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JPM

JPMorgan

, C

Citi

09:10
10/12/17
10/12
09:10
10/12/17
09:10

On The Fly: Pre-market Movers

UP AFTER EARNINGS: HIGHER: JPMorgan Chase (JPM), up 1%... Citigroup (C), up marginally. ALSO HIGHER: Anavex Life Sciences (AVXL), up 9.5% after Anavex2-73 demonstrates "desirable" PK/PD properties in Phase 2a study... Ardelyx (ARDX), up 43.4% after its tenapanor study hit its primary and secondary endpoints... Infinity (INFI), up 43.5% after being upgraded to Outperform from Market Perform at Wells Fargo. LOWER: AcelRx Pharmaceuticals (ACRX), down 61% after receiving a Complete Response Letter from the FDA for DSUVIA New Drug Application... Domino's (DPZ), down 5.3% after reporting quarterly results... Hawaiian Holdings (HA), down 4.8% after initiating a quarterly dividend of 12c per share.

JPM

JPMorgan

C

Citi

AVXL

Anavex

$4.02

-0.13 (-3.13%)

ARDX

Ardelyx

INFI

Infinity Pharmaceuticals

$1.67

0.21 (14.38%)

ACRX

AcelRx

$5.35

-0.15 (-2.73%)

DPZ

Domino's Pizza

HA

Hawaiian Holdings

$40.00

-0.5 (-1.23%)

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JPM JPMorgan

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.
10/09/17
FBCO
10/09/17
NO CHANGE
Target $110
FBCO
Outperform
JPMorgan price target raised to $110 from $103 at Credit Suisse
Credit Suisse analyst Susan Roth Katzke raised her price target for JPMorgan to $110 from $103 on valuation. The analyst reiterates an Outperform rating on the shares.
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.
C Citi

09/11/17
SOCG
09/11/17
UPGRADE
SOCG
Hold
Citi upgraded to Hold from Sell at Societe Generale
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.
10/09/17
FBCO
10/09/17
NO CHANGE
Target $83
FBCO
Outperform
Citi price target raised to $83 from $73 at Credit Suisse
Credit Suisse analyst Susan Roth Katzke raised her price target for Citi to $83 from $73 on valuation. The analyst reiterates an Outperform rating on the shares.
10/02/17
WELS
10/02/17
NO CHANGE
WELS
Outperform
Citi may have 'even more upside potential,' says Wells Fargo
Wells Fargo analyst Mike Mayo says Citigroup remains his top bank selection, but could have even more upside potential with restructuring. The analyst believes Citi can sell parts easier than realized, especially given only ''limited'' countries where consumer and institutional are highly integrated and an ability to divest consumer assets mostly by geography. Citi should at least remain open to more restructuring, he contends. He reiterates an Outperform rating on the shares.
AVXL Anavex
$4.02

-0.13 (-3.13%)

11/28/16
MAXM
11/28/16
NO CHANGE
Target $15
MAXM
Buy
Anavex may be targeting 'ideal approach' to Alzheimer's disease, says Maxim
After Eli Lilly's (LLY) solanezumab failed its third Phase 3 study in early-stage Alzheimer's disease, Maxim analyst Jason McCarthy noted that Anavex's (AVXL) 2-73 targets the disease "more broadly upstream" to restore proper CNS cell function and has shown "promising early data." While too soon to draw any firm conclusions, given the lessons learned from failures in pursuit of other avenues, Anavex "may be on the right track" by looking upstream, said McCarthy, who keeps a Buy rating and $15 price target on the stock.
02/07/17
NBLE
02/07/17
INITIATION
Target $16
NBLE
Anavex initiated with a Buy at Noble Financial
Noble Financial analyst Kumaraguru Raja initiated Anavex with a Buy and a $16 price target. The lead product candidate, ANAVEX 2-73, is on path for a Phase 2/3 in Alzheimer's disease and a Phase 2 study in Rett's Syndrome. In previous trials, ANAVEX 2-73 has exhibited a high affinity and selection to sigma-1 receptors, and has shown synergistic action with other receptors, such as Muscarinic and N-methyl-D-aspartate in clinical trials. The drug has also displayed a favorable side effect profile, which can be beneficial to patients and advantageous when compared to current treatments. Anavex has received a grant from the International Rett Syndrome Foundation for at least $600,000, based on promising animal data. This grant is expected to cover most of the cost of the planned Phase 2 clinical trial of ANAVEX 2-73 in Rett syndrome.
02/07/17
NBLE
02/07/17
INITIATION
Target $16
NBLE
Buy
Anavex initiated with a Buy at Noble Financial
Noble Financial initiated Anavex with a Buy and a $16 price target.
ARDX Ardelyx

05/15/17
WEDB
05/15/17
NO CHANGE
WEDB
Best Ideas List removals at Wedbush
Wedbush removed the following companies from its Best Ideas List, they are Ardelyx (ARDX), Builders FirstSource (BLDR), Covanta (CVA), Interpublic Group (IPG), lululemon (LULU), and Prosperity Bancshares (PB).
10/12/17
WEDB
10/12/17
NO CHANGE
Target $16
WEDB
Outperform
Ardelyx tenapanor may launch within 2 years after Phase 3 success, says Wedbush
Wedbush analyst David Nierengarten notes that Ardelyx's tenapanor hit on all primary and secondary endpoints in Phase 3 T3MPO-2 study in IBS-C. With two successful Phase 3's completed and a clean safety profile, the analyst believes approval for tenapanor in IBS-C is almost certain and could happen within two years. Nierengarten raised his price target on the shares to $16 from $14, while reiterating an Outperform rating on the stock.
10/12/17
CANT
10/12/17
NO CHANGE
Target $14
CANT
Ardelyx target raised to $14 on T3MPO-2 results at Cantor Fitzgerald
Cantor Fitzgerald analyst Mara Goldstein raised her price target for Ardelyx to $14 saying the positive T3MPO-2 results in irritable bowel syndrome with constipation should allow the shares to regain lost ground. The data show a path to new drug application submission and a commercial opportunity above the current valuation, Goldstein tells investors in a research note. She reiterates an Overweight rating on Ardelyx.
INFI Infinity Pharmaceuticals
$1.67

0.21 (14.38%)

10/12/17
WELS
10/12/17
UPGRADE
Target $5
WELS
Outperform
Infinity upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Jim Birchenough upgraded Infinity Pharmaceuticals to Outperform and raised his price target for the shares to $5.00 from $1.50. The upgrade follows the selection of IPI-549 monotherapy data as a late breaker oral presentation at the Society of Immunotherapy of Cancer annual meeting in early November. The data have a "reasonable likelihood" of proof-of-concept response rate, and with likely validation of tumor macrophage targeting in immunooncology and a unique mechanism of action, upside potential is not reflected in the current stock price, Birchenough tells investors in a research note.
ACRX AcelRx
$5.35

-0.15 (-2.73%)

08/09/17
STFL
08/09/17
UPGRADE
STFL
Buy
AcelRx upgraded to Buy from Hold at Stifel
07/14/17
JEFF
07/14/17
INITIATION
Target $7
JEFF
Buy
AcelRx assumed with a Buy at Jefferies
Jefferies analyst Matthew Andrews assumed coverage of AcelRx Pharmaceuticals with a Buy rating and $7 price target. The stock is undervalued given the "potent" oral opioid Dsuvia's promise in medically-supervised acute pain markets, Andrews tells investors in a research note. He sees a high likelihood of approval in the U.S. and Europe late in 2017 or early 2018. The analyst views the stock's risk/reward as favorable with downside to $1.25 on no approvals and upside potential of $12.
DPZ Domino's Pizza

10/04/17
FBCO
10/04/17
INITIATION
Target $200
FBCO
Neutral
Domino's Pizza initiated with a Neutral at Credit Suisse
Credit Suisse analyst Jason West started Domino's Pizza with a Neutral rating and $200 price target saying competition could eventually "take a bite."
10/04/17
10/04/17
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. Tesla (TSLA) initiated with a Buy at Nomura Instinet. 2. Oracle (ORCL) initiated with an Overweight at Piper Jaffray. 3. Domino's Pizza (DPZ) initiated with a Neutral at Credit Suisse. 4. AutoNation (AN) initiated with a Buy at Berenberg. 5. FuelCell (FCEL) initiated with an Outperform at Oppenheimer. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/02/17
WELS
10/02/17
NO CHANGE
Target $210
WELS
Market Perform
Domino's Pizza price target raised to $210 from $204 at Wells Fargo
Wells Fargo raised its price target for Domino's Pizza to $210 from $204 saying fears of competitive encroachment weighing on its U.S. same-store sales are likely "overblown" in the near-term, with the company set to deliver another quarter of outperformance. The firm reiterates a Market Perform rating on the shares.
10/02/17
STFL
10/02/17
INITIATION
STFL
Buy
Domino's Pizza resumed coverage with a Buy at Stifel
Stifel analyst Chris O'Cull resumed coverage of Domino's with a Buy rating and $235 price target.
HA Hawaiian Holdings
$40.00

-0.5 (-1.23%)

09/25/17
MACQ
09/25/17
INITIATION
Target $49
MACQ
Outperform
Hawaiian Holdings initiated with an Outperform at Macquarie
Macquarie analyst Susan Donofrio initiated Hawaiian Holdings with an Outperform and $49 price target saying concerns on new infra-island competition is overblown. The analyst said Hawaiian is in good shape to offset new competition from United, potentially Southwest from the mainland, has international growth opportunities and a nimble fleet that it can tailor to its West Coast to Hawaii.
09/26/17
BUCK
09/26/17
DOWNGRADE
BUCK
Neutral
Hawaiian Holdings downgraded to Neutral from Buy at Buckingham
Buckingham Daniel McKenzie downgraded Hawaiian Holdings to Neutral and cut its price target to $39 from $55 citing increased geopolitical tensions on the Korean Peninsula and notes discretionary travel to Hawaii from Japan and South Korea has "plummeted." The analyst cut near-term estimates and valuation methodology given the steep fall-off in Asian demand and expects trends to persist into 2018.
07/28/17
STFL
07/28/17
UPGRADE
STFL
Hold
Hawaiian Holdings upgraded to Hold from Sell at Stifel
Stifel analyst Joesph DeNardi upgraded Hawaiian Holdings to Hold citing limited downside relative to his $40 price target and balanced risk/reward.
06/29/17
BOFA
06/29/17
NO CHANGE
BOFA
BofA/Merrill raises Airline estimates, Delta and Southwest best positioned
BofA/Merrill analyst Andrew Didora raised Airline estimates and price target to reflect lower fuel pricing and remains positive on the industry said to remain selective into second-half 2017. The analyst believes Buy rated Delta Air Lines (DAL) and Southwest (LUV) are best positioned for sequential unit revenue improvement in the second half due to decelerating and easing comps and raised their price targets to $71 and $75 from $64 and $62, respectively. The analyst expects capacity to increase modestly in 2018 to +3.4% from +2.8% in 2017 and expects Delta to accelerate capacity growth to +1.9% and Southwest to +5%. As part of the sector note, Didora raised Buy rated United Continental's (UAL) price target to $105 from $85, Alaska Air's (ALK) to $120 from $115, Spirit Airlines' (SAVE) down to $68 from $75, and raised Underperform rated American Airlines' (AAL) to $42 from $40 and lowered Hawaiian Holdings' (AAL) to $43 from $47.

TODAY'S FREE FLY STORIES

13:20
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Treasury's $29 B 7-year sale was a disappointment »

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CSGP

CoStar Group

$352.11

0.27 (0.08%)

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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NYSE market internals summary »

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ALKS

Alkermes

$63.19

-1.56 (-2.41%)

, NKTR

Nektar

$86.45

3 (3.60%)

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ALKS

Alkermes

$63.19

-1.56 (-2.41%)

NKTR

Nektar

$86.45

3 (3.60%)

BMY

Bristol-Myers

03/08/13
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CIDM

Cinedigm

$1.25

0.0201 (1.63%)

13:10
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FB

Facebook

$177.91

1.9 (1.08%)

13:09
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Technical Analysis
Technical Take: Facebook trades near session lows »

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HPQ

HP Inc.

$21.52

0.345 (1.63%)

, LNVGY

Lenovo

$10.15

-0.01 (-0.10%)

13:09
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Earnings
On The Fly: What to watch for in HP Inc.'s earnings report »

HP Inc. (HPQ) is…

HPQ

HP Inc.

$21.52

0.345 (1.63%)

LNVGY

Lenovo

$10.15

-0.01 (-0.10%)

AAPL

Apple

$171.07

-0.78 (-0.45%)

03/08/13
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03/06/13
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MIC

Macquarie Infrastructure

$39.09

-24.53 (-38.56%)

13:09
02/22/18
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Recommendations
Macquarie Infrastructure analyst commentary  »

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  • 22

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BAMXY

BMW Group

13:05
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BMW to pay $2.2M to settle DOJ claims of SCRA violations »

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13:05
02/22/18
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General news
7-Yr Note Auction Coupon Rate data reported »

7-Yr Note Auction Coupon…

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W

Wayfair

$74.55

-21.14 (-22.09%)

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Wayfair analyst commentary  »

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  • 22

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EAT

Brinker

13:05
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Brinker call volume above normal and directionally bullish »

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VIAB

Viacom

$33.03

-0.95 (-2.80%)

, VIA

Viacom

$38.35

-1.15 (-2.91%)

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SEGA, Paramount announce agreement to co-produce Sonic the Hedgehog feature film »

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VIAB

Viacom

$33.03

-0.95 (-2.80%)

VIA

Viacom

$38.35

-1.15 (-2.91%)

03/08/13
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GOOGL

Alphabet Class A

$1,113.75

10.16 (0.92%)

12:55
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Technical Take: Alphabet Class A moves lower in intraday rounding pattern »

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DPS

Dr Pepper Snapple

$115.28

-0.1 (-0.09%)

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GM

General Motors

$41.04

0.4833 (1.19%)

, TM

Toyota

$135.93

1.13 (0.84%)

12:50
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Periodicals
GM's Chevy Bolt named in top vehicles list by Consumer Reports, CBS says »

GM's (GM)…

GM

General Motors

$41.04

0.4833 (1.19%)

TM

Toyota

$135.93

1.13 (0.84%)

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12:50
02/22/18
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General news
Treasury 7-year auction preview: the sale should see about average results »

Treasury 7-year auction…

RF

Regions Financial

$19.75

0.13 (0.66%)

12:45
02/22/18
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12:45
Options
Regions Financial call volume above normal and directionally bullish »

Bullish option flow…

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12:45
02/22/18
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12:45
General news
Atlanta Fed's Bostic said the Fed is carefully calibrating a return to normalcy »

Atlanta Fed's Bostic…

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