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MRK

Merck

$61.63

1.71 (2.85%)

, BMY

Bristol-Myers

$56.80

-3.18 (-5.30%)

16:19
01/11/17
01/11
16:19
01/11/17
16:19

On The Fly: Top stock stories for Wednesday

Stocks had a volatile session for the first time in weeks after a string of very quiet days of trading. The market started with modest gains and appeared to be headed for another dull session as investors look toward the kickoff of the fourth quarter earnings season on Friday. The averages broke out of their range as President-elect Trump began his first press conference since he won the election. He immediately attacked the pharmaceutical industry and the market gave up its gains. After turning negative, the market gathered itself and almost recaptured what it lost before stalling and moving lower once again. Heading into the final hour of trading the averages moved back toward session highs, though the Dow once again fell short of finally hitting 20,000. ECONOMIC NEWS: In the U.S., crude oil inventories showed a 4.1M build versus the consensus call for a 1.5M build last week. In his first press conference since before the election, President-elect Trump, in addition to his headline-making criticism of the pharmaceutical industry, said that he will step down from his positions at the Trump Organization, but that he will not divest his ownership. COMPANY NEWS: Shares of Merck (MRK) closed with a gain of 2.85%, though that is well off the stock's early morning high, after the company announced the Food and Drug Administration has accepted for priority review its application for its immunotherapy drug Keytruda with chemotherapy as an initial treatment for advanced lung cancer. Conversely, Bristol-Myers (BMY), which is developing a competing immuno-oncology therapy, dropped 5.3% following the news. Several of their large-cap pharmaceutical peers also moved downward after President-elect Donald Trump said that the drug industry is "getting away with murder" in terms of pricing of drugs in the U.S., adding "We are going to start bidding, we are going to save billions of dollars." AbbVie (ABBV), Mylan (MYL), Eli Lily (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Novartis (NVS), Pfizer (PFE), and Sanofi (SNY) all pulled back after Trump's comments as well... Meanwhile, Exxon (XOM) and AT&T (T) were downgraded to neutral-equivalent ratings by Wells Fargo and Deutsche Bank, respectively, today. The downgrades of the two members of the Dow Jones Industrial Average follow this week's rating cuts of other Dow components, including Coca-Cola (KO) and Goldman Sachs (GS), and come on the same day that former Exxon Mobil CEO Rex Tillerson is testifying before the Senate Foreign Relations Committee regarding his nomination to become Secretary of State in the upcoming administration... Volkswagen (VLKAY) has agreed to plead guilty to three criminal felony counts and pay a $2.8B criminal penalty as a result of the company's "long-running scheme to sell approximately 590,000 diesel vehicles in the U.S. by using a defeat device to cheat on emissions tests mandated by the Environmental Protection Agency and the California Air Resources Board, and lying and obstructing justice to further the scheme," the Justice Department announced. In separate civil resolutions of environmental, customs and financial claims, VW has agreed to pay an additional $1.5B. MAJOR MOVERS: Among the notable gainers was Workday (WDAY), which advanced nearly 10% after the company announced that Wal-Mart (WMT) has purchased a subscription to its human resources services offering. This morning, William Blair analyst Justin Furby told investors that he learned from some of its partners that the company had recently signed a mega retailer. Also higher was Derma Sciences (DSCI), which gained 39% after the company announced it has signed a definitive agreement whereby it will be acquired by Integra LifeSciences (IART) for $7.00 per share of common stock in cash, or a total of approximately $204M. Following the news, Integra LifeSciences dropped about 3.5%. Among the noteworthy losers was SUPERVALU (SVU), which fell over 7% after the company's third quarter results missed estimates. Also lower was Ethan Allen Interiors (ETH), which dropped about 10.5% after announcing worse than expected second quarter guidance. INDEXES: The Dow rose 98.75, or 0.5%, to 19,954.28, the Nasdaq gained 11.83, or 0.21%, to 5,563.65, and the S&P 500 advanced 6.42, or 0.28%, to 2,275.32.

MRK

Merck

$61.63

1.71 (2.85%)

BMY

Bristol-Myers

$56.80

-3.18 (-5.30%)

XOM

Exxon Mobil

$86.81

0.88 (1.02%)

T

AT&T

$40.61

-0.2 (-0.49%)

KO

Coca-Cola

$41.05

0.01 (0.02%)

GS

Goldman Sachs

$245.76

3.19 (1.32%)

ABBV

AbbVie

$61.14

-2.29 (-3.61%)

MYL

Mylan

$37.28

-1.67 (-4.29%)

LLY

Eli Lilly

$75.26

-1.01 (-1.32%)

GSK

GlaxoSmithKline

$39.05

-0.29 (-0.74%)

JNJ

Johnson & Johnson

$114.73

-1.43 (-1.23%)

NVS

Novartis

$72.72

-1.39 (-1.88%)

PFE

Pfizer

$32.83

-0.61 (-1.82%)

SNY

Sanofi

$40.79

-0.26 (-0.63%)

VLKAY

Volkswagen

$32.74

1.275 (4.05%)

WDAY

Workday

$81.70

7.35 (9.89%)

WMT

Wal-Mart

$68.53

0.3 (0.44%)

DSCI

Derma Sciences

$6.95

1.95 (39.00%)

IART

Integra LifeSciences

$43.35

-1.55 (-3.45%)

SVU

Supervalu

$4.43

-0.36 (-7.52%)

ETH

Ethan Allen

$31.25

-3.7 (-10.59%)

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MRK Merck
$61.63

1.71 (2.85%)

01/11/17
GSCO
01/11/17
NO CHANGE
Target $70
GSCO
Neutral
Goldman sees Merck advantage for Keytruda in first-line NSCLC to be short-lived
Goldman Sachs analyst Jami Rubin said that if Merck's (MRK) chemo combo sBLA is approved, she would expect a "rapid uptake" for Keytruda in the first-line setting given there will be no requirement for PD-L1 testing. However, while Merck may benefit in the near-term in 2017, she is making no change to her 2018 estimates given imminent competition from potentially three other players, adding that she is also making no changes to her estimates for Bristol-Myers (BMY) as she has estimates for first-line non-small cell lung cancer only from 2018. Rubin maintains her Neutral rating and $70 price target on Merck shares.
01/11/17
JEFF
01/11/17
NO CHANGE
Target $48
JEFF
Buy
Merck filing for Keytruda could disrupt market, says Jefferies
Jefferies analyst Jeffrey Holford views Merck's (MRK) filing for Keytruda plus chemo in first line non-small cell lung cancer as a "positive surprise" that could disrupt market share dynamics in the near term, particularly for Bristol-Myers (BMY). The filing, however, does not materially change Merck's long term outlook, Holford tells investors in a research note. He believes approval risk is high given limited data and keeps an Underperform rating on Merck. The stock is up $1.78 to $61.70 in pre-market trading while Bristol-Myers is down $1.98 to $58.00.
01/11/17
BMOC
01/11/17
NO CHANGE
BMOC
FDA decision a significant boost for Merck, says BMO Capital
BMO Capital analyst Alex Arfaei says that the FDA's acceptance and priority review of Merck's Keytruda+chemo in first line non-small cell lung cancer "is a positive surprise." and "represents significant upside" for the company. The analyst thinks that Keytruda's market share in first line non-small cell lung cancer can reach about 80%-85%, up from about 25% now. He continues to identify Merck as his top pick.
01/11/17
JPMS
01/11/17
NO CHANGE
JPMS
Overweight
Keytruda filing a 'distinct positive' for Merck, says JPMorgan
JPMorgan analyst Chris Schott views the acceptance of the Keytruda plus chemo combo supplementary Biologics License Application for priority review as a "distinct positive" for Merck (MRK). The company is increasingly well positioned in first-line lung cancer, Schott tells investors in a research note. The analyst reiterates an Overweight rating on Merck.
BMY Bristol-Myers
$56.80

-3.18 (-5.30%)

12/19/16
JEFF
12/19/16
DOWNGRADE
Target $48
JEFF
Underperform
Merck downgraded to Underperform from Hold at Jefferies
Jefferies analyst Jeffrey Holford downgraded Merck (MRK) to Underperform, his firm's sell-rating equivalent. The analyst sees Pharmaceutical sector fundamentals weakening in 2017 amid political overhangs and an adverse macro environment. Potential dual eligible rebate reform is the most significant risk, Holford tells investors in a research note. Specific to Merck, the analyst expects further pressure on Keytruda in 2018, driven by share losses in non-small cell lung cancer to Bristol-Myers Squibb (BMY), AstraZeneca (AZN) and Roche (RHHBY). Merck screens poorly on many valuation metrics, Holford contends. He lowered his price target for the shares to $48 from $59. The stock closed Friday up 7c to $62.44. The analyst this morning also upgraded both Bristol-Myers Squibb (BMY) and Bayer (BAYRY) to Buy from Hold. His top picks in Pharmaceuticals are AbbVie (ABBV) and Eli Lilly (LLY) for the U.S. and AstraZeneca and Novartis (NVS) in Europe.
12/19/16
12/19/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bristol-Myers (BMY) and Bayer (BAYRY) were upgraded to Buy from Hold at Jefferies. 2. Costco (COST) upgraded to Buy from Neutral at Citi with analyst Kate McShane saying she sees a "clear path" to accelerating same-store-sales growth in fiscal 2017 as gasoline price deflation headwinds abate and benefits arise from the new co-branded credit card. 3. United Technologies (UTX) upgraded to Outperform from Neutral at Credit Suisse with analyst Julian Mitchell saying he believes consensus estimates are poised to move higher after years of heavy investment spending drive an earnings recovery. 4. ASML (ASML) upgraded to Buy from Neutral at BofA/Merrill with analyst Kai Korschelt saying a recent expert's call indicates progress with Extreme Ultraviolet/EUV lightsource optics & ecosystem and sees improving volume visibility from 2018 forward. 5. Gulfport Energy (GPOR) upgraded to Buy from Neutral at Guggenheim and to Overweight from Equal Weight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
XOM Exxon Mobil
$86.81

0.88 (1.02%)

01/11/17
01/11/17
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. Exxon Mobil (XOM) downgraded to Market Perform from Outperform at Wells Fargo with analyst Roger Read citing valuation and the absence of an acquisition during the downturn as a way to deliver growth and returns. The window for a deal has likely closed while Exxon trades at a "premium" valuation, Read tells investors in a research note. The analyst lowered his price target range for the shares to $87-$93 from $92-$100. Read's top pick in the International Exploration & Production space is Suncor (SU). 2. AT&T (T) downgraded to Hold from Buy at Deutsche Bank with analyst Matthew Niknam trimming his estimates to reflect weaker margins and slower earnings growth. The analyst notes this is his third downward estimate revision since October. A number of fundamental headwinds, including intensifying competition in wireless/linear video, is likely to pick up in 2017, Niknam tells investors in a research note. He views AT&T's risk/reward as more balanced at current levels and lowered his price target for the shares to $43 from $44. 3. Novartis (NVS) downgraded to Neutral from Outperform at Credit Suisse. 4. Scotts Miracle-Gro downgraded to Hold from Buy at SunTrust with analyst William Chappell citing valuation. 5. Pacific Continental downgraded to Neutral from Buy at DA Davidson and to Market Perform at Keefe Bruyette. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/02/16
12/02/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Exxon Mobil (XOM) initiated at BMO Capital. 2. Pfizer (PFE) initiated with a Neutral at Guggenheim. 3. DuPont Fabros (DFT) initiated with a Neutral at Guggenheim. 4. Acadia (ACHC) resumed with a Buy at Jefferies. 5. Shire (SHPG) initiated with a Buy at Societe Generale. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/11/17
WELS
01/11/17
DOWNGRADE
WELS
Market Perform
Exxon Mobil downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Roger Read downgraded Exxon Mobil (XOM) to Market Perform citing valuation and the absence of an acquisition during the downturn as a way to deliver growth and returns. The window for a deal has likely closed while Exxon trades at a "premium" valuation, Read tells investors in a research note. The analyst lowered his price target range for the shares to $87-$93 from $92-$100. Read's top pick in the International Exploration & Production space is Suncor (SU).
01/11/17
WELS
01/11/17
DOWNGRADE
WELS
Market Perform
Exxon Mobil downgraded to Market Perform from Outperform at Wells Fargo
T AT&T
$40.61

-0.2 (-0.49%)

01/10/17
FBCO
01/10/17
NO CHANGE
Target $125
FBCO
Outperform
Disney deal for Netflix 'hard to justify' at current levels, says Credit Suisse
Credit Suisse analyst Omar Sheikh weighed in on the debate as to whether Disney (DIS) should bid to acquire Netflix (NFLX), concluding that the dilution to earnings, free cash flow and to returns at the current share price would be prohibitive. Additionally, the strategic pressure to acquire a distributor is moderating with industry trends improving, Sheikh tells investors. However, this debate is unlikely to go away, given the pending merger of AT&T (T) and Time Warner (TWX), the continued growth of subscription video on demand aggregators and Disney's upcoming sports rights renewals, adds Sheikh, who keeps an Outperform rating and $125 price target on Disney shares.
12/23/16
12/23/16
NO CHANGE

On The Fly: Top five analyst actions
Catch up on today's top five analyst upgrades, downgrades and initiations with this list compiled by The Fly: 1. Brean Capital analyst Alan Gould downgraded Time Warner (TWX) to Hold from Buy, saying the arbitrage discount to the AT&T (T) offer has shrunk to 12%, down from the high-teens, and Time Warner shares now trade above his fundamental value estimate in the low $90's. 2. Argus downgraded Sun Life Financial (SLF) to Hold from Buy, with analyst Jacob Kilstein citing valuation and what he sees as "weakness in the core Canadian business, lower margins, the negative impact of a strengthening Canadian dollar," along with the company's suspension of share repurchases. 3. FedEx (FDX) initiated with a Buy at Aegis. The firm also initiated shipping peer UPS (UPS) with a Hold rating. 4. Video game retailer GameStop (GME) initiated with a Buy at Mizuho, which also started coverage of video game makers Zynga (ZNGA) and Glu Mobile (GLUU) with ratings of Buy and Neutral, respectively. 5. Skechers (SKX) upgraded to Buy from Neutral at Monness Crespi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/11/17
DBAB
01/11/17
DOWNGRADE
Target $43
DBAB
Hold
AT&T downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Matthew Niknam downgraded AT&T to Hold after trimming his estimates to reflect weaker margins and slower earnings growth. The analyst notes this is his third downward estimate revision since October. A number of fundamental headwinds, including intensifying competition in wireless/linear video, is likely to pick up in 2017, Niknam tells investors in a research note. He views AT&T's risk/reward as more balanced at current levels and lowered his price target for the shares to $43 from $44.
KO Coca-Cola
$41.05

0.01 (0.02%)

01/09/17
GSCO
01/09/17
DOWNGRADE
GSCO
Sell
Coca-Cola downgraded to Sell from Neutral at Goldman
Goldman analyst Jason English lowered Home and Personal Care, or HPC, sector to Cautious from Neutral saying potentially rising rates are a headwind to valuation, expects fundamentals to remain challenged on sluggish end market demand and big brand share challenges, and incremental headwinds from the rising US dollar. Against this backdrop, English downgraded Coca-Cola to Sell and lowered its price target to $39 from $41 saying its sees less potential benefit from tax policy for large multi-nationals and estimate risk from sub-par organic sales growth.
01/09/17
01/09/17
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. Procter & Gamble (PG) downgraded to Sell at Goldman with analyst Jason English lowering the Home and Personal Care, or HPC, sector to Cautious from Neutral saying potentially rising rates are a headwind to valuation, expects fundamentals to remain challenged on sluggish end market demand and big brand share challenges, and incremental headwinds from the rising US dollar. Against this backdrop, English downgraded Procter & Gamble to Sell and lowered its price target to $77 from $86 due to a "stretched" valuation and estimate risk if the turnaround falters. 2. Coca-Cola (KO) downgraded to Sell from Neutral at Goldman with analyst Jason English saying he sees less potential benefit from tax policy for large multi-nationals and estimate risk from sub-par organic sales growth. The analyst lowered his price target to $39 from $41. 3. Philip Morris (PM) downgraded to Buy from Conviction Buy at Goldman with analyst Judy Hong citing increased foreign exchange risk. 4. Weatherford (WFT) downgraded to Equal Weight from Overweight at Barclays with analyst J. David Anderson citing uncertainty around management and the company's strategy. The analyst also raised his view on the Oilfield Services space to Positive from Neutral. He lowered his price target for Weatherford shares to $7 from $8. 5. VMware (VMW) downgraded to Neutral from Buy at UBS with analyst Brent Thill citing his "increasingly selective" stance for U.S. Software stocks 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.
01/09/17
LEHM
01/09/17
INITIATION
Target $42
LEHM
Equal Weight
Coca-Cola initiated with an Equal Weight at Barclays
Barclays analyst Lauren Lieberman started Coca-Cola with an Equal Weight rating and $42 price target.
01/09/17
01/09/17
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. Accenture (ACN) initiated with an Outperform at William Blair. 2. Coca-Cola European Partners was initiated with an Overweight at Barclays, while Coca-Cola (KO) and Dr Pepper Snapple (DPS) were initiated with an Equal Weight. 3. TiGenix (TIG) was initiated with a Buy at BofA/Merrill, a Buy at Canaccord, and an Outperform at Cowen. 4. WildHorse Resource (WRD) was initiated with an Overweight at Barclays, an Overweight at Piper Jaffray, an Outperform at Wells Fargo, a Buy at BofA/Merrill, a Buy at Guggenheim, and an Outperform at BMO Capital. 5. Hormel Foods (HRL) initiated with an Overweight at Piper Jaffray. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
GS Goldman Sachs
$245.76

3.19 (1.32%)

01/06/17
UBSW
01/06/17
NO CHANGE
Target $285
UBSW
Buy
Goldman Sachs price target raised to $285 from $234 at UBS
UBS analyst Brennan Hawken raised his price target on Goldman Sachs $285 from $234 citing its earnings power and expectations for the bank to take market share as the revenue environment improves. Hawken reiterated his Buy rating on Goldman Sachs shares.
12/21/16
12/21/16
DOWNGRADE
Target $240

Neutral
Goldman Sachs downgraded due to valuation at Atlantic Equities
As previously reported, Atlantic Equities downgraded Goldman Sachs to Neutral from Overweight. Analyst Christopher Wheeler said Goldman will be a major beneficiary of a better tone to capital markets post-election but said shares have rallied strongly through his $240 price target.
01/10/17
01/10/17
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. Moody's (MCO) was downgraded to Equal Weight from Overweight at Barclays and to Neutral from Buy at UBS. 2. Goldman Sachs (GS) and Comerica (CMA) were downgraded to Sell from Neutral at Citi. 3. T-Mobile (TMUS) downgraded to Neutral from Buy at MoffettNathanson. 4. AMAG Pharmaceuticals (AMAG) downgraded to Market Perform from Outperform at Leerink and to Neutral from Buy at Janney Capital. 5. BP (BP) downgraded to Market Perform from Outperform at BMO Capital analyst Brendan Warn citing his belief that the company will make a major acquisition this year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/17
SBSH
01/10/17
DOWNGRADE
Target $225
SBSH
Sell
Goldman Sachs downgraded to Sell from Neutral at Citi
Citi analyst Keith Horowitz downgraded Goldman Sachs (GS) to Sell with a $225 price target, representing 6% downside from current levels. While higher interest rates benefit fixed income trading, the path is "relatively uncertain and the bar is relatively high" for Goldman, Horowitz tells investors in a research note. The analyst believes U.S. bank stocks do not offer compelling risk/reward profiles following the recent rally. Horowitz this morning also downgraded Comerica (CMA) to Sell while keeping Buy ratings on Wells Fargo (WFC) and Bank of America (BAC).
ABBV AbbVie
$61.14

-2.29 (-3.61%)

11/29/16
MAXM
11/29/16
NO CHANGE
Target $6
MAXM
Sell
Question on Momenta's biosimilar Humira not efficacy, but legality, says Maxim
Maxim analyst Jason McCarthy noted that Momenta (MNTA) announced that M923, its biosimilar version of Humira, met the primary endpoint in a trial of its efficacy, but added that the question about the product "is not efficacy, it is legal." If M923 is approved, a fight over IP with AbbVie (ABBV) could delay the commercial launch to 2022 or later, said McCarthy, who keeps a Sell rating on Momenta shares.
01/05/17
JEFF
01/05/17
NO CHANGE
Target $90
JEFF
Buy
Jefferies keeps AbbVie as top global Pharma pick for 2017
Jefferies analyst Jeffrey Holford says AbbVie (ABBV) remains his top global pick in Pharmaceuticals for 2017. The stock should again outperform as visibility on the timeline for U.S. Humira biosimilars "increases against bearish consensus expectations," Holford tells investors in a research note. He also expects "important advances" on AbbVie's pipeline throughtout the year, and highlights Rova-T, Imbruvica, Venclexta, risankizumab and veliparib. Holford keeps a Buy rating on the shares with a $90 price target.
12/21/16
PIPR
12/21/16
NO CHANGE
Target $129
PIPR
Overweight
Vertex well in lead but Galapagos a competitor, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff says that while Galapagos NV (GLPG) and AbbVie's (ABBV) CFTR potentiator GLPG1837 is " clearly a competitor" following the Phase II SAPHIRA-1 data, Vertex Pharmaceuticals (VRTX) remains "well in the lead." The Phase III KALYDECO plus follow-on VX-661 data is expected in the first half of 2017 while the Phase II triple combination data with VX-440 and VX-152 is expected in the second half of the year, Tenthoff tells investors in a research note. He reiterates an Overweight rating on Vertex with a $129 price target.
MYL Mylan
$37.28

-1.67 (-4.29%)

12/19/16
MAXM
12/19/16
NO CHANGE
Target $10
MAXM
Buy
Adamis resubmission sets up mid-year PDUFA for generic EpiPen, says Maxim
Maxim analyst Jason Kolbert said Adamis Pharmaceuticals' (ADMP) resubmission of its New Drug Application for its epinephrine pre-filled syringe, a generic version of Mylan's (MYL) EpiPen, addresses all the issues in the FDA Complete Response Letter and triggers a 30 day review to "accept" the filing, which should be followed by a six month PDUFA date and approval by June of next year, he believes. Adamis' version is more user friendly, design wise, than Mylan's generic and the market opportunity is large, said Kolbert, who thinks that this can become a significant product for the company "even with just moderate market share assumptions." He keeps a Buy rating and $10 price target on Adamis, which he sees as "poised for a breakout" in 2017.
12/19/16
MAXM
12/19/16
NO CHANGE
Target $43
MAXM
Buy
Drop outs of Neulasta competitors may benefit Coherus in EU, says Maxim
Maxim analyst Jason McCarthy noted that Gedeon Richter and STADA Arzneimittel AG have withdrawn their respective MAAs for biosimilar Neulasta, which he said may put Coherus Biosciences in a good position in terms of the competitive landscape for the drug in Europe. Novartis (NVS) and Mylan (MYL) had filed before Coherus and Apotex may file in 2017, noted McCarthy. In the U.S., Novartis' BLA was rejected by the FDA and Coherus could have a two-year head start in commercialization of biosimilar Neulasta, added the analyst, who has a Buy rating and $43 price target on Coherus shares.
01/05/17
SBSH
01/05/17
DOWNGRADE
Target $44
SBSH
Neutral
Mylan downgraded to Neutral from Buy at Citi
Citi analyst Liav Abraham downgraded Mylan (MYL) to Neutral saying she sees limited upside to current share levels. Abraham is skeptical of Mylan's commitment to $6 of earnings per share in 2018 and prefers shares of Teva (TEVA) for generic exposure. The analyst lowered her price target for Mylan shares to $44 from $59.
12/30/16
BTIG
12/30/16
NO CHANGE
BTIG
Generic Concerta could be meaningful opportunity for Mylan, says BTIG
After Mylan announced that it would launch generic versions of ADHD treatment Concerta sooner than expected, BTIG analyst Timothy Chiang says that generic Concerta "could be a significant product opportunity for the company." "Competition in this market is quite limited," explains the analyst, who estimates that Mylan could generate $125M - $150M in sales from Concerta in the first year of launch. He keeps a $55 price target and a Buy rating on the shares.
LLY Eli Lilly
$75.26

-1.01 (-1.32%)

01/09/17
PIPR
01/09/17
NO CHANGE
PIPR
Piper lists Pfizer, Lilly as top 2017 large-cap Pharma picks
Piper Jaffray analyst Richard Purkiss highlights Pfizer (PFE) and Eli Lilly (LLY) as his top large-cap Pharma picks in 2017,saying he prefers "cheaper growth names with limited event risk." With group earnings growth set to halve in 2017 as pipeline momentum stalls, the analyst sees "little likelihood" of sector outperformance. Purkiss calls Merck (MRK) and Johnson & Johnson (JNJ) his least preferred names in large-cap Pharma.
12/20/16
FBCO
12/20/16
NO CHANGE
FBCO
Eli Lilly removed from the US Focus List at Credit Suisse
12/21/16
PIPR
12/21/16
NO CHANGE
PIPR
Piper lays out top BioPharma picks for 2017
Piper Jaffray analysts laid out their top BioPharma picks for 2017. Analyst Richard Purkiss favors Pfizer (PFE) and Eli Lilly (LLY) as his top large pharma picks. Analyst Joshua Schimmer calls Gilead (GILD) and Alexion (ALXN) his top large cap picks. Analyst David Amsellem names Horizon Pharma (HZNP) his top specialty pharma pick. Piper's other top Biopharma picks for 2017 include ACADIA (ACAD), Aimmune (AIMT), Akorn (AKRX), Alnylam (ALNY), Axovant Sciences (AXON), Cara Therapeutics (CARA), CoLucid Pharmaceuticals (CLCD), Eale Pharmaceuticals (EGRX), Exelixis (EXEL), Ionis Pharmaceuticals (IONS), Mallinckrodt (MNK), Neurocrine (NBIX), Nektar (NKTR), Otonomy (OTIC), Reata Pharmaceuticals (RETA), Rigel Pharmaceuticals (RIGL), Ignyta (RXDX), Theravance Biopharma (TBPH), Versartis (VSAR) and Voyager Therapeutics (VYGR). The analysts look for recent momentum in BioPharma to continue in 2017. They believe innovation and potentially repatriation should lead to increased merger activity.
GSK GlaxoSmithKline
$39.05

-0.29 (-0.74%)

11/09/16
SBSH
11/09/16
NO CHANGE
SBSH
Citi sees Healthcare 'relief rally' after Trump win
Citi analyst Andrew Baum expects a "'relief rally" to drive near-term sector outperformance for names in the Healthcare space given the "inability of the Democrats to attain the Presidency, the House or Congress." Longer term, however, the analyst still sees "significant continued legislative risk" for pharma reimbursement. Baum prefers GlaxoSmithKline (GSK), AstraZeneca (AZN), Shire (SHPG) and Roche (RHHBY) among European majors and Bristol-Myers (BMY) and Eli Lilly (LLY) in the U.S.
10/06/16
PIPR
10/06/16
NO CHANGE
Target $46
PIPR
Overweight
Piper thinks Alnylam failure is positive for Ionis
Piper Jaffay analyst Joshua Schimmer thinks Alnylam Pharmaceuticals' (ALNY) "abrupt halt" of revusiran for TTR cardiomyopathy is likely a positive for Ionis Pharmaceuticals' (IONS) transthyretin program. The move "knocks out a competitive drug" while Ionis and GlaxoSmithKline (GSK) remain on their previously indicated timeline, Schimmer tells investors in a research note. The analyst at this point believes Alnylam's setback will be limited to revusiran and not read-through to other Gal-Nac programs or other TTR cardiomyopathy or polyneuropathy programs. He keeps an Overweight rating on Ionis with a $46 price target,
10/03/16
RBCM
10/03/16
NO CHANGE
Target $95
RBCM
Outperform
Gilead HIV franchise could see risk from competitor data, says RBC Capital
RBC Capital analyst Michael Yee said his conversations with doctors leads him to think two dolutegravir HIV "doublet" studies being conducted by GlaxoSmithKline (GSK) and ViiV Healthcare - Glaxo's joint venture with Pfizer (PFE) and Shionogi - are likely to work and present an underappreciated risk to Gilead's (GILD) HIV franchise. Talks with investors lead Yee to believe few are even aware of this risk and that the consensus view is underestimating the probability these non-inferiority trials will work. Arguing that the consensus view should factor in more conservative assumptions for Gilead's HIV business post 2018 due to this risk, Yee cut his price target on Gilead to $95 from $105, but keeps an Outperform rating on the shares.
09/23/16
09/23/16
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. Morgan Stanley analyst Brian Nowak initiated Activision Blizzard (ATVI) and Electronic Arts (EA), both with Overweight ratings. The analyst is bullish on the digital gaming shift away from "units sold" to a business model based on users, engagement, and digital monetization. He sees digital in-game offerings resulting in recurring and growth user bases, increased per-game engagement, and further monetization opportunities. 2. AstraZeneca (AZN) and GlaxoSmithKline (GSK) both initiated with Overweight ratings by Piper Jaffray analyst Richard Purkiss. 3. Achillion (ACHN) initiated with an Outperform by Wedbush analyst Heather Behanna, who set a $13 price target on the shares. 4. Sysco (SYY) initiated with an Underweight at Barclays and $48 price target by analyst Karen Short. 5. Five Below (FIVE), Dollar Tree (DLTR) and Dollar General (DG) all initiated with Equal Weight ratings by Barclays analyst Karen Short. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
JNJ Johnson & Johnson
$114.73

-1.43 (-1.23%)

01/10/17
PIPR
01/10/17
NO CHANGE
Target $25
PIPR
Overweight
K2M remains 'under-owned and misunderstood,' says Piper Jaffray
Piper Jaffray analyst Matt O'Brien says K2M Group (KTWO) finished the year solidly after the company preannounced better than expected Q4 results. While the stock should be up today, the company remains "'under-owned and misunderstood," O'Brien tells investors in a research note. K2M over the last few years has quietly taken market share from Johnson & Johnson (JNJ) and Medtronic (MDT) in the $1.4B deformity market, the analyst writes. O'Brien keeps an Overweight rating on the shares with a $25 price target.
12/02/16
GSCO
12/02/16
NO CHANGE
Target $82
GSCO
Buy
Jardiance CV death risk reduction indication a positive for Lilly, says Goldman
Goldman Sachs analyst Jami Rubin said his estimate, and the current consensus estimate, for Jardiance sales assumed that Eli Lilly (LLY) would get a new indication for Jardiance to reduce the risk of cardiovascular death in type 2 diabetes patients, but he still views the news as positive for sentiment given some investor nervousness and the recent solanezumab disappointment. The indication differentiates Jardiance from Johnson & Johnson's (JNJ) Invokana and AstraZeneca's (AZN) Farxiga, adds Rubin, who has a Buy rating and $82 price target on Lilly shares.
12/20/16
UBSW
12/20/16
NO CHANGE
UBSW
Neutral
Sanofi strategy for Actelion acquisition not clear, says UBS
UBS analyst Jack Scannell provided thoughts on the potential Sanofi (SNY) acquisition of Actelion (ALIOY) after Johnson & Johnson (JNJ) dropped out of the bidding. The reason JNJ backed out was it did not believe it could enhance shareholder value with the deal and Scannell believes the same could be said for Sanofi. He does see a path to accretive earnings in a cash and stock deal and if Sanofi could delever from its EBITDA level within a year. Scannell, however, said the strategic reasons for the deal remain unclear and could raise questions about Sanofi's overall strategy.
NVS Novartis
$72.72

-1.39 (-1.88%)

01/11/17
FBCO
01/11/17
DOWNGRADE
FBCO
Neutral
Novartis downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Matthew Weston downgraded Novartis to Neutral and lowered his price target for the shares to CHF 77 from CHF 92.
01/06/17
PIPR
01/06/17
NO CHANGE
Target $56
PIPR
Ionis price target raised to $56 after Novartis pact at Piper Jaffray
Piper Jaffray analyst Joshua Schimmer raised his price target on Ionis Pharmaceuticals (IONS) to $56 from $51 after the company announced an agreement with Novartis (NVS) to develop and potentially commercialize two investigational antisense therapies that can potentially lower lipoproteins. Schimmer also cites other recent developments, including FDA approval for Spinraza and a competitor setback for revusiran, for his revision. He keeps an Overweight rating on Ionis shares.
01/04/17
01/04/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JPMorgan analyst Richard Vosser downgraded Novartis (NVS) to Neutral from Overweight saying pressures on the company's business are mounting. The pressure from generic erosion in 2017 "remains high" with an estimated $2.3B of sales expected to be lost to generics, said Vosser, who sees "significant downside" to consensus estimates for Novartis. 2. BofA Merrill Lynch analyst Lisa Lewandowski downgraded Philip Morris (PM) to Neutral from Buy and lowered its price target to $96 from $102 citing concerns from the strong U.S. dollar, less impact from an overhaul in U.S. tax policy versus peers, underperformance in combustible tobacco volumes, increasing heat-not-burn competition, a rotation out of defensive/bond proxy assets, and debt convent constraints. 3. Jefferies analyst Andy Barish downgraded Dunkin' Brands (DNKN) to Underperform from Hold, saying he does not believe the company's same-store-sales have broken out above 2% while its international growth has been disappointing. Barish also downgraded Cheesecake Factory (CAKE) to Underperform, citing the 15% post-election rally with no change in fundamentals along with the company's "significant" mall exposure. 4. Evercore ISI downgraded Intuitive Surgical (ISRG) to Hold from Buy and lowered its price target to $690 from $780, with analyst Vijay Kumar saying he expects 2017 to be one of the most challenging for healthcare in general, with the sector facing issues ranging from ACA repeal to border tax reform to interest expense deductibility. 5. Cowen analyst Helane Becker downgraded a number of airline stocks, including United Continental (UAL), JetBlue (JBLU), Alaska Air (ALK) and American Airlines (AAL), to Market Perform from Outperform based on 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.
PFE Pfizer
$32.83

-0.61 (-1.82%)

01/03/17
BRRR
01/03/17
NO CHANGE
Target $15
BRRR
Outperform
Selling OPKO Friday likely a mistake, says Barrington
Investors who sold shares of OPKO Health on Friday's news likely made a mistake, Barrington analyst Michael Petusky tells investors in a research note. The analyst does not believe Pfizer (PFE) would have agreed to the language in the OPKO press release that cited "one or more outliers" if this were not a potentially game-changing issue. Petusky keeps an Outperform rating on shars of OPKO with a $15 price target.
SNY Sanofi
$40.79

-0.26 (-0.63%)

01/06/17
LEER
01/06/17
NO CHANGE
LEER
Injunction offers more Amgen upside than Regeneron downside, says Leerink
Leerink analyst Geoffrey Porges notes that Amgen (AMGN) prevailed in its suit for a permanent injunction against the sale of Regeneron (REGN)/Sanofi's (SNY) PCSK9 antibody Praluent at the district court level. The analyst believes this injunction offers more upside for Amgen than downside for Regeneron, and points out that this decision affects U.S. Praluent sales only, and is likely to be immediately appealed by Regeneron/Sanofi and potentially granted an extended stay by the Federal Circuit until a final appeal decision is reached.
01/06/17
BERN
01/06/17
NO CHANGE
BERN
Most investors expecting settlement of Praluent fight, says Bernstein
Bernstein analyst Tim Anderson noted the reports that a lower court judge has ruled in favor of Amgen (AMGN) in its ongoing litigation to block Sanofi (SNY) and Regeneron's (REGN) Praluent from being sold in the U.S., though he said it "would be extraordinary" for such a court ruling to actually lead to withdrawal of a product that has been approved and launched. The analyst, who also noted that court order appears to have been delayed 30 days allowing time for an appeal or perhaps a settlement, said that most investors are expecting a settlement. If Praluent were to be blocked in the U.S., the EPS hit to Sanofi would be about 5%, estimates Anderson.
01/06/17
JEFF
01/06/17
NO CHANGE
Target $49
JEFF
Buy
Amgen ruling could mean 'blue skies' for Medicines Co., says Jefferies
Jefferies analyst Biren Amin raised his price target for The Medicines Co. (MDCO) to $49 from $43 after the District Court of Delaware ruled in favor of Amgen (AMGN) on the permanent injunction against Sanofi (SNY) and Regeneron's (RENG) Praluent. The ruling should have a favorable read-through to Medicines' inclisiran since the drug is "completely unique to the monoclonal antibody approach" and therefore would not infringe on Amgen's patents, Amin tells investors in a research note titled "Injunction on Sanofi/REGN's Praluent Could Mean Blue Skies for Inclisiran." The analyst raised his inclisiran peak sales estimates to $2.4B in 2027 and keeps a Buy rating on Medicines shares. The stock is up $2.98, or 8%, to $38.50 in pre-market trading.
01/06/17
RBCM
01/06/17
NO CHANGE
Target $598
RBCM
Outperform
Regeneron price target lowered to $598 from $626 at RBC Capital
RBC Capital analysts Adnan Butt and Michael Yee said that despite the 30-day appeal window and remaining legal process they are removing Praluent from forecasts for Regeneron (REGN) after a pending permanent injunction for the drug was placed against the company and partner Sanofi (SNY) in a court fight brought by Amgen (AMGN). The analysts cut their price target on Regeneron to $598 from $626, but they also believe the news to be a "a clearing event" and would be buyers on any weakness. The analysts keeps their Outperform rating on Regeneron, which is down 7% in early pre-market trading.
VLKAY Volkswagen
$32.74

1.275 (4.05%)

09/09/16
WELS
09/09/16
NO CHANGE
WELS
Navistar 'making progress' on turnaround, says Wells Fargo
After Navistar reported weaker than expected results but reiterated its full-year guidance, Wells Fargo says that "some" of Navistar's "more severe risks appear to be fading." The firm says that Navistar's deal with Volkswagen (VLKAY) will reduce its liquidity risk, but Wells thinks that Navistar's end market continues to be "weak." The firm raised its price target range on the stock to $17-$20 from $11-$14 but keeps a Market Perform rating on the shares.
11/22/16
BREN
11/22/16
INITIATION
BREN
Sell
Volkswagen reinitiated with a Sell at Berenberg
Price target EUR 98.
11/22/16
GSCO
11/22/16
UPGRADE
GSCO
Buy
Volkswagen upgraded to Buy from Sell at Goldman
Goldman Sachs analyst Stefan Burgstaller double upgraded Volkswagen to Buy from Sell.
09/09/16
GSCO
09/09/16
UPGRADE
Target $20
GSCO
Neutral
Navistar upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Jerry Revich upgraded Navistar International (NAV) to Neutral saying liquidity risk is "meaningfully reduced" with the capital injection from Volkswagen (VLKAY). Revich raised his price target for the shares to $20 from $2. He believes the near-term risk/reward for the stock is balanced.
WDAY Workday
$81.70

7.35 (9.89%)

01/11/17
DRXL
01/11/17
NO CHANGE
Target $104
DRXL
Buy
Workday deal with Wal-Mart puts concerns to rest, says Drexel Hamilton
Drexel Hamilton analyst Brian White believes Workday's (WDAY) contract win with Wal-Mart (WMT) puts to rest concerns over the company's ability to obtain large deals. After weakness with large deals drove a soft Q4 outlook and share selloff in early December, today's news "debunks any concerns around big deals," White tells investors in an intraday research note. He believes the Wal-Mart news has "important psychological implications" for the stock and the company's brand. The analyst has a Buy rating on Workday with a $104 price target.
01/06/17
WEDB
01/06/17
NO CHANGE
WEDB
Wedbush more positive on 2017 software spending trends
Wedbush analyst Steve Koenig says his firm's 2017 IT Spending Survey should soothe fears that macro uncertainty caused by the U.S. presidential election will negatively impact IT budgets. The analyst thinks recent disappointments from Workday (WDAY), Oracle (ORCL), Red Hat (RHT), and other software vendors were more company-specific than the management teams were willing to admit. As a result of the survey, Koenig has a more positive view of 2017 software spending trends, and thinks beneficiaries will include well-positioned cybersecurity vendors and cloud vendors. He notes that Proofpoint (PFPT) is a Wedbush Best Idea and his top software pick for 2017 along with salesforce.com (CRM).
01/10/17
WELS
01/10/17
INITIATION
WELS
Market Perform
Workday initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Philip Winslow started Workday with a Market Perform rating and $75-$80 price target range.
01/11/17
WBLR
01/11/17
NO CHANGE
WBLR
Outperform
Blair uncovers Workday deal with one of world's largest employers
William Blair analyst Justin Furby says he learned from Workday (WDAY) partners that the company recently signed a human resources deal with one of the world's largest employers. The contract, with a retailer employing over 2M people globally, represents the largest company Workday has ever signed "by far," Furby tells investors in a research note. The client is more than five times larger on a headcount basis than any of Workday's existing HR customers, the analyst adds. The company competed against incumbent SAP (SAP), and the retailer will pursue a phased deployment over the next three to four years, Furbry says. He believes a deal of this size could represent $30M or more of annual subscription revenue. Furby also learned of a 70,000-plus employee real estate firm and a 50,000-plus employee pharmaceutical firm that recently closed with Workday, as well as "several large enterprise opportunities" in pipeline that could close in the coming weeks. Workday shares remain one of the analyst's favorite ideas this year and over the longer term, and he recommends using current levels as a long-term buying opportunity. Furby has an Outperform rating on Workday, which is up 72c to $75.07 in pre-market trading.
WMT Wal-Mart
$68.53

0.3 (0.44%)

12/13/16
KEYB
12/13/16
NO CHANGE
KEYB
Wal-Mart could be hurt by border adjustment legislation, says KeyBanc
KeyBanc believes that Wal-Mart could be hurt by border adjustment legislation being considered by House Republicans. According to the firm, "the border adjustment taxes an item that is imported from a foreign country and rebates it when it is exported outside of the country." Wal-Mart could be significantly hurt by such legislation because it has "more limited ability to pass along higher costs," KeyBanc stated. The firm keeps a $90 price target and an Overweight rating on Wal-Mart.
01/06/17
CLVD
01/06/17
NO CHANGE
CLVD
Wal-Mart Holiday sales slightly below channel expectations, says Cleveland
Cleveland Research said Wal-Mart Holiday sales appear slightly below channel expectations and lowered its comp estimate to the low end of guidance to up 1% from 1-1.5% prior, versus consensus of 1.4%.
01/05/17
OPCO
01/05/17
NO CHANGE
OPCO
Traditional chains fighting back as Amazon remains leader, says Oppenheimer
Oppenheimer analyst Brian Nagel says that during the Holiday season his firm ordered one item from eight Hardlines/Broadlines retailers and performed an informal test to see how the shopping experience compared to Amazon (AMZN). While the analyst notes that the e-commerce giant remains the leader online, he says traditional chains are fighting back with sharper pricing and improvements to fulfillment and return capabilities. Among traditional chains, Bed Bath & Beyond (BBBY), Costco (COST), and Wal-Mart (WMT) performed best on pricing, while Best Buy (BBY) scored as the best in fulfillment, Nagel says.
DSCI Derma Sciences
$6.95

1.95 (39.00%)

09/28/16
ROTH
09/28/16
NO CHANGE
Target $8.5
ROTH
Buy
Derma Sciences remains 'significantly undervalued,' says Roth Capital
Roth Capital analyst Scott Henry continues to view Derma Sciences as "significantly undervalued" based on the current revenue base and the recently acquired BioD platform. The analyst reiterates a Buy rating and $8.50 price target on the shares.
IART Integra LifeSciences
$43.35

-1.55 (-3.45%)

01/06/17
JMPS
01/06/17
UPGRADE
JMPS
Outperform
Integra LifeSciences upgraded to Outperform at JMP Securities
As previously reported, JMP Securities analyst David Turkaly upgraded Integra LifeSciences (IART) to Outperform from Market Perform as he believes its recent fundamental performance is sustainable after the company streamlined its portfolio to become faster growing and regenerative medicine focused. In conjunction with a review of his Medical Devices and Supplies industry coverage, Turkaly also downgraded Halyard Health (HYH) to Market Perform this morning.
01/06/17
JMPS
01/06/17
UPGRADE
JMPS
Outperform
Integra LifeSciences upgraded to Outperform from Market Perform at JMP Securities
01/06/17
01/06/17
DOWNGRADE

Market Perform
Halyard Health downgraded to Market Perform at JMP Securities
As previously reported, JMP Securities analyst David Turkaly downgraded Halyard Health (HYH) to Market Perform from Outperform as he sees less near-term upside to the shares following strong performance of the stock at the end of 2016. In conjunction with a review of his Medical Devices and Supplies industry coverage, Turkaly also upgraded Integra LifeSciences (IART) to an Outperform rating this morning.
01/06/17
01/06/17
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 Outperform from Sector Perform at RBC Capital with analyst Steven Cahall saying he believes sentiment on the media and theme park conglomerate is improving. 2. Gartner (IT) upgraded to Outperform from Market Perform at BMO Capital and to Outperform from Sector Perform at RBC Capital. 3. Fiat Chrysler (FCAU) upgraded to Conviction Buy from Buy at Goldman with analyst Stefan Burgstaller adding Fiat Chrysler to the Conviction Buy List and raised 2017/18 EBIT estimates by 21%/36%, primarily driven by an improved price-mix as a result of the company's NAFTA product realignment. The analyst said the market appears to be skeptical of the company's earnings prospects but he believes Fiat's ability to improve its NAFTA price mix through shifting of production away from mass-market cars and into more profitable vehicles will drive EBIT growth. 4. Integra LifeSciences (IART) upgraded to Outperform from Market Perform at JMP Securities with analyst David Turkaly saying he believes its recent fundamental performance is sustainable after the company streamlined its portfolio to become faster growing and regenerative medicine focused. 5. Willis Towers Watson (WLTW) upgraded to Outperform from Neutral at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
SVU Supervalu
$4.43

-0.36 (-7.52%)

07/06/16
DBAB
07/06/16
NO CHANGE
Target $6
DBAB
Hold
Deutsche calls Marsh deal a 'nice win' for Supervalu
Deutsche Bank analyst Shane Higgins views the long-term supply agreement with Marsh Supermarkets as a "nice win" for Supervalu. The news is timely with Supervalu preparing for the separation of Save-A-Lot, Higgins tells investors in a research note. The analyst keeps a Hold rating on the shares, however, citing the "headwinds still facing the business."
10/10/16
OPCO
10/10/16
NO CHANGE
OPCO
Wal-Mart 'starting to get its act together' in grocery, says Oppenheimer
After attending Wal-Mart's (WMT) analyst day meeting, Oppenheimer analyst Rupesh Parikh admitted he did not previously look favorably upon the company's strategy to expand into Neighborhood Market and smaller format stores, but he now sees signs that the company is "starting to get its act together in grocery." If Wal-Mart follows through with grocery price investments, it could hurt Kroger (KR), Smart & Final Stores (SFS) and Supervalu (SVU) and be an "indirect negative" for Sprouts Farmers Markets (SFM), Parikh tells investors. However, he also added that he remains confident in the ability of Kroger's management team to at least hold share.
01/14/16
01/14/16
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Alcoa (AA) downgraded on earnings estimates outlook at Argus... Atmel (ATML) downgraded to Market Perform from Outperform at Raymond James... Belmond Ltd (BEL) downgraded to Sell from Buy at MKM Partners... BorgWarner (BWA) downgraded to Underperform from Buy at CLSA... Choice Hotels (CHH) downgraded to Sell from Neutral at MKM Partners... Discover (DFS) downgraded to Neutral from Overweight at JPMorgan... Extended Stay America (STAY) downgraded to Neutral from Buy at MKM Partners... F5 Networks (FFIV) downgraded to Underweight from Equal Weight at Barclays... GoPro (GPRO) downgraded to Equal Weight from Overweight at Barclays... Hilton (HLT) downgraded to Sell from Buy at MKM Partners... Hudbay Minerals (HBM) downgraded to Underweight from Overweight at Barclays... Hyatt (H) downgraded to Sell from Neutral at MKM Partners... Ivanhoe Mines (IVPAF) downgraded to Market Perform from Outperform at BMO Capital... LafargeHolcim (HCMLY) downgraded to Neutral from Overweight at JPMorgan... Lundin Mining (LUNMF) downgraded to Equal Weight from Overweight at Barclays... Marriott (MAR) downgraded to Neutral from Buy at MKM Partners... Morgans Hotel (MHGC) downgraded to Sell from Buy at MKM Partners... NVIDIA (NVDA) downgraded to Underweight from Equal Weight at Barclays... OMV AG (OMVKY) downgraded to Sell from Neutral at UBS... PacWest Bancorp (PACW) downgraded to Market Perform from Outperform at BMO Capital... Supervalu (SVU) downgraded to Hold from Buy at Deutsche Bank... TE Connectivity (TEL) downgraded to Neutral from Buy at Longbow... Tandem Diabetes (TNDM) downgraded to Neutral from Buy at BofA/Merrill... Tarena (TEDU) downgraded to Neutral from Outperform at Credit Suisse... Teck Resources (TCK) downgraded to Underweight from Equal Weight at Barclays... TransGlobe (TGA) downgraded to Underperformer from Sector Performer at CIBC... Ubiquiti (UBNT) downgraded to Market Perform from Outperform at Bernstein... Ventas (VTR) downgraded to Market Perform from Outperform at BMO Capital... Welltower (HCN) downgraded to Market Perform from Outperform at BMO Capital... Yamana Gold (AUY) downgraded to Equal Weight from Overweight at Barclays... Yelp (YELP) downgraded to Sell from Neutral at B. Riley.
01/14/16
TLSY
01/14/16
DOWNGRADE
TLSY
Market Perform
Supervalu downgraded to Market Perform from Outperform at Telsey Advisory
ETH Ethan Allen
$31.25

-3.7 (-10.59%)

07/19/16
TLSY
07/19/16
UPGRADE
Target $40
TLSY
Outperform
Ethan Allen upgraded to Outperform on sales momentum at Telsey Advisory
Telsey Advisory analyst Cristina Fernandez upgraded Ethan Allen to Outperform and raised its price target to $40 from $33. The analyst said Ethan Allen has renewed sales momentum and sees several initiatives in the next few quarters that could sustain sales and drive shares higher. These include new modern styles through August, a Disney line in the Fall,and a homeowners program with real estate brokers that is just getting underway. As ales grow, Fernandez expects operating margins to expand as it leverages its manufacturing fixed costs.
07/27/16
RAJA
07/27/16
DOWNGRADE
RAJA
Market Perform
Ethan Allen downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Budd Bugatch downgraded Ethan Allen Interiors to Market Perform citing valuation following the recent rally in the shares.
07/19/16
TLSY
07/19/16
UPGRADE
TLSY
Outperform
Ethan Allen upgraded to Outperform from Market Perform at Telsey Advisory
07/19/16
07/19/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Chipotle (CMG) upgraded to Outperform from Underperform at CLSA with analyst Jeremy Scott saying the Chiptopia loyalty program is a highly compelling and engaging platform that re-energized its most loyal customers while providing a large-scale acquisition of customer data. 2. Hasbro (HAS) upgraded to Overweight from Neutral at Piper Jaffray with analyst Stephanie Wissink saying the recent pullback in shares provides an opportunity to buy for "holiday 2016 and full year 2017 drivers." 3. IDEX Corp. (IEX) upgraded to Buy from Neutral at Janney Capital with analyst Michael Gaugler saying the company's commentary that North American industrial end markets are showing signs of stabilization was probably more relevant than the second quarter results. 4. Ethan Allen (ETH) upgraded to Outperform from Market Perform at Telsey Advisory with analyst Cristina Fernandez saying Ethan Allen has renewed sales momentum and sees several initiatives in the next few quarters that could sustain sales and drive shares higher. 5. Tesoro (TSO) upgraded to Buy from Neutral at Citi with analyst Faisel Khan saying the shares are trading at a significant discount to net asset value. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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GM

General Motors

$39.42

0.32 (0.82%)

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Wells Fargo

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0.19 (0.35%)

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Airbus

$23.06

-0.01 (-0.04%)

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DGX

Quest Diagnostics

$102.11

0.56 (0.55%)

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iRobot

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In a follow up story,…

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XLNX

Xilinx

$69.33

0.42 (0.61%)

, SNPS

Synopsys

$80.36

0.3 (0.37%)

10:47
09/23/17
09/23
10:47
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10:47
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Xilinx, Synopsys are 'rising stars' amid natural evolution of AI, Barron's says »

As everyday items get…

XLNX

Xilinx

$69.33

0.42 (0.61%)

SNPS

Synopsys

$80.36

0.3 (0.37%)

CDNS

Cadence Design

$38.88

0.45 (1.17%)

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  • 28

    Sep

UTX

United Technologies

$115.01

0.51 (0.45%)

, COL

Rockwell Collins

$130.48

0.09 (0.07%)

10:42
09/23/17
09/23
10:42
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10:42
Periodicals
Major aircraft makers, suppliers face off, Barron's says »

While United Technologies…

UTX

United Technologies

$115.01

0.51 (0.45%)

COL

Rockwell Collins

$130.48

0.09 (0.07%)

BA

Boeing

$256.45

0.41 (0.16%)

EADSY

Airbus

$23.06

-0.01 (-0.04%)

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  • 23

    Sep

GPRO

GoPro

$10.75

-0.19 (-1.74%)

10:33
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10:33
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Key events may create 'short squeeze' in GoPro stock, Barron's says »

GoPro, a heavily shorted…

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HMC

Honda

$29.91

0.18 (0.61%)

, RACE

Ferrari

$113.47

-0.1 (-0.09%)

10:17
09/23/17
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10:17
Periodicals
Honda $200,000 Acura NSX lacks Ferrari 'raw appeal,' Barron's says »

Acura, Honda's (HMC)…

HMC

Honda

$29.91

0.18 (0.61%)

RACE

Ferrari

$113.47

-0.1 (-0.09%)

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ORCL

Oracle

$48.16

0.19 (0.40%)

10:07
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Oracle shares could return 20% in a year, Barron's says »

Oracle is a latecomer to…

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SIX

Six Flags

$58.96

1.14 (1.97%)

09:59
09/23/17
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Six Flags may have peaked, Barron's says »

Investors have had an…

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  • 28

    Sep

ONCE

Spark Therapeutics

$85.15

-1.95 (-2.24%)

, AVXS

AveXis

$92.11

-4.03 (-4.19%)

09:51
09/23/17
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Periodicals
Gene therapy may be nearing 'major breakthrough,' Baron's says »

Gene therapy is rapidly…

ONCE

Spark Therapeutics

$85.15

-1.95 (-2.24%)

AVXS

AveXis

$92.11

-4.03 (-4.19%)

RGNX

Regenxbio

$28.25

-1.15 (-3.91%)

BOLD

Audentes Therapeutics

$27.31

-0.1 (-0.36%)

VYGR

Voyager Therapeutics

$17.50

-0.22 (-1.24%)

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  • 25

    Sep

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    Sep

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    Oct

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    Jan

  • 22

    Sep

AET

Aetna

$153.57

0.18 (0.12%)

, ANTM

Anthem

$182.86

-0.64 (-0.35%)

09:25
09/23/17
09/23
09:25
09/23/17
09:25
Hot Stocks
Week in review: How Trump's policies moved stocks »

Catch up on the top…

AET

Aetna

$153.57

0.18 (0.12%)

ANTM

Anthem

$182.86

-0.64 (-0.35%)

CNC

Centene

$92.22

1.48 (1.63%)

CI

Cigna

$182.74

0.61 (0.33%)

HNT

Health Net

HUM

Humana

$239.09

0.45 (0.19%)

MOH

Molina Healthcare

$65.32

2.81 (4.50%)

UNH

UnitedHealth

$193.03

-2.18 (-1.12%)

WCG

WellCare

$167.16

1.1 (0.66%)

AOBC

American Outdoor Brands

$15.01

-0.15 (-0.99%)

RGR

Sturm, Ruger

$51.00

-1.85 (-3.50%)

WMT

Wal-Mart

$79.53

-0.48 (-0.60%)

PEP

PepsiCo

$111.85

-0.95 (-0.84%)

TGT

Target

$58.99

0.66 (1.13%)

AAPL

Apple

$151.89

-1.5 (-0.98%)

MSFT

Microsoft

$74.41

0.2 (0.27%)

AMZN

Amazon.com

$955.10

-9.55 (-0.99%)

TWTR

Twitter

$17.61

0.03 (0.17%)

GOOGL

Alphabet Class A

$943.26

-4.29 (-0.45%)

GOOG

Alphabet

$928.53

-3.92 (-0.42%)

FB

Facebook

$170.54

-0.57 (-0.33%)

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  • 23

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    Sep

  • 02

    Oct

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    Oct

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    Oct

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    Oct

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    Oct

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    Oct

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    Nov

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    Nov

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    Nov

  • 29

    Nov

  • 20

    Feb

AVA

Avista

$51.40

0.1 (0.19%)

18:47
09/22/17
09/22
18:47
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18:47
Hot Stocks
Avista receives commission decision in Oregon natural gas rate case »

Avista's natural gas…

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  • 05

    Nov

BMWYY

BMW

$34.00

0.083 (0.24%)

18:40
09/22/17
09/22
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18:40
Periodicals
BMW to build new 8 series in Dingolfing from 2018, Reuters reports »

BMW intends to build its…

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CSCO

Cisco

$33.37

0.67 (2.05%)

18:20
09/22/17
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Cisco completes acquisition of Springpath »

Cisco announced that it…

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  • 22

    Sep

  • 22

    Sep

  • 25

    Sep

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    Sep

  • 28

    Sep

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    Sep

  • 05

    Oct

  • 06

    Oct

  • 18

    Oct

  • 19

    Oct

  • 22

    Oct

  • 15

    Nov

  • 07

    Dec

  • 11

    Dec

BMY

Bristol-Myers

$63.36

0.03 (0.05%)

18:12
09/22/17
09/22
18:12
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18:12
Hot Stocks
Bristol-Myers announces FDA approval of Opdivo »

Bristol-Myers announced…

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  • 24

    Sep

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    Sep

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    Sep

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    Sep

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    Oct

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    Oct

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    Nov

  • 09

    Nov

  • 05

    Mar

INSE

Inspired Entertainment

$13.60

0.3 (2.26%)

17:38
09/22/17
09/22
17:38
09/22/17
17:38
Hot Stocks
Inspired Entertainment COO Wilson leaving by reason of redundancy »

On September 21, Inspired…

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  • 28

    Sep

MNOV

MediciNova

$6.18

0.3 (5.10%)

17:30
09/22/17
09/22
17:30
09/22/17
17:30
Syndicate
Breaking Syndicate news story on MediciNova »

MediciNova files $200M…

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  • 26

    Sep

ISRG

Intuitive Surgical

$1,031.52

1.31 (0.13%)

17:25
09/22/17
09/22
17:25
09/22/17
17:25
Conference/Events
Intuitive Surgical to host special shareholder meeting »

Special Shareholder…

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  • 22

    Sep

GD

General Dynamics

$205.41

-0.31 (-0.15%)

17:21
09/22/17
09/22
17:21
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17:21
Hot Stocks
General Dynamics Electric Boat awarded $341.2M government contract modification »

General Dynamics Electric…

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CHRS

Coherus Biosciences

$12.85

0.3 (2.39%)

17:19
09/22/17
09/22
17:19
09/22/17
17:19
Syndicate
Breaking Syndicate news story on Coherus Biosciences »

Coherus Biosciences files…

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  • 25

    Sep

FIBK

First Interstate

$36.90

0.3 (0.82%)

17:18
09/22/17
09/22
17:18
09/22/17
17:18
Syndicate
First Interstate files to sell $250M of Class A common stock »

The shelf registration…

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NRCIA

National Research, also tag NRCIB

$37.45

0.55 (1.49%)

, NRCIB

National Research, also tag NRCIA

$54.30

0.31 (0.57%)

17:08
09/22/17
09/22
17:08
09/22/17
17:08
Hot Stocks
National Research launches metric to measure healthcare consumer loyalty »

NRC Health launched the…

NRCIA

National Research, also tag NRCIB

$37.45

0.55 (1.49%)

NRCIB

National Research, also tag NRCIA

$54.30

0.31 (0.57%)

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CC

Chemours

$51.79

-0.16 (-0.31%)

, HON

Honeywell

$141.75

0.89 (0.63%)

16:58
09/22/17
09/22
16:58
09/22/17
16:58
Hot Stocks
Chemours files appeal concerning SNAP 20 rule to regulate HFCs »

The Chemours Company (CC)…

CC

Chemours

$51.79

-0.16 (-0.31%)

HON

Honeywell

$141.75

0.89 (0.63%)

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