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Fly News Breaks for April 13, 2016
YUM, CMG, WYNN, STX, S, CLVS
Apr 13, 2016 | 10:22 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Clovis (CLVS) downgraded to Neutral at Credit Suisse and JPMorgan after an FDA panel voted 12-1 in favor of waiting for TIGER-3 data and as a result, removed the accelerated approval for rociletinib. JPMorgan analyst Cory Kasimov said there may be a path for the drug in the refractory setting, but clarity will take a while. Credit Suisse Kennen MacKay added that he awaits additional guidance on cost-cutting, a rociletinib development path, and rucaparib submission prior to becoming more constructive. 2. Sprint (S) downgraded to Underweight at Pacific Crest by analyst Michael Bowen, who said the company's lack of competitive tools other than price suggests fundamental issues exist. 3. Seagate (STX) downgraded to Hold at Deutsche Bank with analyst Sherri Scribner saying the hard disk drive market will remain challenged through 2020. The analyst adds that Seagate's sales will decline over the next few years. 4. Wynn Resorts (WYNN) downgraded to Hold at Deutsche Bank by analyst Carlo Santarelli, who said the current valuation leaves "little margin for error and prices in an acceleration in Macau trends." 5. CLSA analyst Jeremy Scott downgraded Chipotle (CMG) after assuming coverage of the name. Scott said he does not expect Chipotle margins to get a boost amid higher-intensity food safety protocols and labor inflation. He also downgraded Yum! Brands (YUM), saying that macro issues and intensifying competitive pressures in China will continue to complicated the company's growth story. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For CLVS;S;STX;WYNN;CMG;YUM From the Last 2 Days