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EFX

Equifax

$103.15

4.9 (4.99%)

11:16
09/22/17
09/22
11:16
09/22/17
11:16

Wells Fargo says time to buy Equifax shares

Wells Fargo upgraded Equifax (EFX) to Outperform, the firm's equivalent of a buy rating, from Market Perform. The firm believes that the recent decline in the stock has created an attractive entry point. CORE BUSINESS SAFE: Equifax's core business to business operations probably won't be impacted by the company's recently announced data breach, according to Wells Fargo analyst William Warmington, Jr. In a base case scenario, the company will have to pay a $500M fine and will lose 50% of its consumer business, while its operating costs will rise by $25M and its regulatory costs will increase $30M, the analyst stated. Additionally, the margins of its remaining U.S. consumer business will drop by 50% because it will have to pay for free credit monitoring service for consumers, he estimated. In this scenario, the company's 2018 earnings before interest, taxes, depreciation and amortization will be 8% lower than Warmington previously expected, he estimated. In a bear case scenario, Equifax will have to pay a $1B fine and lose all of its U.S. consumer business, he believes. Its operating costs would rise by $50M and its regulatory costs would jump by $65M, he estimated. This scenario would cause Equifax's EBITDA to drop by 23% versus Warmington's previous outlook. TARGET: The analyst trimmed his price target on the shares to $127 from $135. PRICE ACTION: In morning trading, Equifax climbed 4% to $102.75. The stock is down nearly 30% since the day after the company disclosed on September 7 that it had been the victim of a cybersecurity incident potentially impacting approximately 143M U.S. consumers.

  • 22

    Oct

EFX Equifax
$103.15

4.9 (4.99%)

09/22/17
WELS
09/22/17
UPGRADE
Target $127
WELS
Outperform
Equifax upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst William Warmington upgraded Equifax to Outperform following the 31% decline in the shares since the security breach was announced on September 7. The magnitude of the breach has created an "attractive entry point for this high-quality consumer credit franchise," Warmington tells investors in a research note. Despite the negative press, the analyst believes Equifax's core business-to-business segment will be largely unaffected from the breach. He lowered his price target for the shares to $127 from $135. Equifax closed yesterday up $2.25 to $98.25 and is trading up in the premarket another $2.45 to $100.70.
09/19/17
DBAB
09/19/17
NO CHANGE
Target $115
DBAB
Buy
Deutsche sees breach costing Equifax 'well below' $1B, calls selloff 'excessive'
Deutsche Bank analyst Kevin McVeigh lowered his price target for Equifax to $115 from $160 saying the shares could volatile around the congressional hearings on October 3. The analyst, however, views the $6.5B, or 35%, equity loss in a week as "excessive." He sees an $85 to $145 52-week trading range for the shares. Equifax closed yesterday up $1.40 to $94.38. Inflection in sentiment typically occurs 60-90 days post a congressional hearing before trading higher, McVeigh tells investors in a research note titled "Charting unchartered territory." He believes the total impact of the breach, not adjusting for insurance or other offsets, should be "well below" $1B. The analyst keeps a Buy rating on Equifax shares.
09/18/17
OPCO
09/18/17
NO CHANGE
Target $45
OPCO
Outperform
Equifax breach could become tailwind for Fortinet, says Oppenheimer
Following a meeting with Fortinet's (FTNT) management, Oppenheimer analyst Shaul Eyal believes the Equifax (EFX) breach could yield an effect akin to the late-2013 Target (TGT) breach, whereby heightened security awareness and an increase in involvement across boards and C-level executives which could convert into increased security budgets. Further, the analyst believes Fortinet is focused on better positioning itself for IT trends, and that its "strong growth" in subscription services remains in-tact and higher-end appliance traction remains a strong-point for its product segment. Eyal reiterates an Outperform rating and $45 price target on Fortinet's shares.
09/15/17
09/15/17
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. Equifax (EFX) downgraded to Hold from Buy at Argus with analyst Jasper Hellweg citing news of a major hack on the company's data that could have lasting effects. 2. FedEx (FDX) downgraded to Neutral from Buy at UBS with analyst Thomas Wadewitz citing TNT issues following the cyber-attack in June that knocked out multiple systems. 3. Carnival (CCL) downgraded to Neutral from Outperform at Credit Suisse with analyst Tim Ramskil saying he is worried that his estimate of absolute industry capacity growth in 2018-2021 is double that of the last five years. 4. American Airlines (AAL), United Continental (UAL), and Spirit Airlines (SAVE) were downgraded to Neutral from Overweight at JPMorgan. 5. Acuity Brands (AYI) downgraded to Market Perform from Outperform at Wells Fargo with analyst Richard Kwas saying his firm's electrical channel checks indicate the 8% consensus organic revenue growth estimate for FY18 does not have upside. The analyst thinks shares are likely range-bound in the $160-$200 range "for the time being." He believes a "material step up" in tiered solutions growth is needed for gross margin to outperform expectations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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