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TGT

Target

$59.67

-0.11 (-0.18%)

, AMZN

Amazon.com

$1,129.17

3.82 (0.34%)

11:25
11/14/17
11/14
11:25
11/14/17
11:25

On The Fly: What to watch in Target's earnings report

Target (TGT) is scheduled to report results of its third fiscal quarter before the market open on Wednesday, November 15, with a conference call scheduled for 8:00 am EDT. What to watch for: 1. COMPETITION WITH ONLINE RETAILERS: Retailers like Target have been hurt by an in online shopping on sites like Amazon (AMZN) rather than at brick-and-mortar stores. Analysts and investors will be listening for Target executives to comment on Amazon's acquisition of Whole Foods. Earlier this month, Reuters said Target and other retailers are using legal rights in real estate agreements to limit the initiatives of Amazon's Whole Foods Market in malls, adding that the retailers have legal rights that enable them to limit Amazon's Whole Foods activity near their location and bans on Amazon lockers and delivery operations near Target stores in Illinois and Florida have already been established. Morgan Stanley analyst Kimberly Greenberger told investors that her firm's latest apparel survey lends support to her belief that Amazon is quickly gaining traction at the expense of department stores and certain specialty retailers. Target Chairman and CEO Brian Cornell said that the retail environment is "crowded" and the environment will continue to be challenging. 2. GUIDANCE: Following better than expected second quarter results, Target forecast third quarter adjusted EPS of 75c-95c and said both Q3 and Q4 comp growth will be within the range the company experienced in Q1 and Q2. The company expects FY17 comp sales growth to be around flat, plus or minus 1%. Target again raised its FY17 adjusted EPS view to $4.34-$4.54 from $3.80-$4.20. 3. HOLIDAY SEASON UPDATE: Target recently announced plans for the holiday season, including free shipping and gifts under $15. The company is also allowing customers to receive their orders in several ways, including visiting one of its 1,800 stores, ordering online for delivery from Target.com, using Order Pickup or using Target Restock. Last month Target said it planned to hire about 100,000 team members across the country for the upcoming holiday season, up from the 70,000 employees it hired last year, and said it would hire 4,500 team members at the company's distribution and fulfillment centers to replenish products to stores and fulfill digital sales throughout the season. Earlier this month, Target announced its nationwide expansion on Google Express (GOOG, GOOGL), including voice- activated shopping, as well as the addition of Target REDcard as a payment option in 2018. 4. STORE REMODELS, CLOSURES: Target is expanding its plans to remodel supercenters and open smaller stores in cities. Target will remodel over 55% of its current stores by year end 2020. CEO Brian Cornell said sales have increased 2%-4% at recently remodeled stores. In addition to the 110 stores remodeled in 2017, Target plans to fully renovate more than 325 in 2018, 350 in 2019 and 325 in 2020. CNBC said Target is planning to close about a dozen underperforming stores in Michigan, Florida, Illinois, and Texas, with those locations closing in February of 2018. "We have a rigorous process in place to evaluate the performance of every store on an annual basis, closing or relocating underperforming locations as needed," a spokesperson said, adding that "Typically, a store is closed as a result of seeing several years of decreasing profitability."

TGT

Target

$59.67

-0.11 (-0.18%)

AMZN

Amazon.com

$1,129.17

3.82 (0.34%)

GOOG

Alphabet

$1,025.75

-2.32 (-0.23%)

GOOGL

Alphabet Class A

$1,041.20

-2.95 (-0.28%)

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TGT Target
$59.67

-0.11 (-0.18%)

11/08/17
11/08/17
DOWNGRADE
Target $15

Underweight
Sally Beauty cut to sell at Morgan Stanley as competition 'catches up'
As previously reported, Morgan Stanley analyst Simeon Gutman downgraded Sally Beauty to Underweight, the firm's equivalent to a sell rating, from Equal Weight. Its retail segment is facing tougher competition while its professional segment is decelerating, he stated. While the stock is down 15% since the company's Q3 report, that does not fully reflect the headwinds Sally Beauty faces amid competitive pressures from Wal-Mart (WMT) Target (TGT), Ulta (ULTA) and drugstores catch up, Gutman tells investors. He lowered his price target on Sally Beauty shares to $15 from $22.
11/03/17
WELS
11/03/17
INITIATION
Target $62
WELS
Market Perform
Target initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Edward Kelly started Target with a Market Perform rating and $62 price target. Target s one of the most exposed retailers to the digital threat, the analyst contends. He sees no catalyst for share outperformance at the moment.
10/09/17
MSCO
10/09/17
NO CHANGE
Target $84
MSCO
Equal Weight
Wal-Mart shares likely to rise if FY19 goal reiterated, says Morgan Stanley
Morgan Stanley analyst Simeon Gutman noted that Wal-Mart (WMT) shares have underperformed ahead of the company's investor day, which is the first time this has been the case in 4 years. He attributes the underperformance to fears about the achievability of Wal-Mart's 5% EPS growth target in FY19 and Target's (TGT) recent wage announcement. Gutman, who sees only a 25% chance Wal-Mart backs away from this goal, thinks that if the 5% target is maintained, shares will "likely grind higher, perhaps by1%-2%." He keeps an Equal Weight rating and $84 price target on Wal-Mart shares.
10/05/17
BERN
10/05/17
NO CHANGE
Target $68
BERN
Outperform
Bernstein surprised at the minimum wage commitment from Target
Bernstein analyst Brandon Fletcher was surprised at the minimum wage commitment from Target as he could not exactly tell what drove the need for clarity on future wage levels. The analyst notes that while the $15 minimum commitment by the end of 2020 is quite large, the guidance adjustment and managerial tone was quite mild. Now that Target has committed to wage increases to the store teams, the company has no choice but to commit to productivity going forward, he contends. Fletcher reiterates an Outperform rating and $68 price target on the shares.
AMZN Amazon.com
$1,129.17

3.82 (0.34%)

11/13/17
MSCO
11/13/17
NO CHANGE
Target $1250
MSCO
Overweight
Morgan Stanley lays out 'bull case' for Amazon being valued at $1T
Morgan Stanley analyst Brian Nowak said Amazon's segment disclosure on its emerging high-margin revenue streams - advertising, Prime subscriptions and Amazon Web Services - helps better frame the stock's valuation. On moving to a sum-of-the-part model for his "bull case" valuation, he sees a case for a $1T valuation, valuing Amazon's core retail business at about $600B, its AWS business "conservatively" at $270B, its Prime subscription revenues at $70B and Amazon's ad business at $55B. Nowak maintains an Overweight rating and $1,250 price target on Amazon shares.
11/14/17
OPCO
11/14/17
NO CHANGE
OPCO
Outperform
Advertising remains large, profitable opportunity for Amazon, says Oppenheimer
Oppenheimer analyst Jason Helfstein hosted a programmatic ad agency expert for a discussion of Amazon Advertising Platform. The analyst says the expert noted that Amazon's server-side header bidding wrapper solution was gaining traction with publishers, and that Amazon is planning to leverage its position in the header as strategic, because it guarantees a source of inventory for its demand side platform. Helfstein believes advertising remains a very large and profitable opportunity for Amazon. He reiterates an Outperform rating on the shares.
11/14/17
WBLR
11/14/17
NO CHANGE
WBLR
Amazon facility approval coming soon, positive for Kornit, says William Blair
William Blair analyst Brian Drab says he's learned that the air-quality permit required to continue development at Amazon's (AMZN) facility in Norristown, Pennsylvania could be issued any day. The Pennsylvania Department of Environmental Protection plans to approve the facility as soon as this week, Drab tells investors in an intraday research note, citing contacts in Pennsylvania. He views the development as "clearly positive" for Kornit Digital (KRNT). The approval should assuage some concerns around the company's future sales to Amazon, a customer that has accounted for 20%-30% of revenue in recent periods, Drab writes. He does not expect Kornit to see additional revenue associated with the facility until 2018, however, following the holiday season. Kornit, which designs digital printing systems, is up 3% to $15.50 in morning trading.
11/10/17
NEED
11/10/17
UPGRADE
Target $79
NEED
Buy
Needham upgrades CVS to Buy despite potential Amazon threat
Needham analyst Kevin Caliendo upgraded CVS Health (CVS) to Buy from Hold with a $79 price target. The healthcare company closed yesterday up 3c to $69.02. The stock's risk/reward is favorable, especially if CVS is able to consummate the reported merger with Aetna (AET), Caliendo tells investors in a research note. The analyst puts a better than 50/50 chance of Amazon (AMZN) entering the pharmacy market, and sees CVS shares trading down to 9-10 times earnings in a worst case scenario. His best-case scenario has Amazon putting off a decision on pharmacy and CVS buying Aetna. Caliendo thinks CVS' multiple could expand to 14 times or more under his best case.
GOOG Alphabet
$1,025.75

-2.32 (-0.23%)

11/08/17
UBSW
11/08/17
DOWNGRADE
Target $7
UBSW
Sell
Snap downgraded to Sell from Neutral at UBS
UBS analyst Eric Sheridan downgraded Snap (SNAP) to Sell and cut his price target for the shares to $7 from $12 following last night's Q3 results. The camera company is down 19%, or $2.88, to $12.24 in premarket trading. In a post-earnings research note titled "SNAP Crackle Flop," Sheridan says he finds it very likely that Snap will continue to struggle on "multiple fronts" in the coming 12 months. A redesigned app could bring opportunity but also platform disruption, Sheridan writes. He believes trying to scale its ad business amid "tepid" user growth while competing against Alphabet (GOOG), Facebook (FB) and Amazon.com (AMZN) is likely going to prove difficult for Snap.
10/31/17
ROTH
10/31/17
NO CHANGE
Target $41
ROTH
Neutral
Yelp price target raised to $41 from $35 at Roth Capital
Roth Capital analyst Darren Aftahi raised his price target for Yelp (YELP) to $41 from $35 ahead of quarterly results. Nonethless, the analyst says that while Yelp has divested of Eat24, he sees its go-forward business as remaining challenged by the likes of Facebook (FB), Google (GOOG; GOOGL), and now to a lesser extent, Snap (SNAP). He reiterates a Neutral rating on Yelp's shares.
10/27/17
BARD
10/27/17
NO CHANGE
Target $1150
BARD
Outperform
Alphabet results show ability to adapt to changing trends, says Baird
Baird analyst Colin Sebastian said Alphabet reported impressive Q3 results which showed the company's ability to adapt quickly to changing internet, advertising, and commerce trends while leveraging its advanced AI/machine learning. Sebastian reiterated his Outperform rating and raised his price target to $1,150 from $1,100 on Alphabet shares.
10/27/17
UBSW
10/27/17
NO CHANGE
Target $1165
UBSW
Buy
Alphabet report shows strong advertising momentum, says UBS
UBS analyst Eric Sheridan said Alphabet's Q3 results presented a story of stable and strong ad revenue momentum, an upside surprise on margins, and raised forward earnings estimates. The analyst said the company is deploying free cash flow into a series of long-term opportunities, which are admittedly in the early days of P&L contribution. Sheridan reiterated his Buy rating and raised his price target to $1,165 from $1,080 on Alphabet shares.
GOOGL Alphabet Class A
$1,041.20

-2.95 (-0.28%)

10/27/17
RBCM
10/27/17
NO CHANGE
RBCM
Alphabet Class A price target raised to $1,125 from $1,050 at RBC Capital
RBC Capital analyst Mark Mahaney raised his price target on Alphabet Class A to $1,125 from $1,050 and maintained an Outperform rating, citing an impressive Q3 where all fundamental trends were positive, including year-over-year revenue growth and operating margin expansion.
10/27/17
GSCO
10/27/17
NO CHANGE
Target $1175
GSCO
Conviction Buy
Alphabet price target raised to $1,175 from $1,125 at Goldman Sachs

TODAY'S FREE FLY STORIES

BOLD

Audentes Therapeutics

$33.74

0.7 (2.12%)

20:43
08/20/18
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20:43
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20:43
Initiation
Audentes Therapeutics initiated  »

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VNOM

Viper Energy

$38.06

-0.29 (-0.76%)

20:42
08/20/18
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20:42
Upgrade
Viper Energy rating change  »

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SCPH

scPharmaceuticals

$4.94

-0.43 (-8.01%)

20:25
08/20/18
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20:25
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20:25
Recommendations
scPharmaceuticals analyst commentary  »

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  • 24

    Sep

MDT

Medtronic

$90.06

-0.54 (-0.60%)

, TJX

TJX

$101.68

1.33 (1.33%)

20:25
08/20/18
08/20
20:25
08/20/18
20:25
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

MDT

Medtronic

$90.06

-0.54 (-0.60%)

TJX

TJX

$101.68

1.33 (1.33%)

SJM

J.M. Smucker

$115.92

1.35 (1.18%)

KSS

Kohl's

$78.86

2.43 (3.18%)

COTY

Coty

$12.41

0.19 (1.55%)

TOL

Toll Brothers

$34.72

0.33 (0.96%)

PINC

Premier

$38.35

-0.03 (-0.08%)

03/08/13
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BHP

BHP Billiton

$48.30

0.38 (0.79%)

19:33
08/20/18
08/20
19:33
08/20/18
19:33
Hot Stocks
Breaking Hot Stocks news story on BHP Billiton »

BHP CEO says looking to…

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TGE

Tallgrass Energy

$26.23

0.63 (2.46%)

19:23
08/20/18
08/20
19:23
08/20/18
19:23
Recommendations
Tallgrass Energy analyst commentary at MUFG »

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TLRY

Tilray

$35.91

5.2 (16.93%)

19:18
08/20/18
08/20
19:18
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19:18
Hot Stocks
Tilray Canada reaches pact with OCRC to supply cannabis brands, products »

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  • 28

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LFL

LATAM Airlines

$0.00

(0.00%)

19:10
08/20/18
08/20
19:10
08/20/18
19:10
Earnings
LATAM Airlines reports Q2 operating income $6.5M vs. $48.2M last year »

Reports Q2 revenue $2.36B…

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MNOV

MediciNova

$8.99

-0.11 (-1.21%)

19:08
08/20/18
08/20
19:08
08/20/18
19:08
Hot Stocks
MediciNova says NIH awards research griant to UCLA for MN-166 trial »

MediciNova announced that…

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HTZ

Hertz

$21.05

0.155 (0.74%)

, FN

Fabrinet

$44.00

0.365 (0.84%)

18:45
08/20/18
08/20
18:45
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18:45
Hot Stocks
On The Fly: After Hours Movers »

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HTZ

Hertz

$21.05

0.155 (0.74%)

FN

Fabrinet

$44.00

0.365 (0.84%)

WDAY

Workday

$143.17

0.52 (0.36%)

SITO

Sito Mobile

$1.99

0.05 (2.58%)

NDSN

Nordson

$134.67

-0.12 (-0.09%)

APPN

Appian

$36.23

(0.00%)

CREE

Cree

$46.42

0.99 (2.18%)

MELI

MercadoLibre

$319.70

-4.3 (-1.33%)

03/08/13
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IBKR

Interactive Brokers

$61.99

0.76 (1.24%)

18:43
08/20/18
08/20
18:43
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18:43
Hot Stocks
FINRA fines Interactive Brokers $5.5M for regulation SHO violations »

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MSFT

Microsoft

$106.87

-0.71 (-0.66%)

18:29
08/20/18
08/20
18:29
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18:29
Hot Stocks
LinkedIn to let economics researchers mine its data »

Microsoft's LinkedIn…

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GSB

GlobalSCAPE

$3.46

(0.00%)

18:27
08/20/18
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18:27
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18:27
Hot Stocks
GlobalSCAPE to launch $15M modified Dutch auction tender offer »

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  • 10

    Oct

BHP

BHP Billiton

$48.30

0.38 (0.79%)

18:24
08/20/18
08/20
18:24
08/20/18
18:24
Earnings
BHP reports FY18 underlying profit $9.6B, consensus $9.2B according to Bloomberg »

BHP reports copper…

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LII

Lennox

$225.37

2.76 (1.24%)

18:19
08/20/18
08/20
18:19
08/20/18
18:19
Earnings
Lennox cuts FY18 adjusted EPS view to $8.90-$9.30 from $9.95-$10.35 »

FY18 consensus $10.25.…

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GDI

Gardner Denver

$28.29

0.36 (1.29%)

18:10
08/20/18
08/20
18:10
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18:10
Initiation
Gardner Denver initiated at Morgan Stanley »

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MMM

3M

$204.57

-0.24 (-0.12%)

18:09
08/20/18
08/20
18:09
08/20/18
18:09
Initiation
3M initiated at Morgan Stanley »

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ETN

Eaton

$81.33

0.35 (0.43%)

18:05
08/20/18
08/20
18:05
08/20/18
18:05
Initiation
Eaton initiated at Morgan Stanley »

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FLS

Flowserve

$51.51

0.16 (0.31%)

18:01
08/20/18
08/20
18:01
08/20/18
18:01
Initiation
Flowserve initiated at Morgan Stanley »

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ITW

Illinois Tool Works

$138.37

-1.05 (-0.75%)

17:59
08/20/18
08/20
17:59
08/20/18
17:59
Initiation
Illinois Tool Works initiated at Morgan Stanley »

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CFX

Colfax

$33.28

0.62 (1.90%)

17:56
08/20/18
08/20
17:56
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17:56
Initiation
Colfax initiated at Morgan Stanley »

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ALLE

Allegion

$86.97

0.26 (0.30%)

17:54
08/20/18
08/20
17:54
08/20/18
17:54
Initiation
Allegion initiated at Morgan Stanley »

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CGNX

Cognex

$52.42

0.02 (0.04%)

17:53
08/20/18
08/20
17:53
08/20/18
17:53
Initiation
Cognex initiated at Morgan Stanley »

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UTX

United Technologies

$135.14

0.73 (0.54%)

17:47
08/20/18
08/20
17:47
08/20/18
17:47
Periodicals
United Technologies buys analytics firm Predikto, Dow Jones says »

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JCI

Johnson Controls

$38.73

0.48 (1.25%)

17:47
08/20/18
08/20
17:47
08/20/18
17:47
Initiation
Johnson Controls initiated at Morgan Stanley »

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