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WFC

Wells Fargo

$54.21

0.41 (0.76%)

, GS

Goldman Sachs

$234.76

4.82 (2.10%)

07:41
09/28/17
09/28
07:41
09/28/17
07:41

Wells Fargo secures initial approval for ETFs, Reuters reports

Wells Fargo (WFC) has received initial approval to create exchange traded index funds following a recommendation by the Securities and Exchange Commission's staff, WSJ reports, citing an SEC notice. The approval comes as companies like Fidelity Investments, Goldman Sachs (GS) and JPMorgan (JPM) build their businesses in the $4.8T global ETF space, which is current dominated by BlackRock (BLK) and Vanguard Group. Reference Link

WFC

Wells Fargo

$54.21

0.41 (0.76%)

GS

Goldman Sachs

$234.76

4.82 (2.10%)

JPM

JPMorgan

$95.18

1.48 (1.58%)

BLK

BlackRock

$438.40

4 (0.92%)

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WFC Wells Fargo
$54.21

0.41 (0.76%)

09/28/17
NOMU
09/28/17
DOWNGRADE
NOMU
Neutral
U.S. Bancorp downgraded to Neutral from Buy at Nomura Instinet
Nomura Instinet analyst Bill Carcache downgraded U.S. Bancorp (USB) to Neutral saying he sees downside risk to net interest income and provision expectations. Consensus expects U.S. Bancorp's loan growth to accelerate to 6% by 2018, which is too optimistic given the bank's recent comments, the analyst contends. He lowered his price target for the shares to $55 from $57. Carcache remains bullish on Wells Fargo (WFC) and raised his price target for the shares to $65 from $64.
09/26/17
DBAB
09/26/17
DOWNGRADE
Target $136
DBAB
Hold
PNC Financial downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Matt O'Connor downgraded PNC Financial (PNC) to Hold as he seeks to lessen exposure to traditional banks. The analyst sees net interest income growth slowing and credit costs inching up as the Fed raises short rates and the yield curve flattens. He believes a number of positives are priced into PNC shares. O'Connor upped his price target for the stock to $136 from $130. The analyst continues to prefer banks with a "turnaround angle," like Goldman Sachs (GS) and Wells Fargo (WFC), and remains positive on capital markets businesses like Morgan Stanley (MS). O'Connor this morning also downgraded JPMorgan (JPM) to Hold.
09/15/17
UBSW
09/15/17
NO CHANGE
Target $56
UBSW
Neutral
Wells Fargo revenue headwinds can persist, says UBS
UBS analyst Saul Martinez said proprietary analysis suggests Wells Fargo's difficult backdrop for client acquisition remains and the recent disclosures have kept the company in the spotlight for the wrong reasons. He believes earnings growth depends on efficiency improvement and more aggressive stock buybacks. Martinez maintained his Neutral rating and lowered his price target to $56 from $59 on Wells Fargo shares.
09/14/17
SBSH
09/14/17
NO CHANGE
SBSH
Buy
Citi says business model not broken, time to buy Wells Fargo
Citi analyst Keith Horowitz proclaims now is the time to buy shares of Wells Fargo. Over the past year, the company's total return is up 7% versus 36% for peers, Horowitz tells investors in a research note. He attributes all the underperformance to lower multiple expansion. Wells now trades at the highest implied cost of equity at 10.9% on the analyst's valuation screen, which he says has historically been a very good buy indicator. Horowitz believes Wells Fargo's business improved, not broken. The company's issue is an "aggressive sales culture encouraged the wrong behavior leading to strong account generation," which had an immaterial impact to earnings, Horowitz writes. He believes the bank's fundamental outlook has not changed.
GS Goldman Sachs
$234.76

4.82 (2.10%)

08/09/17
WELS
08/09/17
INITIATION
Target $265
WELS
Outperform
Goldman Sachs resumed with an Outperform at Wells Fargo
Wells Fargo analyst Mike Mayo resumed coverage of Goldman Sachs (GS) with an Outperform rating and $265 price target. The analyst prefers Goldman over Morgan Stanley (MS), saying the bank has about "twice as fast" organic revenue growth for more than 20 years, and "much faster" earnings growth over 15 years. Mayo named Citi (C) his top pick among the Large-Cap banks.
08/11/17
HSBC
08/11/17
DOWNGRADE
HSBC
Hold
Goldman Sachs downgraded to Hold from Buy at HSBC
09/12/17
KBWI
09/12/17
NO CHANGE
KBWI
Market Perform
Keefe Bruyette 'somewhat skeptical' of Goldman Sachs revenue targets
Keefe Bruyette analyst Brian Kleinhanzl noted that Goldman Sachs co-COO Harvey Schwartz identified $5B in revenue opportunities that the company sees over the next 3 years, though he is "somewhat skeptical" of the bank's ability to hit these targets given that its strategy requires penetrating new markets or segments outside of its traditional strengths. The analyst, who thinks Goldman remains a "show-me stock," keeps a Market Perform rating on the shares.
JPM JPMorgan
$95.18

1.48 (1.58%)

08/09/17
WELS
08/09/17
INITIATION
Target $110
WELS
Outperform
JPMorgan resumed with an Outperform at Wells Fargo
Wells Fargo analyst Mike Mayo resumed coverage JPMorgan with an Outperform rating and $110 price target.
09/26/17
DBAB
09/26/17
DOWNGRADE
Target $96
DBAB
Hold
JPMorgan downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Matt O'Connor downgraded JPMorgan to Hold as he seeks to lessen exposure to traditional banks. The analyst sees net interest income growth slowing and credit costs inching up as the Fed raises short rates and the yield curve flattens. He believes further meaningful outperformance of JPMorgan shares will be harder amid increased competition within investment banking and trading as well as slowing loan growth. The analyst raised his price target for the shares to $96 from $90. The bank closed yesterday down 71c to $94.12.
09/26/17
09/26/17
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. JPMorgan (JPM) and PNC Financial (PNC) were downgraded to Hold from Buy at Deutsche Bank. 2. Aflac (AFL) downgraded to Sell from Neutral at Citi with analyst Suneet Kamath saying the company is at an inflection point as Aflac Japan is too large to show meaningful growth and Aflac U.S. is "too small to move the growth needle." 3. Cardtronics (CATM) downgraded to Market Perform from Outperform at William Blair with analyst Robert Napoli citing the changes in the Australian market. 4. Cheesecake Factory (CAKE), Shake Shack (SHAK), and Habit Restaurants (HABT) were downgraded to Neutral from Outperform at Wedbush. 5. Genocea (GNCA) downgraded to Hold from Buy at Stifel with analyst Stephen Willey saying his visibility and confidence "remains admittedly low" after the company shelved GEN-003 and said it will shift focus on immuno-oncology and the development of neoantigen cancer vaccines. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BLK BlackRock
$438.40

4 (0.92%)

09/28/17
GSCO
09/28/17
UPGRADE
Target $500
GSCO
Conviction Buy
BlackRock upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman analyst Alexander Blostein upgraded BlackRock and added it to the Conviction Buy List with a $500 price target. The analyst has expects an acceleration in annual operating income growth given improving trends in active, easing pressures on blended fee rates, and scaling of its Tech platform which should lead to sustainable multiple improvement.
09/15/17
JPMS
09/15/17
NO CHANGE
Target $551
JPMS
Overweight
BlackRock shares will hold up in market correction, says JPMorgan
BlackRock shares will hold up better than peers in a U.S. market correction, JPMorgan analyst Kenneth Worthington tells investors in a research note. The analyst notes that with U.S. equity markets reaching all-time highs, he increasingly hears investor concerns about investing in asset managers. He believes BlackRock has demonstrated that it can maintain positive sales and organic growth even when equity U.S. markets sell off. The analyst keeps an Overweight rating on the shares with a $551 price target.
09/08/17
LEHM
09/08/17
INITIATION
Target $475
LEHM
Overweight
BlackRock initiated with an Overweight at Barclays
Barclays analyst Jeremy Campbell started BlackRock with an Overweight rating and $475 price target. The analyst initiated U.S. Brokers, Asset Managers & Exchanges with a Neutral industry view.
07/18/17
FBCO
07/18/17
NO CHANGE
Target $534
FBCO
Outperform
BlackRock price target lowered to $534 from $545 at Credit Suisse
Credit Suisse analyst Craig Siegenthaler lowered his price target for BlackRock to $534 from $545 following Q2 results. Nonetheless, the analyst reiterates an Outperform rating on the shares as he forecasts record net flows in 2017, stable-improving base fee organic growth rate and EPS growth of about 15% over the next few years.

TODAY'S FREE FLY STORIES

20:45
10/16/17
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Breaking General news story  »

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Federal Reserve Bank of Minneapolis participates in a dinner meeting »

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JNJ

Johnson & Johnson

$136.12

-0.31 (-0.23%)

, UNH

UnitedHealth

$193.20

0.68 (0.35%)

20:25
10/16/17
10/16
20:25
10/16/17
20:25
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

JNJ

Johnson & Johnson

$136.12

-0.31 (-0.23%)

UNH

UnitedHealth

$193.20

0.68 (0.35%)

GS

Goldman Sachs

$242.41

3.88 (1.63%)

MS

Morgan Stanley

$48.94

0.64 (1.33%)

CSX

CSX

$52.84

0.01 (0.02%)

PGR

Progressive

$48.98

0.31 (0.64%)

CMA

Comerica

$75.34

-0.21 (-0.28%)

GWW

Grainger

$182.36

1.31 (0.72%)

HOG

Harley-Davidson

$46.57

-0.05 (-0.11%)

SNV

Synovus

$46.65

0.01 (0.02%)

TTS

Tile Shop

$8.45

0.1 (1.20%)

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MSBI

Midland States

$33.03

-0.07 (-0.21%)

19:02
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10/16
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Hot Stocks
Midland States to acquire Alpine Bancorporation in roughly $181M deal »

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MYL

Mylan

$38.18

0.23 (0.61%)

, AGN

Allergan

$198.41

-7.11 (-3.46%)

18:46
10/16/17
10/16
18:46
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18:46
Hot Stocks
Mylan CEO: 'Pleased' with court ruling on Allergan's Restasis patents »

Mylan (MYL) announced…

MYL

Mylan

$38.18

0.23 (0.61%)

AGN

Allergan

$198.41

-7.11 (-3.46%)

03/08/13
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NFLX

Netflix

$202.68

3.19 (1.60%)

18:44
10/16/17
10/16
18:44
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18:44
Hot Stocks
Netflix says seeing steady growth, great success for streaming »

Says still has bias…

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PCG

PG&E

$53.43

-4.29 (-7.43%)

18:42
10/16/17
10/16
18:42
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18:42
Hot Stocks
PG&E sees restoring service to all electric customers in CA affected by fires »

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CYTR

CytRx

$0.38

-0.0142 (-3.64%)

18:29
10/16/17
10/16
18:29
10/16/17
18:29
Hot Stocks
CytRx granted listing extension pending results of stockholder vote »

CytRx 's request for…

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  • 17

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EADSY

Airbus

$22.75

-0.07 (-0.31%)

, BDRBF

Bombardier

$1.88

0.03 (1.62%)

18:27
10/16/17
10/16
18:27
10/16/17
18:27
Hot Stocks
Airbus and Bombardier announce C Series partnership »

Airbus (EADSY) and…

EADSY

Airbus

$22.75

-0.07 (-0.31%)

BDRBF

Bombardier

$1.88

0.03 (1.62%)

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03/06/13
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IMDZ

Immune Design

$10.10

-0.85 (-7.76%)

18:16
10/16/17
10/16
18:16
10/16/17
18:16
Conference/Events
Immune Design to host conference call »

Conference call to…

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PG

Procter & Gamble

$93.14

0.1 (0.11%)

18:15
10/16/17
10/16
18:15
10/16/17
18:15
Hot Stocks
Trian: P&G board election results 'too close to call' »

Trian Fund Management,…

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AMZN

Amazon.com

$1,006.34

3.4 (0.34%)

18:14
10/16/17
10/16
18:14
10/16/17
18:14
Periodicals
NJ leaders offer up to $7B in tax incentives to lure Amazon to Newark, WSJ says »

New Jersey Governor Chris…

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BDRBF

Bombardier

$1.88

0.03 (1.62%)

, EADSY

Airbus

$22.75

-0.07 (-0.31%)

18:09
10/16/17
10/16
18:09
10/16/17
18:09
Periodicals
Bombardier in talks with Airbus over CSeries jet unit JV, WSJ reports »

Bombardier (BDRBF) is in…

BDRBF

Bombardier

$1.88

0.03 (1.62%)

EADSY

Airbus

$22.75

-0.07 (-0.31%)

03/08/13
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03/06/13
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03/06/13
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IPXL

Impax

$19.95

-0.85 (-4.09%)

17:55
10/16/17
10/16
17:55
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17:55
Hot Stocks
Impax jumps 6% in after-hours after WSJ says Amneal deal near »

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  • 09

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IPXL

Impax

$19.95

-0.85 (-4.09%)

17:51
10/16/17
10/16
17:51
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17:51
Periodicals
Impax and Amneal close to merger pact, WSJ says »

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  • 09

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AGII

Argo Group

$62.90

-0.25 (-0.40%)

17:36
10/16/17
10/16
17:36
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17:36
Hot Stocks
Argo Group provides preliminary Q3 loss estimate »

Argo Group announced…

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FDEF

First Defiance Financial

$53.65

-0.25 (-0.46%)

17:34
10/16/17
10/16
17:34
10/16/17
17:34
Earnings
First Defiance Financial reports Q3 EPS 92c, consensus 89c »

Reports Q3 NII $ $25.0M,…

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  • 17

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BRO

Brown & Brown

$48.97

-0.42 (-0.85%)

17:33
10/16/17
10/16
17:33
10/16/17
17:33
Earnings
Brown & Brown reports Q3 EPS 53c, consensus 50c »

Reports Q3 revenue…

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  • 17

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ORIG

Ocean Rig UDW

$26.18

0.51 (1.99%)

17:31
10/16/17
10/16
17:31
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17:31
Hot Stocks
Ocean Rig holder BlueMountain intends to recommend company hire advisers »

Ocean Rig UDW holder…

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NFLX

Netflix

$202.68

3.19 (1.60%)

, IMDZ

Immune Design

$10.10

-0.85 (-7.76%)

17:31
10/16/17
10/16
17:31
10/16/17
17:31
Hot Stocks
On The Fly: After Hours Movers »

UP AFTER EARNINGS:…

NFLX

Netflix

$202.68

3.19 (1.60%)

IMDZ

Immune Design

$10.10

-0.85 (-7.76%)

SAVE

Spirit Airlines

$33.47

-0.33 (-0.98%)

UNH

UnitedHealth

$193.20

0.68 (0.35%)

BMI

Badger Meter

$50.80

-0.6 (-1.17%)

SONC

Sonic

$24.80

0.42 (1.72%)

ABEO

Abeona Therapeutics

$16.70

0.6 (3.73%)

VICL

Vical

$2.86

0.04 (1.42%)

03/08/13
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FDC

First Data

$18.01

0.39 (2.21%)

17:28
10/16/17
10/16
17:28
10/16/17
17:28
Hot Stocks
First Data CAO sells 3,996 common shares »

In a regulatory filing,…

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  • 22

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ROSG

Rosetta Genomics

$1.00

-0.0479 (-4.57%)

17:28
10/16/17
10/16
17:28
10/16/17
17:28
Syndicate
Breaking Syndicate news story on Rosetta Genomics »

Rosetta Genomics files to…

03/08/13
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HRS

Harris

$135.90

-0.66 (-0.48%)

17:27
10/16/17
10/16
17:27
10/16/17
17:27
Hot Stocks
Harris awarded $100M government contract modification »

Harris Corp., Clifton,…

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BA

Boeing

$259.75

-0.99 (-0.38%)

17:26
10/16/17
10/16
17:26
10/16/17
17:26
Hot Stocks
Boeing awarded $240.2M government contract »

The Boeing Co., Oklahoma…

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  • 25

    Oct

PI

Impinj

$34.98

-0.71 (-1.99%)

17:22
10/16/17
10/16
17:22
10/16/17
17:22
Hot Stocks
Impinj COO sells 7,000 common shares »

In a regulatory filing,…

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03/06/13
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