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PYPL

PayPal

$67.26

0.59 (0.88%)

, VNTV

Vantiv

$68.99

0.03 (0.04%)

12:15
10/19/17
10/19
12:15
10/19/17
12:15

On The Fly: What to watch in PayPal earnings report

PayPal (PYPL) is scheduled to report results of its third fiscal quarter after market close on October 19, with a conference call scheduled for 5:00 pm EDT. What to watch for: 1. OUTLOOK: During the company's last earnings call, PayPal said it sees 2017 earnings per share between $1.80-$1.84, and 2017 revenue between $12.775B-$12.875B. The company also said it foresees third quarter earnings per share of 42c-44c, and revenue of $3.14B-$3.19B. 2. VENMO POTENTIAL: Last month, KeyBanc analyst Josh Beck raised his price target for PayPal to $70 from $66 saying his proprietary Key First Look debit/credit card database suggests Venmo is more incremental than cannibalistic, generally better than market expectations. On October 3, Deutsche Bank analyst Bryan Keane also raised his price target for PayPal shares to $77, citing the company's Venmo monetization opportunity that could help push PayPal's mid-term guidance of 16%-17% revenue growth and stable to slightly expanding operating margins higher. Venmo offers "exciting" potential avenues to accelerate revenue growth, relieve take rate pressure and drive higher operating margins, the analyst contended. Meanwhile, Stephens analyst Brett Huff also increased his price target on the shares to $73 from $65 after PayPal said Venmo mobile payments were now accepted at greater than 2M merchants. The analyst, who thinks this is a better-than-expected-start for the long-anticipated Venmo monetization, reiterated an Overweight rating on the stock. 3. UPSIDE AHEAD: On August 21, Craig-Hallum analyst Brad Berning argued in a research note that PayPal and Vantiv (VNTV) are both winning market share within the global secular growth of payments converting to digital from cash and check, and could be $100 stocks by 2020. A few days later, Barron's said that despite the rise in PayPal's shares, the stock still had upside as innovations could lift it another 16%. Earlier this month, Morgan Stanley analyst James Faucette was also bullish on PayPal, upgrading the stock to Overweight as he believes the company is among the few large entities that can deliver high-teens revenue and 20% EPS growth. Meanwhile, Nomura Instinet analyst Bill Carcache raised his price target for PayPal to $75 saying PayPal deserves to trade at 30-times earnings, or three-turn premium to other payment networks. The company is "uniquely positioned" to gain market share as payment network volumes continue their shift from physical to digital channels, Carcache contended. 4. POTENTIAL M&A: On September 27, Bernstein analyst Lisa Ellis told investors that she believes PayPal will likely make a strategic acquisition in the coming months. While there are a number of potential candidates, the analyst sees the acquisition of a European payments asset as the most likely. On the flip side, Ellis argued that it is unlikely PayPal would be acquired as few players can afford over $75B, and PayPal is likely more valuable independent than owned by those that could. 5. PARTNERSHIPS: On August 2, Microsoft's (MSFT) Skype said in a blog post that it has "developed Send Money, a Skype feature that allows you to transfer funds via the latest Skype mobile app while you're in the middle of a conversation using PayPal." A day later, Mastercard (MA) and PayPal also announced an extension of their partnership into Asia and earlier this month, an expansion of their partnership into Canada, Europe, Latin America and the Caribbean and the Middle East and Africa.

PYPL

PayPal

$67.26

0.59 (0.88%)

VNTV

Vantiv

$68.99

0.03 (0.04%)

MSFT

Microsoft

$77.61

0.02 (0.03%)

MA

MasterCard

$145.45

-0.74 (-0.51%)

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PYPL PayPal
$67.26

0.59 (0.88%)

10/17/17
SPHN
10/17/17
NO CHANGE
Target $73
SPHN
Overweight
PayPal price target raised to $73 from $65 at Stephens
Stephens analyst Brett Huff noted that PayPal announced this morning that Venmo mobile payments are now accepted at greater than 2M merchants, adding that he expects pricing is similar to PayPal wallet. The analyst, who thinks this is a better-than-expected-start for the long-anticipated Venmo monetization, raised his price target on PayPal shares to $73 from $65 and keeps an Overweight rating on the stock.
10/18/17
SBSH
10/18/17
NO CHANGE
Target $77
SBSH
Buy
PayPal price target raised to $77 from $67 at Citi
Citi analyst Ashwin Shirvaikar raised his price target for PayPal (PYPL) shares to $77 saying the company is a pure-play on the growth of digital commerce. PayPal is the way to participate in non-Amazon (AMZN) e-commerce growth, and its execution has ensured share gains in a growing market, Shirvaikar tells investors in a research note titled "Buy PYPL - Power to the PYPL - It's About Network & Brand." The analyst keeps a Buy rating on the shares.
10/18/17
KEYB
10/18/17
NO CHANGE
Target $75
KEYB
Overweight
PayPal price target raised to $75 from $70 at KeyBanc
KeyBanc analyst Josh Beck raised his price target for PayPal to $75 from $70 ahead of quarterly results saying consumer choice "expands the pie" and noting that there could be an underappreciated international tailwind. The analyst reiterates an Overweight rating on the shares.
10/17/17
CHLM
10/17/17
NO CHANGE
Target $83
CHLM
Buy
PayPal price target raised to $83 from $67 at Craig-Hallum
Craig-Hallum analyst Brad Berning raised his price target for PayPal to $83 from $67 ahead of Q3 results. The analyst believes investors have begun to price in "Pay With Venmo," PayPal's monetization strategy for Venmo, after management's commentary at the recent Deutsche Bank conference that Venmo is the "Crown Jewel" of PayPal. However, he caution investors "not to get to far ahead of themselves" on Venmo's contribution as PayPal is still testing it and there are still several unknowns on funding costs/merchant acceptance which could meaningfully swing its contribution to net revenue and earnings. He reiterates a Buy rating on the shares.
VNTV Vantiv
$68.99

0.03 (0.04%)

09/25/17
SBSH
09/25/17
NO CHANGE
Target $83
SBSH
Buy
Vantiv price target raised to $83 from $74 at Citi
Citi analyst Ashwin Shirvaikar raised his price target for Vantiv to $83 saying he likes the Worldpay acquisition. Global scale and "robust capabilities in faster-growth segments" should ensure a market-leading spot for the combined entity, Shirvaikar tells investors in a research note. He keeps a Buy rating on Vantiv.
09/29/17
NOMU
09/29/17
NO CHANGE
Target $85
NOMU
Buy
Whole Foods takeover could actually benefit Vantiv, say Nomura Instinet
Conventional wisdom suggests Amazon's (AMZN) acquisition of Vantiv (VNTV) customer Whole Foods, along with steep price cuts, would put pressure on Vantiv's supermarket channel, Nomura Instinet analyst Dan Dolev tells investors in a research note. However, the analyst's study shows that the opposite might be true. He believes the surge in Whole Foods foot traffic could be a "potential boon" for Vantiv's revenue. Dolev's analysis indicates that incremental net revenue per transaction from shoppers migrating from non-Vantiv grocers to Whole Foods would more than offset the drag from cannibalized sales, resulting in an incremental RPT of 1c. The analyst keeps a Buy rating on Vantiv with an $85 price target.
09/29/17
BARD
09/29/17
NO CHANGE
BARD
Outperform
Vantiv likely credit card processor for Whole Foods, says Baird
Baird analyst David Koning believes Vantiv (VNTV) is the payment processor for Whole Foods, but does not view this as a risk. The analyst said the merchants themselves are typically responsible for the breach and notes there were no other issues reported by other merchants Koning said in some instances, the processor may benefit from these situations by selling additional scurrility features to the merchant and reiterated his Outperform rating and $80 price target on Vantiv shares.
10/02/17
BUCK
10/02/17
INITIATION
Target $78
BUCK
Neutral
Vantiv initiated with a Neutral at Buckingham
Buckingham analyst Chris Brendler started Vantive with a Neutral rating and $78 price target, saying he thinks it has the strongest platform among merchant acquirers, but he does not believe the dilutive impact of its deal for Worldpay is yet in the stock.
MSFT Microsoft
$77.61

0.02 (0.03%)

10/11/17
FBCO
10/11/17
NO CHANGE
Target $84
FBCO
Outperform
PC shipments good for Microsoft, but to mean less over time, says Credit Suisse
Credit Suisse analyst Michael Nemeroff notes that quarterly PC shipment data called out strength in Business PC demand driven by Windows 10 upgrades, and are consistent with the proprietary data he previously published that indicated 48% of enterprises plan to upgrade to Windows 10 within the next 12-24 months. The analyst expects continued strong growth in Microsoft's Office 365 Commercial products over the next few years, but over time he estimates that Windows-related revenue will decline as a percent of its business, giving way to a large and stable recurring revenue stream and strong cash flows. He reiterates an Outperform rating and $84 price target on the shares.
10/05/17
ADAM
10/05/17
UPGRADE
Target $86
ADAM
Buy
Microsoft upgraded to Buy from Hold at Canaccord
Canaccord Genuity analyst Richard Davis upgraded Microsoft to Buy and raised his price target for the shares to $86 from $76. The software giant closed yesterday up 43c to $74.69. Investors are underestimating the "virtuous cycles" of Microsoft's four "compelling" growth drivers, namely Office Productivity, Gaming, Marketing, and Azure's Platform as a Service, Davis tells investors in a research note. Growth in these units position Microsoft for a sustained period of accelerating growth, which should preserve the current valuation and "perhaps even drive a bit of multiple expansion," the analyst adds. He sees the stock continuing to drive higher.
10/04/17
JMPS
10/04/17
NO CHANGE
JMPS
Market Perform
NetApp to directly compete with Nutanix with new product, says JMP Securities
JMP Securities analyst Erik Suppiger noted NetApp (NTAP) announced at its Insight user conference a new product for the hyper-converged infrastructure market that will directly compete with Nutanix's (NTNX) flagship HCI product. After attending the company's Investor Summit at the event, he also noted NetApp is deepening its partnership with Microsoft (MSFT) to provide hyper-scale cloud storage. Suppiger maintains a Market Perform rating on NetApp, as he believes the shares are currently fairly valued.
10/05/17
10/05/17
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. Microsoft (MSFT) upgraded to Buy from Hold at Canaccord with analyst Richard Davis saying investors are underestimating the "virtuous cycles" of Microsoft's four "compelling" growth drivers, namely Office Productivity, Gaming, Marketing, and Azure's Platform as a Service. 2. Biogen (BIIB) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Matthew Harrison saying the base business is underappreciated and Ocrevus share loss is slower than expected. 3. Sherwin-Williams (SHW) upgraded to Buy from Underperform at BofA/Merrill with analyst Steve Byrne saying the company announced a 3%-5% price increase on Tuesday and detailed plans to expand PF EBITDA margin to 19%-21% in 2020 from 17% in 2016. 4. BB&T (BBT) upgraded to Overweight from Equal Weight at Stephens with analyst Terry McEvoy noting that it has been the worst performing Super Regional bank in 2017 and he recommends taking advantage of that underperformance as he expects it to produce among the highest returns in the group going forward. 5. Celsion (CLSN) upgraded on improved financial outlook at Maxim with analyst Jason McCarthy saying the changes to the company's agreement with warrant holders, enabling the warrants to be exercised immediately following a rally in the stock, have removed the financial overhang on the company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
MA MasterCard
$145.45

-0.74 (-0.51%)

10/17/17
JEFF
10/17/17
NO CHANGE
Target $125
JEFF
Buy
Jefferies raises estimates, price targets for Visa and MasterCard
Jefferies analyst Ramsey El-Assal says his analysis of leading indicators suggests a "healthy fundamental backdrop" for Visa (V) and MasterCard (MA) into the Q3 earnings reports. He believes his estimates for both "are safe." The analyst continues to view both as core holdings and upped his price target for Visa to $125 from $112 and for MasterCard to $169 from $164. Both stocks remain Buy rated.
10/16/17
BARD
10/16/17
NO CHANGE
Target $170
BARD
Outperform
MasterCard price target raised to $170 from $150 at Baird
Baird analyst David Koning raised his price target on MasterCard to $170 from $150, citing its strong revenue growth and strong secular growth which he thinks will continue for decades to come. Despite its recent run he likes the stock longer term, though he thinks the recent moves in the stock may limit its near-term upside even if Q3 results are strong. Koning reiterated his Outperform rating on MasterCard shares.
10/13/17
10/13/17
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. Visa (V) and MasterCard (MA) were initiated with an Overweight at Stephens. 2. Acuity Brands (AYI) initiated with a Sector Weight at KeyBanc. 3. Williams-Sonoma (WSM) and RH (RH) were initiated with a Hold at Stifel. 4. Signature Bank (SBNY) assumed with a Neutral at Piper Jaffray. 5. NewLink Genetics (NLNK) initiated with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/18/17
KEYB
10/18/17
NO CHANGE
Target $165
KEYB
Overweight
MasterCard price target raised to $165 from $150 at KeyBanc
KeyBanc analyst Josh Beck raised his price target for MasterCard to $165 from $150, citing highly attractive market structure with larger moat and low competitive threats. The analyst reiterates an Overweight rating on the shares.

TODAY'S FREE FLY STORIES

GE

General Electric

$17.88

-0.105 (-0.58%)

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$NSD

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$NYE

NYSE Market Internals

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GSK

GlaxoSmithKline

$34.91

-0.21 (-0.60%)

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Pfizer

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0.2648 (0.75%)

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PFE

Pfizer

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0.2648 (0.75%)

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OCLR

Oclaro

$6.49

-0.09 (-1.37%)

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Options
Oclaro call volume above normal and directionally bullish »

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NUE

Nucor

$56.02

0.46 (0.83%)

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CYTK

Cytokinetics

$11.10

-0.7 (-5.93%)

14:01
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CYTK

Cytokinetics

$11.10

-0.7 (-5.93%)

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SSNLF

Samsung

, WHR

Whirlpool

$166.91

1.71 (1.04%)

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Periodicals
ITC calls for tariff-rate quota on imported Samsung, LG washers, Reuters says »

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Samsung

WHR

Whirlpool

$166.91

1.71 (1.04%)

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RF

Regions Financial

$15.70

-0.16 (-1.01%)

13:55
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Options
Regions Financial put volume heavy and directionally bearish »

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CLMT

Calumet Specialty Products

$8.30

0.1 (1.22%)

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ITUS

ITUS

$3.16

0.25 (8.59%)

13:53
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Conference/Events
ITUS to hold a pharmaceutical update conference call »

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ENBL

Enable Midstream

$15.03

-0.0315 (-0.21%)

13:49
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Downgrade
Enable Midstream rating change  »

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STLY

Stanley Furniture

$0.93

0.0349 (3.92%)

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13:40
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NY Fed's overnight reverse repo totaled $42.9 B (19 counterparties) »

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EYE

National Vision

$30.19

0.21 (0.70%)

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CYTK

Cytokinetics

$11.10

-0.7 (-5.93%)

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LOW

Lowe's

$81.59

0.13 (0.16%)

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WHR

Whirlpool

$165.67

0.47 (0.28%)

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AWI

Armstrong World

$53.70

-0.15 (-0.28%)

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BMO

Bank of Montreal

$77.39

0.06 (0.08%)

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13:20
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Fed Governor Powell's hearings for the position as Fed Chair »

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PG

Procter & Gamble

$88.93

0.66 (0.75%)

13:20
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Options
Buyer lays out 500K for three month upside in Procter and Gamble »

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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