04:55
General news
Productivity and Costs Nonfarm productivity to be reported at 08:30 »

Productivity and Costs…

EKSO

Ekso Bionics

$4.67

0.4 (9.37%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Ekso Bionics to host investor day »

Investor Day to be held…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
American College of Neuropsychopharmacology to hold an annual meeting »

55th Annual Meeting of…

TWOU

2U

$32.15

0.99 (3.18%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
2U management to meet with Needham »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 07

    Dec

04:55
12/06/16
12/06
04:55
12/06/16
04:55
General news
Factory Orders to be reported at 10:00 »

October Factory Orders…

RGLS

Regulus

$2.85

0.35 (14.00%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Regulus to host research and development day »

Research and Development…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 14

    Dec

AGO

Assured Guaranty

$36.95

0.4 (1.09%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Assured Guaranty management to meet with MKM Partners »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

CHEF

Chefs' Warehouse

$14.10

0.9 (6.82%)

, SFS

Smart & Final Stores

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Barclays to hold a conference »

2016 Eat, Sleep, Play:…

CHEF

Chefs' Warehouse

$14.10

0.9 (6.82%)

SFS

Smart & Final Stores

SAFM

Sanderson Farms

$85.90

3.94 (4.81%)

JACK

Jack in the Box

$108.24

1.09 (1.02%)

CAKE

Cheesecake Factory

$61.40

0.92 (1.52%)

KR

Kroger

$32.93

-0.37 (-1.11%)

YUM

Yum! Brands

$63.06

0.64 (1.03%)

SYY

Sysco

$53.48

-0.11 (-0.21%)

RLJ

RLJ Lodging Trust

$23.38

0.86 (3.82%)

RCL

Royal Caribbean

$81.05

1.49 (1.87%)

PENN

Penn National

$13.50

0.13 (0.97%)

MGM

MGM Resorts

$28.97

-0.04 (-0.14%)

MAR

Marriott

$81.00

1.8 (2.27%)

LVS

Las Vegas Sands

$61.12

0.13 (0.21%)

HT

Hersha Hospitality

$20.75

0.19 (0.92%)

EAT

Brinker

$53.43

0.15 (0.28%)

DPZ

Domino's Pizza

$166.29

-1.71 (-1.02%)

CMG

Chipotle

$396.27

-3.76 (-0.94%)

CHH

Choice Hotels

$52.75

0.85 (1.64%)

BOJA

Bojangles

$18.75

0.65 (3.59%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 06

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    Dec

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    Dec

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04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
KeyBanc to hold a conference »

Consumer Conference is…

ON

ON Semiconductor

$11.23

0.11 (0.99%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
ON Semiconductor management to meet with B. Riley »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 06

    Dec

ECOM

ChannelAdvisor

$14.30

0.25 (1.78%)

, BCOV

Brightcove

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Raymond James to hold a conference »

Technology Investors…

ECOM

ChannelAdvisor

$14.30

0.25 (1.78%)

BCOV

Brightcove

EXTR

Extreme Networks

$4.43

0.15 (3.50%)

CTRL

Control4

$11.19

0.07 (0.63%)

JNPR

Juniper

$26.93

0.1 (0.37%)

SNX

SYNNEX

$121.70

2.97 (2.50%)

GIG

GigPeak

$2.62

0.15 (6.07%)

QRVO

Qorvo

$52.48

1.94 (3.84%)

FLEX

Flex

$14.55

0.17 (1.18%)

WK

Workiva

BNFT

Benefitfocus

$28.20

1.1 (4.06%)

HAR

Harman

$109.66

0.19 (0.17%)

FIT

Fitbit

$8.03

-0.11 (-1.35%)

ULTI

Ultimate Software

$192.96

1.56 (0.82%)

CRTO

Criteo

$39.33

0.65 (1.68%)

MSCC

Microsemi

$53.40

0.45 (0.85%)

VC

Visteon

$79.86

0.05 (0.06%)

ADI

Analog Devices

$70.60

0.49 (0.70%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

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    Jan

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    Jan

  • 14

    Feb

APTS

Preferred Apartment

$13.48

0.07 (0.52%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Preferred Apartment management to meet with JMP Securities »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

PLNT

Planet Fitness

$20.17

0.15 (0.75%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Planet Fitness management to meet with JPMorgan »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 09

    Jan

SUM

Summit Materials

$23.53

0.27 (1.16%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Summit Materials management to meet with Stephens »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 19

    Dec

CSIQ

Canadian Solar

$11.79

0.72 (6.50%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
Canadian Solar management to meet with Roth Capital »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 09

    Dec

CEVA

CEVA

$30.75

0.9 (3.02%)

04:55
12/06/16
12/06
04:55
12/06/16
04:55
Conference/Events
CEVA management to meet with Roth Capital »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

  • 07

    Dec

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