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AAPL

Apple

$148.98

-6.01 (-3.88%)

, AMZN

Amazon.com

$978.31

-31.96 (-3.16%)

11:18
06/12/17
06/12
11:18
06/12/17
11:18

As tech selloff continues, Mizuho cuts Apple while Piper ups Amazon target

As a selloff in technology shares, focused in mega-cap names including Apple (AAPL), Alphabet (GOOG), Facebook (FB), Microsoft (MSFT), and Amazon (AMZN), continues from Friday into Monday, Mizuho analyst Abhey Lamba downgraded Apple citing fully priced in "enthusiasm" for the company's iPhone launch while Piper Jaffray analyst Michael Olson raised his price target on Amazon saying the company is well-positioned for the next five-plus years. BACKGROUND: Shares of several mega-cap technology companies declined on Friday, driving the Nasdaq down nearly 2.5%, and leaving it with a weekly loss, while the Dow managed a small gain and the S&P was fractionally lower on a weekly basis. Apple fell nearly 4%, or $6.01, to $148.98 by close on Friday while Amazon was down $31.96, or 3%, to $978.31. The selloff continued globally on Monday. "LIMITED UPSIDE": On Sunday, Mizuho analyst Abhey Lamba downgraded Apple to Neutral from Buy and lowered his price target for the shares to $150 from $160 saying "enthusiasm" around the upcoming iPhone launch is fully priced in after the stock's year-to-date outperformance. Lamba also said he is cautious on FY18 consensus numbers due to "potential pull-in of demand," growth driven by replacements versus net new customers, initial supply constraints, possible increased average selling prices for stock-keeping units and gross margins risks. The analyst sees limited upside to consensus estimates and notes Apple shares are trading near the upper-end of their recent valuation range. Lamba's views echo those of Pacific Crest analyst Andy Hargreaves, who downgraded Apple to Sector Weight from Overweight on June 4, saying upside from the launch of iPhone 8 is already reflected in the shares. An "extremely strong iPhone 8 cycle" is being priced into the stock while little weight is being given to gross margin risks, supply issues, or the likelihood for declines beyond the iPhone 8, Hargreaves said. "NO DECELERATION": On Monday, Piper Jaffray analyst Olson said he continues to believe that Amazon.com is the best positioned large cap internet platform for the next five-plus years. He raised his price target for the shares to $1,200 from $1,050 and reiterates an Overweight rating on the name. An analysis of Google search trends indicates Amazon retail unit growth will likely see little to no deceleration in Q2 relative to the 24% growth experienced in Q1, Olson tells investors in a research note. He believes Amazon retail is tracking for an in-line quarter. He added growth in the unit is driven by share gains from Prime Now, continued tailwinds from Prime adoption, international expansion, and hardware tailwinds. PRICE ACTION: In late morning trading, Apple fell 2.2%, or $3.34, to $145.64, while Amazon dropped 0.7%, or $6.94, to $971.37 per share.

AAPL

Apple

$148.98

-6.01 (-3.88%)

AMZN

Amazon.com

$978.31

-31.96 (-3.16%)

GOOG

Alphabet

$949.83

-33.58 (-3.41%)

FB

Facebook

$149.60

-5.11 (-3.30%)

MSFT

Microsoft

$70.32

-1.63 (-2.27%)

  • 20

    Jun

  • 28

    Jun

  • 19

    Jul

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. .
06/11/17
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.
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.
AMZN Amazon.com
$978.31

-31.96 (-3.16%)

06/06/17
WELS
06/06/17
NO CHANGE
WELS
Amazon may be the next threat to drug pricing, says Wells Fargo
After CNBC recently reported that Amazon (AMZN) is considering going into the prescription pharmacy business in the U.S., Wells Fargo surveyed nearly 2,900 U.S. adults and found that 54% of those polled said they would use or would probably use "Amazon Pharmacy." While the e-commerce giant has not confirmed its U.S. pharmacy interest, if it did enter the market analyst David Maris believes it could see fast adoption and "usher in a new age of price transparency." Maris also wonders if pharmacy "may be just the beginning" and if Amazon eyes the "even larger prize" of fully integrated digital healthcare. Publicly traded large-cap pharmaceuticals companies include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). Publicly traded retail pharmacy operators include CVS Health (CVS), Walgreens (WBA), Fred's (FRED) and Rite Aid (RAD).
06/12/17
PIPR
06/12/17
NO CHANGE
Target $1200
PIPR
Overweight
Amazon.com price target raised to $1,200 from $1,050 at Piper Jaffray
Piper Jaffray analyst Michael Olson continues to believe that Amazon.com is the best positioned large cap internet platform for the next five-plus years. He raised his price target for the shares to $1,200 from $1,050 and reiterates an Overweight rating on the name. The stock closed Friday down $31.96, or 3%, to $978.31. An analysis of Google search trends indicates Amazon retail unit growth will likely see little to no deceleration in Q2 relative to the 24% growth experienced in Q1, Olson tells investors in a research note. He believes Amazon retail is tracking for an in-line quarter. The analyst reiterates an Overweight rating on the shares.
06/07/17
MSCN
06/07/17
NO CHANGE
MSCN
Amazon.com Q2 revenues tracking below consensus, says MScience
06/06/17
MAXM
06/06/17
NO CHANGE
Target $1300
MAXM
Buy
Maxim sees ten $1T categories open to Amazon, ups target to $1,300
Maxim analyst Tom Forte said that as consumers increasingly interact with Amazon in physical locations, "Amazon.com will become simply Amazon." Forte analyzed 18 market opportunities, including 14 that Amazon is already pursuing and four - credit, gas stations, pharmacy, and travel - that are new, and among them identified ten categories where the global total addressable market exceeds $1T. Given Amazon's opportunity to drive incremental sales growth and "further disrupt the retail sector," Forte raised his price target on the stock to $1,300 from $1,075 and keeps a Buy rating on the name.
GOOG Alphabet
$949.83

-33.58 (-3.41%)

05/23/17
MSCO
05/23/17
NO CHANGE
Target $305
MSCO
Equal Weight
Alphabet's Waymo an emerging competitor to Tesla, says Morgan Stanley
After Morgan Stanley's Internet team, led by analyst Brian Nowak, said they view the partnership that Waymo, Alphabet's (GOOG) autonomous driving unit, has struck with Lyft as an important step in the "Other Bet" company's ability to help drive the autonomous transition, analyst Adam Jonas said the Waymo/Lyft partnership is an emerging competitor to Tesla (TSLA) in autonomous mobility. Jonas keeps an Equal Weight rating and $305 price target on Tesla shares.
05/31/17
MSCO
05/31/17
NO CHANGE
Target $305
MSCO
Equal Weight
Tesla seen more widely as 'more than a car company,' says Morgan Stanley
Morgan Stanley analyst Adam Jonas said he believes the market is increasingly viewing Tesla (TSLA) as "more than a car company," giving it a low chance of success of disrupting a $10T global market for mobility rather than a high chance of success in the smaller traditional light vehicle market. There is "little doubt that Tesla has a seat at the table" for any conversation about machine learning and the multi-trillion-dollar transport market alongside Amazon (AMZN), Alphabet (GOOG), and Apple (AAPL), though its market cap is only a fraction of theirs, Jonas tells investors. The analyst, who added that the firm is getting a "surprisingly high level of pushback" on its prior work on Google's self-driving Waymo unit - with some saying they undervalued Waymo and others saying they undervalued Tesla's shared/autonomous mobility efforts - keeps an Equal Weight rating and $305 price target on Tesla shares.
06/06/17
JPMS
06/06/17
NO CHANGE
JPMS
Overweight
Criteo selloff on Apple iOS update overdone, says JPMorgan
Criteo (CRTO) dropped 7% yesterday after Apple (AAPL) announced that it will limit ad tracking on desktop browsers with the iOS 11 update, JPMorgan Doug Anmuth tells investors in a research note. The news follows Google's (GOOG, GOOGL) recent announcement that Chrome will stop showing ads on sites that do not meet its ad criteria beginning in 2018, the analyst adds. Anmuth does not expect much financial impact to Criteo from either change in the near term. He believes both Apple and Google will ultimately leave ads up to the end user to manage. The analyst views yesterday's selloff in Criteo shares as overdone and keeps an Overweight rating on the name.
06/09/17
06/09/17
NO CHANGE

Nvidia seen trading 'back to $130' by Citron Research
Citron Research, which has previously been cautious on Nvidia (NVDA), recommends that investors take profits and invest instead in Alphabet (GOOG), which it sees having "exposure to the identical array of 'sexy businesses' with less risk on the downside." Reference Link
FB Facebook
$149.60

-5.11 (-3.30%)

06/07/17
NOMU
06/07/17
NO CHANGE
Target $14
NOMU
Reduce
Snap download trends deteriorated thus far in Q2, says Nomura Instinet
An analysis of app download data from SensorTower points to year-over-year deterioration in Snapchat download trends through the first two months of Q2, Nomura Instinet analyst Anthony DiClemente tells investors in an intraday research note titled "Snap Back Unlikely in 2Q." He points out that Facebook's (FB) Instagram downloads grew year-over-year in Q2, which the analyst believes suggests competitive pressures may be intensifying for Snap. For April and May, SensorTower has Snap worldwide downloads down 22%. DiClemente keeps a Reduce rating on the shares with a $14 price target. He lowered his 2017 earnings per share estimate for SNAP to ($3.24) from ($2.68) and revenue estimate to $842M from $953M. These estimates are well below the consensus. Snap in midday trading is down 73c to $19.63.
06/05/17
OTRG
06/05/17
NO CHANGE
OTRG
Positive
Facebook Q2 growth remains solid at mid-quarter, says OTR Global
OTR Global's checks indicate Facebook's Q2 growth remains solid at mid-quarter with continued strength in video and Instagram, as well as in display advertising spending growth driven by traction for dynamic product advertisements.
06/08/17
MSCN
06/08/17
NO CHANGE
MSCN
Facebook tracking above Q2 expectations, says MScience
06/09/17
PIPR
06/09/17
NO CHANGE
Target $165
PIPR
Overweight
Piper sees Facebook revenue tripling by 2022
Piper Jaffray analyst Samuel Kemp believes the evolution of Instagram's ad units as well as Messenger's potential to "disrupt the in-house and outsourced customer care industry" could triple Facebook's revenue by 2022. The analyst expects Instagram revenue will increase from $2B in 2016 to $22B by 2021. More near-term, however, the analyst believes the stock could be range-bound. Investor expectations have fully baked in the likely upside to second half of 2017 advertising revenue, Kemp tells investors in a research note. He keeps an Overweight rating on Facebook with a $165 price target. The stock closed yesterday up $1.59 to $154.71.
MSFT Microsoft
$70.32

-1.63 (-2.27%)

05/11/17
BMOC
05/11/17
NO CHANGE
BMOC
Microsoft statements positive, says BMO Capital
After attending Microsoft's Analyst Day, BMO Capital analyst Keith Bachman says that Microsoft's " tone and confidence on competencies, culture, products, and opportunities were very bullish." The analyst says that some of the company's comments indicate that its fiscal 2018 results could miss expectations, but he's more upbeat on the company's longer term outlook and thinks that its operating income will increase around 5% in fiscal 2018, enabling the stock's multiple to rise. He keeps a $75 price target and Outperform rating on the shares.
05/15/17
BERN
05/15/17
NO CHANGE
BERN
Microsoft poised to benefit from cybersecurity developments, says Bernstein
Bernstein analyst Pierre Ferragu expects the WannaCry cyber attack to cause more companies to upgrade to newer versions of Microsoft's operating system, thereby benefiting the company. The analyst adds that the company could benefit from the federal government's inxreased usage of the cloud in the wake of President Trump's executive order on cybersecurity.
05/23/17
MAXM
05/23/17
NO CHANGE
Target $41
MAXM
Buy
Nutanix pact with IBM potentially more powerful than Dell deal, says Maxim
Maxim analyst Nehal Chokshi said he views Nutanix' (NTNX) announcement of a multi-year initiative that will combine IBM's (IBM) P-series servers and Nutanix' Enterprise Cloud Platform as a "very significant mid-term positive." He believes the partnership gives IBM a powerful infrastructure software answer to VMware (VMW) and Microsoft (MSFT) and sees the relationship with the potential to be even more powerful than the Dell relationship that powered Nutanix' improving FY16 sales productivity and cash flow. Chokshi keeps a Buy rating on Nutanix but trimmed his price target to $41 from $42 to account for Dell siphoning Nutanix leads to VMware, as previously discussed.
05/25/17
RBCM
05/25/17
NO CHANGE
RBCM
Microsoft named a favorite large cap software idea at RBC Capital
RBC Capital analyst MAtthew Hedberg named Microsoft one of his favorite large cap software ideas. The analyst expects the company to benefit from strong sales of its Azure and Office 365 products, as well as more efficient spending and increased commercial cloud margins.

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DE

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6.02 (4.32%)

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