BofA/Merrill added Raytheon (RTN) to the US 1 List and removed AT&T (T), Williams (WMB), General Dynamics (GD) and Tapestry (TPR).

RBC Capital lowered the firm's price target on General Dynamics to $320 from $325 after its Q1 earnings miss but keeps an Outperform rating on the shares. The company's revenue growth was driven by double-digit growth in Combat Systems, Marine Systems, and Aerospace, but while the management provided cautious comments on Q2 earnings and free cash flow, the set-up into the second half remains "very favorable", the analyst tells investors in a research note. RBC adds that it continues to see capital allocation as a key catalyst for General Dynamics.

Scotiabank raised the firm's price target on AT&T to $22.50 from $22 and keeps an Outperform rating on the shares. The companies continued execution of simplifying and streamlining operations continues to bear fruit, the analyst tells investors. While the wireless market remains competitive, reduced handset subsidies and positive pricing actions are leading to improved overall profitability metrics, the firm adds.

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

Capri Holdings (CPRI) shares could fall to the low-to-mid $20s if Tapestry's (TPR) $57 per share takeover is successfully blocked by the Federal Trade Commission, Yiqin Shen of Bloomberg reports, citing a survey of 20 merger-arbitrage specialists. The survey, conducted on Tuesday, focuses on merger-arbitrage estimates on the Capri's downside price - a level that reflects the stock's fundamental value by the end of 2024, when the outcome of the FTC's challenge is expected to be either upheld or overturned in court, Shen notes. Shares of Capri Holdings are down 5% to $34.81 in midday trading.

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

FY25 EPS consensus $2.16.

Reports Q1 revenue $10.7B, consensus $10.32B. "Our businesses delivered solid operating results in the quarter, growing revenue and backlog, while expanding margins, even as we awaited G700 certification," said Phebe N. Novakovic, chairman and chief executive officer. "In the Aerospace segment, the recent FAA certification of the Gulfstream G700 has enabled us to begin customer deliveries. This is a strong start to 2024 and we remain confident in our outlook."

Reports Q1 revenue $30B, consensus $28.65B. Reports Q1 349,000 postpaid phone net adds. "Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," said John Stankey, AT&T CEO. "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance."

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

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