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NHL

Nomad Foods

, ADP

ADP

$112.08

0.55 (0.49%)

17:48
11/14/17
11/14
17:48
11/14/17
17:48

Pershing Square exits Nomad Foods position, reduces Restaurant Brands stake

Bill Ackman's Pershing Square Capital Management disclosed in an SEC filing its holdings as of September 30. Pershing Square exited one position during the quarter, Nomad Foods (NHL). Pershing Square increased its stake in one holding, ADP (ADP). Pershing Square reduced its stake in two holdings, including by size of previous position, Restaurant Brands (QSR) and Mondelez (MDLZ). Pershing Square's top holdings as of September 30, in order of size, were Restaurant Brands, ADP, Chipotle Mexican Grill (CMG), Mondelez, and Howard Hughes Corp (HHC).

NHL

Nomad Foods

ADP

ADP

$112.08

0.55 (0.49%)

QSR

Restaurant Brands

$64.81

-0.41 (-0.63%)

MDLZ

Mondelez

$42.53

0.48 (1.14%)

CMG

Chipotle

$280.90

3.4 (1.23%)

HHC

Howard Hughes

$121.24

-0.11 (-0.09%)

  • 17

    Nov

NHL Nomad Foods

ADP ADP
$112.08

0.55 (0.49%)

11/14/17
MSCO
11/14/17
UPGRADE
Target $114
MSCO
Equal Weight
ADP resumed at Equal Weight, up from Underweight, at Morgan Stanley
Morgan Stanley analyst Danyal Hussain resumed coverage of ADP with an Equal Weight rating and $114 price target, up from the Underweight rating and $100 price target the firm had before it went to restricted on the stock. Following its recent proxy victory, Hussain expects ADP to execute with a greater sense of urgency, but there is still "more work to do" and the proxy fight has put a spotlight on some concerns on which investors will remain focused, including margins and potential share losses, he tells investors.
08/17/17
EVER
08/17/17
NO CHANGE
Target $115
EVER
In Line
ADP will have difficulty reaching Pershing's margin goal, says Evercore ISI
Evercore ISI analyst David Togut believes Pershing Square today made a "strong case" for EBIT margin expansion at ADP. The analyst, however, believes 1,200 basis points of EBIT margin expansion by fiscal year 2022 will be "very difficult to achieve." Togut keeps an In Line rating on ADP with a $115 price target.
08/17/17
SBSH
08/17/17
NO CHANGE
Target $110
SBSH
Neutral
ADP placed on positive Catalyst Watch list at Citi
Citi analyst Ashwin Shirvaikar placed on ADP on its 90-day positive Catalyst Watch list while raising his price target for the shares to $110 from $98. The analyst keeps a Neutral rating on the name. Regardless of the outcome with Pershing Square, ADP will "tighten up its planning, delivery and operations in order to show it offers a better/safer alternative," Shirvaikar tells investors in a research note. He believes this should lead to a higher "base case" outcome for ADP, or $110 per share.
11/14/17
11/14/17
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. Coca-Cola (KO) upgraded to Outperform from Market Perform at Wells Fargo with analyst Bonnie Herzog saying the shares should be a core holding in 2018 and beyond. 2. Deutsche Bank (DB) upgraded to Buy from Hold at HSBC with analyst Alevizos Alevizakos saying the current valuation seemingly ignores the upside inherent in the bank's improved capital position. 3. Famous Dave's (DAVE) upgraded to Buy from Hold at Craig-Hallum with analyst Alex Fuhrman citing the third quarter results beat, refranchising efforts progressing well and further G&A reductions targeted. 4. ADP (ADP) resumed at Equal Weight, up from Underweight, at Morgan Stanley with analyst Danyal Hussain saying he expects ADP to execute with a greater sense of urgency, but there is still "more work to do" and the proxy fight has put a spotlight on some concerns on which investors will remain focused, including margins and potential share losses, he tells investors. 5. Phoenix New Media (FENG) upgraded to Outperform from Neutral at Macquarie. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
QSR Restaurant Brands
$64.81

-0.41 (-0.63%)

10/16/17
OTRG
10/16/17
UPGRADE
OTRG
Positive
Restaurant Brands upgraded to Positive from Mixed at OTR Global
10/23/17
RBCM
10/23/17
NO CHANGE
Target $77
RBCM
Outperform
Restaurant Brands price target raised to $77 from $69 at RBC Capital
RBC Capital analyst David Palmer raised his price target on Restaurant Brands to $77 to reflect accelerating SSS trends at BK US and Tim Hortons Canada. Palmer says the company also deserves its valuation because of its unit expansion that should support long-term revenue growth of about 7% and a total return of at least 15%. The analyst maintains his Outperform rating on Restaurant Brands.
10/19/17
OPCO
10/19/17
NO CHANGE
Target $75
OPCO
Outperform
Restaurant Brands price target raised to $75 from $70 at Oppenheimer
Oppenheimer analyst Brian Bittner raised his price target for Restaurant Brands to $75 from $70 arguing that the Street's 2018 EPS estimate remains mismodeled, his analysis reveals over $4B of dry powder available by late-2018 for more catalytic acquisitions, Popeyes is a new underappreciated growth vehicle that could boost the company's unit growth to a best-in-class 7%-8% range, and valuation remains discounted on free cash flow. The analyst reiterates an Outperform rating on the shares.
10/16/17
UBSW
10/16/17
NO CHANGE
Target $74
UBSW
Buy
Restaurant Brands price target raised to $74 from $68 at UBS
UBS analyst Dennis Geiger raised his price target on Restaurant Brands to $74 from $68 as his channel checks highlight strong results at Burger King, improving momentum at Tim Horton's, and plans in place to improve trends at Popeyes. Geiger reiterated his Buy rating on Restaurant Brands shares.
MDLZ Mondelez
$42.53

0.48 (1.14%)

10/31/17
UBSW
10/31/17
NO CHANGE
Target $49
UBSW
Buy
Mondelez sales guidance better than feared, says UBS
UBS analyst Steven Strycula noted Mondelez reported better than expected Q3 results and said its full year 2017 sales guidance was better than feared. The analyst expects the shares to rebound following the report and said improving fundamentals should help reverse the company's valuation discount. Strycula said Mondelez remains his top large cap pick and reiterated his Buy rating and $49 price target on the shares.
08/03/17
WELS
08/03/17
NO CHANGE
WELS
Mondelez new CEO 'unconventional' but can 'inject fresh ideas,' says Wells Fargo
After Mondolez announced that its CEO would resign and named Dirk Van de Put as her successor, Wells Fargo calls the choice "unconventional." However, the firm thinks that, as an outsider, he will be able to "inject fresh ideas." Wells keeps an Outperform rating on the shares.
09/28/17
GSCO
09/28/17
UPGRADE
Target $135
GSCO
Conviction Buy
Philip Morris upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman Sachs analyst Judy Hong upgraded Philip Morris (PM) to Conviction Buy and reiterates the stock as her top pick in within tobacco. The company offers a "rare innovation product cycle story within Staples" along with the strongest global positioning in next generation products, Hong tells investors in a research note where she also upgraded Brown-Forman (BF.B) to Neutral. The analyst views Philip Morris' IQOS as a "game-changer for Global Tobacco." She raised her price target for the shares to $135 from $133. Hong also highlights Mondelez (MDLZ), Estee Lauder (EL) and Kimberly-Clark (KMB) as top multinational picks.
10/13/17
UBSW
10/13/17
NO CHANGE
Target $49
UBSW
Buy
Mondelez appears braced for a rebase, says UBS
UBS analyst Steven Strycula believes the market's sector rotation out of U.S. foods has diminished Mondelez's M&A candidacy but sees the shares re-basing in the low $40's. He believes the bear case for earnings has already been priced into the shares and sees Mondelez as one of the few U.S. food stocks with credible top-line growth potential. Strycula reiterated his Buy rating and lowered his price target to $49 from $51 on Mondelez shares.
CMG Chipotle
$280.90

3.4 (1.23%)

10/25/17
GUGG
10/25/17
NO CHANGE
Target $250
GUGG
Sell
Chipotle price target cut to $250 from $283 at Guggenheim
10/25/17
MSCO
10/25/17
NO CHANGE
Target $310
MSCO
Equal Weight
Chipotle price target lowered to $310 from $350 at Morgan Stanley
Following Chipotle's Q3 earnings report, Morgan Stanley analyst John Glass called the company's adjusted EPS "reasonably consistent" with his and buyside estimates and its SSS growth "better than feared." However, he also noted that unit growth will likely decelerate to 6% in 2018 from about 12% in 2016, adding that while the slower growth may be beneficial to operations it also has negative valuation implications. He lowered his price target on Chipotle shares to $310 from $350 and keeps an Equal Weight rating on the name.
10/25/17
TLSY
10/25/17
DOWNGRADE
Target $330
TLSY
Market Perform
Chipotle downgraded to Market Perform at Telsey Advisory
As previously reported, Telsey Advisory downgraded Chipotle to Market Perform from Outperform and cut its price target to $330 from $370. Analyst Bob Derrington said he finds it increasingly difficult to recommend shares given the substantial volatility in its operating results and lack of visibility surrounding its earnings outlook.
10/25/17
10/25/17
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. General Motors (GM) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Adam Jonas citing the stock's 40% rise over the past year, which he attributes to investors having "finally noticed" the company's "bold and difficult moves" to reposition the core business. 2. Discover (DFS) downgraded to Neutral from Buy at Compass Point with analyst William Ryan citing valuation and lack of catalysts to push shares higher. 3. Hanesbrands (HBI) downgraded to Market Perform from Outperform at Wells Fargo with analyst Ike Boruchow saying the shares have "both longer and shorter-term headwinds to fight through." 4. Chipotle (CMG) downgraded to Market Perform from Outperform at Telsey Advisory with analyst Bob Derrington saying he finds it increasingly difficult to recommend shares given the substantial volatility in its operating results and lack of visibility surrounding its earnings outlook. 5. Acadia (ACHC) was downgraded to Hold from Buy at Deutsche Bank and to Neutral from Outperform at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
HHC Howard Hughes
$121.24

-0.11 (-0.09%)

03/30/17
SDLR
03/30/17
INITIATION
Target $123
SDLR
Hold
Howard Hughes initiated with a Hold at Sandler O'Neill
Sandler O'Neill analyst Alexander Goldfarb initiated Howard Hughes with a Hold and a $123 price target citing valuation and the late stage of the economic cycle.
06/08/17
BWSF
06/08/17
INITIATION
Target $150
BWSF
Buy
Howard Hughes initiated with a Buy at BWS Financial
BWS Financial analyst Vahid Khorsand started Howard Hughes with a Buy rating and $150 price target. With the Houston economy starting to show signs of stability, and Seaport commercially ready, now is the buy to buy the stock, the analyst tells investors in a research note.
06/08/17
BWSF
06/08/17
INITIATION
Target $150
BWSF
Buy
Howard Hughes initiated with a Buy at BWS Financial
BWS Financial analyst Hamed Khorsand initiated Howard Hughes with a Buy rating and $150 price target, saying he believes now is the time get involved with Houston starting to show signs of stability and its Seaport project becoming commercially ready.

TODAY'S FREE FLY STORIES

HPQ

HP Inc.

$22.45

0.33 (1.49%)

16:10
11/21/17
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16:10
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CRM

Salesforce

$108.55

1.18 (1.10%)

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HPE

HP Enterprise

$14.15

0.055 (0.39%)

16:09
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GME

GameStop

$16.64

0.2 (1.22%)

16:09
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CRM

Salesforce

$108.45

1.0775 (1.00%)

16:09
11/21/17
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Earnings
Salesforce sees FY19 revenue $12.45B-$12.5B »

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QADB

QAD Inc

$31.74

1.74 (5.80%)

16:08
11/21/17
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Earnings
QAD sees FY18 revenue $300M-$302M, consensus $294.59M »

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HPQ

HP Inc.

$22.46

0.335 (1.51%)

16:08
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CRM

Salesforce

$108.60

1.24 (1.16%)

16:08
11/21/17
11/21
16:08
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16:08
Earnings
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HPE

HP Enterprise

$14.16

0.065 (0.46%)

16:08
11/21/17
11/21
16:08
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16:08
Hot Stocks
HP Enterprise announces Antonio Neri to replace Meg Whitman as CEO »

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QADB

QAD Inc

$31.74

1.74 (5.80%)

16:07
11/21/17
11/21
16:07
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16:07
Earnings
QAD reports Q3 GAAP EPS (1c), consensus 7c »

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HPQ

HP Inc.

$22.45

0.33 (1.49%)

16:07
11/21/17
11/21
16:07
11/21/17
16:07
Earnings
HP Inc. raises FY18 EPS view to $1.75-$1.85, consensus $1.79 »

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  • 21

    Nov

HPE

HP Enterprise

$14.16

0.065 (0.46%)

16:06
11/21/17
11/21
16:06
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16:06
Earnings
Breaking Earnings news story on HP Enterprise »

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GME

GameStop

$16.52

0.075 (0.46%)

16:06
11/21/17
11/21
16:06
11/21/17
16:06
Earnings
GameStop reports Q3 EPS 54c, consensus 43c »

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  • 21

    Nov

CRM

Salesforce

$108.69

1.315 (1.22%)

16:06
11/21/17
11/21
16:06
11/21/17
16:06
Earnings
Salesforce sees Q4 adjusted EPS 32c-33c, consensus 34c »

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HPQ

HP Inc.

$22.45

0.33 (1.49%)

16:06
11/21/17
11/21
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Earnings
Breaking Earnings news story on HP Inc. »

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  • 21

    Nov

ILMN

Illumina

$212.05

1.38 (0.66%)

16:06
11/21/17
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16:06
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Illumina wins infringement suit against Premaith Health, Ariosa Diagnostics »

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  • 30

    Nov

HPE

HP Enterprise

$14.16

0.065 (0.46%)

16:06
11/21/17
11/21
16:06
11/21/17
16:06
Earnings
HP Enterprise reports Q4 EPS 31c, consensus 28c »

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HPQ

HP Inc.

$22.46

0.335 (1.51%)

16:05
11/21/17
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Earnings
HP Inc. reports Q4 EPS 44c, consensus 44c »

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CRM

Salesforce

$108.76

1.39 (1.29%)

16:05
11/21/17
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Earnings
Salesforce reports Q3 adjusted EPS 39c, consensus 37c »

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HIFS

Hingham Institution

$201.40

3.33 (1.68%)

16:04
11/21/17
11/21
16:04
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16:04
Hot Stocks
Hingham Institution declares special dividend of 34c per share »

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GLPG

Galapagos NV

$92.98

-0.41 (-0.44%)

16:03
11/21/17
11/21
16:03
11/21/17
16:03
Hot Stocks
Galapagos NV initiates phase 1 CF study of GLPG3221 »

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AMZN

Amazon.com

$1,126.31

-3.57 (-0.32%)

15:57
11/21/17
11/21
15:57
11/21/17
15:57
Hot Stocks
Amazon cuts prices for AWS IoT customers by 20%-40% »

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  • 18

    Mar

T

AT&T

$34.42

-0.22 (-0.64%)

, TWX

Time Warner

$89.35

1.64 (1.87%)

15:43
11/21/17
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15:43
Hot Stocks
Trump says AT&T, Time Warner deal not good for the country »

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AT&T

$34.42

-0.22 (-0.64%)

TWX

Time Warner

$89.35

1.64 (1.87%)

03/08/13
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  • 29

    Nov

GES

Guess

$18.11

0.33 (1.86%)

15:40
11/21/17
11/21
15:40
11/21/17
15:40
Options
Active trading in Guess ahead of earnings »

Active trading in Guess…

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  • 21

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BZUN

Baozun

$36.16

0.66 (1.86%)

15:34
11/21/17
11/21
15:34
11/21/17
15:34
Options
Baozun options imply 15.0% move in share price post-earnings, above median historical move »

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