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Fly News Breaks for May 25, 2016
FLTX, AMAT, WDC, HPE, CSC, BAYRY, MON
May 25, 2016 | 10:18 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Monsanto (MON) upgraded to Buy at Jefferies by analyst Laurence Alexander, who said a greater than $130 per share takeover by Bayer (BAYRY) is "highly likely." Alexander said that Monsanto's response to Bayer was far from a full-throated defense and benign enough to open the door for more productive discussions. Bayer, meanwhile, was upgraded to Buy at Commerzbank citing a positive view of the company's potential acquisition of Monsanto. The firm sees the underlying growth potential in agriculture and a 60% likelihood of the merger going through. 2. CSC (CSC) upgraded to Outperform at BMO Capital and to Overweight at Barclays, with analysts citing material synergy opportunities and accretion from the merger with HP Enterprise (HPE). HPE Enterprise was also upgraded to Buy at Cross Research and Needham. Needham analyst Richard Kugele said HP enterprise will receive $1.5B in an immediate cash dividend, transfer $600M of net pension liabilities and a $300M EDS bond, and have $1.6B of the company's debt paid off. 3. Western Digital (WDC) upgraded to Overweight at Barclays by analyst Mark Moskowitz, who said the valuation is too low and valuation multiples can increase over the longer term as the company delivers 3D NAND products and reduces its debt load. 4. Applied Materials (AMAT) upgraded to Buy at Citi by analyst Atif Malik, who raised his 2016 and 2017 water fab equipment outlook to reflect higher China equipment spending. Malik added that China is set to become an important driver for equipment spending over the next five years. 5. Fleetmatics (FLTX) upgraded to Overweight at Pacific Crest with analyst Brad Erickson saying the firm's channel checks indicate the company has dominant mind share as the leader in the fleet management space. 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 MON;BAYRY;CSC;HPE;WDC;AMAT;FLTX From the Last 2 Days
WDC
Mar 27, 2024 | 12:00 EDT
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here
WDC
Mar 26, 2024 | 16:15 EDT
Evercore ISI initiated coverage of Western Digital with an Outperform rating and $80 price target. The firm views the company as "uniquely positioned to outperform given a host of tailwinds," noting that its estimates are about 10% higher than the Street's. While investors have been "somewhat wary" of the name given it's "too complicated", Evercore expects the story to get "less complicated" over the next two to three quarters as Western Digital splits in two distinct assets, says the analyst, who adds that the firm's analysis suggests on a sum of the parts basis, "the asset should be worth $80-85," though some stranded costs could "diminish this number as details get flushed out."
WDC
Mar 26, 2024 | 09:56 EDT
Notable gainers among liquid option names this morning include Seagate (STX) $96.53 +8.33, McCormick (MKC) $75.66 +5.72, Constellation Energy (CEG) $198.70 +11.44, Tesla (TSLA) $182.50 +9.87, and Western Digital (WDC) $68.30 +3.31.