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FCX

Freeport McMoRan

$15.33

0.36 (2.40%)

, ARWR

Arrowhead

$4.39

-0.07 (-1.57%)

10:22
11/30/16
11/30
10:22
11/30/16
10:22

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Freeport McMoRan (FCX) downgraded to Sell from Hold at Berenberg. 2. Arrowhead (ARWR) was downgraded to Neutral from Overweight at Piper Jaffray, to Neutral from Buy at Chardan, to Hold from Buy at Cantor, and to Market Perform from Outperform at William Blair. 3. W.R. Grace (GRA) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander noting the potential for a sharp drop in free cash flow conversion once its net operating loss carry-forwards are exploited. 4. Abaxis (ABAX) downgraded to Neutral from Buy at Northcoast. 5. Duluth Holdings (DLTH) downgraded to Neutral from Outperform at Baird with analyst Jonathan Komp citing the stock's recent rally and the possibility its valuation metrics have pushed beyond the levels he believes it can sustain. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

FCX

Freeport McMoRan

$15.33

0.36 (2.40%)

ARWR

Arrowhead

$4.39

-0.07 (-1.57%)

GRA

W.R. Grace

$65.00

-2.01 (-3.00%)

ABAX

Abaxis

$52.21

0.28 (0.54%)

DLTH

Duluth Holdings

$35.00

-2.64 (-7.01%)

  • 30

    Nov

FCX Freeport McMoRan
$15.33

0.36 (2.40%)

11/14/16
MACQ
11/14/16
NO CHANGE
Target $13
MACQ
Outperform
Freeport McMoRan price target raised to $13 from $9 at Macquarie
Macquarie analyst Anthony Young raised Freeport's price target to $13 from $9 in conjunction with the Commodities' team increase in copper price forecast by 17% in 2017 to $2.43/lb and 16% in 2018 to $2.13/lb. The analyst likes Freeport's leverage to the price of copper and expects the company to ultimately reach an agreement with the Indonesia government on the company's permit to export. Young has an Outperform rating on Freeport shares.
11/30/16
BREN
11/30/16
DOWNGRADE
BREN
Sell
Freeport McMoRan downgraded to Sell from Hold at Berenberg
11/21/16
COWN
11/21/16
NO CHANGE
Target $20
COWN
Outperform
Freeport McMoRan price target raised to $20 from $15 at Cowen
Cowen analyst Anthony Rizzuto raised his price target on Freeport McMoRan to $20 from $15 as the company has regained its status as the "go-to" coper investment vehicle after the impressive action taken by management to right-size the balance sheet. Rizzuto reiterated his Outperform rating on Freeport McMoRan shares.
11/17/16
DBAB
11/17/16
DOWNGRADE
Target $12.5
DBAB
Hold
Freeport McMoRan downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Terry downgraded Freeport McMoRan to Hold citing valuation following the recent rally in the shares. The analyst keeps a $12.50 price target for the stock.
ARWR Arrowhead
$4.39

-0.07 (-1.57%)

11/30/16
CHDN
11/30/16
UPGRADE
CHDN
Buy
Arbutus Biopharma upgraded on competitor withdrawal at Chardan
As noted earlier, Chardan upgraded Arbutus (ABUS) to Buy from Neutral. Analyst Gbola Amusa upgraded the stock after Arrowhead (ARWR) announced that it was terminating its intravenously delivered RNAi clinical programs ARC-520, ARC-521, and ARC-AAT. The analyst now expects Arbutus' share of the HBV RNAi to rise to 47.5% from 17.5%. Amusa does not expect Arbutus' treatments to cause the same safety problems as those of Arrowhead. Amusa is upbeat on Arbutus' lead asset, ARB-1467. Target to $4 from $3.
11/30/16
WBLR
11/30/16
DOWNGRADE
WBLR
Market Perform
Arrowhead downgraded to Market Perform from Outperform at William Blair
11/30/16
CANT
11/30/16
DOWNGRADE
CANT
Hold
Arrowhead downgraded on elimination of program at Cantor
As noted earlier, Cantor downgraded Arrowhead to Hold from Buy. Analyst Elemer Piros downgraded the stock after the company announced that it was terminating its intravenously delivered RNAi clinical programs ARC-520, ARC-521, and ARC-AAT but pursuing its subcutaneously delivered candidates. The analyst says that the subcutaneously delivered candidates are in early stages of development and lack visibility. Target to $1 from $15.
11/30/16
11/30/16
DOWNGRADE
Target $2

Market Perform
Arrowhead downgraded at William Blair after clinical programs discontinued
As previously reported, William Blair analyst Katherine Xu downgraded Arrowhead to Market Perform from Outperform after the company announced that it would discontinue all of its current clinical-stage programs three weeks after the FDA placed lead asset ARC-520 for hepatitis B virus on clinical hold. The company plans to shift focus to its preclinical subcutaneous and extra-hepatic RNAi platforms, though Xu estimates these programs are at least one to two years away from entering the clinic. Xu cut her price target on Arrowhead shares to $2 from $12.
GRA W.R. Grace
$65.00

-2.01 (-3.00%)

11/30/16
JEFF
11/30/16
DOWNGRADE
JEFF
Hold
W.R. Grace downgraded to Hold from Buy at Jefferies
11/30/16
11/30/16
DOWNGRADE
Target $70

Hold
W.R. Grace downgraded to Hold at Jefferies
As previously reported, Jefferies analyst Laurence Alexander downgraded W.R. Grace to Hold from Buy, noting the potential for a sharp drop in free cash flow conversion once its net operating loss carry-forwards are exploited. Alexander also sees medium-term demand risks for gasoline and said that Grace leans heavily on buybacks and M&A for its EPS growth, which could threatens the stock's multiple. The analyst lowered his price target on Grace shares to $70 from $80.
11/01/16
GHSC
11/01/16
UPGRADE
GHSC
Buy
W.R. Grace upgraded to Buy from Neutral at Seaport Global
09/13/16
GHSC
09/13/16
INITIATION
Target $81
GHSC
Neutral
W.R. Grace initiated with a Neutral at Seaport Global
Seaport Global analyst Michael Harrison initiated W.R. Grace with a Neutral and an $81 price target due to valuation. The analyst adds he views Grace a potential takeout target following the spin-out of its GCP construction and packaging business, and notes there has been brisk M&A activity in the chemicals and materials space recently.
ABAX Abaxis
$52.21

0.28 (0.54%)

11/30/16
NRCS
11/30/16
DOWNGRADE
NRCS
Neutral
Abaxis downgraded to Neutral from Buy at Northcoast
07/22/16
FLTL
07/22/16
DOWNGRADE
FLTL
Sell
Abaxis downgraded to Sell from Hold at Feltl
02/04/16
02/04/16
INITIATION

On The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AT&T (T) initiated with a Buy at DA Davidson... Abaxis (ABAX) initiated with an Underperform at Credit Suisse... Aratana Therapeutics (PETX) initiated with an Outperform at Credit Suisse... Care.com (CRCM) initiated with an Equal Weight at Morgan Stanley... GCP Applied Technologies (GCP) initiated with a Buy at Jefferies... Heritage-Crystal Clean (HCCI) initiated with a Buy at Roth Capital... IDEXX (IDXX) initiated with an Outperform at Credit Suisse... Nexvet Biopharma (NVET) initiated with an Outperform at Credit Suisse... PetMed Express (PETS) initiated with an Underperform at Credit Suisse... Phibro Animal Health (PAHC) initiated with an Outperform at Credit Suisse... Pure Storage (PSTG) initiated with a Perform at Oppenheimer... SeaWorld (SEAS) initiated with a Neutral at Janney Capital... Seattle Genetics (SGEN) initiated with an Overweight at Barclays... VCA Inc. (WOOF) initiated with an Outperform at Credit Suisse... Verizon (VZ) initiated with a Neutral at DA Davidson... Zoetis (ZTS) initiated with an Outperform at Credit Suisse.
02/04/16
FBCO
02/04/16
INITIATION
Target $39
FBCO
Underperform
Abaxis initiated with an Underperform at Credit Suisse
Credit Suisse analyst Erin Wilson initiated Abaxis with an Unperform rating and $39 price target on shares. Wilson sees slowing growth, increasing competition, and reduced contributions from new distribution relationships pressuring earnings growth.
DLTH Duluth Holdings
$35.00

-2.64 (-7.01%)

11/30/16
BARD
11/30/16
DOWNGRADE
Target $39
BARD
Neutral
Duluth Holdings downgraded to Neutral at Baird
As reported previously, Baird analyst Jonathan Komp downgraded Duluth Holdings to Neutral from Outperform. The analyst cited its recent rally and the possibility its valuation metrics have pushed beyond the levels he believes it can sustain. Komp raised his price target to $39 from $36 on Duluth Holdings shares.
11/30/16
BARD
11/30/16
DOWNGRADE
BARD
Neutral
Duluth Holdings downgraded to Neutral from Outperform at Baird
09/23/16
BMOC
09/23/16
NO CHANGE
BMOC
Duluth Holdings weakness creates attractive entry point, says BMO Capital
After traveling with Duluth's management, BMO Capital analyst John Morris says the company can continue to accelerate its store expansions and the growth of its women's business. He remains upbeat on the company's long-term outlook, and he says that the weakness in the stock has created a buying opportunity.
09/08/16
BARD
09/08/16
NO CHANGE
Target $35
BARD
Outperform
Duluth Holdings removed from Focus Ideas List at Baird
Baird analyst Jonathan Komp removed Duluth from Baird's Focus List entirely due to the recent strong share performance. The analyst maintains his Outperform rating and $35 price target saying he remains confident in Duluth's near-term fundamentals.

TODAY'S FREE FLY STORIES

VNCE

Vince Holding

$4.55

0.35 (8.33%)

20:25
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  • 08

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NWBO

Northwest Biotherapeutics

$0.55

0.0227 (4.33%)

20:17
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AAPL

Apple

$111.03

1.08 (0.98%)

, MSFT

Microsoft

$61.37

1.42 (2.37%)

20:07
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NHL in negotiations to bring Apple devices to team benches, TSN says »

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MSFT

Microsoft

$61.37

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  • 07

    Dec

  • 13

    Mar

ATKR

Atkore

$19.71

-0.11 (-0.55%)

19:59
12/07/16
12/07
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Syndicate
Atkore 8M share Secondary priced at $19.00 »

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  • 08

    Dec

BPMC

Blueprint Medicines

$26.20

-2.23 (-7.84%)

19:58
12/07/16
12/07
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19:58
Syndicate
Blueprint Medicines 5M share Secondary priced at $25.00 »

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  • 08

    Dec

LULU

lululemon

$59.84

2.6 (4.54%)

19:50
12/07/16
12/07
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19:50
Hot Stocks
lululemon CFO says early Q4 trends strengthened into December »

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  • 07

    Dec

  • 09

    Jan

LULU

lululemon

$59.84

2.6 (4.54%)

19:50
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12/07
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Hot Stocks
lululemon CEO highlights Q3 gross margin, reports 11% comp growth in pants »

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  • 07

    Dec

  • 09

    Jan

CVX

Chevron

$114.44

1.68 (1.49%)

19:20
12/07/16
12/07
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19:20
Hot Stocks
Chevron announces $19.8B capital, exploratory budget for 2017 »

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  • 13

    Dec

X

U.S. Steel

$37.49

1.54 (4.28%)

18:49
12/07/16
12/07
18:49
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18:49
Periodicals
U.S. Steel CEO: Company may bring back 10,000 U.S. jobs, CNBC says »

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03/08/13
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VNDA

Vanda

$15.40

-0.6 (-3.75%)

18:47
12/07/16
12/07
18:47
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18:47
Hot Stocks
Vanda settles Fanapt patent litigation with Apotex »

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AE

Adams Resources

$42.31

-0.68 (-1.58%)

, SWN

Southwestern Energy

$12.37

-0.08 (-0.64%)

18:46
12/07/16
12/07
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18:46
Hot Stocks
Adams Resources appoints Josh Anders as CFO »

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AE

Adams Resources

$42.31

-0.68 (-1.58%)

SWN

Southwestern Energy

$12.37

-0.08 (-0.64%)

03/08/13
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03/08/13
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03/06/13
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EZPW

EZCORP

$11.80

0.05 (0.43%)

18:42
12/07/16
12/07
18:42
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18:42
Earnings
EZCORP reports Q4 EPS with items (31c), may not compare to consensus 6c »

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  • 08

    Dec

RICE

Rice Energy

$24.59

-0.16 (-0.65%)

18:33
12/07/16
12/07
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18:33
Initiation
Rice Energy initiated  »

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AMZN

Amazon.com

$770.42

5.7 (0.75%)

18:30
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12/07
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Periodicals
Amazon spokesperson denies 2,000 grocery stores report, CNET says »

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ICON

Iconix Brand

$9.26

0.14 (1.54%)

18:23
12/07/16
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Hot Stocks
Iconix Brand reports employment termination of Chief Strategy Officer Blumberg »

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PBYI

Puma Biotechnology

$39.80

-2 (-4.78%)

18:23
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Puma Biotechnology 'pleased' to complete biomarker analysis of neratinib »

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FTK

Flotek

$11.10

-2.01 (-15.33%)

18:17
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Hot Stocks
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PBYI

Puma Biotechnology

$39.80

-2 (-4.78%)

18:09
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PNM

PNM Resources

$32.05

0.45 (1.42%)

18:09
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Hot Stocks
PNM Resources requests an electric rate increase of $99M in New Mexico »

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  • 14

    Dec

BK

BNY Mellon

$48.55

0.56 (1.17%)

18:03
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12/07
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18:03
Periodicals
BNY Mellon outage led to certain Swift payment failures, WSJ reports »

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TLRD

Tailored Brands

$18.93

0.62 (3.39%)

17:52
12/07/16
12/07
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17:52
Hot Stocks
Tailored Brands up 22% to $23.20 after Q3 results beat estimates »

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  • 08

    Dec

FLXS

Flexsteel Industries

$59.12

2.92 (5.20%)

, UNH

UnitedHealth

$159.40

2.08 (1.32%)

17:50
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Flexsteel names Eric Rangen chair of the board »

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FLXS

Flexsteel Industries

$59.12

2.92 (5.20%)

UNH

UnitedHealth

$159.40

2.08 (1.32%)

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NKE

Nike

$52.10

1.53 (3.03%)

, UA

Under Armour

$27.03

1.62 (6.38%)

17:49
12/07/16
12/07
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Periodicals
Nike losing market share to faster-growing rivals, Barron's reports »

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NKE

Nike

$52.10

1.53 (3.03%)

UA

Under Armour

$27.03

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ADDYY

adidas

$76.96

1.225 (1.62%)

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  • 20

    Dec

T

AT&T

$40.45

1.1 (2.80%)

17:45
12/07/16
12/07
17:45
12/07/16
17:45
Conference/Events
AT&T management to meet with Jefferies »

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  • 07

    Dec

  • 07

    Dec

  • 07

    Dec

EFC

Ellington Financial

$16.30

0.2 (1.24%)

17:41
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12/07
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17:41
Hot Stocks
Ellington Financial reports estimated book value per share $19.80 as of Nov 30 »

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