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Fly News Breaks for April 16, 2019
ELF, WDC, CMI, CVE, NFLX
Apr 16, 2019 | 10:24 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Netflix (NFLX) upgraded to Buy from Hold at Deutsche Bank with analyst Bryan Kraft saying consensus subscriber expectations for both 2019 and 2020 now seem conservative. 2. Cenovus Energy (CVE) upgraded to Neutral from Sell at Goldman Sachs with analyst Neil Mehta citing improvements to the company's leverage outlook and a more constructive commodity price environment, particularly for Canadian heavy crude. 3. Cummins (CMI) upgraded to Buy from Neutral at Citi with analyst Timothy Thein saying he sees upside to 2019 estimates and thinks the company's out-year cash flows "stay higher for longer based on end market diversity and increasing contribution from the aftermarket." 4. Western Digital (WDC) upgraded to Buy from Hold at Deutsche Bank with analyst Sidney Ho starting to see favorable data points in both hard disk drive and NAND that will support a "solid" second half of the year recovery for Western Digital's earnings. 5. e.l.f. Beauty (ELF) upgraded to Buy from Neutral at DA Davidson with analyst Linda Bolton Weiser citing the findings of her proprietary store checks suggesting that the company products have seen a 17% increase in shelf space at Target (TGT), overtaking Coty's (COTY) Covergirl brand, while its Q1 sales "inflected from down high-single digits" in Q4 to low-single digits. 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 NFLX;CVE;CMI;WDC;ELF 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
NFLX
Mar 27, 2024 | 08:06 EDT
Wedbush analyst Michael Pachter raised the firm's price target on Netflix to $725 from $615 and keeps an Outperform rating on the shares. The firm also removed Netflix from Wedbush's Best Ideas List after a year of significant growth. The firm's quarterly survey indicates a seasonal deceleration in subscribers and an expansion of subscribers on Netflix's ad tier. As long as global trends remain consistent and the ad market continues to improve this year, Wedbush expects Netflix to continue to report strong results. With that said, some of the major catalysts that drove its Best Ideas List placement have been priced in. The firm thinks the ad tier will continue to limit churn, and it has a significant opportunity to expand its advertising revenue in 2024 and beyond. Furthermore, Wedbush believes Netflix has reached the right formula with global content creation, balancing costs, and increasing profitability.
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.
NFLX
Mar 26, 2024 | 05:40 EDT
BofA added Spotify (SPOT) to its US 1 List while removing Netflix (NFLX). The list is a collection of the firm's best ideas.