Today's noteworthy initiations include: Abercrombie & Fitch (ANF) initiated with a Neutral at Guggenheim... Aeropostale (ARO) initiated with a Neutral at Guggenheim... Akorn (AKRX) initiated with an Overweight, $61 target at JPMorgan... American Eagle (AEO) initiated with a Buy at Guggenheim... Amtech Systems (ASYS) initiated with a Buy at Benchmark Co.... Ascena Retail (ASNA) initiated with a Buy at Guggenheim... Bovie Medical (BVX) initiated with a Buy at Craig-Hallum... Buffalo Wild Wings (BWLD) initiated with an Outperform at Cowen... CA Technologies (CA) initiated with a Neutral at JPMorgan... Chipotle (CMG) initiated with an Outperform at Cowen... Deckers Outdoor (DECK) initiated with a Neutral at Guggenheim... Denbury Resources (DNR) initiated with a Sell at Goldman... Diamondback Energy (FANG) initiated with a Conviction Buy at Goldman... Eco-Stim Energy (ESES) initiated with a Buy at Roth Capital... Enphase Energy (ENPH) initiated with an Overweight at JPMorgan... Galmed (GLMD) initiated with a Buy at Roth Capital... Globus Medical (GMED) initiated with an Outperform at Wells Fargo... Good Times Restaurants (GTIM) initiated with a Strong Buy at Feltl... Habit Restaurants (HABT) initiated with a Market Perform at Cowen... HomeStreet (HMST) initiated with a Buy at DA Davidson... Intevac (IVAC) initiated with a Hold at Maxim... LDR Holding (LDRH) initiated with an Outperform at Wells Fargo... Laredo Petroleum (LPI) initiated with a Neutral at Credit Suisse... Mazor Robotics (MZOR) initiated with a Market Perform at Wells Fargo... McDonald's (MCD) initiated with a Market Perform at Cowen... Memorial Resource (MRD) initiated with a Neutral at Goldman... Oasis Petroleum (OAS) initiated with a Sell at Goldman... Panera Bread (PNRA) initiated with a Market Perform at Cowen... RSP Permian (RSPP) initiated with a Buy at Goldman... Raptor Pharmaceuticals (RPTP) initiated with a Buy at Janney Capital... Restaurant Brands (QSR) initiated with a Market Perform at Cowen... Seagate (STX) initiated with a Buy at Maxim... Starbucks (SBUX) initiated with an Outperform at Cowen... Starz (STRZA) initiated with a Buy at Deutsche Bank... Trex Company (TREX) initiated with a Neutral at Wedbush... Vista Outdoor (VSTO) initiated with a Buy at Jefferies... Western Digital (WDC) initiated with a Buy at Maxim... Yum! Brands (YUM) initiated with a Market Perform at Cowen.

For 2024, management is anticipating the following: Full year comparable restaurant sales growth in the mid to high-single digit range; 285 to 315 new restaurant openings with over 80% having a Chipotlane. An estimated underlying effective full year tax rate between 25% and 27% before discrete items.

Reports Q1 revenue $2.7B, consensus $2.67B. Comparable restaurant sales increased 7.0%. "We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions. The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally," said Brian Niccol, Chairman and CEO, Chipotle.

Pre-earnings options volume in Chipotle is 1.5x normal with puts leading calls 9:7. Implied volatility suggests the market is anticipating a move near 5.3%, or $154.14, after results are released. Median move over the past eight quarters is 7.0%.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.

Northland lowered the firm's price target on Enphase Energy to $125 from $135 and keeps an Outperform rating on the shares. The company missed Q1 consensus revenue and earnings estimates and its 2025 numbers were meaningfully below consensus, the analyst tells investors in a research note. The firm, however, believes Q1 is the bottom of the cycle, with channel inventory cleared by the end of Q2. It expects rising utility rates, $7B in solar grants in the U.S., and growth in residential storage to reignite Enphase's growth.

Jefferies analyst Dushyant Ailani downgraded Enphase Energy to Hold from Buy with a price target of $111, down from $135. The firm expects residential macro headwinds to persist and while it says Enphase management continues to take the right steps in managing under shipment and expanding internationally, delayed interest rate cuts and weaker U.S. demand push out its forecasts for a recovery. The firm, which expects the recovery to be slower than its prior expectations, lowered its FY24 and FY25 EPS forecast to $2.91 and $4.90, which it notes are 3% and 6%, respectively, below consensus.

BMO Capital analyst Ameet Thakkar lowered the firm's price target on Enphase Energy to $113 from $118 and keeps a Market Perform rating on the shares after its Q1 earnings miss and "underwhelming" Q2 revenue guidance. The firm is also less confident in the company's ability to achieve the upper end of what it had described as $450M-500M normalized demand, reducing its FY24 EPS view to $3.28 from $3.71 and its FY25 view to $5.93 from $6.21.

Check out this morning's top movers from around Wall Street, compiled by The Fly. UP AFTER EARNINGS... To see the rest of the story go to thefly.com. See Story Here

Guggenheim analyst Joseph Osha downgraded Enphase Energy to Sell from Neutral with a $92 price target.