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LLY

Eli Lilly

$69.12

1.12 (1.65%)

, JUNO

Juno Therapeutics

$22.56

-7.32 (-24.50%)

13:21
11/25/16
11/25
13:21
11/25/16
13:21

On The Fly: Stocks end week higher as post-election 'Trump rally' continues

The major averages closed at all-time highs once again this week as the ongoing "Trump rally," along with optimism about the holiday shopping season, continue to power stocks higher. MACRO NEWS: In the U.S., the Chicago Fed National Activity Index for October improved to a reading of -0.08 from a prior, revised reading of -0.23. Existing home sales climbed 2.0% to a 5.6M rate in October. Initial jobless claims rose 18,000 to 251,000 in the week ended November 19. Durable goods orders surged 4.8% in October. Markit's manufacturing PMI came in at 53.9 in the flash November reading. October new home sales of 563,000 were below expectations of 590,000. The University of Michigan consumer sentiment reading climbed 6.6 points to 93.8 in November. the advance trade report showed a jump to $62.0B in the deficit in October, larger than the $59.0B deficit expected for last month. Markit's services PMI for November came in at 54.7 in the flash reading, which was a tick below the 54.8 reading that was forecast by analysts... The minutes from the last Federal Open Market Committee meeting released on Wednesday show some officials favor rate hike at next meeting. "Most participants expressed a view that it could well become appropriate to raise the target range for the federal funds rate relatively soon, so long as incoming data provided some further evidence of continued progress toward the Committee's objectives"... In Europe, November's flash Eurozone PMI composite output index rose to 54.1. COMPANY NEWS: Eli Lilly (LLY) traded sharply lower after announcing that a Phase 3 study showed that solanezumab failed to slow loss of cognitive ability in patients with mild Alzheimer's disease... Juno Therapeutics (JUNO) also plunged after the company announced that it has voluntarily placed on hold the Phase 2 clinical trial of JCAR015 after two patients suffered cerebral edema earlier this week and subsequently died... In mergers and acquisitions news, Sunoco Logistics Partners (SXL) announced that it is acquiring Energy Transfer Partners (ETP) in a unit-for-unit transaction expected to close in the first quarter of 2017. Under the terms of the deal, ETP unitholders will receive 1.5 common units of SXL for each common unit of ETP they own, which the companies said equates to a 10% premium to the volume weighted average pricing of ETP's common units for the last 30 trading days immediately prior to the announcement. Symantec (SYMC) and LifeLock (LOCK) announced that they have entered into a definitive agreement for Symantec to acquire LifeLock for $24 per share or $2.3B in enterprise value. Boral Limited agreed to acquire Headwaters (HW) for $24.25 per share in cash, representing an aggregate enterprise value of approximately $2.6B. MACOM Technology Solutions (MTSI) agreed to acquire Applied Micro Circuits (AMCC) for approximately $8.36 per share. Dr Pepper Snapple (DPS) announced that it has reached an agreement to acquire Bai Brands and its complete portfolio of premium antioxidant infused beverages. The cash purchase price of $1.7B includes a tax benefit of approximately $400M on a net present value basis and will be financed through new unsecured notes and short term commercial debt. PepsiCo (PEP) announced that it has entered into a definitive agreement to acquire KeVita, a North American creator of fermented probiotic and kombucha beverages. In possible M&A news, Actelion (ALIOF) and Johnson & Johnson (JNJ) each confirmed in separate press releases that they are engaged in preliminary talks over a potential transaction... Facebook's (FB) Instagram announced two feature updates, namely live video on Instagram Stories, and disappearing photos and videos in Instagram Direct. Meanwhile, Facebook's CEO Mark Zuckerberg took to his own social media platform Saturday to give an update on the "fake news" issue, outlining several projects aimed at lessening the problem. All of this followed the company's announcement last week of a $6B share repurchase plan and the departure of accounting chief Jas Athwal... Apple (AAPL) is replacing a small number of iPhone 6 batteries after acknowledging that a fault with the battery is causing some handsets to randomly shut down. Additionally, the iPhone maker is dissolving its division which develops wireless routers. The engineers who worked on the AirPort have been shifted over to work on other products such as the Apple TV, according to media reports... Arista Networks (ANET) received a letter from U.S. Customs and Border Protection saying its products containing redesigned extensible operating system are not within the scope of a limited exclusion order issued by U.S. International Trade Commission following Cisco Systems' (CSCO) lawsuits... Among other companies that announced quarterly results this week, Burlington Stores (BURL), Dollar Tree (DLTR), Deere (DE), GameStop (GME), and Caleres (CAL) advanced following their reports, while Tyson Foods (TSN), Cubic (CUB), Medtronic (MDT), Palo Alto Networks (PANW), Patterson Companies (PDCO), Nimble Storage (NMBL), Urban Outfitters (URBN), and HP Inc. (HPQ) declined. INDEXES: For the week, the Dow rose 1.5% to 19,152.14, the Nasdaq gained 1.4% to 5,398.92, and the S&P 500 advanced 1.4% to 2,213.35.

LLY

Eli Lilly

$69.12

1.12 (1.65%)

JUNO

Juno Therapeutics

$22.56

-7.32 (-24.50%)

FB

Facebook

$120.84

-0.63 (-0.52%)

AAPL

Apple

$111.23

-0.57 (-0.51%)

ANET

Arista Networks

$94.66

-0.53 (-0.56%)

CSCO

Cisco

$29.71

-0.18 (-0.60%)

SXL

Sunoco Logistics

$23.78

-0.23 (-0.96%)

ETP

Energy Transfer Partners

$35.34

-0.5 (-1.40%)

SYMC

Symantec

$24.85

-0.26 (-1.04%)

LOCK

LifeLock

$23.94

0.1 (0.42%)

HW

Headwaters

$23.76

0.19 (0.81%)

MTSI

MACOM

$47.87

2.45 (5.39%)

AMCC

Applied Micro Circuits

$8.45

0.3 (3.68%)

DPS

Dr Pepper Snapple

$88.02

0.76 (0.87%)

PEP

PepsiCo

$102.17

0.64 (0.63%)

BURL

Burlington Stores

$88.89

-0.79 (-0.88%)

DLTR

Dollar Tree

$88.86

0.18 (0.20%)

DE

Deere

$103.92

1.75 (1.71%)

GME

GameStop

$25.82

-0.24 (-0.92%)

CAL

Caleres

$33.05

0.56 (1.72%)

TSN

Tyson Foods

$59.65

0.99 (1.69%)

CUB

Cubic

$47.00

0.45 (0.97%)

MDT

Medtronic

$75.52

-0.26 (-0.34%)

PANW

Palo Alto Networks

$141.51

1.82 (1.30%)

PDCO

Patterson Companies

$39.26

-0.3 (-0.76%)

NMBL

Nimble Storage

$7.73

-0.04 (-0.51%)

URBN

Urban Outfitters

$34.31

-4.7 (-12.05%)

HPQ

HP Inc.

$15.18

0.31 (2.08%)

JNJ

Johnson & Johnson

$114.13

1.06 (0.94%)

ALIOF

Actelion

$153.55

-3.24 (-2.07%)

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LLY Eli Lilly
$69.12

1.12 (1.65%)

11/25/16
ATLE
11/25/16
DOWNGRADE
ATLE
Neutral
Eli Lilly downgraded to Neutral from Overweight at Atlantic Equities
11/25/16
BARD
11/25/16
NO CHANGE
Target $29
BARD
Outperform
Lilly trial failure has little to do with Axovant Sciences, says Baird
Baird analyst Brian Skorney said Eli Lilly's (LLY) solanezumab drug trial failure has little to do with Axovant Sciences (AXON) drug trial for Alzheimer's. The analyst said Lilly's failure is a reminder of the difficulty of the disease, but the two company's drugs are very different and meant to have very different effects. Skorney reiterated his Outperform rating and $29 price target on Axovant shares.
11/25/16
UBSW
11/25/16
NO CHANGE
Target $70
UBSW
Neutral
Eli Lilly price target lowered to $70 from $82 at UBS
UBS analyst Marc Goodman lowered his price target on Eli Lilly to $70 from $82 following the halt of its solanezumab drug trial for Alzheimer's. The analyst removed his sales estimates for solanezumab and said that without its contribution he is less optimistic for top-line growth. Goodman recommends investors stay on the sidelines and reiterated his Neutral rating on Eli Lilly shares.
11/25/16
RHCO
11/25/16
NO CHANGE
Target $101
RHCO
Buy
Eli Lilly price target lowered to $101 from $107 at SunTrust
SunTrust analyst John Boris removed solanezumab, which he had viewed as a "high risk/high reward" asset, from his model after the company reported a Phase 3 study showed that the drug failed to slow loss of cognitive ability in patients with mild Alzheimer's disease. Boris cut his price target on Lilly shares to $101 from $107, but recommends taking advantage of weakness in the shares, on which he keeps a Buy rating.
JUNO Juno Therapeutics
$22.56

-7.32 (-24.50%)

11/25/16
MAXM
11/25/16
NO CHANGE
Target $34
MAXM
Buy
Juno still has significant opportunity in 'no-option population,' says Maxim
Maxim analyst Jason McCarthy removed JCAR015 in adult ALL from his model for Juno Therapeutics after the company placed its ROCKET study on clinical hold for the second time following two additional patient deaths. Accordingly, the analyst lowered his price target on Juno shares to $34 from $50. However, McCarthy keeps a Buy rating on Juno shares, as he still believes CAR-T technology, and the company, has a "significant opportunity in the no-option population" and that regulators will agree when evaluating treatments intended to help patients that will otherwise die.
11/25/16
RHCO
11/25/16
DOWNGRADE
RHCO
Hold
Juno Therapeutics downgraded to Hold from Buy at SunTrust
11/25/16
SBSH
11/25/16
NO CHANGE
Target $34
SBSH
Buy
Citi still bullish on Juno's technology despite clinical hold
Citi analyst Robyn Karnauskas says she remains bullish on Juno Therapeutics' technology after the company voluntarily placed its JCAR015 ROCKET program on clinical hold following cerebral edema in two patients last week. Juno has the best data in both adult and pediatric acute lymphoblastic leukemia, Karnauskas told investors Wednesday in a research note. She expects the company's therapies will get used despite the safety risks and believes Juno will be able to find ways to slow the rate of cell proliferation and reduce toxicity. The analyst lowered her price target for Juno shares to $34 from $45 and kept a Buy rating on the name. Juno closed Wednesday down $7.32 to $22.56.
11/25/16
11/25/16
DOWNGRADE
Target $25

Hold
Juno Therapeutics downgraded to Hold at SunTrust
As previously reported, SunTrust analyst Peter Lawson downgraded Juno Therapeutics to Hold from Buy due to the reduced visibility and increased uncertainty that comes from the two additional deaths in the company's ROCKET trial of JCAR015. Citing the renewed issues with JCAR015, Lawson decreased his probability of success across the company's pipeline and lowered his price target for Juno shares to $25 from $48.
FB Facebook
$120.84

-0.63 (-0.52%)

11/17/16
PIPR
11/17/16
NO CHANGE
PIPR
Piper sees Trump-related Internet selloff as 'rare opportunity'
Piper Jaffray analyst Gene Munster says he would be "buying the fear" priced into Internet mega-caps. Concerns of President-Elect Trump's impact on tech companies are being largely extrapolated from sound bites that are unlikely to manifest during Trump's presidency, Munster tells investors in a research note. The selloff in "best-in-class" large cap internet stocks Apple (AAPL), Amazon.com (AMZN), Alphabet (GOOG), Facebook (FB) and Netflix (NFLX) presents a "rare opportunity," Munster writes. He believes Trump's threats towards Amazon are without merit and that net neutrality is unlikely to be reversed. He finds the valuations for each of the mega-caps "very attractive."
11/18/16
RBCM
11/18/16
NO CHANGE
RBCM
Internet stock weakness creates buying opportunity, says RBC Capital
EBC Capital analyst Mark Mahaney says that the 5%-10% decline in Internet stocks since the election has created more attractive long-term opportunities. The analyst does not expect the Trump Administration's policies to have a major impact on the fundamentals of the Internet sector. His favorite large-cap names in the sector are, in order, Netflix (NFLX), Facebook (FB), and Priceline (PCLN). His favorite small-cap names are, in order, Yelp (YELP), Criteo (CRTO), and GoDaddy (GDDY).
11/21/16
DBAB
11/21/16
NO CHANGE
Target $150
DBAB
Buy
Deutsche says buy Facebook following recent weakness
Deutsche Bank analyst Lloyd Walmsley views Facebook's $6B share repurchase beginning in 2017 as a "welcome launch" of a capital return program. The stock represents an "outstanding value" following the recent selloff, Walmsley tells investors in a research note. He recommends that investors add to positions at current levels and keeps a Buy rating on Facebook with a $150 price target.
11/23/16
OPCO
11/23/16
NO CHANGE
OPCO
Facebook, Amazon.com most attractive on post-election pullback, says Oppenheimer
Oppenheimer analyst Jason Helfstein notes that there has been a rotation into industrial and financial stocks post-election, at the expense of multinational technology stocks. However, he sees some potential positive catalysts for "FANG" names, namely Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Google (GOOG; GOOGL), with the first two looking the most attractive at current levels. The analyst points out that Facebook's potential positive catalysts include faster than expected ad monetization driven by "Video First" strategy, Instagram engagement and Dynamic Product Ads. As for Amazon, he expects stable consumer spending to support a strong holiday shopping season.
AAPL Apple
$111.23

-0.57 (-0.51%)

11/21/16
OPCO
11/21/16
NO CHANGE
OPCO
Oppenheimer recommends buying Technology, Energy ahead of breakout
Oppenheimer analyst Ari Wald says that the S&P 500's bullish reversal of its eight-week downtrend is confirming the start of a year-end rally, and cyclical stocks should be owned given resuming strength in the index's long-term trend. The analyst thinks the current opportunity is to buy Technology and Energy ahead of a breakout, namely Apple (AAPL), Seagate (STX), Skyworks (SWKS), Western Digital (WDC), Apache (APA), Chevron (CVX), Halliburton (HAL), and Helmerich & Payne (HP).
11/21/16
ADAM
11/21/16
NO CHANGE
Target $140
ADAM
Buy
Apple continues to dominate industry operating profits, says Canaccord
Canaccord analyst T. Michael Walkley said Apple captured a strong share of the premium-tier global smartphone market during Q3 and believes they will continue to extend their leading market share position. He noted Apple will continue to generate strong profit share despite iPhone sales moderating in North America over the past several weeks. Walkley expects steady iPhone 7 sales will help Apple return to growth in Q1 2017 and reiterated his Buy rating and $140 price target on the shares.
11/23/16
RSBL
11/23/16
NO CHANGE
RSBL
Apple trimming March quarter component order forecast, says Rosenblatt
Rosenblatt believes Apple has starting trimming its March quarter component order forecast following last week's December quarter production cut. The firm's analyst now expects orders to drop to 40M-43M units from 45M-46M, and believes March quarter's iPhone shipment consensus forecast of 52M-54M may be at risk.
11/23/16
CLVD
11/23/16
NO CHANGE
CLVD
Neutral
Apple iPhone 7 supply remains constrained, says Cleveland Research
Cleveland Research said its near-term work remains encouraging on iPhone 7 demand and mix, with checks indicating that supply of iPhone 7 seems to be normalizing in most channels and tightness persists for the 7+. Discussions also suggest growing optimism for the next iPhone refresh, said the firm, which has a Neutral rating on Apple shares.
ANET Arista Networks
$94.66

-0.53 (-0.56%)

11/22/16
BOFA
11/22/16
UPGRADE
BOFA
Neutral
Arista Networks upgraded to Neutral from Underperform at BofA/Merrill
11/22/16
11/22/16
UPGRADE
Target $97

Neutral
Arista Networks upgraded to Neutral at BofA/Merrill
As previously reported, BofA/Merrill upgraded Arista Networks to Neutral and raised its price target to $97 from $68. Analyst Tal Liani said the lifting off its import ban by the US Customs and Border Patrol removes an overhang and said the company is well positioned for secular growth trends.
11/22/16
SBSH
11/22/16
NO CHANGE
Target $105
SBSH
Buy
Arista Networks price target raised to $105 from $91 at Citi
Citi analyst Stanley Kovler raised his price target for Arista Networks (ANET) to $105 after the company announced that the International Trade Commission accepted its software workaround related to its patent infringement case with Cisco (CSCO). Arista's Q4 gross margin outlook is now likely de-risked, Kovler tells investors in a research note. He keeps a Buy rating on Arista shares.
11/22/16
BMOC
11/22/16
NO CHANGE
BMOC
Arista Networks to benefit from ruling, says BMO Capital
BMO Capital analyst Tim Long says that a ruling from the U.S. Customs and Border Protection is positive for Arista and partially removes an overhang on the stock. The ruling found that the company's current offerings are not subject to the ITC exclusion order and may be imported into the U.S. In the wake of the ruling, the analyst expects Arista's gross margins "to remain more in line with recent trends." He raised his price target on the shares to $110 from $93 and keeps an Outperform rating on the stock.
CSCO Cisco
$29.71

-0.18 (-0.60%)

11/23/16
OPCO
11/23/16
NO CHANGE
Target $25
OPCO
Outperform
Oppenheimer remains positive on HP Enterprise after results
Oppenheimer analyst Ittai Kidron notes that HP Enterprise (HPE) reported mixed results and says the macro and secular strains experienced by Cisco (CSCO) seem to have impacted the company as well. Nonetheless, the analyst believes HP Enterprise continues on its march to unlock value, and its two spin-offs remain on track. While he is positive long term and believes valuation is attractive, Kidron sees limited near-term upside given the challenges in the core EG business. The analyst reiterates an Outperform rating and $25 price target on HP Enterprise's shares.
11/18/16
11/18/16
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. Cisco (CSCO) coverage resumed with a Hold at Stifel. 2. UPS (UPS) was initiated with an Outperform at BMO Capital while the firm initiated FedEx (FDX) with a Market Perform. 3. Synchrony (SYF) was initiated with an Overweight at Stephens. The firm also initiated American Express (AXP) and Discover (DFS) with an Underweight. 4. American Airlines (AAL), Delta Air Lines (DAL), Southwest (LUV) and Allegiant Travel (ALGT) were initiated with a Buy at Citi while the firm initiated JetBlue (JBLU), United Continental (UAL), Alaska Air (ALK), and Hawaiian Holdings (HA) with a Neutral. 5. Juniper (JNPR) coverage resumed at Stifel. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/22/16
PIPR
11/22/16
NO CHANGE
Target $178
PIPR
Overweight
Palo Alto Networks still posting 31% revenue growth, says Piper Jaffray
Piper Jaffray analyst Andrew Nowinski points out that despite the "disappointing" Q1 results, Palo Alto Networks (PANW) is still generating 31% revenue growth, which is three-times above closest competitor Cisco (CSCO). He recommends investors hold the stock through the selling pressure. Nowinski lowered his price target for Palo Alto shares to $178 from $184 and keeps an Overweight rating on the name.
SXL Sunoco Logistics
$23.78

-0.23 (-0.96%)

11/22/16
WOLF
11/22/16
UPGRADE
WOLF
Peer Perform
Sunoco Logistics upgraded to Peer Perform from Underperform at Wolfe Research
11/23/16
BMOC
11/23/16
DOWNGRADE
BMOC
Market Perform
Sunoco Logistics downgraded to Market Perform from Outperform at BMO Capital
11/23/16
BMOC
11/23/16
DOWNGRADE
BMOC
Market Perform
Sunoco Logistics downgraded on acquisition at BMO Capital
As noted earlier, BMO Capital downgraded Sunoco Logistics (SXL) to Market Perform from Outperform. Analyst Danilo Juvane says that Sunoco's acquisition of Energy Transfer Partners (ETP) fails to address the difficulties caused by Sunoco's capital spending. Target to $26 from $35.
11/22/16
STFL
11/22/16
DOWNGRADE
STFL
Hold
Energy Transfer Partners downgraded following acquisition at Stifel
As noted earlier, Stifel downgraded Energy Transfer Partners (ETP) to Hold from Buy. Analyst Selman Akyol downgraded the stock based on valuation after the company was acquired by Sunoco Logistics (SXL). Target to $37 from $48.
ETP Energy Transfer Partners
$35.34

-0.5 (-1.40%)

11/14/16
FBCO
11/14/16
NO CHANGE
FBCO
Outperform
Energy Transfer Partners added to Top Picks List at Credit Suisse
Credit Suisse analyst John Edwards added Energy Transfer Partners to the Top Picks List saying its 11% yield provides an attractive entry point for investors.
11/23/16
BMOC
11/23/16
DOWNGRADE
BMOC
Market Perform
Energy Transfer Partners downgraded to Market Perform at BMO Capital
BMO Capital downgraded Energy Transfer Partners (ETP) to Market Perform after the company agreed to be acquired by Sunoco Logistics (SXL).
SYMC Symantec
$24.85

-0.26 (-1.04%)

11/22/16
STFL
11/22/16
NO CHANGE
STFL
Symantec acquisition mixed, says Stifel
After Symantec (SYMC) agreed to buy LifeLock (LOCK), Stifel analyst Gur Tapaz says that LifeLock has "a relatively stable consumer offering" that will boost the growth of Symantec's consumer business. However, the analyst adds that the deal will lower Symantec's margins, while the cost of the deal was "relatively high." The analyst questions why Symantec didn't raise its fiscal 2018 EPS guidance despite the fact that it expects $30M of cost synergies form the deal. Talpaz keeps a Hold rating on the stock.
11/22/16
ADAM
11/22/16
DOWNGRADE
ADAM
Hold
LifeLock downgraded to Hold from Buy at Canaccord
Canaccord analyst David Hynes downgraded LifeLock (LOCK) to Hold from Buy after the company agreed to be acquired by Symantec (SYMC) for $24 per share.
11/22/16
DBAB
11/22/16
DOWNGRADE
Target $24
DBAB
Hold
LifeLock downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Nandan Amladi downgraded LifeLock (LOCK) to Hold on expectations the takeover by Symantec (SYMC) will close before the end of March 2017. The analyst has a $24 price target for the shares.
11/21/16
NEED
11/21/16
DOWNGRADE
NEED
Hold
LifeLock downgraded to Hold from Buy at Needham
Needham analyst Scott Zeller downgraded LifeLock (LOCK) to Hold citing the takeover by Symantec (SYMC).
LOCK LifeLock
$23.94

0.1 (0.42%)

HW Headwaters
$23.76

0.19 (0.81%)

11/25/16
JEFF
11/25/16
DOWNGRADE
Target $24.25
JEFF
Hold
Headwaters downgraded to Hold from Buy at Jefferies
Jefferies analyst Philip Ng downgraded Headwaters to Hold saying a superior takeover offer to Boral's is unlikely. The analyst keeps a $24.25 price target for the shares.
11/23/16
STFL
11/23/16
DOWNGRADE
STFL
Hold
Headwaters downgraded to Hold from Buy at Stifel
Headwaters (HW) is being acquired by Boral for $24.25 per share in cash.
11/22/16
11/22/16
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. Kate Spade (KATE) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he continues to believe the company has a healthy distribution footprint but he is cautious on both outlet and tourism pressure, a tepid handbag environment, and the potential for 2017 estimates to be too high. 2. Headwaters (HW) downgraded to Hold from Buy at SunTrust and to Neutral from Buy at DA Davidson. 3. Duke Energy (DUK), Entergy (ETR), AES Corp. (AES), and Portland General Electric (POR) were downgraded to Underperform from Neutral at BofA Merrill Lynch, while the firm downgraded NRG Energy (NRG) and PPL Corp. (PPL) to Neutral from Buy. 4. Canadian Solar (CSIQ) downgraded to Market Perform from Outperform at FBR Capital and to Neutral from Buy at Roth Capital. 5. C.H. Robinson (CHRW) downgraded to Hold from Buy at Stifel with analyst John Larkin 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.
11/22/16
DADA
11/22/16
DOWNGRADE
DADA
Neutral
Headwaters downgraded to Neutral from Buy at DA Davidson
Headwaters (HW) is being acquired by Boral for $24.25 per share in cash.
MTSI MACOM
$47.87

2.45 (5.39%)

11/22/16
ADAM
11/22/16
DOWNGRADE
Target $8
ADAM
Hold
Applied Micro Circuits downgraded to Hold from Buy at Canaccord
Canaccord analyst Matthew Ramsay downgraded Applied Micro Circuits (AMCC) to Hold from Buy following the announcement it would be acquired by MACOM (MTSI) for $8.36 per share in cash and stock.
11/21/16
ROTH
11/21/16
DOWNGRADE
Target $8
ROTH
Neutral
Applied Micro Circuits downgraded to Neutral from Buy at Roth Capital
Roth Capital analyst Suji Desilva downgraded Applied Micro Circuits (AMCC) to Neutral from Buy, with an $8 price target, on the announcement of its planned stock plus cash acquisition by MACOM Technologies (MTSI). The analyst expects the acquisition to face limited anti-trust or regulatory issues given the lack of direct product market overlap, and believes MACOM will focus on the connectivity business and divest the Applied Micro Circuits compute business within approximately three months' timeframe.
10/31/16
NEED
10/31/16
NO CHANGE
NEED
Needham remains bullish on Optical Sector
Needham analyst Alex Henderson believes the "Optical Super Cycle" is going full steam ahead and strongly reiterates his bullish view on the Optical Sector. The analyst believes that most of the angst over the last week around the optical sector is a non-issue. Henderson is an aggressive buyer on weakness of Lumentum (LITE), NeoPhotonics (NPTN), Oclaro (OCLR), and Inphi (IPHI). Finisar (FNSR), Fabrinet (FN), II-VI (IIVI), GigPeak (GIG) and MACOM (MTSI) are also strong recommendations, he added. Further, Henderson believes Acacia Communications (ACIA) has "way overcorrected," and thinks it can rebound on a stronger Q4 outlook and upside to 2017 numbers.
09/20/16
GSCO
09/20/16
DOWNGRADE
Target $41
GSCO
Neutral
MACOM downgraded to Neutral from Buy at Goldman
Goldman analyst Mark Delaney downgraded MACOM to Neutral citing valuation and maintained its $41 price target.
AMCC Applied Micro Circuits
$8.45

0.3 (3.68%)

11/22/16
RAJA
11/22/16
DOWNGRADE
RAJA
Market Perform
Applied Micro Circuits downgraded to Market Perform from Outperform at Raymond James
Raymond James downgraded Applied Micro Circuits (AMCC) following the announcement it would be acquired by MACOM (MTSI) for $8.36 per share in cash and stock.
09/20/16
SUSQ
09/20/16
INITIATION
Target $8
SUSQ
Neutral
Applied Micro Circuits initiated with a Neutral at Susquehanna
Susquehanna analyst Christopher Rolland initiated Applied Micro Circuits with a Neutral and a $8 price target.
DPS Dr Pepper Snapple
$88.02

0.76 (0.87%)

11/22/16
GSCO
11/22/16
NO CHANGE
GSCO
Sell
Goldman says Dr Pepper deal should boost growth, but dilutive in near-term
Goldman Sachs analyst Judy Hong said Dr Pepper's announcement of a deal for Bai Brands, one of the company's best performing Allied Brands, is not unexpected and should boost Dr Pepper's growth profile. However, the acquisition is expected to be dilutive near-term and increases Dr Pepper's leverage, noted the analyst, who keeps a Sell rating on the stock.
10/04/16
10/04/16
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. Wells Fargo (WFC) downgraded to Underperform from Market Perform at Raymond James with analyst David Long saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook. 2. Kinder Morgan (KMI) downgraded to Hold from Buy at Stifel analyst Selman Akyol citing valuation. 3. GrubHub (GRUB) downgraded to Hold from Buy at Stifel with analyst John Egbert citing valuation. 4. Dr Pepper Snapple (DPS) downgraded to Hold from Buy at Evercore ISI with analyst Robert Ottenstein saying reports that Bai Brands is looking for a new owner are credible and could change investor's psychology on the stock and its Allied Brands business. 5. Dollar Tree (DLTR) downgraded to Neutral from Buy at Cleveland Research with the firm saying sales trends appear to have slowed further at Family Dollar as the company struggles with increased price competition, difficult comps, and strategy headwinds. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/04/16
EVER
10/04/16
DOWNGRADE
EVER
Hold
Dr Pepper Snapple downgraded to Hold from Buy at Evercore ISI
10/04/16
10/04/16
DOWNGRADE

Hold
Dr Pepper Snapple downgraded on Bai Brands potential sale at Evercore ISI
As previously reported, Evercore ISI downgraded Dr Pepper Snapple to Hold form Buy. Analyst Robert Ottenstein said reports that Bai Brands is looking for a new owner are credible and could change investor's psychology on the stock and its Allied Brands business. The analyst believes Bai Brands will get sold and result in loss of distribution, negatively impacting earnings by 20c-25c. Further, Ottenstein said consumers are increasingly concerned about sugar and it is on the radar screen of local governments as a revenue source.
PEP PepsiCo
$102.17

0.64 (0.63%)

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.
09/29/16
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.
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.
BURL Burlington Stores
$88.89

-0.79 (-0.88%)

11/23/16
RHCO
11/23/16
NO CHANGE
RHCO
Burlington Stores 'continuing to fire on all cylinders,' says SunTrust
After Burlington reported stronger than expected Q3 results, SunTrust analyst Pamela Quintiliano says that the company is "continuing to fire on all cylinders." The analyst thinks that the company's Q4 EPS guidance is typically conservative. She reiterates a Buy rating on the shares.
11/09/16
COWN
11/09/16
NO CHANGE
Target $90
COWN
Outperform
Burlington Stores short report has several unfair characterizations, says Cowen
Cowen analyst John Kiernan noted Burlington faced several negative headlines on third party credit card data, poor weather trends, and retail traffic. He also said a recent "short report" regarding Burlington had several unfair characterizations. Kiernan maintained his Outperform rating and $90 price target on Burlington Store shares.
09/26/16
BOFA
09/26/16
NO CHANGE
Target $95
BOFA
Buy
Burlington Stores price target raised to $95 from $90 at BofA/Merrill
BofA/Merrill analyst Lorraine Hutchinson believes Burlington will generate strong comps in 2H 2016 due to positive supply chain dislocations, the Hanjin bankruptcy causing competitor product delays, and store closings at Macy's. The analyst reiterates his Buy rating on Burlington and raised its price target to $95 from $90.
09/30/16
GUGG
09/30/16
INITIATION
GUGG
Neutral
Burlington Stores initiated with a Neutral at Guggenheim
DLTR Dollar Tree
$88.86

0.18 (0.20%)

11/22/16
FBCO
11/22/16
NO CHANGE
Target $75
FBCO
Underperform
Dollar Tree 'not worth chasing' after better than feared Q3, says Credit Suisse
Credit Suisse analyst Edward Joseph Kelly Jr. noted that Dollar Tree's Q3 results were "better than feared," as improvement at the core brand offset Family Dollar brand softness, but he believes the stock appears to be overreacting. Family Dollar still has challenges and the turnaround the market is assuming will be hard, said Kelly, who keeps an Underperform rating on the stock but raised his price target to $75 from $69 on the Dollar Tree shares.
11/25/16
PIPR
11/25/16
NO CHANGE
PIPR
Piper thinks blocking of Overtime Rule came too late
An Obama-appointed judge in Texas surprisingly blocked the Overtime Rule set to take effect on December 1, Piper Jaffray analysts in the Hardlines Retail & Specialty Products space tell investors in a research note. The analysts say that regardless of whether the injunction is upheld, their research suggests that the ruling comes too late for larger companies to pull back on the planned Overtime Rule change. Payroll and IT systems are likely set to adjust this coming Sunday, they point out. Piper's analysts expect the expense headwinds from the OT rule change for retailers/restaurants to remain in place. The retailers they believe that are most impacted from the rule are Dollar General (DG), Dollar Tree (DLTR), Regis (RGS) and Sally Beauty (SBH). The restaurants they believe are most impacted are Bojangles (BOJA), Starbucks (SBUX), Sonic (SONC), Noodles & Company (NDLS), Potbelly (PBPB), Del Taco (TACO) and Zoe's Kitchen (ZOES).
11/23/16
UBSW
11/23/16
NO CHANGE
Target $100
UBSW
Buy
Dollar Tree price target raised to $100 from $90 at UBS
UBS analyst Michael Lasser raised his price target on Dollar Tree (DLTR) to $100 from $90 following Q3 results. The analyst said the company's results eased a number of fears and demonstrated it could hold its own against competitors such as Wal-Mart (WMT). Dollar Tree exhibited comp growth, and its merger with Family dollar is providing synergies within its guidance, said Lasser, who reiterated his Buy rating on the shares.
11/15/16
11/15/16
UPGRADE

Accumulate
Dollar Tree upgraded to Accumulate on Family Dollar progress at Johnson Rice
As previously reported, Johnson Rice upgraded Dollar Tree to Accumulate from Hold. Analyst David Mann has increased confidence in the long-term transformation at Family Dollar, the strong management team, lower investor expectations, and more attractive valuation.
DE Deere
$103.92

1.75 (1.71%)

11/25/16
BARD
11/25/16
NO CHANGE
Target $117
BARD
Outperform
Deere price target raised to $117 from $105 at Baird
Baird analyst Mig Dobre raised his price target on Deere to $117 from $105 following its Q4 earnings beat. Dobre cited the above consensus guidance and said consistent with his recent upgrade, he believes a large agriculture equipment bottom is in sight with profitability remaining remarkably resilient. Dobre reiterated his Outperform rating on Deere shares.
11/25/16
SBSH
11/25/16
NO CHANGE
Target $115
SBSH
Buy
Deere price target raised to $115 from $100 at Citi
Citi analyst Timothy Thein raised his price target for Deere to $115 and maintains a Buy rating on the shares following the company's Q4 results. Deere closed Wednesday up $10.16 to $102.17 following its earnings report. The company is delivering on costs while signs of a cycle trough are emerging, Thein tells investors in a research note. He recommends using any share weakness following Wednesday's rally as a buying opportunity.
11/25/16
MACQ
11/25/16
UPGRADE
Target $102
MACQ
Neutral
Deere upgraded to Neutral from Underperform at Macquarie
Macquarie analyst Sameer Rathod upgraded Deere to Neutral and raised its price target to $102 from $71. Rathod expects Deere's topline to remain under pressure due to weak farmer fundamentals but expects the company to continue to execute a strong cost-cutting program.
11/25/16
UBSW
11/25/16
NO CHANGE
Target $105
UBSW
Buy
Deere price target raised to $105 from $87 at UBS
UBS analyst Steven Fisher raised his price target on Deere to $105 from $87 following its Q4 earnings beat. The analyst noted results significantly exceeded guidance for the year on strong performance in A&T and improved pricing power. Fisher, who expects the primary negatives for the stock from the past few years to be neutralizing, reiterated his Buy rating on Deere shares.
GME GameStop
$25.82

-0.24 (-0.92%)

11/02/16
PIPR
11/02/16
DOWNGRADE
PIPR
Neutral
GameStop downgraded to Neutral from Overweight at Piper Jaffray
11/02/16
PIPR
11/02/16
DOWNGRADE
Target $23
PIPR
Neutral
GameStop cut to Neutral on game business erosion at Piper Jaffray
As previously reported, Piper Jaffray analyst Michael Olson, downgraded GameStop to Neutral from Overweight after the company pre-released a quarterly earnings miss and lowered its fiscal year guidance. This quarter will "prove to be a microcosm of the next several years," as the company's core gaming business erosion cannot be offset by growth in its new initiatives, predicted Olson, who lowered his price target on GameStop shares to $23 from $41.
11/03/16
BARD
11/03/16
NO CHANGE
Target $25
BARD
Outperform
GameStop price target lowered to $25 from $40 at Baird
Baird analyst Colin Sebastian lowered his price target on GameStop to $25 from $40 following its Q3 preannouncement. The analyst said his field checks indicated mixed pre-order levels for key holiday titles through October and he expects promotional activity to drive holiday demand. Sebastian maintained his Buy rating on GameStop shares as his rating is based on the company's long-term diversification strategy and ongoing free cash flow generation.
11/11/16
PIPR
11/11/16
NO CHANGE
PIPR
Oct. NPD video game software sales rose 11%, says Piper Jaffray
Piper Jaffray analyst Michael Olson says October NPD video game software sales were up 11% year-over-year due to strong results from incremental launch titles, including Electronic Arts' (EA) Battlefield 1 as well as Take Two's (TTWO) Mafia III, among others. The analyst, however, views the October NPD results as "largely irrelevant" since Activision Blizzard (ATVI), EA and Take-Two already announced December quarter guidance and GameStop (GME) recently announced preliminary October quarter results. He keeps Overweight ratings on all four names.
CAL Caleres
$33.05

0.56 (1.72%)

05/27/16
05/27/16
UPGRADE
Target $26

Buy
Caleres upgraded to Buy from Hold at BB&T
BB&T analyst Corinna Freedman upgraded Caleres due to valuation following the Q1 report and established a $26 price target on shares.
02/25/16
BUCK
02/25/16
UPGRADE
BUCK
Buy
Caleres upgraded to Buy from Neutral at Buckingham
01/27/16
01/27/16
INITIATION

On The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Arista Networks (ANET) initiated with a Buy at Citi... Brocade (BRCD) initiated with a Neutral at Citi... CBL & Associates (CBL) initiated with an Underperform at Boenning & Scattergood... Caleres (CAL) initiated with a Hold at BB&T... Ciena (CIEN) initiated with a Neutral at Citi... Fitbit (FIT) initiated with a Buy, $35 target at Citi... Genesco (GCO) initiated with a Hold at BB&T... Infinera (INFN) initiated with a Buy at Citi... Nabriva Therapeutics (NBRV) initiated with a Buy at Gabelli... SanDisk (SNDK) initiated with a Buy at Citi... Seagate (STX) initiated with a Sell at Citi... Tanger Factory (SKT) initiated with an Underperform at Boenning & Scattergood... Taubman Centers (TCO) initiated with a Neutral at Boenning & Scattergood... WP Glimcher (WPG) initiated with an Underperform at Boenning & Scattergood... Western Digital (WDC) initiated with a Buy at Citi... Yirendai (YRD) initiated with a Buy at Needham.
01/27/16
01/27/16
INITIATION

Hold
Caleres initiated with a Hold at BB&T
TSN Tyson Foods
$59.65

0.99 (1.69%)

11/18/16
JPMS
11/18/16
NO CHANGE
JPMS
Amid pricing controversy, JPMorgan would 'probably' own Tyson into earnings
Following yesterday's Washington Post story, JPMorgan analyst Ken Goldman says evidence continues to mount suggesting that the Georgia Dock pricing methodology could be flawed. It is still too early to draw full conclusions, but reporting on the topic suggests that if the price discovery methodology is changed, a chicken price decline is more likely than a price increase, Goldman tells investors in a research note. He points out that shares of Tyson Foods (TSN), Sanderson Farms (SAFM) and Pilgrim's Pride (PPC) all declined yesterday by at least 3%. The analyst sees some offsets, however, noting that companies seem to be selling some of their tray pack chicken at prices below Georgia Dock and that some companies no longer price off of the Dock. Goldman remains "highly constructive" on near-term fundamentals and notes that he'd "probably be long" shares of Tyson into Monday's earnings.
11/22/16
JPMS
11/22/16
NO CHANGE
Target $62
JPMS
Neutral
Tyson Foods removed from Analyst Focus List at JPMorgan
JPMorgan analyst Ken Goldman lowered his price target for Tyson Foods to $62 saying yesterday's Q4 miss shows the company still has "meaningful commodity exposure and potential volatility." The analyst believes, however, that many of the issues in Q4 are likely non-recurring in nature and that Tyson should post a "strong rebound" in Q1. Goldman removed the stock from his firm's Analyst Focus List and keeps a Neutral rating on the shares.
11/22/16
LYON
11/22/16
NO CHANGE
LYON
Tyson Foods weakness a buying opportunity, says CLSA
CLSA analyst Jeremy Scott said Tyson weakness is a buying opportunity as fundamentals remain strong and the CEO transition is overstated. Scott rates Tyson a Buy with an $85 price target.
11/22/16
JEFF
11/22/16
NO CHANGE
Target $75
JEFF
Buy
Jefferies views Tyson Foods selloff as 'great' buying opportunity
Jefferies analyst Akshay Jagdale believes the recent underperformance of Tyson Foods shares provides a "great" buying opportunity. The stock has underperformed the S&P 500 Index significantly since September owing to the Q4 miss and rotation out of staples, Jagdale tells investors in a research note. If not for several one-time issues, primarily in Chicken, Q4 earnings would have been in-line with consensus, the analyst contends. He believes Tyson's value-added long-term growth strategy remains intact. Jagdale lowered his price target for the shares to $75 from $85 and keeps a Buy rating on the Tysons.
CUB Cubic
$47.00

0.45 (0.97%)

10/14/16
ADAM
10/14/16
NO CHANGE
Target $50
ADAM
Buy
Cubic price target lowered to $50 from $54 at Canaccord
Canaccord analyst Ken Herbert lowered his price target on Cubic to $50 from $54 following the company's preannouncement that Q4 would be weaker than expected. The company also said it would provide conservative guidance for 2017. The company said the miss was due to customer timing issues but the analyst said it raises concern over top-line growth and margin expansion. Herbert, however, said a pullback would be a buying opportunity and he reiterated his Buy rating on Cubic shares.
08/01/16
NEED
08/01/16
UPGRADE
NEED
Buy
Cubic upgraded to Buy from Hold at Needham
08/01/16
NEED
08/01/16
UPGRADE
Target $48
NEED
Buy
Cubic upgraded to Buy at Needham ahead of results
As previously reported, Needham analyst James Ricchiuti upgraded Cubic to Buy from Hold with a $48 price target ahead of the company's Q3 results. While the analyst expects there to be noise in the numbers from several factors, he sees it as already priced into the stock and believes investors should be focused on the improving profitability of the defense business in the next few quarters. Additionally, Ricchiuti sees a "meaningful catalyst" emerging in the Transportation business as Cubic appears "well positioned" to secure several high-profile contracts.
10/06/16
ADAM
10/06/16
NO CHANGE
Target $54
ADAM
Buy
Cubic price target raised to $54 from $50 at Canaccord
Canaccord analyst Ken Herbert raised his price target on Cubic to $54 from $50. The analyst said company focus remains on top-line growth in 2017 with the potential NY CTS contract win as the key catalyst, along with margin improvement. Herbert reiterated his Buy rating on Cubic shares.
MDT Medtronic
$75.52

-0.26 (-0.34%)

11/23/16
OPCO
11/23/16
NO CHANGE
Target $84
OPCO
Outperform
Medtronic price target lowered to $84 from $94 at Oppenheimer
Oppenheimer analyst Steven Lichtman lowered his price target for Medtronic to $84 from $94 following the company's Q2 sales miss that came primarily from discrete U.S. issues across a few businesses rather than from one-overarching theme. The analyst reiterates an Outperform rating on the shares.
11/23/16
LEER
11/23/16
NO CHANGE
Target $80
LEER
Market Perform
Medtronic price target lowered to $80 from $94 at Leerink
Leerink analyst Danielle Antalffy lowered her price target for Medtronic to $80 from $94 following the company's topline miss seemingly driven by a product cycle gap. The analyst believes the Medtronic-specific headwinds could persist for several quarters, and reiterates a Market Perform rating on the shares.
11/23/16
JEFF
11/23/16
NO CHANGE
Target $88
JEFF
Buy
Medtronic price target lowered to $88 from $100 at Jefferies
Jefferies analyst Raj Denhoy lowered his price target for Medtronic to $88 saying the "weak" Q2 set back almost a year of progress for the company. "The recent strong product cycles have waned and the company finds itself in a slower period before new things kick in," Denhoy tells investors in a post-earnings research note. The analyst keeps a Buy rating on the shares.
11/23/16
UBSW
11/23/16
NO CHANGE
Target $88
UBSW
Buy
Medtronic price target lowered to $88 from $96 at UBS
UBS analyst Matt Miksic lowered his price target on Medtronic to $88 from $96 following Q2 results. The analyst said the company's top-line miss was driven by unrelated and temporary issues and he sees the long-term growth model intact and expects mid-single growth in the second half of 2017. Miksic reiterated his Buy rating on Medtronic shares.
PANW Palo Alto Networks
$141.51

1.82 (1.30%)

11/22/16
MAXM
11/22/16
NO CHANGE
Target $185
MAXM
Buy
Palo Alto Networks technology still 'best-in-class,' says Maxim
Maxim analyst Nehal Chokshi blames Palo Alto Networks' Q1 revenue miss and softer Q2 guidance to an extension in its large deal sales cycle. However, despite seeing limited upside for the remainder of FY17, he continues to believe that Palo Alto has a best-in-class network security capability and keeps a Buy rating and $185 price target on the shares.
11/22/16
PACS
11/22/16
NO CHANGE
PACS
Palo Alto Networks long-term opportunity still positive, says Pacific Crest
After Palo Alto reported weaker than expected results, Pacific Crest analyst Rob Owens blames the miss on "extended deal cycles requiring additional approval." .However, the analyst continues to believe that its growth is "impressive," and he thinks that it still has one of the best longer term outlooks of any IT security company.He keeps a $190 price target and an Overweight rating on the shares.
11/23/16
JPMS
11/23/16
NO CHANGE
Target $170
JPMS
Overweight
JPMorgan remains positive on Palo Alto Networks valuation
After adjusting for stock-based compensation, shares of looks Palo Alto Networks still look attractive relative to its growth rate, JPMorgan analyst Sterling Auty tells investors in a research note. The analyst keeps an Overweight rating on the shares with a $170 price target.
11/22/16
STFL
11/22/16
NO CHANGE
STFL
Buy
Palo Alto Networks long-term thesis remains intact, says Stifel
Stifel analyst Gur Talpaz said Palo Alto Networks missed Q1 due to revenue and billings estimates due to an elongated sales cycle that resulted in some larger deals slipping into Q2. The analyst sees a relatively healthy enterprise security spending environment but with additional deal scrutiny and higher levels of discounting among Palo Alto's primary competitors. However, Talpaz is encouraged by improving traction of the company's Traps and VM-Series solutions and views Q1 results as a hiccup and said his long-term Buy thesis is intact.
PDCO Patterson Companies
$39.26

-0.3 (-0.76%)

11/22/16
PIPR
11/22/16
NO CHANGE
PIPR
Patterson cancellation a positive for Dentsply, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien believes Patterson Companies (PDCO) cancelling its exclusive selling agreement with legacy Sirona products beyond September 2017 as positive for Dentsply Sirona (XRAY). The move is unsurprising given the changing industry dynamics, O'Brien tells investors in a research note. He points out that the initial exclusive agreement was established in 1998. Assuming Henry Schein (HSIC) starts selling legacy Sirona equipment, the cancellation is a positive for Dentsply as this will ultimately allow the company to increase cross-selling opportunities with those customers, O'Brien argues. He's been calling for a cancellation of the exclusive selling agreement with Patterson saying Dentsply has been adamant about realizing sales synergies through increased cross-selling opportunities. The analyst reiterates an Overweight rating on Dentsply with a $70 price target. Patterson in pre-market trading is down 17% to $39.20 after reporting a decline in North American dental consumables sales of 2.5%. Dentsply shares are down 2% to $58.40.
11/23/16
JPMS
11/23/16
NO CHANGE
Target $40
JPMS
Neutral
Patterson Companies price target lowered to $40 from $48 at JPMorgan
JPMorgan analyst Lisa Gill lowered her price target for Patterson Companies to $40 from $48 after the company reported Q2 earnings below her estimate and cut its FY17 earnings guidance. The analyst remains cautious on Patterson's outlook "given the lack of visibility into the timing of improvement on both sides of the business." She keeps a Neutral rating on the shares.
11/21/16
BARD
11/21/16
NO CHANGE
BARD
Outperform
Baird expects Amazon.com distribution announcement with Patterson
Following industry conversions, Baird analyst Jeff Johnson expects Patterson Companies (PDCO) to announce an Amazon.com (AMZN) distribution agreement tomorrow. What the analyst hadnt considered and is now hearing is that Amazon could fulfill orders placed through Patterson's order portal, lowering Patterson's fulfillment costs and given the company breathing room as it pursues DSO deals. Johnson rates Patterson a Neutral with a $48 price target.
11/01/16
NRCS
11/01/16
NO CHANGE
NRCS
Amazon.com should partner with Patterson Companies, says Northcoast
Northcoast said Amazon.com (AMZN) has a strong interest in entering the dental market and has spent time and resources attempting to build relationships with manufacturers and distributors to gain product procurement, which so far has been unsuccessful. The firm's analyst said Patterson (PDCO) is aggressively trying to reinvent how dental distribution will occur in the future and is building a new IT backbone, making huge investments in technical service. Northcoast said Patterson is on a path to disrupt the industry and could accelerate this effort with a partnership with Amazon. The firm continues to view Patterson as undervalued, with out without Amazon, and recommends investors build positions at this time.
NMBL Nimble Storage
$7.73

-0.04 (-0.51%)

11/23/16
SUSQ
11/23/16
NO CHANGE
Target $12
SUSQ
Positive
Nimble Storage takeover prospects cannot be overlooked, says Susquehanna
Susquehanna analyst Mehdi Hosseini noted Nimble Storage reported relatively in-line Q3 results and guidance. The analyst said that was enough to keep his framework intact as he believes the company is well positioned to continue gaining market share with its Hybrid/All-Flash portfolio. Hosseini also said its prospects as a takeover target for a large player should not be overlooked. Hosseini reiterated his Positive rating and $12 price target on Nimble Storage shares.
11/23/16
MAXM
11/23/16
NO CHANGE
Target $12
MAXM
Buy
Nimble Storage shows multiple signs of turnaround progress, says Maxim
Maxim analyst Nehal Chokshi said multiple metrics, including 5K bookings acceleration and SME bookings acceleration, indicate Nimble Storage's turnaround is progressing, which he believes will become more apparent in next quarter. The company's Lenovo deal and R&D pipeline give him further confidence that Nimble will be a long-term storage player, added Chokshi, who keeps a Buy rating and $12 price target on the shares, which are down about 13% to $8.05 in pre-market trading.
10/03/16
SUSQ
10/03/16
NO CHANGE
Target $12
SUSQ
Positive
Nimble Storage well positioned to gain market share, says Susquehanna
Susquehanna analyst Mehdi Hosseini believes Nimble Storage remains well positioned to continue to gain market share with its dual faceted approach and material operating leverage on the horizon in 2018. Hosseini reiterated his Positive rating and $12 price target on Nimble Storage shares.
09/29/16
WELS
09/29/16
UPGRADE
WELS
Outperform
Nimble Storage upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Maynard Um upgraded Nimble Storage to Outperform saying the risk/reward is favorable at current valuation levels. A "strong pipeline" for Nimble's all-flash array should drive revenue acceleration in FY18 and multiple expansion, Um tells investors in a research note. The analyst raised his price target range for the shares to $10-$11 from $9-$10.
URBN Urban Outfitters
$34.31

-4.7 (-12.05%)

11/23/16
JEFF
11/23/16
NO CHANGE
Target $45
JEFF
Buy
Jefferies reiterates Buy on Urban Outfitters after Q3 miss
Jefferies analyst Randal Konik reiterates a Buy rating on Urban Outfitters with a $45 price target following the company's Q3 miss. The analyst remains "encouraged" by the momentum at the Urban Outfitters brand, which he notes is bucking the industry trend with higher store traffic. He sees Anthropologie "finding its way" over the next several quarters.
11/23/16
STFL
11/23/16
NO CHANGE
STFL
Urban Outfitters long-term outlook still positive, says Stifel
After Urban Outfitters reported lower than expected Q3 EPS, Stifel analyst Richard Jaffe says that weakness at the company's Anthrolopolgie unit hindered the company's results. He thinks that Anthrolopologie's offerings continue to be "weak." Jaffe expects the stock to be pressured in the near-term, but he remains upbeat on the company's outlook, partly due to what he sees as its "strong brand equity" and "significant growth opportunities." He keeps a $40 price target and a Buy rating on the shares.
11/23/16
BARD
11/23/16
NO CHANGE
Target $38
BARD
Outperform
Urban Outfitters margin outlook murkier than anticipated, says Baird
Baird analyst Mark Altschwager noted Urban Outfitters reported weaker than expected Q3 results as sluggish apparel demand at Anthropologie weighed on consolidated comps and margins. The analyst said the apparel market remains choppy and the margin picture is murkier than anticipated and recommends investors wait for opportunities to build or add to positions in the low $30's and look to trim positions in the high $30's. Altschwager maintained his Outperform rating on Urban Outfitters shares.
11/23/16
WDLK
11/23/16
DOWNGRADE
Target $32
WDLK
Hold
Wunderlich downgrades Urban Outfitters on 'anemic' Q3 results
Wunderlich analyst Eric Beder downgraded Urban Outfitters to Hold from Buy saying the retailer's "anemic" Q3 results disproved his entire investment thesis. Sales momentum at Free People and Anthropologie continued to weaken and gross margins remained challenged despite easy comparisons, Beder tells investors in a post-earnings research note. He cut his price target for the shares to $32 from $40. Urban Outfitters is down 11%, or $4.14, to $34.87 in pre-market trading.
HPQ HP Inc.
$15.18

0.31 (2.08%)

11/23/16
11/23/16
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. CBS (CBS) downgraded to Market Perform from Outperform at BMO Capital with analyst Daniel Salmon citing valuation and his belief that the shares will soon begin to trade based on a potential deal with Viacom (VIA, VIAB). 2. Abercrombie & Fitch (ANF) downgraded to Sell from Hold at Deutsche Bank with analyst Tiffany Kanaga saying the Abercrombie brand turnaround is yet to gain traction. 3. Twitter (TWTR) downgraded to Negative from Mixed at OTR Global. 4. HP Inc. (HPQ) downgraded to Hold from Buy at Jefferies with analyst James Kisner citing valuation and secular challenges for the downgrade. 5. First Solar (FSLR) downgraded to Neutral from Outperform at Macquarie with analyst Gurpreet Gujral citing a lack of catalysts after the company canceled the Series 5 product that was originally scheduled to launch 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.
11/23/16
JEFF
11/23/16
DOWNGRADE
Target $16.75
JEFF
Hold
HP Inc. downgraded to Hold from Buy at Jefferies
Jefferies analyst James Kisner downgraded HP Inc. to Hold with a $16.75 price target following the company's Q4 results. The analyst cites valuation and secular challenges for the downgrade.
10/14/16
BMUR
10/14/16
NO CHANGE
Target $18
BMUR
Buy
HP Inc. new business model conservative, says Brean Capital
Brean Capital analyst Ananda Baruah attended the HP, Inc. analyst day and said although it didn't hold any surprises, he believes the company's new long-term business model remains conservative. The analyst said if the company can execute its model its revenue growth will have to be stronger than stated and its guidance must be conservative. Baruah reiterated his Buy rating and $18 price target on HP, Inc. shares.
08/25/16
MAXM
08/25/16
DOWNGRADE
Target $15
MAXM
Hold
HP Inc. downgraded to Hold on pressured printing margins at Maxim
As previously reported, Maxim analyst Nehal Chokshi downgraded HP Inc. to Hold from Buy and lowered his price target to $15 from $17, saying that his analysis points to sustained printing supplies pricing pressure despite the refresh of its printer hardware. Chokshi added that he expects the company to lower its FY17 earnings guidance at its Securities Analyst Meeting in October.
JNJ Johnson & Johnson
$114.13

1.06 (0.94%)

10/19/16
UBSW
10/19/16
NO CHANGE
Target $144
UBSW
Buy
Johnson & Johnson has potential upside from expanding pipeline, says UBS
UBS analyst Matt Miksic noted Johnson & Johnson delivered a solid quarter and said he believes there is upside to his Buy thesis. The analyst cited the company's expanding pipeline, capital allocation strategy, and contracting across its broad portfolio and patient assistance programs is expected to help mitigate pressure from biosimilar competition. Miksic reiterated his Buy rating and raised his price target to $144 from $137 on Johnson & Johnson shares.
11/09/16
RBCM
11/09/16
NO CHANGE
RBCM
Johnson & Johnson should be bought on recent weakness, says RBC Capital
After meeting with J&J's VP, Investor Relations, RBC Capital analyst Glenn Novarro says that the company's Q3 pharma results indicate that the growth of its major drugs can more than offset any declines in Remicade sales next year. The analyst quotes J&J as saying that it has not been using price hikes to increase its sales, and he thinks that the company's diverse business model will allow it to avoid being hurt by any regulatory pressures. He is upbeat on the company's efforts to increase its margins and notes that its medical device results have improved. Novarro keeps a $133 price target and an Outperform rating on the shares.
10/18/16
UBSW
10/18/16
NO CHANGE
Target $137
UBSW
Buy
Johnson & Johnson robust pipeline underappreciated, says UBS
UBS analyst Matt Miksic said the Johnson & Johnson pipeline remains robust and is underappreciated. The analyst said the recent launch of biosimilars removes uncertainty and should be positive for the stock. He also expects the additional deployment of the company's capital - to expand its pipeline through in-licensing, partnerships or mid-sized acquisitions - to be incremental to his Buy thesis. Miksic has a $137 price target on Johnson & Johnson shares.
10/19/16
LEER
10/19/16
NO CHANGE
Target $140
LEER
Outperform
Johnson & Johnson should be bought on weakness, says Leerink
Leerink analyst Danielle Antalffy believes the recent selloff in Johnson & Johnson's shares was overdone and would recommend buying on weakness. The analyst views the company as well-equipped to manage the inevitable Remicade headwind and continues to believe Johnson & Johnson can drive improving top-line growth in 2017. She reiterates an Outperform rating and $140 price target on the shares.
ALIOF Actelion
$153.55

-3.24 (-2.07%)

TODAY'S FREE FLY STORIES

EVHC

Envision Healthcare

$69.19

-2.51 (-3.50%)

06:55
12/08/16
12/08
06:55
12/08/16
06:55
Initiation
Envision Healthcare initiated  »

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06:55
12/08/16
12/08
06:55
12/08/16
06:55
General news
NYMEX crude is showing a 0.8% gain »

NYMEX crude is showing a…

MEI

Methode Electronics

$39.00

0.45 (1.17%)

06:54
12/08/16
12/08
06:54
12/08/16
06:54
Earnings
Methode Electronics raises FY17 EPS view to $2.30-$2.45 from $2.11-$2.35 »

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03/08/13
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  • 08

    Dec

IGT

International Game

$25.49

0.36 (1.43%)

, SNE

Sony

$28.61

0.45 (1.60%)

06:54
12/08/16
12/08
06:54
12/08/16
06:54
Hot Stocks
International Game signs license agreement with Sony Pictures Television »

International Game…

IGT

International Game

$25.49

0.36 (1.43%)

SNE

Sony

$28.61

0.45 (1.60%)

03/08/13
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MEI

Methode Electronics

$39.00

0.45 (1.17%)

06:53
12/08/16
12/08
06:53
12/08/16
06:53
Earnings
Methode Electronics reports Q2 EPS 66c, consensus 55c »

Reports Q2 revenue…

03/08/13
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  • 08

    Dec

VRNT

Verint

$38.30

0.1 (0.26%)

06:52
12/08/16
12/08
06:52
12/08/16
06:52
Recommendations
Verint analyst commentary  »

Verint removed from Focus…

03/08/13
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03/06/13
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03/06/13
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  • 08

    Dec

AMC

AMC Entertainment

$32.65

-1.15 (-3.40%)

, CKEC

Carmike Cinemas

$33.45

-0.4 (-1.18%)

06:49
12/08/16
12/08
06:49
12/08/16
06:49
Hot Stocks
AMC Entertainment and Carmike Cinemas announce election deadline »

AMC Theatres (AMC) and…

AMC

AMC Entertainment

$32.65

-1.15 (-3.40%)

CKEC

Carmike Cinemas

$33.45

-0.4 (-1.18%)

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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SCBFF

Standard Chartered

$8.68

0.28 (3.33%)

06:47
12/08/16
12/08
06:47
12/08/16
06:47
Periodicals
StanChart sanctions investigation nearing completion, Bloomberg reports »

U.S. investigators have…

03/08/13
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HP

Helmerich & Payne

$80.86

0.94 (1.18%)

06:46
12/08/16
12/08
06:46
12/08/16
06:46
Downgrade
Helmerich & Payne rating change  »

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03/06/13
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LULU

lululemon

$59.84

2.6 (4.54%)

06:45
12/08/16
12/08
06:45
12/08/16
06:45
Upgrade
lululemon rating change  »

lululemon upgraded to…

03/08/13
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03/06/13
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  • 09

    Jan

PRGO

Perrigo

$83.94

-0.53 (-0.63%)

06:44
12/08/16
12/08
06:44
12/08/16
06:44
Hot Stocks
Perrigo announces portfolio review developments, intends to restructure BCH unit »

Perrigo announced its…

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CEB

CEB

$59.50

0.35 (0.59%)

06:43
12/08/16
12/08
06:43
12/08/16
06:43
Downgrade
CEB rating change  »

CEB downgraded to Hold…

03/08/13
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UHS

Universal Health

$111.36

-15.01 (-11.88%)

06:42
12/08/16
12/08
06:42
12/08/16
06:42
Hot Stocks
Universal Health issues statement on recent BuzzFeed article »

Universal Health issued a…

03/08/13
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03/08/13
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03/06/13
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  • 08

    Dec

GOOGL

Alphabet Class A

$791.47

15.29 (1.97%)

, GOOG

Alphabet

$771.19

12.08 (1.59%)

06:42
12/08/16
12/08
06:42
12/08/16
06:42
Recommendations
Alphabet Class A, Alphabet, Facebook, Amazon.com analyst commentary  »

Citi replaces Amazon with…

GOOGL

Alphabet Class A

$791.47

15.29 (1.97%)

GOOG

Alphabet

$771.19

12.08 (1.59%)

FB

Facebook

$117.95

0.64 (0.55%)

AMZN

Amazon.com

$770.42

5.7 (0.75%)

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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  • 15

    Jan

SMG

Scotts Miracle-Gro

$92.84

2.01 (2.21%)

06:41
12/08/16
12/08
06:41
12/08/16
06:41
Upgrade
Scotts Miracle-Gro rating change  »

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ARAY

Accuray

06:40
12/08/16
12/08
06:40
12/08/16
06:40
Hot Stocks
Accuray reports first patients treated with new Radixact system »

Accuray announced that…

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  • 08

    Dec

TAX

Liberty Tax

$13.35

0.5 (3.89%)

06:38
12/08/16
12/08
06:38
12/08/16
06:38
Earnings
Liberty Tax reports Q2 EPS (72c), consensus (71c) »

Reports Q2 revenue $7.2M,…

03/08/13
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03/08/13
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03/06/13
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  • 08

    Dec

ZEN

Zendesk

$21.15

-0.02 (-0.09%)

06:38
12/08/16
12/08
06:38
12/08/16
06:38
Conference/Events
Zendesk management to meet with William Blair »

Group luncheon with…

03/08/13
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03/06/13
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  • 08

    Dec

AMZN

Amazon.com

$770.42

5.7 (0.75%)

06:38
12/08/16
12/08
06:38
12/08/16
06:38
Periodicals
Amazon seeks to help publishers profit more from ads, WSJ says »

Amazon is advancing…

03/08/13
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03/06/13
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INFN

Infinera

$8.48

0.01 (0.12%)

06:37
12/08/16
12/08
06:37
12/08/16
06:37
Conference/Events
Infinera management to meet with William Blair »

Group luncheon with…

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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  • 08

    Dec

LLL

L-3 Communications

$161.56

3.1 (1.96%)

06:36
12/08/16
12/08
06:36
12/08/16
06:36
Downgrade
L-3 Communications rating change  »

L-3 Communications…

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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BLL

Ball Corp.

$75.58

1.38 (1.86%)

06:34
12/08/16
12/08
06:34
12/08/16
06:34
Recommendations
Ball Corp. analyst commentary  »

Ball Corp. recent…

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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  • 13

    Dec

YGE

Yingli Green Energy

$3.23

0.12 (3.86%)

06:34
12/08/16
12/08
06:34
12/08/16
06:34
Hot Stocks
Yingli Green Energy sees Q4 PV module shipments 600MW-670MW »

Based on current market…

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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  • 08

    Dec

MPLX

MPLX

$31.69

-0.01 (-0.03%)

06:34
12/08/16
12/08
06:34
12/08/16
06:34
Upgrade
MPLX rating change  »

MPLX upgraded to Buy from…

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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YGE

Yingli Green Energy

$3.23

0.12 (3.86%)

06:34
12/08/16
12/08
06:34
12/08/16
06:34
Earnings
Yingli Green Energy reports Q3 EPS (28c), may not compare to consensus ($1.39) »

Reports Q3 revenue…

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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  • 08

    Dec

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