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GE

General Electric

, TROV

Trovagene

$0.81

-0.0216 (-2.61%)

09:12
06/12/17
06/12
09:12
06/12/17
09:12

On The Fly: Pre-market Movers

HIGHER: General Electric (GE), up 4.2% after announcing that John Flannery, current President and CEO of GE Healthcare, has been named CEO of the company... TrovaGene (TROV), up 35% after entering an agreement with AstraZeneca (AZN)... Fibrocell (FCSC), up 9.3% after receiving rare pediatric disease designation from the FDA for FCX-013. LOWER: Apple (AAPL), down 2% after being downgraded to Neutral from Buy at Mizuho... Adobe Systems (ADBE), down 2.7% after being downgraded to Sell from Hold at Pivotal Research... Coherus Biosciences (CHRS), down 30.3% after the FDA issued a complete response letter for its biologics license application for CHS-1701.

GE

General Electric

TROV

Trovagene

$0.81

-0.0216 (-2.61%)

FCSC

Fibrocell Science

$2.50

0.05 (2.04%)

AAPL

Apple

$148.98

-6.01 (-3.88%)

ADBE

Adobe

$138.05

-4.58 (-3.21%)

CHRS

Coherus Biosciences

$20.65

-2.05 (-9.03%)

  • 12

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    Jun

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    Oct

GE General Electric

06/01/17
FBCO
06/01/17
NO CHANGE
Target $34
FBCO
Outperform
General Electric has reached attractive entry point, says Credit Suisse
Credit Suisse analyst Julian Mitchell thinks the pendulum of investor sentiment regarding General Electric has swung too far in the negative direction, creating an attractive entry point into the stock. GE's organic growth seems underappreciated, argues Mitchell, who notes that its organic sales growth has topped most Electrical Equipment and Multi-Industry peers in recent years and into 2017. Meanwhile, GE's segments have shown "fairly healthy" operating leverage, added Mitchell, who has an Outperform rating and $34 price target on GE shares.
05/12/17
05/12/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. General Electric (GE) downgraded to Sell from Hold at Deutsche Bank with analyst John Inch saying the stock is overvalued given "weak earnings quality" and the "wide gap between non-cash and cash earnings." 2. Electronic Arts (EA) was downgraded to Neutral from Long-Term Buy at Hilliard Lyons and to Sell from Hold at Deutsche Bank. 3. Uni-Pixel (UNXL) downgraded to Neutral from Buy at Roth Capital with analyst Brian Alger saying while he sees abundant industry demand and interest for the company's products, he sees Uni-Pixel's future as somewhat binary and dependent upon strategic partnerships being executed relatively quickly. Alger also lowered his price target on the shares to 45c from $2. 4. Akari Therapeutics (AKTX) downgraded to Market Perform from Outperform at William Blair with analyst Tim Lugo citing the company's announcement that it placed its Chief Executive Officer on administrative leave as it reviews any involvement with the Edison Report. 5. Mazor Robotics (MZOR) downgraded to Market Perform from Outperform at JMP Securities with analyst David Turkaly 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.
05/25/17
DBAB
05/25/17
NO CHANGE
Target $24
DBAB
Sell
GE officially walked away from 2018 EPS target, says Deutsche Bank
Deutsche Bank analyst John Inch says General Electric CEO Jeff Immelt at a conference yesterday officially walked away from the company's $2.00-plus earnings per share framework for 2018 citing tougher markets. While investors had expected GE to abandon the $2.00-plus target, the company kept $2.00 per share at the high end of its 2018 framework, Inch tells investors in a research note. He believes $2.00 to be unrealistic, even as just a high point in the range. The analyst sees cash flow pressures continuing in 2018 and keeps a Sell rating on GE with a $24 price target.
05/31/17
DBAB
05/31/17
NO CHANGE
Target $24
DBAB
Sell
General Electric setting stage for dividend cut, says Deutsche Bank
Deutsche Bank analyst John Inch believes the stage is being set for General Electric to cut its common dividend. The analyst has a Sell rating on the shares with a $24 price target. Last Wednesday at a conference, GE provided a cash flow walk for the next two years that suggests it is likely to generate insufficient free cash flow to cover its common dividend this year, and barely enough next year, Inch tells investors in a research note. He believes a "reasonable dividend payout" on a future earnings reset could result in a GE dividend cut to 65c-75c. A dividend reduction could be part of an earnings "reset" lower and possibly in conjunction with eventual future leadership change, Inch writes.
TROV Trovagene
$0.81

-0.0216 (-2.61%)

03/16/17
MAXM
03/16/17
DOWNGRADE
MAXM
Hold
Trovagene downgraded to Hold from Buy at Maxim
Maxim analyst Jason Kolbert downgraded Trovagene to Hold from Buy, saying he will need to re-evaluate the company given its newly announced strategic direction to focus on developing diagnostic-based therapeutics. Piper Jaffray analyst William Quirk also downgraded Trovagene to Underweight this morning.
03/16/17
PIPR
03/16/17
DOWNGRADE
Target $0.5
PIPR
Underweight
Trovagene downgraded to Underweight from Neutral at Piper Jaffray
Piper Jaffray analyst William Quirk downgraded Trovagene to Underweight citing an uncertain commercial strategy amid the company's shifts from liquid biopsy to collection devices to therapeutics. He cut his price target for the shares to 50c from $1.70 following Trovagene's Q4 results.
04/12/17
MAXM
04/12/17
UPGRADE
Target $4
MAXM
Buy
Trovagene upgraded to Buy from Hold at Maxim
Maxim analyst Jason Kolbert upgraded Trovagene to Buy with a $4 price target. The analyst downgraded the shares to Hold on Marhc 16.
04/12/17
MAXM
04/12/17
UPGRADE
Target $4
MAXM
Buy
Maxim upgrades Trovagene back to Buy with $4 target
Maxim analyst Jason McCarthy upgraded Trovagene to Buy intraday after downgrading the stock to Hold on March 16. In-licensing a small molecule oncology drug from Nerviano Medical Sciences marks a new chapter for the company in precision cancer therapeutics, McCarthy tells investors in a research note. The analyst set a $4 price target for the shares. Trovagene in midday trading is up 15% to 87c.
FCSC Fibrocell Science
$2.50

0.05 (2.04%)

03/07/17
RODM
03/07/17
INITIATION
Target $2
RODM
Buy
Fibrocell Science initiated with a Buy at Rodman & Renshaw
Rodman & Renshaw analyst Joseph Pantginis started Fibrocell Science with a Buy rating and $2 price target.
AAPL Apple
$148.98

-6.01 (-3.88%)

06/07/17
RBCM
06/07/17
NO CHANGE
RBCM
Analog Devices weakness will be short lived, says RBC Capital
RBC Capital analyst Amit Daryanani notes that Analog Devices (ADI) "has underperformed rather notably" since its Q2 results on May 31. The analyst blames the weakness on the company's reduced revenue from Apple (AAPL). However, he thinks that investors will begin focusing more on the company's multiple tailwinds, possibly starting in the wake of its June 20 Analyst Day. Consequently, he expects the stock to rise from current levels and keeps a $92 price target and Outperform rating on the shares.
06/07/17
ARGS
06/07/17
NO CHANGE
ARGS
Apple price target raised to $175 from $160 at Argus
Argus analyst Jim Kelleher increased his price target on Apple after the company annoucned new products and product enhancements. The analyst quotes Apple bears as saying that the company is "playing catch-up" by introducing similar products to those that its rivals have already launched. However, Kelleher says that, "coming late to the party did not hurt iPhone's leadership in smartphones." He keeps a Buy rating on the shares. .
06/12/17
BERN
06/12/17
NO CHANGE
BERN
Apple slowdown in China probably a temporary pause, says Bernstein
Bernstein analyst A.M. (Toni) Sacconaghi, Jr. says that weakening sales of Apple's iPhone in China is probably due to a temporary pause in demand ahead of the company's new iPhone scheduled to debut later this year, rather than a result of competition from other high-end devices. The analyst continues to believe that Apple's risk/reward ratio is attractive and keeps a $160 price target and Outperform rating on the stock.
06/11/17
MZHO
06/11/17
DOWNGRADE
Target $150
MZHO
Neutral
Apple downgraded to Neutral from Buy at Mizuho
Mizuho analyst Abhey Lamba downgraded Apple to Neutral from Buy and lowered his price target for the shares to $150 from $160. The iPhone maker fell along with the Nasdaq index late in Friday's trade to close down 4%, or $6.01, to $148.98. "Enthusiasm" around the upcoming iPhone launch is fully priced in after the stock's year-to-date outperformance, Lamba wrote to investors Sunday night. The analyst sees limited upside to consensus estimates and notes Apple shares are trading near the upper-end of their recent valuation range.
ADBE Adobe
$138.05

-4.58 (-3.21%)

06/12/17
PIVT
06/12/17
DOWNGRADE
Target $112
PIVT
Sell
Adobe downgraded to Sell from Hold at Pivotal Research
Pivotal Research analyst Brian Wieser downgraded Adobe to Sell citing valuation. The analyst is positive on the company's fundamentals, but notes the current share price is 20% above his price target of $112, which is raised from $109.
06/09/17
BMOC
06/09/17
NO CHANGE
BMOC
Adobe price target raised to $160 from $140 at BMO Capital
BMO Capital analyst Keith Bachman says that he believes that Adobe "has developed a next generation digital marketing hub." He thinks that this tool gives the company a "sustainable competitive advantage" and "significantly expands its total available market." He continues to identify the stock as his top software/SaaS pick and reiterates an Outperform rating.
05/02/17
05/02/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Adobe (ADBE) initiated with an Overweight at Barclays. 2. Okta (OKTA) initiated with a Hold at Canaccord, an Overweight at JPMorgan, and a Neutral at Goldman Sachs. 3. Enbridge (ENB) initiated with an Equal Weight at Morgan Stanley. 4. C&J Energy Services (CJ) reinitiated with an Outperform at Credit Suisse and initiated with an Equal Weight at Morgan Stanley. 5. Madison Square Garden (MSG) initiated with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/02/17
LEHM
05/02/17
INITIATION
Target $155
LEHM
Overweight
Adobe initiated with an Overweight at Barclays
Barclays analyst Saket Kalia started Adobe with an Overweight rating and $155 price target. Creative Cloud migration and Marketing Cloud strength should drive 20% growth over the next two years, the analyst contends.
CHRS Coherus Biosciences
$20.65

-2.05 (-9.03%)

05/17/17
SBSH
05/17/17
NO CHANGE
Target $38
SBSH
Buy
Citi sees up to $8/share upside for Coherus on patent win
Citi analyst Mohit Bansal sees $4 to $8 per share upside for Coherus Biosciences (CHRS) after the Patent Trial and Appeal Board ruled in favor of the company's petitions for Inter Partes Review of AbbVie's (ABBV) '135 Patent. The stock in premarket trading is up 9%, or $1.95, to $24.00. The win makes a Humira biosimilar launch from Coherus more realistic, Bansal tells investors in a research note. Further, he believes the news makes an anti-TNF franchise partnership for Coherus with big bio-pharma more likely. He thinks a deal could be announced in the second half of 2017. Bansal keeps a Buy rating on Coherus with a $38 price target.
05/17/17
MAXM
05/17/17
NO CHANGE
Target $44
MAXM
Buy
Coherus could beat Humira competitors to market by 4 years, says Maxim
Maxim analyst Jason McCarthy said the invalidation of AbbVie's (ABBV) dosing patent for Humira is a "major victory" for Coherus Biosciences (CHRS) that has reduced its risk profile. The last IP hurdle to launching a Humira biosimilar is formulation, where Coherus has the advantage, said McCarthy, who believes the company could be first to market with a biosimilar by late 2018, which would be four years or more ahead of its competition. He raised his price target on Coherus shares to $44 from $43 and keeps a Buy rating on the stock, which is up $1.95, or 8.8%, to $24 in pre-market trading.
06/12/17
SBSH
06/12/17
NO CHANGE
Target $38
SBSH
Buy
Citi says CRL for Coherus not worst case scenario
Citi analyst Mohit Bansal says Coherus Biosciences' (CHRS) complete response letter for its biosimilar version of Neulasta, while "clearly a negative outcome," is not the worst case scenario since the FDA did not ask for another study. The analyst sees a one year delay, which impacts his discounted free cash flow model by $5 per share. Coherus in premarket trading is down 30%, or $6.25, to $14.40. A one year delay would mean Coherus' CHS-1701 could still be on markets at the same time as competition from Mylan (MYL) and ahead of Sandoz's approval in 2019, Bansal tells investors in a research note. The analyst has a Buy rating on Coherus with a $38 price target.
05/15/17
MAXM
05/15/17
NO CHANGE
Target $43
MAXM
Buy
Maxim sees probability of Humira patent ruling favoring Coherus
Maxim analyst Jason McCarthy said if Amgen's (AMGN) '135 patent for Humira is invalidated on May 17, Coherus Biosciences (CHRS) could potentially launch CHS-1420, its proposed biosimilar of adalimumab, in 2018, four years before others competing to launch a Humira biosimilar. He believes the probability favors Coherus, citing the fact that the company's focus on developing biosimilars is based on IP first. Coherus will need to raise capital again, but the outcome of the Humira patent decision and the upcoming approval decision for Neulasta on June 9 will determine at what valuation, said McCarthy, who has a Buy rating and $43 price target on Coherus shares.

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KO

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