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Fly News Breaks for May 19, 2017
May 19, 2017 | 10:23 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Macquarie analyst Amy Yong downgraded Pandora (P) to Neutral from Outperform and trimmed her price target to $11 saying potential M&A is to "tough to call" and fundamentals are "choppy." The analyst believes Pandora could sell Ticketfly which would free up financial capacity and help management focus on the core business, but said if neither a sale or M&A materializes, its standalone strategy will be the focus. 2. Wells Fargo analyst Jeff Farmer downgraded Bloomin' Brands (BLMN) to Market Perform saying Street estimates could prove aggressive due to labor costs while share repurchases are decelerating. 3. Deutsche Bank analyst Tiffany Kanaga downgraded The Buckle (BKE) to Sell, citing a lack of near-term support post the Q1 report and continued long-term concerns. 4. HSBC analyst Steve McGarry downgraded Shire (SHPG) to Reduce, saying that while the hereditary angioedema data are positive, investors should avoid the "hemophilia risk." 5. RBC Capital analyst Matthew Hedberg downgraded Symantec (SYMC) to Sector Perform from Outperform, citing 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.
News For P;BLMN;BKE;SHPG;SYMC From the Last 2 Days
Jul 24, 2017 | 09:27 EDT
UP AFTER EARNINGS: Halliburton (HAL), up 2.3%... PetMed Express (PETS), up 5.6%... Arconic (ARNC), up 1.9%... V F Corp (VFC), up 1.4%. ALSO HIGHER: WebMD (WBMD), up 19.7% after announcing it will be acquired by KKR (KKR) in a $2.8B deal for $66.50 per share... Pandora (P), up 4.5% after Morgan Stanley's sales desk stated that activist investor JANA Partners has revealed in its latest letter to investors that it took a stake in the company in June... Philips (PHG), up 4.1% after announcing a new EUR 1.5B share buyback program. DOWN AFTER EARNINGS: Stanley Black & Decker (SWK), down just under 1%... Hasbro (HAS), down 3.8%. ALSO LOWER: Hibbett Sports (HIBB), down 23.6% after announcing that it expects second quarter same-store sales down 10%... Constellation Brands (STZ), down 1.6% after being downgraded to Neutral from Conviction Buy at Goldman Sachs... Goldman Sachs (GS), down marginally after being downgraded to Neutral from Buy at UBS.
Jul 24, 2017 | 08:31 EDT
Shares of Pandora (P) are rising in pre-market trading after Morgan Stanley's sales desk stated that activist investor JANA Partners has revealed in its latest letter to investors that it took a stake in the company in June. Also potentially impacting the shares of the music streaming service operator is a Reuters report claiming that rival Spotify is nearing a deal for a new licensing pact with Warner Music.
Jul 24, 2017 | 07:22 EDT
After meeting with Pandora's interim CEO, SunTrust analyst Matthew Thornton says that the company plans to focus on further moentizing its core i.e. free radio offering. The analyst says that the company plans to increase the size of its sales force, a move that he believes could raise its "revenue/EBITDA" by $150M. Thornton adds that the company intends to expand to overseas markets over the longer term. He keeps a $10.50 price target and a Buy rating on the shares.
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