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TMUS

T-Mobile

$63.39

-0.13 (-0.20%)

, S

Sprint

09:21
09/22/17
09/22
09:21
09/22/17
09:21

On The Fly: Pre-market Movers

HIGHER: T-Mobile US (TMUS), up 1.3% after Reuters reported that the company and Sprint (S) are close to a merger agreement. Sprint is up 3.6%... Auris Medical (EARS), up 8.4% after announcing it completed patient recruitment for its Phase 3 TACTT3 clinical trial of Keyzilen in acute and post-acute inner ear tinnitus... Ascendis Pharma (ASND), up 47.4% after Versartis (VSAR) reported its Phase 3 of somavaratan did not meet its primary endpoint. LOWER: Versartis is down 85.2% after its Phase 3 of somavaratan did not meet its primary endpoint... Finish Line (FINL), down 8.8% after reporting quarterly results... Foot Locker (FL), down marginally after Finish Line reported its quarterly results.

TMUS

T-Mobile

$63.39

-0.13 (-0.20%)

S

Sprint

EARS

Auris Medical

$0.71

0.0101 (1.44%)

ASND

Ascendis Pharma

$27.74

-1.55 (-5.29%)

VSAR

Versartis

$21.60

-0.25 (-1.14%)

FINL

Finish Line

$9.22

-0.21 (-2.23%)

FL

Foot Locker

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    Sep

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    Sep

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    Oct

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    May

TMUS T-Mobile
$63.39

-0.13 (-0.20%)

09/20/17
RHCO
09/20/17
NO CHANGE
RHCO
T-Mobile, Sprint merger unlikely to occur, says SunTrust
SunTrust analyst Greg Miller does not believe that Sprint (S) and T-Mobile (TMUS) will merge. He does not expect the Department of Justice to approve the deal, and he says that, given T--Mobile's ongoing positive momentum, the company probably does not feel any pressure to carry out a merger. The analyst believes that a cable company is more more likely to buy a smaller, independent wireless operator. He remains upbeat on cell tower stocks and says that yesterday's pullbacks in those names has created a buying opportunity. Miller keeps Buy ratings on tower companies American Tower (AMT), Crown Castle (CCI) and SBA (SBAC)
09/20/17
DBAB
09/20/17
NO CHANGE
DBAB
Sprint, T-Mobile merger unlikely to get regulatory approval, says Deutsche Bank
Deutsche Bank analyst Matthew Niknam continues to believe a potential merger between Sprint (S) and T-Mobile (TMUS) faces "significant hurdles" and is ultimately unlikely to get past regulatory concerns. Merits of the deal, however, are "unparalleled, and very tough to debate," Niknam tells investors in a research note following CNBC's report of progressing deal talks. He believes derivative stock reactions on the news, namely strength in AT&T (T) and Verizon (VZ) and weakness in the tower names, could be at risk of reversing. Among the towers, the analyst has Buy ratings on American Tower (AMT) and Crown Castle (CCI).
09/20/17
OPCO
09/20/17
NO CHANGE
OPCO
Perform
Oppenheimer expects Sprint, T-Mobile merger to happen
Oppenheimer analyst Timothy Horan expect T-Mobile (TMUS) to merge with Sprint (S) in a stock-for-stock transaction at a $10 per share Sprint valuation. A T-Mobile/Sprint will be a better competitor to Verizon (VZ)/AT&T (T), the analyst says, adding that while the process is likely to have a few bumps and require time, he expects a merger to happen. Horan reiterates a Perform rating on Sprint's shares.
09/19/17
JPMS
09/19/17
NO CHANGE
JPMS
Neutral
JPMorgan talks Amdocs after report of Sprint, T-Mobile deal talks
The potential merger between Sprint (S) and T-Mobile (TMUS) creates "intriguing moving parts" for Amdocs (DOX), JPMorgan analyst Jackson Ader tells investors in a research note following David Faber's report that the merger talks are progressing. The analyst estimates the impact of a deal would be smaller than the AT&T's (T) acquisition of DirecTV. A Sprint, T-Mobile deal could create some short-term financial disruption as discretionary projects that both or either carrier had in the works would likely be put on hold, Ader contends. He believes, however, that the timeline of any negative impact would not likely be felt until fiscal 2019. The analyst has a Neutral rating on Amdocs.
S Sprint

EARS Auris Medical
$0.71

0.0101 (1.44%)

04/13/17
04/13/17
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. Auris Medical (EARS) initiated with a Buy at Roth Capital. 2. NCR Corp. (NCR) initiated with a Buy at Benchmark. 3. Guaranty Bancorp (GBNK) initiated with an Overweight at Piper Jaffray. 4. Six Flags (SIX) and SeaWorld (SEAS) were initiated with a Buy at SunTrust, while Cedar Fair (FUN) was initiated with a Hold. 5. Stericycle (SRCL) initiated with an Overweight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/13/17
ROTH
04/13/17
INITIATION
Target $4.5
ROTH
Buy
Auris Medical initiated with a Buy at Roth Capital
Roth Capital analyst Sa'ar Yaniv started Auris Medical with a Buy rating and a $4.50 price target, saying the company has multiple late stage "shots-on-goal" in the coming 12-18 months.
ASND Ascendis Pharma
$27.74

-1.55 (-5.29%)

09/22/17
WEDB
09/22/17
NO CHANGE
Target $65
WEDB
Outperform
Ascendis Pharma price target raised to $65 from $36 at Wedbush
Wedbush analyst Liana Moussatos raised her price target for Ascendis Pharma (ASND) shares to $65 after Versartis (VSAR) said the Phase 3 Velocity trial testing somavaratan long-acting growth hormone as a treatment for pediatric growth hormone deficiency failed to meet its endpoint. Competitor somavaratan is no longer a threat to Ascendis, Moussatos tells investors in a research note. Her new price target reflects increased penetration due to reduced competition. Moussatos reiterates an Outperform rating on Ascendis. The stock in premarket trading is up 39%, or $10.71, to $38.45.
09/22/17
JPMS
09/22/17
NO CHANGE
JPMS
Overweight
One less competitor 'clear positive' for Ascendis, says JPMorgan
JPMorgan analyst Jessica Fye expects shares of Ascendis Pharma (ASND) to rally 10%-plus after Versartis (VSAR) reported negative results from the Phase III Velocity study in pediatric growth hormone deficiency. One less competitor in this market is a "clear positive" for Ascendis, Fye tells investors in a research note. She believes Versartis' failure will be viewed as company-specific given the prior Phase II data for somvaratan. The analyst continues to see a "high probability of success" for Ascendis' TransCon hGH in pediatric growth hormone. The analyst has an Overweight rating on the shares.
09/22/17
WELS
09/22/17
NO CHANGE
Target $51
WELS
Outperform
Versartis failure bodes well for Ascendis Pharma, says Wells Fargo
Wells Fargo analyst Jim Birchenough reiterates an Outperform rating on Ascendis Pharma (ASND) after its competitor Versartis (VSAR) announced last night that its long-acting recombinant human growth hormone, somavaratan, failed to meet the primary endpoint of non-inferiority in a Phase 3 study in pediatric growth hormone deficiency. The analyst continues to see a "high likelihood of success" for Ascendis Pharma's unmodified TransCon GH, which he says appears superior to both somavaratan and short acting growth hormone. Birchenough has a $51 price target on Ascendis shares. The stock last night in after-hours trading jumped 42%, or $11.66, to $39.40.
09/22/17
FBCO
09/22/17
NO CHANGE
Target $50
FBCO
Outperform
Ascendis Pharma price target raised to $50 from $30 at Credit Suisse
Credit Suisse analyst Alethia Young said she now believes Ascendis Pharma's (ASND) TransCon hGH can have dominant market share if its Phase 3 trial succeeds after Versartis' (VSAR) non-inferiority study testing somavaratan failed. Ascendis now has the potential to be first to market in pediatric with their weekly growth hormone drug and she has raised her peak sale estimate for TransCon hGH to $1.2B from $820M, she tells investors. Young raised her price target on Ascendis shares to $50 from $30 and keeps an Outperform rating on the stock, which is up nearly 40% to $38.68 in pre-market trading.
VSAR Versartis
$21.60

-0.25 (-1.14%)

09/22/17
MSCO
09/22/17
NO CHANGE
Target $3
MSCO
Equal Weight
Versartis price target lowered to $3, below cash position, at Morgan Stanley
After Versartis reported that the Phase 3 VELOCITY trial in pediatric growth hormone deficiency failed and management indicated there was no path forward with this trial and no current plans for an additional trial, Morgan Stanley analyst Andrew Berens said he believes the company's current cash position of about $4 per share is unlikely to be a floor given investor concerns about a lack of strategic path forward. He cut his price target on Versartis to $3 from $17 and keeps an Equal Weight rating on the shares.
09/22/17
RHCO
09/22/17
DOWNGRADE
RHCO
Hold
Versartis downgraded to Hold from Buy at SunTrust
09/22/17
RHCO
09/22/17
DOWNGRADE
RHCO
Hold
Versartis downgraded to Hold from Buy at SunTrust
SunTrust analyst Edward Nash downgraded Versartis after the data from the Phase III trial of its somavaratan drug for pediatric growth hormone deficiency was negative.The analyst does not expect the drug to be approved by the FDA. Target to $4 from $25.
09/22/17
CANT
09/22/17
NO CHANGE
Target $14
CANT
Overweight
Cantor still sees 55% probability of success for Versartis' somavaratan
Cantor Fitzgerald analyst Elemer Piros lowered his price target for Versartis shares to $14 from $34, but keeps an Outperform rating on the name, after the company announced negative Phase 3 Velocity data in pediatric growth hormone deficiency patients. An analysis of the per protocol population did meet non-inferiority criteria, potentially highlighting a path forward with additional optimization, Piros tells investors in a research note. He believes a potential path forward could include increasing the dose and frequency of the drug. The analyst now ascribes an adjusted 55% probability of success for somavaratan and anticipates a more modest and delayed commercial launch. Versartis in premarket trading is down 84%, or $18.10, to $3.50. Four firms this morning downgraded the shares.
FINL Finish Line
$9.22

-0.21 (-2.23%)

09/19/17
JEFF
09/19/17
NO CHANGE
JEFF
Jefferies cuts Nike target, says share loss to adidas accelerating
Survey work shows Nike (NKE) is ceding market share to adidas (ADDYY) in both Europe and the U.S. at an accelerating pace, especially in running, Jefferies analyst Randal Konik tells investors in a research note. The analyst's webscrape analysis shows Nike has 35 shoes in the top 60 sellers versus 52 last year, while adidas has risen to 24 styles, versus just 2 last year. Konik expects downward estimate revisions and multiple compression for Nike. He lowered his estimates for the company and cut his price target for the shares to $49 from $60. The shoemaker closed yesterday down 37c to $53.50. The analyst reiterates a Hold rating on the name. Konik also views Nike's eroding market share as negative for both Foot Locker (FL) and Finish Line (FINL).
09/18/17
WELS
09/18/17
NO CHANGE
WELS
Retail seems to be stabilizing, says Wells Fargo
Wells Fargo analyst Ike Boruchow says that while it still seems too early to call for a robust recovery in retail fundamentals, the industry does seem to be stabilizing, with Q2 sales and EPS trends generally better than Q1 across the board. Further, store traffic has improved each month since February and management teams have taken a generally upbeat tone regarding back-to-school in recent public commentary, he adds. So, with solid traffic and favorable weather during the key back-to-school selling season, the analyst believes inventories could find themselves in good shape heading into the holidays and momentum appears to be on retail's side. Boruchow points out that according to his index, PVH Corp. (PVH) continues to be the ''most loved'' retailer in his universe, followed by TJX (TJX), Canada Goose (GOOS), and Steven Madden (SHOO), while Foot Locker (FL), Fossil (FOSL), and Finish Line (FINL) are the ''least loved'' names this month.
09/18/17
09/18/17
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. Finish Line (FINL) downgraded to Underweight from Neutral at Piper Jaffray with analyst Erinn Murphy saying she sees further downside risk to estimates. 2. United Continental (UAL) downgraded to Neutral from Buy at Buckingham with the firm's analyst cutting his 2018 pre-tax earnings forecast by 20% and expects the multiple to contract further as consensus estimates are reset lower. 3. Brooks Automation (BRKS) downgraded to Hold from Buy at Needham with analyst Y. Edwin Mok citing valuation. 4. Wipro (WIT) downgraded to Sell from Neutral at Goldman Sachs with the firm saying earnings growth stays anemic while valuation is rich. 5. Taubman Centers (TCO) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Richard Hill stating that while Taubman owns the highest quality portfolio of malls, its second quarter results showed its smaller portfolio may give it less negotiating leverage with retailers than peers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/19/17
WELS
09/19/17
DOWNGRADE
Target $13
WELS
Underperform
Under Armour downgraded to Underperform from Market Perform at Wells Fargo
Wells Fargo analyst Tom Nikic downgraded Under Armour (UAA) to Underperform and cut his price target for the shares to $13 from $17. With consumers having filled their closets with athletic wear over the past seven years, the category "appears poised to take a breather for now," Nikic tells investors in a research note. The analyst believes the trend change away from performance has left Under Armour "offsides" from a fashion perspective. Further, he notes that unlike Nike (NKE), Under Armour still generates most of its revenue in North America, where the athletic space is seeing much more pressure. The stock's valuation "still appears quite lofty," Nikic argues. The analyst lowered his estimates for Nike, Under Armour, lululemon (LULU) and Finish Line (FINL), but downgraded only Under Armour.
FL Foot Locker

08/29/17
MSCO
08/29/17
NO CHANGE
Target $50
MSCO
Overweight
Foot Locker problems fixable, mostly fashion-related, says Morgan Stanley
Morgan Stanley analyst Jay Sole made his case for keeping an Overweight rating on Foot Locker (FL) in a new note to investors, arguing that the problems that caused the company's "very disappointing" Q2 results were not structural, but "mostly fashion-related" and fixable. He still sees the stock's risk/reward balance skewed to the upside, based on his belief that Foot Locker can defend itself versus Amazon (AMZN), Nike's (NKE) new product pipeline should eventually improve and brands' quicker speed to market "could be a game-changer." However, Sole has lowered his price target on Foot Locker shares to $50 from $65.
08/29/17
SBSH
08/29/17
DOWNGRADE
Target $5
SBSH
Sell
Finish Line downgraded to Sell from Neutral at Citi
Citi analyst Kate McShane downgraded Finish Line (FINL) to Sell and cut her price target for the shares to $5 from $14 after the company preannounced a Q2 miss and cut its outlook for the year. The shares in premarket trading are down 26%, or $2.71, to $7.71. The marketplace for athletic footwear became more promotional as Q2 progressed but Finish Line's earnings reduction appears worse than the market expected, McShane tells investors in a research note. She believes the competitive environment among athletic retailers "has only become more difficult" and that Finish Line suffers from being a smaller mall- based chain relative to Dick's Sporting Goods (DKS) and Foot Locker (FL). FBR Capital this morning also downgraded Finish Line.

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BAC

Bank of America

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0.59 (2.22%)

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ATHN

athenahealth

$126.04

9.63 (8.27%)

05:18
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TATYY

Tate & Lyle

$33.23

-0.835 (-2.45%)

05:13
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RIO

Rio Tinto

$48.37

0.24 (0.50%)

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MELI

MercadoLibre

$235.73

-0.27 (-0.11%)

05:02
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BIIB

Biogen

$338.10

-4.32 (-1.26%)

04:59
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Biogen initiated  »

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CELG

Celgene

$121.33

-14.63 (-10.76%)

04:56
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Downgrade
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ASOMY

ASOS

$74.28

1.5 (2.06%)

04:55
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Conference/Events
ASOS management to meet with JPMorgan »

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PAY

Verifone

$20.06

0.06 (0.30%)

04:55
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Conference/Events
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PLUG

Plug Power

$2.70

0.17 (6.72%)

04:55
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Conference/Events
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DDAIF

Daimler AG

$80.57

-1.11 (-1.36%)

04:55
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Conference/Events
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IVC

Invacare

$14.60

0.05 (0.34%)

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ALXN

Alexion

$139.02

-1.44 (-1.03%)

04:54
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BIVV

Bioverativ

$60.22

0.49 (0.82%)

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TSRO

Tesaro

$116.40

0.89 (0.77%)

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AMAG

Amag Pharmaceuticals

$15.60

-0.45 (-2.80%)

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