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FTNT

Fortinet

$31.64

-0.22 (-0.69%)

, AAP

Advance Auto Parts

$163.07

20.17 (14.11%)

10:12
11/15/16
11/15
10:12
11/15/16
10:12

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Fortinet (FTNT) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Melissa Gorham saying she is more constructive on Fortinet heading into fiscal 2017 given the stable demand environment, free cash flow generation, easier comps, and more durable renewals. 2. Advance Auto Parts (AAP) upgraded to Strong Buy from Outperform at Raymond James and to Positive from Neutral at Susquehanna following the company's quarterly report. 3. Chevron (CVX) upgraded to Buy from Outperform at CLSA while the firm also upgraded EOG Resources (EOG) to Outperform from Underperform. 4. Harley-Davidson (HOG) upgraded to Sector Perform from Underperform at RBC Capital with analyst Joseph Spak saying that risks to the company's growth have dissipated, partly due to the potential of President-elect Trump's policies to spark increased consumer spending. 5. Cheesecake Factory (CAKE) upgraded to Buy from Hold at Argus with analyst John Staszak saying investors should be attracted to Cheesecake by its dividend hikes, share repurchases, and ability to open new stores while generating consistent comparable sales growth. 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

$31.64

-0.22 (-0.69%)

AAP

Advance Auto Parts

$163.07

20.17 (14.11%)

CVX

Chevron

$108.55

1.96 (1.84%)

EOG

EOG Resources

$94.04

1.36 (1.47%)

HOG

Harley-Davidson

$58.86

-0.165 (-0.28%)

CAKE

Cheesecake Factory

$60.15

2.19 (3.78%)

  • 15

    Nov

  • 17

    Nov

  • 12

    Dec

FTNT Fortinet
$31.64

-0.22 (-0.69%)

11/15/16
11/15/16
UPGRADE
Target $39

Overweight
Fortinet upgraded to Overweight at Morgan Stanley
As previously reported, Morgan Stanley upgraded Fortinet to Overweight from Equal Weight and a $39 price target. Analyst Melissa Gorham is mover constructive on Fortinet heading into FY17 given the stable demand environment, free cash flow generation, easier comps, and more durable renewals.
10/21/16
FANA
10/21/16
INITIATION
Target $32
FANA
Equal-Weight
Fortinet initiated with an Equal-Weight at First Analysis
First Analysis analyst Howard Smith started Fortinet with an Equal-Weight rating and $32 price target.
10/28/16
JMPS
10/28/16
NO CHANGE
JMPS
Fortinet shares still attractive despite guidance miss, says JMP Securities
After Fortinet provided lower than expected Q4 revenue and EPS guidance, JMP Securities analyst Erik Suppiger says checks indicate that the company's longer term opportunity is "still attractive." The analyst says that the company's guidance for 23% quarter-over-quarter billings growth indicates that its subscription pipeline is still healthy, while it has room to increase its sales force productivity. Additionally, Suppiger believes that the company is "a prime candidate for activist investors," given its "lagging growth "and "low operating margins." He keeps a $34 price target and Outperform rating on the shares.
11/15/16
MSCO
11/15/16
UPGRADE
MSCO
Overweight
Fortinet upgraded to Overweight from Equal Weight at Morgan Stanley
AAP Advance Auto Parts
$163.07

20.17 (14.11%)

11/15/16
RAJA
11/15/16
UPGRADE
RAJA
Strong Buy
Advance Auto Parts upgraded to Strong Buy from Outperform at Raymond James
08/25/16
SUSQ
08/25/16
INITIATION
Target $158
SUSQ
Neutral
Advance Auto Parts initiated with a Neutral at Susquehanna
Susquehanna analyst Ali Faghri initiated Advance Auto Parts with a Neutral and $158 price target.
CVX Chevron
$108.55

1.96 (1.84%)

11/01/16
11/01/16
UPGRADE
Target $130

Overweight
Chevron upgraded to Overweight on differentiated growth at Morgan Stanley
As previously reported, Morgan Stanley upgraded Chevron to Overweight from Equal Weight and raised its price target to $130. Analyst Evan Calio believes Chevron is differentiated and has the largest free cash flow inflection in 2017-19 from project start-ups, primarily Wheatstone and Gorgon, driving production growth to 16%, has the best short-cycle opportunity globally, particularly in the Permian,and has higher oil leverage into a cyclical price recovery. Calio expects continued dividend growth to be driven by the inflection in free cash flow and the evolving portfolio.
11/01/16
11/01/16
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. Chevron (CVX) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Evan Calio saying he believes Chevron is differentiated and has the largest free cash flow inflection in 2017-2019 from project start-ups, primarily Wheatstone and Gorgon, driving production growth to 16%, has the best short-cycle opportunity globally, particularly in the Permian,and has higher oil leverage into a cyclical price recovery. 2. Baker Hughes (BHI) upgraded to Neutral from Underweight at Atlantic Equities. 3. Johnson Controls (JCI) upgraded to Conviction Buy from Buy at Goldman with analyst Joe Ritchie saying he believes Johnson's fundamentals are improving, cost savings should support EBIT growth, and valuation is inexpensive. 4. Brocade upgraded to Outperform on potential takeover at RBC Capital with analyst Mitch Steves saying he believes Brocade makes sense as a strategic asset to the right operator and would be mid-single-digit accretive to the acquirer. 5. VMware (VMW) upgraded to Buy from Hold at Summit Redstone. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/16
LYON
11/15/16
UPGRADE
LYON
Buy
Chevron upgraded to Buy from Outperform at CLSA
11/15/16
LYON
11/15/16
UPGRADE
Target $127
LYON
Buy
Chevron upgraded to Buy on short-cycle emphasis at CLSA
As previously reported, CLSA upgraded Chevron to Outperform and increased its price target to $127 from $118. Analyst Asit Sen said Chevron's strategic shift towards its short-cycle business is a "game changer" He believes the Permian Q3 update was just the beginning and expects short-cycle to be +15% of total 2020 production.
EOG EOG Resources
$94.04

1.36 (1.47%)

11/11/16
GUGG
11/11/16
UPGRADE
GUGG
Buy
EOG Resources upgraded to Buy from Neutral at Guggenheim
11/11/16
11/11/16
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. Disney (DIS) upgraded to Equal Weight from Underweight at Barclays with analyst Kannan Venkateshwar saying ESPN is "de-risked" going into 2017 after management quantified the impact of the new NBA contract. 2. Aetna (AET) and Humana (HUM) were upgraded to Outperform from Neutral at Credit Suisse, while the firm upgraded WellCare (WCG) to Neutral from Underperform. 3. Anadarko (APC) and EOG Resources (EOG) were upgraded to Buy from Neutral at Guggenheim. 4. Tiffany (TIF) upgraded to Outperform from Market Perform at Cowen with analyst Oliver Chen saying he believes the luxury market is coming back and Tiffany is well positioned and a trusted brand. 5. Vornado (VNO) upgraded to Buy from Neutral at BofA/Merrill with analyst James Feldman saying he believes the decision to spin DC and partner with JBG will allow management to focus on the New York City platform and notes the Penn Plaza corridor is rapidly improving. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/16
LYON
11/15/16
UPGRADE
LYON
Outperform
EOG Resources upgraded to Outperform from Underperform at CLSA
11/15/16
LYON
11/15/16
UPGRADE
Target $105
LYON
Outperform
EOG Resources upgraded to Outperform on Yates deal at CLSA
As previously reported, CLSA upgraded EOG to Outperform and increased its price target to $105 from $102. Analyst Asit Sen said the Yates transaction is a positive strategic move as it adds to the platform with 6000 premium locations and sees significant further upside from EOG's technical innovation and operating excellence.
HOG Harley-Davidson
$58.86

-0.165 (-0.28%)

11/15/16
UBSW
11/15/16
NO CHANGE
Target $57
UBSW
Neutral
Harley-Davidson U.S. retail sales just below flat in October, says UBS
UBS analyst Robin Farley said she believes Harley-Davidson's U.S. retail sales at the dealer level in October, which is seasonally the most important month in Q4, were "just below flat." Additionally, she notes that Harley announced a sales promotion that gives rebates of up to $500 per bike to dealers, which she said is the first time she recalls the company using rebates. Farley keeps a Neutral rating and $57 price target on Harley shares.
11/15/16
RBCM
11/15/16
UPGRADE
RBCM
Sector Perform
Harley-Davidson upgraded on lower risk, economic outlook at RBC Capital
As noted earlier, RBC Capital upgraded Harley-Davidson to Sector Perform from Underperform. Analyst Joseph Spak says that risks to the company's growth have dissipated, partly due to the potential of President-elect Trump's policies to spark increased consumer spending. The analyst says that Trump's infrastructure plan will create construction jobs, boosting Harley-Davidson's core customers. Target to $57 from $46.
11/15/16
RBCM
11/15/16
UPGRADE
RBCM
Sector Perform
Harley-Davidson upgraded to Sector Perform from Underperform at RBC Capital
10/19/16
BARD
10/19/16
NO CHANGE
Target $56
BARD
Neutral
Harley-Davidson retail accelerates for new product lineup, says Baird
Baird analyst Craig Kennison said Harley-Davidson reported in-line Q3 results but that management struck a positive tone on the conference call noting strong demand for the MY2017 line-up of new products. The analyst considers the MKE-8 upgrade the best product cycle since Rushmore, but with dealer inventory up, value investors are likely to be more aggressive under $50. Kennison maintained his Neutral rating and raised his price target to $56 from $54 on Harley-Davidson shares.
CAKE Cheesecake Factory
$60.15

2.19 (3.78%)

11/15/16
ARGS
11/15/16
UPGRADE
ARGS
Buy
Cheesecake Factory upgraded to Buy from Hold at Argus
11/15/16
MAXM
11/15/16
DOWNGRADE
Target $59
MAXM
Hold
Cheesecake Factory downgraded to Hold from Buy at Maxim
Maxim analyst Stephen Anderson downgraded Cheesecake Factory to Hold from Buy as he sees the company's above-peer comps, market share gains, and solid new unit development prospects as being priced in after the 22% jump in the stock from its late October low. Anderson keeps his $59 price target on Cheesecake Factory shares.
11/15/16
ARGS
11/15/16
UPGRADE
ARGS
Buy
Cheesecake Factory upgraded on positive attributes, valuation at Argus
As noted earlier, Argus upgraded Cheesecake Factory to Buy from Hold. Analyst John Staszak says that investors should be attracted to Cheesecake by its dividend hikes, share repurchases, and "ability to open new stores while generating consistent comp (sales) growth." He believes that the stock is undervalued. Target $69.
11/09/16
TLSY
11/09/16
UPGRADE
TLSY
Outperform
Cheesecake Factory upgraded to Outperform from Market Perform at Telsey

TODAY'S FREE FLY STORIES

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General news
FX Update: The dollar recouped some of yesterday's lost ground »

FX Update: The dollar…

C

Citi

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Goldman Sachs

$235.74

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Northern Trust

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TOSBF

Toshiba, also use TOSYY

$2.60

0.094709 (3.77%)

, TOSYY

Toshiba, also use TOSBF

$15.35

0.37 (2.47%)

20:05
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20:05
Periodicals
Toshiba says considers spinoff of memory chip unit, Bloomberg reports »

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Toshiba, also use TOSYY

$2.60

0.094709 (3.77%)

TOSYY

Toshiba, also use TOSBF

$15.35

0.37 (2.47%)

WDC

Western Digital

$71.62

0.62 (0.87%)

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TM

Toyota

$118.41

-1.4 (-1.17%)

, AIQUY

Air Liquide

$21.97

-0.245 (-1.10%)

19:56
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01/17
19:56
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19:56
Hot Stocks
Thirteen energy, transport, industrial companies launch 'Hydrogen Council' »

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Toyota

$118.41

-1.4 (-1.17%)

AIQUY

Air Liquide

$21.97

-0.245 (-1.10%)

ALSMY

Alstom

NGLOY

Anglo American

$8.14

0.1 (1.24%)

BAMXY

BMW Group

DDAIF

Daimler AG

$75.35

-0.24 (-0.32%)

HMC

Honda

$29.66

-0.42 (-1.40%)

HYMLF

Hyundai Motor Co

RDS.A

Royal Dutch Shell

$55.54

0.06 (0.11%)

RDS.B

Royal Dutch Shell

$58.91

0.24 (0.41%)

LNAGF

Linde AG

$161.90

-0.15 (-0.09%)

TOT

Total

$51.51

-0.08 (-0.16%)

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  • 02

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NYT

New York Times

$13.50

-0.1 (-0.74%)

19:30
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19:30
Hot Stocks
New York Times releases internal report on newsroom strategy »

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ENRJ

EnerJex Resources

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19:19
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Hot Stocks
EnerJex announces NYSE acceptance of plan to meet listing standards »

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GS

Goldman Sachs

$235.74

-8.56 (-3.50%)

19:19
01/17/17
01/17
19:19
01/17/17
19:19
Periodicals
Goldman Sachs compliance chief to step down, Reuters says »

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TWTR

Twitter

$16.96

-0.29 (-1.68%)

19:13
01/17/17
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19:13
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Periodicals
Twitter phases out 'buy' button, TechCrunch says »

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  • 28

    Feb

HSBC

HSBC

$41.18

0.02 (0.05%)

19:04
01/17/17
01/17
19:04
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19:04
Periodicals
HSBC CEO: Trading ops generating 20% of London revenue may move, Bloomberg says »

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HSBC

HSBC

$41.18

0.02 (0.05%)

19:02
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01/17
19:02
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19:02
Periodicals
HSBC CEO: 10% RoE may be new goal, Bloomberg says »

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CWT

California Water Service

$33.05

0.05 (0.15%)

19:01
01/17/17
01/17
19:01
01/17/17
19:01
Initiation
California Water Service initiated  »

California Water Service…

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AWK

American Water

$72.07

1.25 (1.77%)

19:01
01/17/17
01/17
19:01
01/17/17
19:01
Initiation
American Water initiated  »

American Water initiated…

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TOSBF

Toshiba, also use TOSYY

$2.60

0.094709 (3.77%)

, TOSYY

Toshiba, also use TOSBF

$15.35

0.37 (2.47%)

18:59
01/17/17
01/17
18:59
01/17/17
18:59
Periodicals
Toshiba: Considering spinning off chip unit, Bloomberg reports »

Responding to a Nikkei…

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Toshiba, also use TOSYY

$2.60

0.094709 (3.77%)

TOSYY

Toshiba, also use TOSBF

$15.35

0.37 (2.47%)

WDC

Western Digital

$71.62

0.62 (0.87%)

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  • 25

    Jan

KSU

Kansas City Southern

18:57
01/17/17
01/17
18:57
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18:57
Initiation
Kansas City Southern initiated  »

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  • 20

    Jan

NSC

Norfolk Southern

$108.90

-2.69 (-2.41%)

18:57
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18:57
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18:57
Initiation
Norfolk Southern initiated  »

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  • 25

    Jan

UNP

Union Pacific

$103.37

-1.88 (-1.79%)

18:57
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18:57
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18:57
Initiation
Union Pacific initiated  »

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  • 19

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AZO

AutoZone

$782.29

2.48 (0.32%)

18:54
01/17/17
01/17
18:54
01/17/17
18:54
Initiation
AutoZone initiated  »

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ORLY

O'Reilly Automotive

$278.76

-0.39 (-0.14%)

18:54
01/17/17
01/17
18:54
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18:54
Initiation
O'Reilly Automotive initiated  »

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  • 08

    Feb

AAP

Advance Auto Parts

$173.00

-1.79 (-1.02%)

18:54
01/17/17
01/17
18:54
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18:54
Initiation
Advance Auto Parts initiated  »

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ESTE

Earthstone Energy

$13.40

-0.18 (-1.33%)

18:51
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01/17
18:51
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18:51
Initiation
Earthstone Energy initiated  »

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MCK

McKesson

$148.43

1.25 (0.85%)

18:41
01/17/17
01/17
18:41
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18:41
Upgrade
McKesson rating change  »

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  • 25

    Jan

NRG

NRG Energy

$15.34

0.74 (5.07%)

18:38
01/17/17
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Hot Stocks
NRG Energy says 'looks forward to an open dialogue with Elliott and Bluescape' »

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  • 28

    Feb

LMCA

Liberty Media

$28.71

-1.53 (-5.06%)

, LMCK

Liberty Media

$28.72

-1.54 (-5.09%)

18:22
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01/17
18:22
01/17/17
18:22
Hot Stocks
Liberty Media holders approve proposals relating to acquisition of Formula 1 »

Liberty Media announced…

LMCA

Liberty Media

$28.71

-1.53 (-5.06%)

LMCK

Liberty Media

$28.72

-1.54 (-5.09%)

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  • 17

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AUY

Yamana Gold

$3.26

0.09 (2.84%)

18:17
01/17/17
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18:17
Hot Stocks
Yamana Gold announces resumption of operations at El Penon Mine in Chile »

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CCJ

Cameco

$13.27

-0.02 (-0.15%)

18:14
01/17/17
01/17
18:14
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18:14
Hot Stocks
Cameco down 9.5% after announcing FY16 results will be lower than expected »

In after-hours trading,…

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