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NKE

Nike

$59.00

5.83 (10.96%)

, BAC

Bank of America

$24.26

-0.06 (-0.25%)

16:39
06/30/17
06/30
16:39
06/30/17
16:39

On The Fly: Top stock stories for Friday

Stocks began the session sharply higher in what looked like a snap back from yesterday's big selloff. It may have helped the market that this was the last chance for portfolio managers to dress up their positions as the quarter ended. The Nasdaq, which had given up all its gains by the middle of the morning and was in danger of picking up downside momentum, gathered itself and began to drift higher before stabilizing in positive ground. The averages then drifted before taking a dive into the close, sending the Nasdaq into negative territory. ECONOMIC EVENTS: In the U.S., personal income rose 0.4% in May, while spending increased 0.1%. The Chicago Business Barometer, also known as the Chicago PMI, surged 6.3 points to 65.7 in June, which was much better than expected. The University of Michigan's final consumer sentiment reading for June was revised up to 95.1 from the 94.5 flash reading, though that is still down from 97.1 in May. In Asia, China's NBS manufacturing PMI for June came in at 51.7, versus the consensus forecast for a reading of 51, while the NBS non-manufacturing PMI ticked up 0.4 points to 54.9. In Europe, the Eurozone Consumer Price Index rose 1.3% in June, which was firmer than the expected 1.2% increase. In energy news, Baker Hughes reported that the U.S. rig count is down 1 rig from last week to 940, as U.S. oil drillers cut rigs for first week since January. COMPANY NEWS: Shares of Nike (NKE) advanced 10.96%, helping the Dow outperform the other indexes, after the sneaker giant reported better than expected quarterly sales and profits last night. Deutsche Bank analyst Paul Trussell raised his price target for Nike to $69 saying "we can all breathe a sigh of relief" following last night's Q4 results, and several other Wall Street analysts echoed that sentiment... Shares of Bank of America (BAC) were in focus, trading marginally lower after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) said that it will exercise its warrants to acquire 700M shares of the bank's common stock... Rite Aid (RAD) shares gained over 2%, after yesterday's sharp losses following Evercore ISI analyst Ross Muken reinstating an Underperform rating on the stock following the termination of the drugstore chain's merger with Walgreens Boots Alliance (WBA). The analyst cited online competition threats, structural challenges, and limited strategic options as drivers for the rating... Meanwhile, shares of Microsoft (MSFT) rose almost 1% after media reports that the software giant plans to reorganize its sales operations as soon as next week. The reorganization is believed to be an effort to improve cloud software sales, according to Bloomberg. MAJOR MOVERS: Among the notable gainers was Parkway (PKY), which jumped 12.4% after Canada Pension Plan Investment Board announced a deal to buy the company for $1.2B, or $23.05 per share. Also higher was Hain Celestial (HAIN), which gained 8.5% after Engaged Capital disclosed a 9.9% activist stake in the company. Among the noteworthy losers was Cara Therapeutics (CARA), which dropped 39.7% after the company last night reported the results of a Phase 2 trial of the oral version of its CR845 drug for the treatment of osteoarthritis hip and knee pain. Also lower following its earnings report was American Outdoor Brands (AOBC), which fell 7.4%. Sturm Ruger (RGR) also slid 8% in sympathy with the report from the parent of the Smith & Wesson gun brand. In addition, Blue Apron (APRN) fell 6.6% to close at $9.34, slipping below its IPO price of $10 per share in its second day on the NYSE. INDEXES: The Dow rose 62.60, or 0.29%, to 21,349.63, the Nasdaq lost 3.93, or 0.06%, to 6,140.42, and the S&P 500 advanced 3.71, or 0.15%, to 2,423.41.

NKE

Nike

$59.00

5.83 (10.96%)

BAC

Bank of America

$24.26

-0.06 (-0.25%)

BRK.A

Berkshire Hathaway

$254,700.00

799 (0.31%)

BRK.B

Berkshire Hathaway

$169.37

0.07 (0.04%)

RAD

Rite Aid

$2.95

0.06 (2.08%)

WBA

Walgreens Boots Alliance

$78.31

-0.06 (-0.08%)

MSFT

Microsoft

$68.93

0.44 (0.64%)

PKY

Parkway

$22.89

2.51 (12.32%)

HAIN

Hain Celestial

$38.82

3.06 (8.56%)

CARA

Cara Therapeutics

$15.39

-10.12 (-39.67%)

AOBC

American Outdoor Brands

$22.16

-1.78 (-7.44%)

RGR

Sturm, Ruger

$62.15

-5.25 (-7.79%)

APRN

Blue Apron

$9.34

-0.66 (-6.60%)

  • 06

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    Jun

NKE Nike
$59.00

5.83 (10.96%)

06/30/17
JEFF
06/30/17
NO CHANGE
Target $75
JEFF
Buy
Nike shares will return to 'marching higher,' says Jefferies
Jefferies analyst Randal Konik believes that with the FY18 guidance out of the way and solid core business fundamentals, shares of Nike "will return back to marching higher." The analyst reiterates a Buy rating on the shares with a $75 price target.
06/30/17
BARD
06/30/17
NO CHANGE
Target $65
BARD
Outperform
Nike results and outlook better than feared, says Baird
Baird analyst Jonathan Komp said Nike's Q4 results and guidance were better than feared and noted its key businesses are stabilizing. The analyst was encouraged by management's aggressive pivoting behind innovation, speed, and more direct consumer connections. Komp said investors with a 6-12 month time horizon should be accumulating shares at current levels. Komp reiterated his Outperform rating and raised his price target to $65 from $62 on Nike shares.
06/30/17
ADAM
06/30/17
NO CHANGE
Target $51
ADAM
Hold
Nike Q4 results low quality, guidance underwhelms, says Canaccord
Canaccord analyst Camilo Lyon said Nike's Q4 results were of poor quality despite reporting numbers better than he expected. Lyon maintained his Hold rating and $51 price target on Nike shares, citing continued deterioration of global futures orders, tough North American landscape, and its lowered guidance.
06/30/17
STFL
06/30/17
NO CHANGE
STFL
Nike reported 'solid' Q4 results, says Stifel
Stifel analyst Jim Duffy believes that Nike reported "solid" Q4 results, and the analyst thinks that the company's switch to a more direct consuemr engagement model will boost its results over the longer term. He keeps a Buy rating on the stock.
BAC Bank of America
$24.26

-0.06 (-0.25%)

04/19/17
RBCM
04/19/17
NO CHANGE
RBCM
Bank of America reported 'knockout' results, says RBC Capital
RBC Capital analyst Gerard Cassidy says that Bank of America reported "knockout" Q1 results that were better than the other three "Big Four" banks. The analyst says that the company has momentum heading into the rest of the year. He keeps a $26 price target and an Outperform rating on the shares.
06/09/17
RBCM
06/09/17
NO CHANGE
RBCM
House financial reform bill unlikely to advance in Senate, says RBC Capital
RBC Capital analyst Gerard Cassidy says that the financial regulation reform bill passed yesterday by the House would help the banking sector but probably won;t be passed by the Senate. Large publicly traded banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
04/24/17
BREN
04/24/17
DOWNGRADE
Target $22
BREN
Hold
Bank of America downgraded to Hold from Buy at Berenberg
Berenberg analyst James Chappell downgraded Bank of America to Hold saying it is time to take profits. Interest rates unlikely to rise as much as has been priced into bank equity valuations, Chappell tells investors in a research note. Further, regulation and tax reform are likely to take longer than expected and not be as beneficial for the banks as many might have hoped, the analyst adds. He upped his price target for Bank of America shares to $22 from $15.
04/24/17
04/24/17
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. Disney (DIS) downgraded to Hold from Buy at Loop Capital with analyst David Miller citing valuation following the stock hitting a 52-week high on Friday. The strength in the stock over the last nine months has appropriately priced in the company's growth rate, said Miller, who maintains a $118 price target on Disney shares. 2. Groupon (GRPN) downgraded to Underweight on lackluster ad spend at Morgan Stanley with analyst Brian Nowak saying its recent local advertiser survey indicate lackluster forward advertiser spending and believes Groupon will need to spend more in order to grow North America Local Billings, which the Street seems to be underestimating. 3. Grainger (GWW) downgraded to Market Perform from Outperform at William Blair with analyst Ryan Merkel citing a lack of confidence in the company's repricing strategy. 4. Bank of America (BAC) downgraded to Hold from Buy at Berenberg with analyst James Chappell saying it is time to take profits. Interest rates unlikely to rise as much as has been priced into bank equity valuations, Chappell tells investors in a research note. Further, regulation and tax reform are likely to take longer than expected and not be as beneficial for the banks as many might have hoped, the analyst adds. He upped his price target for Bank of America shares to $22 from $15. 5. DuPont Fabros (DFT) downgraded to Hold from Buy at Stifel with analyst Matthew Heinz saying shares are fully valued and demand patterns have shifted. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BRK.A Berkshire Hathaway
$254,700.00

799 (0.31%)

03/20/17
MSCO
03/20/17
INITIATION
Target $275000
MSCO
Equal Weight
Berkshire Hathaway initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Kai Pan initiated Berkshire Hathaway with an Equal Weight and a $275,000 price target saying valuation is fair.
06/27/17
06/27/17
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. Impinj (PI) was downgraded to Sector Weight from Overweight by Pacific Crest analyst Brad Erickson based on valuation. 2. Mizuho analyst Haendel St. Juste downgraded Store Capital (STOR) to Neutral from Buy citing fair valuation following recent strength driven by Berkshire Hathaway's (BRK.A) investment. 3. Camtek (CAMT) was downgraded to Hold from Buy by Needham analyst Y. Edwin Mok, as he expects to see some deceleration as the PCB business normalizes and he believes large orders for back-end semi inspections are already reflected in the stock after its recent run-up. 4. Nomura Instinet analyst Dan Dolev downgraded Cintas (CTAS) to Neutral from Buy after lowering his FY18 uniform rental organic growth forecasts to 5% from 7%. 5. Atlantic Equities analyst Barry MacCarthy downgraded Hess Corp. (HES) and Schlumberger (SLB), both to Neutral from Overweight, given his view of the limited prospects for an oil price rebound. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/16/17
MSCO
05/16/17
NO CHANGE
Target $212
MSCO
Overweight
IBM at attractive entry point ahead of mainframe cycle, says Morgan Stanley
Morgan Stanley analyst Katy Huberty attributes recent weakness in shares of IBM (IBM) to the combination of the news that Warren Buffett's Berkshire Hathaway (BRK.A) cut its stake by a third and the company's weak Q1 gross margin trends. However, growth accelerates and margins expand historically for IBM around a mainframe cycle, making the pullback an attractive entry point, according to Huberty. The analyst, who sees a number of the gross margin pressures that have recently plagued IBM abating in the second half of 2017, has a $212 price target on Big Blue's shares.
03/20/17
03/20/17
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. Monness Crespi analyst James Cakmak initiated Snap (SNAP) with a Buy and a $25 price target. 2. Workday (WDAY) initiated with a Buy at BofA/Merrill. 3. Berkshire Hathaway (BRK.A) initiated with an Equal Weight at Morgan Stanley. 4. MeetMe (MEET) initiated with a Buy at Canaccord. 5. ARC Document (ARC) resumed with a Buy at B. Riley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BRK.B Berkshire Hathaway
$169.37

0.07 (0.04%)

01/03/17
ARGS
01/03/17
INITIATION
ARGS
Hold
Berkshire Hathaway initiated with a Hold at Argus
Argus analysts Stephen Biggar and Mike Jaffe started coverage of Berkshire Hathaway with a Hold rating. The analysts expect the company's earnings growth to come in below that of the market in 2017, and they are concerned about the company's succession plan for Chairman and CEO Warren Buffet and Vice Chairman Charlie Munger. The analysts say that the men "will be difficult to replace." They believe that the stock appears to be fairly valued at current levels.
02/22/17
02/22/17
NO CHANGE

Morgan Stanley would not dismiss possibility of Berkshire buying an airline
With Warren Buffett's Berkshire Hathaway (BRK.A) recently disclosing an increase to its overall airline exposure, making the firm a number one or two holder for each of the "Big 4," Morgan Stanley polled investors and found that about 60% do not expect this to be a step towards a full-scale acquisition. However, analyst Rajeev Lalwani said the prospect of Berkshire buying an airline is a possibility that is "not worth dismissing," citing the historical precedent of Buffett's involvement in the rail industry and eventual deal to buy Burlington Northern SantaFe in 2009. The top four U.S. airlines include American Airlines (AAL), Delta Air Lines (DAL), Southwest (LUV) and United Continental (UAL).
RAD Rite Aid
$2.95

0.06 (2.08%)

06/30/17
EVER
06/30/17
INITIATION
EVER
Underperform
Rite Aid reinstated with an Underperform at Evercore ISI
Evercore ISI analyst Ross Muken reinstated Rite Aid with an Underperform rating, versus In-Line previously, to reflect threats from online competition, structural challenges at the back-end of pharmacy given network positioning, and limited strategic options. The analyst sees downside near-term to $2.00-$2.50 per share.
06/30/17
COWN
06/30/17
NO CHANGE
Target $5
COWN
Outperform
Rite Aid better positioned following new agreement, says Cowen
Cowen analyst Charles Ryhee said he is positive on the new Rite Aid (RAD) agreement with Walgreens (WBA) as it better positions the company than had it remained stand-alone with no deal at all. Benefits include deleveraging, lower generic procurement costs, increased financial flexibility and "great" leverage toward PBM, which is growing faster than retail. Ryhee reiterated his Outperform rating and $4.70 price target on Rite Aid shares.
06/29/17
JEFF
06/29/17
NO CHANGE
Target $95
JEFF
Buy
Jefferies sees Walgreens topping new synergy target
Jefferies analyst Brian Tanquilut fully expects Walgreens Boots Alliance (WBA) to exceed its new synergy target from the purchase of Rite Aid (RAD) stores. He also expects the FTC to approve the new agreement as he thinks Walgreens wouldn't have entered into it if the agency wasn't fully aware and on-board with the revised transaction. The analyst views the recent pullback in Walgreens shares as overdone and keeps a Buy rating on the name with a $95 price target.
06/30/17
06/30/17
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. Rite Aid (RAD) reinstated with an Underperform at Evercore ISI. 2. Hill-Rom (HRC) initiated with a Buy at Needham and Neutral at Cantor. 3. Dermira (DERM) initiated with an Outperform at Evercore ISI. 4. Coach (COH) initiated with a Buy at Canaccord. 5. WWE (WWE) initiated with an Equal Weight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
WBA Walgreens Boots Alliance
$78.31

-0.06 (-0.08%)

06/30/17
NEED
06/30/17
UPGRADE
NEED
Buy
Walgreens Boots Alliance upgraded to Buy from Hold at Needham
06/30/17
06/30/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Cabot Oil & Gas (COG) upgraded to Buy from Neutral at BofA/Merrill with analyst Doug Leggate saying Cabot 's gross Marcellus takeaway capacity will increase to 3.7 bcf/d from 2bcf/d by end of 2018 and positioned to increase free cash flow to $2B from $872M per year for 25 years. 2. Becton Dickinson (BDX) upgraded to Strong Buy from Outperform at Raymond James with analyst Lawrence Keusch saying he believes it should be a core holding based an an above average outlook for 5%-6% organic growth and mid-teens earnings increases with further potential upside. 3. Walgreens Boots Alliance (WBA) upgraded to Buy from Hold at Needham. 4. ManTech (MANT) upgraded to Buy from Hold at Loop Capital with analyst Joseph Vafi saying he sees "company-specific and secular catalysts" driving improving fundamentals and upward revisions to consensus estimates. 5. D.R. Horton (DHI) upgraded to Outperform from Market Perform at Raymond James with the firm saying it is uniquely positioned to capitalize on an unexpectedly tight and historically low existing home inventories, while new home demand remains broadly resilient despite rising prices. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
MSFT Microsoft
$68.93

0.44 (0.64%)

06/16/17
KEYB
06/16/17
NO CHANGE
KEYB
Microsoft to benefit from cloud expansion, says KeyBanc
KeyBanc says that spending on the cloud could triple to $239B within five years, and the firm says that Microsoft (MSFT) "has the most to gain," as it thinks that the company is poised to surpass Amazon (AMZN) to become the sector leader. KeyBanc keeps a $78 price target and an Overweight rating on Microsoft.
06/19/17
MSCO
06/19/17
NO CHANGE
Target $80
MSCO
Overweight
Microsoft price target raised to $80 from $72 at Morgan Stanley
Morgan Stanley analyst Keith Weiss raised Microsoft's price target to $80 from $72 citing the company's strengthening secular position and earnings growth that is poised to move higher. Weiss believes investors will pay a higher multiple for Microsoft's double digit earnings growth now that the stock incorporates the impacts from the LinkedIn acquisition, a higher tax rate, and modest foreign exchange headwinds. The analyst rates Microsoft an Overweight.
06/22/17
CLVD
06/22/17
INITIATION
Target $80
CLVD
Buy
Microsoft initiated with a Buy, price target $80 at Cleveland Research
Cleveland Research initiated Microsoft with a Buy and an $80 price given potential improving Office 365 mix and Azure and Dynamics share gains driving 4-5% upside to consensus estimates. The firm's analyst also said checks indicate Microsift is bringing more business under contract, with improving deal sizes, which should drive its deferred revenue profile closer to software as a service peers.
06/15/17
NOMU
06/15/17
NO CHANGE
NOMU
Amazon.com price target raised to $1,100 from $975 at Nomura Instinet
Nomura Instinet analyst Anthony DiClemente says that Amazon's (AMZN) current valuation is "reasonable." The analyst says that, assuming the cloud business is worth $220B, based on a 2020 multiple similar to that given Microsoft (MSFT), while its Prime video business is worth $8B, or 12% of Netflix's (NFLX) current valuation, and its advertising business is worth $27B, or double his estimate of Snap's (SNAP) total valuation, the company's e-commerce business is only being valued at about $210B at current levels. Noting that Wal-Mart (WMT) is currently valued at $280B, the analyst says that Amazon's valuation "is not excessively strencthed." DiClemente raised his 2020 EV/EBITDA multiple for the cloud business to 14x from 13.5x, noting that SAP (SAP), Oracle (ORCL) and Microsoft (MSFT) all had higher multiples at similar points in their histories. The analyst raised his target multiple for Amazon's North America e-commerce business to 13x from 12x, which he says is in-line with Wal-Mart's mean multiple from 1992-2001. He raised his price target on Amazon to $1,100 from $975 and keeps a Buy rating on the stock.
PKY Parkway
$22.89

2.51 (12.32%)

02/21/17
SOCO
02/21/17
UPGRADE
SOCO
Overweight
Parkway upgraded to Overweight from Equalweight at Capital One
02/28/17
JMPS
02/28/17
NO CHANGE
JMPS
Parkway has reached 'compelling entry point,' says JMP Securities
JMP Securities analyst Mitch Germain says that the weakness in Parkway's stock in the wake of its Q4 results has created "a compelling entry point." The analyst notes that Parkway took over two new assets in October, and he says that Q4 "was a stub quarter" as a result. He says that the company's guidance miss could reflect "a number of GAAP earnings adjustments that are immaterial to cash NOI." Germain adds that Parkway remains "compelling," and he believes that the stock has reached "a compelling entry point."
01/16/17
STFL
01/16/17
UPGRADE
STFL
Hold
Parkway upgraded to Hold from Sell at Stifel
01/17/17
STFL
01/17/17
UPGRADE
STFL
Hold
Parkway upgraded on multiple catalysts at Stifel
As noted earlier, Stifel upgraded Parkway to Hold from Sell. As reasons for the upgrade, analyst John Guinee cites Trump's victory, the OPEC production deal, subsequent new rig deployments by energy companies, and his belief that the company's joint venture interest in its 5mm SF Greenway Plaza asset.will be successful. Target to $22 from $17.
HAIN Hain Celestial
$38.82

3.06 (8.56%)

06/23/17
BMOC
06/23/17
NO CHANGE
BMOC
Hain Celestial changes not adequately reflected in stock, says BMO Capital
BMO Capital analyst AmitSharma says that structural changes made by Hain should boost its growth and margins. The analyst says that these changes have not been adequately reflected in the stock. Shama adds that the the release of audited financial results for fiscal 2016 and the first three quarters of this year remove a "major overhang" on the shares. He thinks that the company is "well-positioned" to report strong EPS growth in fiscal 2018, and he keeps an Outperform rating on the stock.
06/29/17
JEFF
06/29/17
NO CHANGE
Target $50
JEFF
Buy
Hain Celestial risk/reward 'very attractive,' says Jefferies
After spending three days on the road with management, Jefferies analyst Akshay Jagdale says the risk/reward at current share levels is "very attractive" for Hain Celestial. He continues to believe the company's total addressable market and earnings can double over the next three-to-five years. The analyst now has greater confidence in Hain's ability to achieve its targets and sees a pathway to positive scanner trends by early 2018. Jagdale keeps a Buy rating on the shares with a $50 price target.
06/30/17
JPMS
06/30/17
NO CHANGE
JPMS
Neutral
JPMorgan has doubts about Engaged's ability to create value at Hain
After Engaged Capital disclosed a 9.9% activist stake in Hain Celestial, JPMorgan analyst Ken Goldman says he has some doubts about how much can be done to "incrementally create value from here." The analyst thinks Hain can be improved fundamentally and sees some logic in trying to transform the board, but points out the company has already announced a 20% U.S. SKU reduction and the biggest cost savings program in U.S. food today. Further, Hain is unlikely to be sold outright and does not offer a compelling valuation, Goldman tells investors in a research note. He does not recommend shorting the stock, but tells investors to "be careful" before adding to positions. The analyst keeps a Neutral rating on Hain. The stock last night traded up 6% to $37.78.
06/23/17
06/23/17
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. Caterpillar (CAT) downgraded to Hold from Buy at Deutsche Bank with analyst Nicole DeBlase saying risks are skewed to the downside as consensus estimates have risen and the recovery in mining A/M and incremental cross-cycle margin improvement are reflected in expectations. 2. Hain Celestial (HAIN) downgraded to Neutral from Overweight at JPMorgan with analyst Ken Goldman saying fundamentals have worsened more than feared and guidance seems "slightly" optimistic. 3. Baker Hughes (BHI) downgraded to Hold from Buy at Tudor Pickering. 4. Tanger Factory (SKT) downgraded to Underperform from Neutral at BofA/Merrill with analyst Craig Schmidt citing increased concerns about the moderate outlet space. 5. EnerNOC (ENOC) was downgraded to Market Perform from Outperform at Raymond James and to Neutral from Outperform at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CARA Cara Therapeutics
$15.39

-10.12 (-39.67%)

06/30/17
HCWC
06/30/17
NO CHANGE
Target $30
HCWC
Buy
Cara study results 'could have been far worse,' says H.C. Wainwright
H.C. Wainwright analyst Corey Davis says that even though Cara Therapeutics missed the primary endpoint in its Phase 2 study with oral CR845 in osteoarthritis pain, the company "unequivocally showed" a positive signal in the pre-specified subset of patients with hip osteoarthritis, but not knee. Most importantly, CR845 showed an "incredibly benign side effect profile," Davis tells investors in a research note. The analyst calls CR845 the first ever successful proof of concept study for an oral kappa opioid with virtually no side effects. The study "could have been far worse," and while not an obvious win that allows progression to Phase 3, the next step will be to conduct another Phase 2 with changes that can optimize the chances of CR845 showing clear efficacy. Davis keeps a Buy rating on Cara shares with a $30 price target. The stock in premarket trading is down 29%, or $7.52, to $17.99.
06/30/17
JANY
06/30/17
DOWNGRADE
Target $21
JANY
Neutral
Cara Therapeutics downgraded to Neutral from Buy at Janney Capital
Janney Capital analyst Ken Trbovich said the results of Cara Therapeutics' first placebo-controlled study of oral CR845 do not mean the end to development of the agent for chronic pain, but they also do not allow Cara to advance to a pivotal study next year, as he believes investors were expecting. Given that the pivotal study for this program has been pushed out to 2019/2020 from 2018 and that these results, combined with the decision a week ago to increase enrollment in the ongoing adaptive Phase 3 study of I.V. CR845 in postsurgical pain, gives him less confidence in a positive outcome for the Phase 3 than he'd previously had, Trbovich downgraded Cara to Neutral from Buy and lowered his fair value estimate to $21 from $22.
06/30/17
06/30/17
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. Celgene (CELG) downgraded to Neutral from Buy at BTIG with analyst Dane Leone citing a reduction in Mongersen and Ozanimod estimates. 2. Cara Therapeutics (CARA) downgraded to Neutral from Buy at Janney Capital with analyst Ken Trbovich saying the results of Cara Therapeutics' first placebo-controlled study of oral CR845 do not mean the end to development of the agent for chronic pain, but they also do not allow Cara to advance to a pivotal study next year, as he believes investors were expecting. 3. AmerisourceBergen (ABC) downgraded to Neutral from Buy at BofA/Merrill with analyst Steven Valiquette saying AmerisourceBergen is up 20% year-to-date but believes further upside will be difficult as data indicates generic pricing deflation accelerated in May. 4. RE/MAX Holdings (RMAX) downgraded to Underperform from Neutral at BofA/Merrill. 5. Vipshop (VIPS) downgraded to Hold from Buy at Deutsche Bank with analyst Alan Hellawell saying he has "competitive pressure and growth concerns" with June seeing industry-wide discounting. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/30/17
PIPR
06/30/17
NO CHANGE
Target $27
PIPR
Overweight
Cara Therapeutics selloff a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Charles Duncan believes last night's Phase II trial results from Cara Therapeutics with oral CR845 in osteoarthritis hip and knee pain are "encouraging" at the highest 5mg dose. These results suggest oral CR845 has analgesic efficacy, with a differentiated safety/tolerability profile for a chronic agent, Duncan tells investors in a research note. He recommends using any stock weakness as a buying opportunity and keeps an Overweight rating on Cara with a $27 price target.
AOBC American Outdoor Brands
$22.16

-1.78 (-7.44%)

02/28/17
JEFF
02/28/17
INITIATION
Target $22
JEFF
Hold
American Outdoor Brands initiated with a Hold at Jefferies
Jefferies analyst Greg Konrad started American Outdoor Brands with a Hold rating and $22 price target.
04/03/17
CHLM
04/03/17
NO CHANGE
Target $19
CHLM
Hold
American Outdoor Brands likely to bounce after FBI data, says Craig-Hallum
After the FBI published its latest criminal background check data, which showed adjusted checks were up 5.2% year-over-year, Craig-Hallum analyst Steven Dyer noted the adjusted figure topped consensus expectations and also showed its first month-over-month increase in March since 2011. He keeps a Hold rating on American Outdoor Brands but edged up his price target to $19 from $18 and said firearm-related stocks "will likely see a bounce in the near term given highly negative sentiment."
RGR Sturm, Ruger
$62.15

-5.25 (-7.79%)

03/14/17
03/14/17
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. Herbalife (HLF) initiated with a Neutral at Citi. 2. OPKO Health (OPK) initiated with a Buy at Guggenheim. 3. Bojangles (BOJA) initiated with an Outperform at Cowen. 4. Sturm, Ruger (RGR) initiated with a Hold at Wunderlich. 5. Wayfair (W) initiated with an Overweight at Stephens. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/14/17
WDLK
03/14/17
INITIATION
Target $51
WDLK
Hold
Sturm, Ruger initiated with a Hold at Wunderlich
Wunderlich analyst Rommel Dionsio started Sturm, Ruger with a Hold rating and $51 price target.
07/06/16
DADA
07/06/16
NO CHANGE
DADA
Gun sales could continue to be strong through fall, says DA Davidson
Noting that firearm background checks jumped 28.6% year-over-year last month, DA Davidson attributes the surge to the Orlando terrorist attack and subsequent efforts to pass new gun control legislation. The firm thinks that continued pro-gun control rhetoric could create "a tailwind" for gun sales through the fall. DA Davidson says that Sportsman's Warehouse's (SPWH) valuation is attractive after the stock fell over 30% so far this year. It keeps a Buy rating on the shares. The firm keeps a Neutral rating on Cabela's (CAB). Smith & Wesson (SWHC) and Sturm, Ruger (RGR) manufacture guns.
APRN Blue Apron
$9.34

-0.66 (-6.60%)

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TGT

Target

$60.08

0.05 (0.08%)

10:42
10/19/17
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10:42
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Target says small-format store in Herald Square to open October 20 »

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  • 15

    Nov

UAL

United Continental

$63.93

-4.06 (-5.97%)

10:40
10/19/17
10/19
10:40
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10:40
Hot Stocks
United Continental says Q3 involuntary denied boardings down 92% y/y »

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  • 19

    Oct

VRX

Valeant

$12.10

-0.29 (-2.34%)

10:40
10/19/17
10/19
10:40
10/19/17
10:40
Options
Higher options volume in Valeant as one player banks a big profit »

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  • 07

    Nov

BP

BP

$38.81

0.09 (0.23%)

10:36
10/19/17
10/19
10:36
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10:36
Hot Stocks
BP chairman Carl-Henric Svanberg announces intention to retire »

BP announces that…

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MON

Monsanto

$121.99

-0.09 (-0.07%)

, AGCO

Agco

$70.84

-0.91 (-1.27%)

10:33
10/19/17
10/19
10:33
10/19/17
10:33
Hot Stocks
Monsanto's Climate Corp announces data connectivity agreement with Agco »

The Climate Corporation,…

MON

Monsanto

$121.99

-0.09 (-0.07%)

AGCO

Agco

$70.84

-0.91 (-1.27%)

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  • 31

    Oct

FCEL

FuelCell

$2.13

0.09 (4.41%)

10:31
10/19/17
10/19
10:31
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10:31
Hot Stocks
FuelCell to supply power to Navy base in Connecticut »

FuelCell Energy announced…

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  • 16

    Nov

10:30
10/19/17
10/19
10:30
10/19/17
10:30
General news
EIA natural gas storage change for week ending October 13 »

Gas inventories 51 Bcf…

MU

Micron

$41.65

1.26 (3.12%)

10:30
10/19/17
10/19
10:30
10/19/17
10:30
Options
Active trading in Micron calls as shares slump Thursday »

Active trading in Micron…

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  • 19

    Oct

  • 23

    Oct

NKE

Nike

$52.21

-0.0915 (-0.17%)

, ADDYY

adidas

$112.54

-0.08 (-0.07%)

10:29
10/19/17
10/19
10:29
10/19/17
10:29
Hot Stocks
Goldman Sachs cuts Nike rating ahead of investor day on excess inventory »

This morning, Goldman…

NKE

Nike

$52.21

-0.0915 (-0.17%)

ADDYY

adidas

$112.54

-0.08 (-0.07%)

GRPN

Groupon

$5.00

0.05 (1.01%)

03/08/13
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  • 25

    Oct

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    Nov

  • 16

    Nov

ULTA

Ulta Beauty

$200.90

2.59 (1.31%)

10:29
10/19/17
10/19
10:29
10/19/17
10:29
Rumors
Rumor moving shares of Ulta Beauty »

Rumor: Ulta Beauty…

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10:25
10/19/17
10/19
10:25
10/19/17
10:25
General news
Today's U.S. reports »

Today's U.S. reports…

UAL

United Continental

$64.26

-3.73 (-5.49%)

10:23
10/19/17
10/19
10:23
10/19/17
10:23
Technical Analysis
Technical View: United Continental falls after results and outlook »

The company reported Q3…

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  • 19

    Oct

MEIP

MEI Pharma

$2.48

0.15 (6.44%)

10:23
10/19/17
10/19
10:23
10/19/17
10:23
Hot Stocks
MEI Pharma's pracinostat granted EU orphan designation »

Pracinostat was granted…

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VZ

Verizon

$50.08

1.431 (2.94%)

10:20
10/19/17
10/19
10:20
10/19/17
10:20
Options
Notable ratio spread in Verizon as shares rally on earnings »

Notable ratio spread in…

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  • 19

    Oct

  • 01

    Nov

10:20
10/19/17
10/19
10:20
10/19/17
10:20
General news
Treasury Action: yields resumed their slide »

Treasury Action: yields…

$NSD

NASDAQ Market Internals

10:17
10/19/17
10/19
10:17
10/19/17
10:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

03/08/13
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$NYE

NYSE Market Internals

10:16
10/19/17
10/19
10:16
10/19/17
10:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

03/08/13
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MRK

Merck

$63.76

0.25 (0.39%)

, TEVA

Teva

$14.61

-0.01 (-0.07%)

10:15
10/19/17
10/19
10:15
10/19/17
10:15
Periodicals
Merck wins appeal to revive NuvaRing patent case against Teva, Bloomberg says »

An appeals court said a…

MRK

Merck

$63.76

0.25 (0.39%)

TEVA

Teva

$14.61

-0.01 (-0.07%)

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  • 20

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    Nov

  • 02

    Feb

ADP

ADP

$113.93

0.21 (0.18%)

10:15
10/19/17
10/19
10:15
10/19/17
10:15
Hot Stocks
Pershing Square releases additional questions for ADP »

Pershing Square Capital…

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  • 22

    Oct

  • 02

    Nov

10:15
10/19/17
10/19
10:15
10/19/17
10:15
General news
U.S. leading economic index fell 0.2% to 128.6 in September »

U.S. leading economic…

10:15
10/19/17
10/19
10:15
10/19/17
10:15
General news
Breaking General news story  »

Week of 10/13 EIA Natural…

GS

Goldman Sachs

$240.07

-1.96 (-0.81%)

10:13
10/19/17
10/19
10:13
10/19/17
10:13
Hot Stocks
Blankfein: 'Just left Frankfurt,' 'I'll be spending a lot more time there' »

Goldman Sachs Chairman…

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  • 22

    Oct

  • 23

    Oct

EVHC

Envision Healthcare

$40.70

0.05 (0.12%)

10:11
10/19/17
10/19
10:11
10/19/17
10:11
Periodicals
Starboard's Smith to pitch Envision Healthcare as long idea, Bloomberg says »

Starboard Value's…

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  • 01

    Nov

NNI

Nelnet

$51.05

-0.27 (-0.53%)

10:10
10/19/17
10/19
10:10
10/19/17
10:10
Upgrade
Nelnet rating change  »

Follow-up: Nelnet…

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CZR

Caesars

$12.30

0.4 (3.36%)

10:10
10/19/17
10/19
10:10
10/19/17
10:10
Options
Short-term call buyer in Ceaser's opens a notable new position »

Short-term call buyer in…

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  • 08

    Nov

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