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DIS

Disney

$102.83

-4.15 (-3.88%)

, NFLX

Netflix

$175.78

-2.58 (-1.45%)

16:30
08/09/17
08/09
16:30
08/09/17
16:30

On The Fly: Top stock stories for Wednesday

Stocks began the session in negative territory as the selling that began yesterday afternoon continued. The Nasdaq was the weakest of the major averages and closed with losses of roughly 0.3%, though the S&P managed to recover nearly all of its early losses by the end of the session. Investors are still being barraged with earnings reports but their focus has largely switched to geopolitical concerns following President Trump's responses to North Korea's continued aggression. ECONOMIC EVENTS: In the U.S., Q2 productivity grew at a 0.9% pace according to the government's preliminary estimate, which was better than the 0.7% forecast and the revised 0.1% estimate for Q1. Unit labor costs rose at a 0.6% rate last quarter, which was under the 1.1% consensus growth forecast. Wholesale sales bounced 0.7% in June, with inventories up 0.7% as well, both of which were stronger than expected. DOE inventory data showed a 6.5M barrel draw down in crude stocks, versus the 2.4M barrel decline the Street had been expecting. In Asia, China's CPI grew 1.4% in July, a tick below the consensus forecast for 1.5% growth, while its PPI rose 5.5%, also a hair under the 5.6% consensus view. COMPANY NEWS: Disney (DIS) shares slipped 4% after the media giant's quarterly earnings topped estimates but its revenues fell short of expectations. The biggest headlines from the report did not involve the results, however, as Disney also announced that it will end its distribution agreement with Netflix (NFLX) for subscription streaming of new releases, beginning with the 2019 calendar year film slate, as it will launch its own streaming products. Shares of Netflix fell 1.5% after the news... Meanwhile, Charter (CHTR) shares gained nearly 3% after CNBC reported that French telecommunications giant Altice (ATCEY) and its U.S. unit Altice USA (ATUS) are working on a potential bid to acquire the cable company. CNBC's David Faber noted that SoftBank (SFTBF), which is also potentially interested in Charter, is still working on a potential offer. The Financial Times later reported that Altice is lining up a $185B offer for the U.S. telecommunications company but has not yet formally made an approach. MAJOR MOVERS: Among the notable gainers was Achillion (ACHN), which rose 20% after the company said that it "believes" it has achieved the goal of achieving proof-of-concept for ACH-4471 to potentially treat patients with untreated PNH, a rare, acquired, life-threatening disease. Meanwhile, RingCentral (RNG) jumped 8% after Bloomberg reported that the company has hired an adviser after drawing buyout interest. Shares of fellow voice-as-a-service company 8x8, Inc. (EGHT) also rallied almost 5% after the news. Also higher following their earnings reports were Hertz (HTZ) and GoDaddy (GDDY). Among the noteworthy losers was Office Depot (ODP), which dropped 26% after reporting worse than expected earnings and revenue while also acknowledging that Amazon Business (AMZN) is taking market share. Also lower following their earnings reports were Zillow Group (ZG), Fossil (FOSL), and TrueCar (TRUE). INDEXES: The Dow fell 36.64, or 0.17%, to 22,048.70, the Nasdaq lost 18.13, or 0.28%, to 6,352.33, and the S&P 500 slipped 0.90, or 0.04%, to 2,474.02.

DIS

Disney

$102.83

-4.15 (-3.88%)

NFLX

Netflix

$175.78

-2.58 (-1.45%)

CHTR

Charter

$400.90

11.15 (2.86%)

ATCEY

Altice

ATUS

Altice USA

$31.09

0.04 (0.13%)

SFTBF

SoftBank

$80.00

-0.7 (-0.87%)

ACHN

Achillion

$4.81

0.8 (19.95%)

RNG

RingCentral

$38.80

2.9 (8.08%)

EGHT

8x8, Inc.

$13.45

0.6 (4.67%)

HTZ

Hertz

$17.57

3.29 (23.04%)

GDDY

GoDaddy

$44.00

1.55 (3.65%)

ODP

Office Depot

$4.53

-1.58 (-25.86%)

AMZN

Amazon.com

$982.01

-7.83 (-0.79%)

ZG

Zillow

$43.39

-4.35 (-9.11%)

Z

Zillow

$43.59

-4.34 (-9.05%)

FOSL

Fossil

$8.84

-2.9975 (-25.32%)

TRUE

TrueCar

$16.73

-2.78 (-14.25%)

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DIS Disney
$102.83

-4.15 (-3.88%)

08/09/17
UBSW
08/09/17
NO CHANGE
Target $190
UBSW
Buy
UBS sees little to no impact to Netflix from Disney streaming service launch
UBS analyst Doug Mitchelson noted Disney (DIS) announced plans to launch its own streaming video service in 2019 and said it will not enter into any new licenses with Netflix (NFLX). Disney management has said they still view Netflix as a valuable partner, Mitchelson pointed out. The analyst sees little to no impact to Netflix, noting Disney's offerings will not launch for two years, Disney is adding original content, and he believes the streaming video marketplace will continue to grow. Mitchelson reiterated his Buy rating and $190 price target on Netflix shares.
08/09/17
FBCO
08/09/17
NO CHANGE
Target $120
FBCO
Outperform
Disney price target lowered to $120 from $125 at Credit Suisse
Credit Suisse analyst Omar Sheikh lowered his price target for Disney to $120 from $125, while reiterating an Outperform rating on the shares. The analyst believes Disney's decision to shift its distribution strategy toward a direct to consumer model leans into the accelerating shifts in video consumption. Ahead is now a period when EPS/free cash flow growth will be diluted by investment, he notes, adding that he believes the company is laying the groundwork for a "stronger future strategically," not least by putting ESPN in a stronger position to successfully renew key sports rights in 2021/2022.
08/09/17
MSCO
08/09/17
NO CHANGE
Target $210
MSCO
Overweight
Netflix Overweight thesis remains intact, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne said Netflix's (NFLX) strategy to build its own vertically integrated global content brand will mitigate the loss of Disney (DIS). Swinburne expects some impact to Netflix's second half 2019 when Disney rolls off but said his Overweight thesis and $210 price target remain intact.
08/09/17
NEED
08/09/17
NO CHANGE
NEED
Hold
Needham applauds BAMTech acquisition by Disney
Needham analyst Laura Martin is lowering her 2018 estimates for Disney (DIS), but applauds the BAMTech acquisition as a fast-pass way to escape the U.S. TV-bundle box, albeit expensive as the former said it would be modestly dilutive for 2 years. The analyst believes that every content company must follow CBS (CBS) into the direct-to-consumer channel business to maintain growth. Rather than build it, Disney bought this capability which should accelerate time to market, Martin adds. The analyst reiterates a Hold rating on Disney's shares.
NFLX Netflix
$175.78

-2.58 (-1.45%)

08/09/17
JPMS
08/09/17
NO CHANGE
JPMS
Overweight
Disney exit unlikely to have big impact on Netflix subscribers, says JPMorgan
JPMorgan analyst Doug Anmuth does not expect Disney's (DIS) departure to have a material impact on Netflix's (NFLX) subscriber numbers. While Disney's announcement came earlier than expected, the company's move to go direct is not a surprise, Anmuth tells investors in a research note. He believes Disney (DIS) content likely accounts for a single-digit percentage of Netflix's viewing time. The analyst has an Overweight rating Netflix shares.
08/09/17
JEFF
08/09/17
NO CHANGE
Target $110
JEFF
Hold
Disney likely to create value well above Netflix deal, says Jefferies
Jefferies analyst John Janedis believes the strategic initiatives announced last night by Disney (DIS) are more likely than not to drive long-term value for the company. The potential value creation over the next five years is likely worth "well above" the implied $2B-$3B in Disney's enterprise value from the Netflix (NFLX) distribution deal, Janedis tells investors in a post-earnings research note. He keeps a Hold rating on Disney shares with a $110 price target.
CHTR Charter
$400.90

11.15 (2.86%)

08/09/17
TLSY
08/09/17
UPGRADE
TLSY
Outperform
Altice could pay between $434 to $501 per share for Charter, says Telsey
As previously reported, Telsey Advisory upgraded Charter (CHTR) to Outperform from Market Perform and raised its price target to $450 from $340. Analyst Thomas Egan estimates Altice USA (ATUS) could pay between $434 to $501 per share for Charter and for shares to trade at a material discount during a regulatory review, but ultimately expects a deal to be approved.
08/07/17
RBCM
08/07/17
NO CHANGE
RBCM
Charter price target raised to $420 from $356 at RBC Capital
RBC Capital analyst Jonathan Atkin raised his price target on Charter as he says the company reported "strong" Q2 results, driven by improving subscriber trends. He remains upbeat on the company's outlook due to its synergy and capital return opportunities. Atkin keeps an Outperform rating on the shares.
08/09/17
TLSY
08/09/17
UPGRADE
TLSY
Outperform
Charter upgraded to Outperform from Market Perform at Telsey Advisory
08/03/17
08/03/17
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. Teva (TEVA) downgraded to Perform from Outperform at Oppenheimer with analyst Derek Archila saying he no longer sees a "clear path" for Teva to return to growth in a "timely manner" amid continued pricing pressure in U.S. generics. 2. Charter (CHTR) downgraded to Neutral from Buy at Guggenheim with analyst Michael Morris citing valuation and increased his price target to $400 from $370. 3. Allstate (ALL) downgraded to Hold from Buy at Deutsche Bank with analyst Joshua Shanker citing valuation. 4. Mattel (MAT) downgraded to Underperform from Neutral at DA Davidson with analyst Linda Bolton Weiser saying she left a recent management meeting with a more cautious outlook for the company's performance in the second half of 2017. 5. Lam Research (LRCX) downgraded to Neutral from Buy at Citi with analyst Atif Malik saying he's becoming more selective in the Semiconductor Capital Equipment space. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ATCEY Altice

03/13/17
SBSH
03/13/17
DOWNGRADE
SBSH
Neutral
Altice downgraded to Neutral from Buy at Citi
07/17/17
GSCO
07/17/17
INITIATION
GSCO
Buy
Altice reinstated with a Buy at Goldman Sachs
Price target EUR 27.50.
ATUS Altice USA
$31.09

0.04 (0.13%)

07/26/17
07/26/17
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. AMD (AMD) initiated with an Outperform at Baird. 2. Altice USA (ATUS) initiated with a Market Perform at Wells Fargo. 3. Callidus Software (CALD) initiated with a Buy at Jefferies. 4. Jones Lang LaSalle (JLL) initiated with a Neutral at UBS. 5. Ocular Therapeutix (OCUL) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/26/17
WELS
07/26/17
INITIATION
Target $34
WELS
Market Perform
Altice USA initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Marci Ryvicker started Altice USA with a Market Perform rating and $34 price target.
07/19/17
EXAN
07/19/17
INITIATION
Target $36
EXAN
Outperform
Altice USA initiated with an Outperform at Exane BNP Paribas
Exane BNP Paribas analyst San Dhillon initiated Altice USA with an Outperform and a $36 price target.
SFTBF SoftBank
$80.00

-0.7 (-0.87%)

08/23/16
08/23/16
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. Square (SQ) upgraded to Buy from Hold at Stifel with analyst Scott Devitt saying he now feels more confident in the company's growth and profitability outlook and its competitive position following three quarters of consistent execution. 2. BHP Billiton (BHP) upgraded to Buy from Hold at Jefferies with analyst Christopher LaFemina saying he believes fundamentals have "clearly improved," citing supply that has declined in most cases and demand that has stabilized. 3. SoftBank (SFTBF) upgraded to Overweight from Neutral at JPMorgan with analyst Jun Tanabe citing improved earnings at Sprint (S), the growth in value of its stake in Alibaba (BABA), and the stability of cash flow in its domestic mobile business. 4. Allscripts (MDRX) upgraded to Outperform from Market Perform at Leerink with analyst David Larsen saying he believes that the company's core fundamentals are improving "significantly." 5. Westlake Chemical (WLK) upgraded to Outperform from Sector Perform at RBC Capital with analyst Arun Viswanathan saying that the company's merger with Axiall (AXLL) "creates a new way to play chlor-alkali," as well as synergies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/23/16
JPMS
08/23/16
UPGRADE
JPMS
Overweight
SoftBank upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Jun Tanabe upgraded SoftBank (SFTBF) to Overweight from Neutral and raised his price target on the stock to Y9,930 from Y6,500, citing improved earnings at Sprint (S), the growth in value of its stake in Alibaba (BABA), and the stability of cash flow in its domestic mobile business.
12/07/16
OPCO
12/07/16
NO CHANGE
Target $70
OPCO
Outperform
T-Mobile price target raised to $70 from $55 at Oppenheimer
Oppenheimer analyst Timothy Horan raised his price target for T-Mobile (TMUS) to $70 from $55 as he views it as the best way to play the deregulatory/technology driven consolidation. The analyst notes that President-Elect Trump met with Masayoshi Son of SoftBank (SFTBF), who agreed to invest $50B in the U.S. Horan believes the meeting will likely be a precursor to a Sprint (S)/T-Mobile/Dish (DISH) merger to create a discounted quad-play service company. The analyst reiterates an Outperform rating on T-Mobile' shares, and points out that the company has improved its network and taken share from AT&T (T)/Verizon (VZ).
ACHN Achillion
$4.81

0.8 (19.95%)

05/18/17
LEER
05/18/17
UPGRADE
Target $6
LEER
Outperform
Achillion upgraded to Outperform from Market Perform at Leerink
Leerink analyst Joseph Schwartz upgraded Achillion Pharmaceuticals (ACHN) and raised his price target for the shares to $6 from $4. The analyst sees limited downside from current share levels even if the complement study fails, assuming the hepatitis C virus partnership with Johnson & Johnson (JNJ) remains intact. Schwartz assigned a "conservative" 33% probability of success to Achillion's complement program due to the lack of precedent for an oral small molecule inhibitor of complement factor D that is selective enough to avoid off target effects. He believes risks to successful ACH-4471 development are fully discounted in Achillion's current stock price.
04/25/17
MAXM
04/25/17
NO CHANGE
Target $5
MAXM
Buy
Achillion price target lowered to $5 from $8 at Maxim
Maxim analyst Jason Kolbert said phase 2 trial results demonstrated that Achillion's (ACHN) triple combination of simeprevir, odalasvir and AL-335 has the ability to shorten treatment duration, be generally well tolerated and offer high efficacy for hepatitis C virus genotype 1 patients. While Johnson & Johnson (JNJ) is likely to move forward with this regimen, allowing Achillion to realize milestones, Kolbert has removed any royalties from his model as he expects others to dominate the landscape with "near perfect" regimens. Kolbert lowered his price target on Achillion to $5 from $8 but keeps a Buy rating on the shares.
04/25/17
JMPS
04/25/17
NO CHANGE
JMPS
Johsnson &Johnson data positive for Achillion, says JMP Securities
JMP Securities analyst Liisa Bayko says that data on a triple combination HCV treatment presented by Johnson & Johnson (JNJ) yesterday is positive for Achillion (ACHN). The analyst noted that the triple combination includes Achillion's odalasvir and that the six week treatment regimen is shorter than the eight weeks required for Gilead's (GILD) Harvoni. The analyst says that Achillion's stock dropped sharply yesterday because there was disappointment over the combination's efficacy in genotype 3 patients. However, she says that such patients only represent 10% of the total, and she says that Achillion can "conservatively" obtain peak royalty revenue of about $100M from its drug. Bayko keeps a $13 price target and an Outperform rating on the shares.
04/24/17
BARD
04/24/17
NO CHANGE
Target $5
BARD
Outperform
Achillion price target lowered to $5 from $10 at Baird
Baird analyst Brian Skorney lowered his price target on Achillion (ACHN) to $5 from $10 on its disappointing Hep-C results, which indicated a weakness when it comes to genotype 3 patients. Although he expects partner Johnson & Johnson (JNJ) to push the trial into Phase 3, he think it makes the regimen a more difficult sell with other drugs offering genotype 3 efficacy. Skorney maintained his Outperform rating on Achillion shares.
RNG RingCentral
$38.80

2.9 (8.08%)

07/20/17
07/20/17
DOWNGRADE

Equal Weight
RingCentral downgraded to Equal Weight on valuation. at Morgan Stanley
As previously reported, Morgan Stanley downgraded RingCentral to Equal Weight from Overweight and raised its price target to $37 from $33. Analyst Meta Marshall said the recent strength in shares has closed the valuation gap.
07/20/17
MSCO
07/20/17
DOWNGRADE
MSCO
Equal Weight
RingCentral downgraded to Equal Weight from Overweight at Morgan Stanley
08/03/17
CHLM
08/03/17
NO CHANGE
Target $40
CHLM
Buy
RingCentral price target raised to $40 from $35 at Craig-Hallum
Craig-Hallum analyst George Sutton raised his price target for RingCentral to $40 from $35 following "solid" Q2 results and as it continues to pursue "aspirational goals with defined success." The analyst reiterates a Buy rating on the shares.
07/20/17
MSCO
07/20/17
DOWNGRADE
MSCO
Equal Weight
RingCentral downgraded to Equal Weight from Overweight at Morgan Stanley
EGHT 8x8, Inc.
$13.45

0.6 (4.67%)

05/01/17
WBLR
05/01/17
DOWNGRADE
WBLR
Market Perform
8x8, Inc. downgraded to Market Perform from Outperform at William Blair
William Blair analyst Dmitry Netis downgraded 8x8, Inc. to Market Perform citing tougher competition and challenging comps into FY18. The company may need to meaningfully increase its sales and marketing expense to drive further growth, the analyst contends.
05/02/17
BARD
05/02/17
NO CHANGE
Target $18
BARD
Outperform
8x8, Inc. weakness a buying opportunity, says Baird
Baird analyst William Power said he would be a buyer of the recent weakness in 8x8 as he does not believe the competitive environment has changed meaningfully and he continues to expect strong 2018 growth. Given strong growth and continued favorable industry trends the weakness is a buying opportunity, said Power, who reiterated his Outperform rating and $18 price target on 8x8 shares.
07/28/17
CHLM
07/28/17
DOWNGRADE
CHLM
Hold
8x8, Inc. downgraded to Hold from Buy at Craig-Hallum
07/28/17
07/28/17
DOWNGRADE
Target $15

Hold
8x8, Inc. downgraded to Hold at Craig-Hallum
As previously reported, Craig-Hallum analyst George Sutton downgraded 8x8, Inc. to Hold from Buy, saying he supports the company's plans for investments given the clear acceleration of companies moving to the cloud, but he fears the ROI on its spending won't be clear over the next several quarters. He lowered his price target on 8x8 shares to $15 from $19.
HTZ Hertz
$17.57

3.29 (23.04%)

08/04/17
08/04/17
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. Square (SQ) initiated with a Neutral at Wedbush. 2. Avis Budget (CAR) was initiated with an Overweight at JPMorgan while Hertz (HTZ) was initiated with a Neutral at the firm. 3. IBM (IBM) initiated with a Neutral at Wedbush. 4. Amtech Systems (ASYS) initiated with a Buy at Roth Capital. 5. Franklin Financial Network (FSB) initiated with a Market Perform at Hovde Group. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/04/17
JPMS
08/04/17
INITIATION
Target $15
JPMS
Neutral
Hertz initiated with a Neutral at JPMorgan
JPMorgan analyst Samik Chatterjee started Hertz with a Neutral rating and $15 price target. The analyst believes greater profit growth is possible but sees higher execution risk.
07/31/17
07/31/17
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. Facebook (FB) downgraded to Sell from Hold at Pivotal Research with analyst Brian Wieser saying the shares are not factoring in risks to the company's growth following their "remarkable run" this year. 2. Ulta Beauty (ULTA) downgraded to Perform from Outperform at Oppenheimer with analyst Rupesh Parikh saying softer commentary from L'Oreal on its earnings call, increasing promotional activity from the department store channel, and more difficult year-over-year comparisons "could now signal a potentially more challenging beauty backdrop going forward." 3. Hertz (HTZ) downgraded to Underweight from Equal Weight at Barclays with analyst Brian Johnson saying fundamentals may have bottomed, but the stock is ignoring the challenges ahead in the company's earnings recovery following the nearly 100% rally since June 21. 4. Citi (C) downgraded to Market Perform from Outperform at BMO Capital with analyst James Fotheringham citing valuation and lack of catalysts. 5. Visteon (VC) downgraded to Neutral from Buy at UBS with analyst Colin Langan saying the risk/reward is more balanced with the shares up 60% over the last year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/17
MKMP
08/09/17
NO CHANGE
Target $22
MKMP
Buy
Hertz Q2 results point to a turn in fundamentals, says MKM Partners
MKM Partners analyst Christopher Agnew believes Hertz's negative pricing and fleet cost trends bottomed in Q2, combined with a rebalancing and rightsizing of its fleet, which is now complete. Agnew expects per-unit fleet costs will improve sequentially in the second half and said the report points to a turn in fundamentals. The analyst rates Hertz a Buy with a $22 price target.
GDDY GoDaddy
$44.00

1.55 (3.65%)

03/28/17
LEHM
03/28/17
INITIATION
Target $45
LEHM
Overweight
GoDaddy initiated with an Overweight at Barclays
Barclays analyst Deepak Mathivanan initiated GoDaddy with an Overweight and a $45 price target.
05/16/17
PIPR
05/16/17
NO CHANGE
Target $50
PIPR
Overweight
GoDaddy price target raised to $50 from $46 at Piper Jaffray
Piper Jaffray analyst Samuel Kemp raised his price target for GoDaddy to $50 after analyzing the value of the company's "compounding growth." The analyst is "incrementally more bullish" on GoDaddy's ability to meet and likely exceed its 2018 free cash flow target of $600M. He reiterates an Overweight rating on the shares.
06/15/17
PIPR
06/15/17
NO CHANGE
Target $50
PIPR
Overweight
Piper positive on GoDaddy after day with management
After spending a day with management, Piper Jaffray analyst Samuel Kemp calls GoDaddy the "highest quality compounding growth story in our SMid cap coverage." The analyst believes the stock is undervalued and reiterates an Overweight rating on the name with a $50 price target. The company's "increasingly diversified" sources of new customer growth and new GoCentral offering reduce the likelihood of a bookings growth fall-off, Kemp tells investors in a research note.
07/20/17
PIPR
07/20/17
NO CHANGE
Target $44
PIPR
Overweight
Piper says Google 'bark-with-no-bite' site builder unlikely to hurt GoDaddy
Piper Jaffray analyst Samuel Kemp noted today's 2% slide in GoDaddy (GDDY) shares, which he attributes to investor attention being drawn to a website builder tool quietly launched by Google (GOOG) a month ago. However, Kemp believes the rudimentary, "bark-with-no-bite" product is unlikely to impact GoDaddy's existing subscriber base and future growth and would be a buyer of GoDaddy shares on the pullback. He keeps an Overweight rating and $44 price target on GoDaddy shares.
ODP Office Depot
$4.53

-1.58 (-25.86%)

07/31/17
LOOP
07/31/17
NO CHANGE
LOOP
Hold
Loop struggles to see long-term rationale for Office Depot buying Staples stores
After the New York Post said Staples (SPLS) has held talks to sell its 1,500 North American retail stores to Office Depot (ODP), Anthony Chukumba said he believes buying the stores would result in significant synergies for Office Depot and could make near-term sense, but he has a hard time understanding the long-term strategic rationale to "double down" on the secularly declining retail business. Any short-term benefits would be more than offset by the negative long-term implications, believes Chukumba, who keeps a Hold rating on Office Depot shares.
04/04/17
KEYB
04/04/17
NO CHANGE
KEYB
Staples would be of interest to PE buyers, says KeyBanc
Following The Wall Street Journal report that Staples (SPLS) is exploring a sale and holding talks with possible private equity bidders, KeyBanc analyst Bradley Thomas said he believes the company would be of interest given its strong free cash flow generation and recent actions taken to make its operations more streamlined. Additionally, the rise of Amazon's (AMZN) delivery segment could provide the "silver lining" of making another attempt at a combination of Staples and Office Depot (ODP) possible, Thomas tells investors.
07/12/17
LOOP
07/12/17
NO CHANGE
LOOP
Hold
Office Depot LBO potential doesn't offer significant upside, says Loop Capital
After the recent agreement struck by Staples (SPLS) to go private, Loop Capital analyst Anthony Chukumba examined the leveraged buyout potential of peer Office Depot (ODP). He estimates that a takeover by a private equity sponsor at $7 per share would generate "acceptable, but not awesome" returns, which he concludes provides some level of downside protection but not a significant amount of upside potential for Office Depot shares. Chukumba keeps a Hold rating on Office Depot.
01/30/17
LOOP
01/30/17
NO CHANGE
LOOP
Hold
Loop says Office Depot CEO pick positive, but doesn't change fundamentals
Loop Capital analyst Anthony Chukumba said he views Office Depot's appointment of Gerry Smith as CEO as a positive given his strong technology background and the fact that the hiring reduces senior management uncertainty. However, this one appointment does not eliminate management uncertainty completely and does not change the company's fundamental outlook, said Chukumba, who keeps a Hold rating on the shares.
AMZN Amazon.com
$982.01

-7.83 (-0.79%)

08/08/17
08/08/17
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. Amazon.com (AMZN), Alphabet (GOOG, GOOGL), and Facebook (FB) were reinstated with a Buy at Mizuho, while eBay (EBAY) and Twitter (TWTR) were reinstated with an Underperform. 2. Broadridge (BR) initiated with a Neutral at DA Davidson. 3. Brighthouse Financial (BHF) initiated with an Overweight at Barclays. 4. Akcea Therapeutics (AKCA) WAS initiated with an Outperform at BMO Capital and Cowen, an Outperform at Wells Fargo, as well as a Buy at Stifel. 5. Lockheed Martin (LMT) and Raytheon (RTN) were initiated with an Overweight at Morgan Stanley, while Northrop Grumman (NOC) was initiated with an Equal Weight, and General Dynamics (GD) was initiated with an Underweight at the firm. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/08/17
08/08/17
INITIATION
Target $1250

Buy
Amazon.com reinstated with a Buy at Mizuho
As previously reported, Mizuho analyst James Lee reinstated Amazon with a Buy rating, stating that he sees the next pillar of growth likely coming from advertising through voice search to allow brands to sell directly to consumers. The analyst, who sees Amazon having many levers to harness its monetization potential, set a $1,250 price target on the stock.
08/08/17
MKMP
08/08/17
NO CHANGE
Target $1275
MKMP
Buy
Amazon price target raised to $1,275 from $1,095 at MKM Partners
MKM Partners analyst Rob Sanderson raised his revenue outlook for Amazon.com, noting that units fulfilled are growing much faster than commerce revenue and subscription revenue growth, a proxy for Prime adoption, grew by over 50% again in Q2. While he does not expect Amazon will generate meaningful profits anytime soon, he also believes investors have become "very comfortable" with the company's continued investments. Until investors can see a limit on growth opportunities, revenue growth and share gain will matter more than profitability, said Sanderson, who raised his price target on Amazon shares to $1,275 from $1,095.
08/08/17
WELS
08/08/17
NO CHANGE
WELS
Food distributors outlook positive into June quarter results, says Wells Fargo
Wells Fargo says that sentiment on the food distributors has deteriorated due to worries about inflation and Amazon's (AMZN)possible entry into the space. However, the firm thinks that inflation is "a net positive" for the sector, while the three largest companies in the sector look set to benefit from share gains and M&A accretion. Wells is most upbeat on US Foods (USFD)and Sysco (SYY), citing reductions in their valuation and their efforts to increase volume and margins. Wells thinks the stocks have reached attractive entry points as it believes that investors are exaggerating the Amazon threat. It keeps Outperform ratings on US Foods and Sysco.
ZG Zillow
$43.39

-4.35 (-9.11%)

06/22/17
CHLM
06/22/17
INITIATION
Target $58
CHLM
Buy
Zillow assumed with a Buy at Craig-Hallum
Craig-Hallum analyst Bradley Berning assumed coverage of Zillow with a Buy rating and $58 price target, citing its potential to disrupt real estate lead generation.
05/05/17
NEED
05/05/17
NO CHANGE
Target $48
NEED
Buy
Zillow price target raised to $48 from $41 at Needham
Needham analyst Kerry Rice raised his price target for Zillow to $48 from $41 after the company reported "strong Q1" revenue and EBITDA upside. The analyst reiterates a Buy rating on the shares.
07/17/17
KEYB
07/17/17
INITIATION
KEYB
Sector Weight
Zillow initiated with a Sector Weight at KeyBanc
07/18/17
07/18/17
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. Zillow (Z, ZG) initiated with a Sector Weight at KeyBanc. 2. Electronic Arts (EA) and Activision Blizzard (ATVI) were initiated with a Buy at Needham. 3. Infinera (INFN) initiated with a Buy at Craig-Hallum. 4. Baker Hughes (BHGE) reinstated with a Sell at Goldman Sachs. 5. Acadia (ACHC) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Z Zillow
$43.59

-4.34 (-9.05%)

08/07/17
DBAB
08/07/17
NO CHANGE
Target $50
DBAB
Hold
Zillow price target raised to $50 from $44 at Deutsche Bank
Deutsche Bank analyst Lloyd Walmsley raised his price target for Zillow to $50 saying he sees "meaningful upside" to 2017 and 2018 revenue estimates as StreetEasy monetization ramps. The analyst, however, keeps a Neutral rating on the shares saying he's more concerned about risk from mortgage co-advertising around the CFPB investigation.
07/05/17
STFL
07/05/17
NO CHANGE
STFL
Zillow price target raised to $54.50 from $46 at Stifel
Stifel analyst George Askew expects Zillow's Q2 results to exceed expectations. He thinks that the company continued to execute well in Q2 and benefited from volume and pricing leverage as well as expense control. He keeps a Buy rating on the shares.
FOSL Fossil
$8.84

-2.9975 (-25.32%)

04/28/17
OTRG
04/28/17
NO CHANGE
OTRG
Fossil's overall sales continue to struggle, says OTR Global
OTR Global's distributor checks indicate Fossil continues to struggle with overal sales during the quarter as slowing demand for smartwatches contributed to general weakness as traditional watch sale declined.
06/20/17
BUCK
06/20/17
UPGRADE
BUCK
Neutral
Fossil upgraded to Neutral from Underperform at Buckingham
Buckingham upgraded Fossil to Neutral saying shares have pulled back below its $10 price target reaching levels not seen since the FY09 recession. The firm's analyst believes Fossil's negative thesis has played out, limiting additional near-term negative catalysts to move the stock lower from here.
06/20/17
06/20/17
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. McDonald's (MCD) upgraded to Outperform from Market Perform at Cowen with analyst Andrew Charles saying value and digital are multi-year growth drivers. The firm's proprietary survey data indicates McDonald's value perceptions versus quick service peers has improved since last September when it began to market both the McPick 2 for $5 value platform and discounts only available through the app. 2. Costco (COST) upgraded to Buy from Neutral at Northcoast with analyst Chuck Cerankosky saying Costco is able to combine value merchandising with an upscale product selection in a destination shopping format, is taking market share in fresh food categories, and is shown to be relatively immune to food deflation over the past several quarters. 3. Fossil (FOSL) upgraded to Neutral from Underperform at Buckingham with the firm's analyst saying shares have pulled back below its $10 price target reaching levels not seen since the fiscal 2009 recession. 4. Goodyear Tire (GT) upgraded to Buy from Hold at Jefferies with analyst Ashik Kurian citing "improving volume momentum and strong cash returns." 5. Clovis (CLVS) upgraded to Buy from Neutral at Janney Capital with analyst Debjit Chattopadhyay citing the ARIEL3 data, which he said addressed the PARP differentiation question. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/17
BOFA
08/09/17
NO CHANGE
Target $7
BOFA
Underperform
Fossil price target cut to $7 from $10 at BofA/Merrill
BofA/Merrill analyst Heather Blasky lowered Fossil's price target to $7 from $10 saying weak traditional watch sales continued to offset wearables growth as Q2 revenues missed across all regions. The analyst said gross margin erosion moderated but promotional activity remains elevated and he is concerned about deflationary pressures. Blasky reiterated his Underperform rating and the company is not immune to the "waning" watch cycle.
TRUE TrueCar
$16.73

-2.78 (-14.25%)

03/03/17
RBCM
03/03/17
NO CHANGE
RBCM
Yelp, TrueCar, LendingTree named top Internet small caps at RBC Capital
RBC Capital analyst Mark Mahaney named Yelp (YELP), TrueCar (TRUE), and LendingTree (TREE) as his top small cap Internet stocks. Yelp's sales force productivity issues in Q4 were probably "temporary," and its platform carries "rising strategic value," the analyst stated. TrueCar may have the biggest positive turnaround among small and medium size Internet stocks this year. He thinks that "TrueCar addresses a critical consumer need, has a large addressable market, and presents a differentiated value proposition to both car dealers and consumers." LendingTree's (TREE) total available market is "large and underpenetrated," while its mortgage unit has "strong secular tailwinds," according to Mahaney.
02/17/17
CHLM
02/17/17
NO CHANGE
Target $20
CHLM
Buy
TrueCar price target raised to $20 from $14 at Craig-Hallum
Craig-Hallum analyst Steve Dyer raised his price target for TrueCar to $20 from $14 as he continues to see significant value in the shares given Q3 results and the subsequent rise in the stock. The analyst reiterates a Buy rating on the shares.
08/09/17
CHLM
08/09/17
NO CHANGE
Target $23
CHLM
Buy
TrueCar should be bought on any pullback, says Craig-Hallum
Craig-Hallum analyst Steve Dyer says that TrueCar's "solid" quarterly results were overshadowed by soft Q3 guidance. The analyst believes the issue is temporary and would be a buyer on the pullback. He reiterates a Buy rating and a $23 price target on the shares.
03/27/17
SBSH
03/27/17
INITIATION
Target $18
SBSH
Buy
TrueCar initiated with a Buy at Citi
Citi analyst Mark Kelley started TrueCar with a Buy rating and $18 price target. The continued shift to used cars and affinity sales should drive upside to estimates, the analyst contends.

TODAY'S FREE FLY STORIES

PWR

Quanta Services

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Umpqua Holdings

$17.02

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Alphabet

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Bank of America

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PNM

PNM Resources

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SBGI

Sinclair Broadcast

$29.75

-0.05 (-0.17%)

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Alphabet

$910.98

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Sinclair Broadcast

$29.75

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Alphabet

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Alphabet Class A

$927.66

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EVH

Evolent Health

$17.05

-0.2 (-1.16%)

06:22
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TNXP

Tonix Pharmaceuticals

$2.97

-0.04 (-1.33%)

06:22
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THC

Tenet

$12.65

-0.27 (-2.09%)

06:19
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  • 06

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APRN

Blue Apron

$5.39

-0.11 (-2.00%)

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  • 24

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BABA

Alibaba

$163.92

4.42 (2.77%)

06:18
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  • 18

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FCAU

Fiat Chrysler

$12.48

-0.3 (-2.35%)

06:17
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Guangzhou Automobile not planning to acquire Fiat Chrysler, Reuters says »

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GS

Goldman Sachs

$221.42

-4.19 (-1.86%)

, JPM

JPMorgan

$90.65

-1.44 (-1.56%)

06:14
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U.S. pension funds sue banks over stock lending market, Reuters reports »

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Goldman Sachs

$221.42

-4.19 (-1.86%)

JPM

JPMorgan

$90.65

-1.44 (-1.56%)

BAC

Bank of America

$23.64

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CS

Credit Suisse

$14.70

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MS

Morgan Stanley

$45.09

-0.92 (-2.00%)

UBS

UBS

$16.75

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ATGE

Adtalem Global Education

$31.35

-1.3 (-3.98%)

06:11
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CVX

Chevron

$105.92

-0.92 (-0.86%)

06:10
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  • 13

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CYH

Community Health

$6.84

-0.1 (-1.44%)

06:05
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BLK

BlackRock

$419.94

-7.13 (-1.67%)

, WNR

Western Refining

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BlackRock

$419.94

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Western Refining

DK

Delek US

$20.88

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TSO

Tesoro

VLO

Valero

$64.55

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MPC

Marathon Petroleum

$49.70

-1.36 (-2.66%)

HFC

HollyFrontier

$27.42

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PSX

Phillips 66

$80.89

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SPX

S&P 500

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GDX

Market Vector Gold Miners

$23.03

-0.05 (-0.22%)

06:02
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GLD

SPDR Gold Trust

$122.49

0.62 (0.51%)

06:01
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MYGN

Myriad Genetics

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0.01 (0.04%)

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NUGT

Direxion Gold Miners Bull

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NSRGY

Nestle

$83.86

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JNUG

Direxion Daily Jr Gld Mnrs Bull 3X Shrs

$18.05

0.08 (0.45%)

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DUST

Direxion Daily Gold Miners Bear 3X ETF

$26.58

0.12 (0.45%)

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