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AMZN

Amazon.com

$1,193.60

-2.23 (-0.19%)

, CMG

Chipotle

$294.00

8.14 (2.85%)

12:14
11/29/17
11/29
12:14
11/29/17
12:14

On The Fly: Top stock stories at midday

The major averages are mixed at midday as they have been since the open. The Dow has been able to cling to small gains, while the Nasdaq has struggled and diverged from the other indices with losses of over 1.5%. The "FANG" stocks - Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Google parent Alphabet (GOOG) - which have led the tech-heavy index higher are all under pressure today, possibly pointing to rotation occurring under the apparent calm on the S&P's surface. ECONOMIC EVENTS: In the U.S., the Commerce Department raised its estimate of gross domestic product expansion in the third quarter, increasing its growth estimate to a 3.3% annual rate from a previous estimate of a 3.0% pace in the July-September period. The new estimate represents a pickup from the second quarter's 3.1% rate and the fastest pace of GDP growth since the third quarter of 2014, Reuters noted. An index of pending home sales bounced 3.5% to 109.3 in October, which was better than expected. In cryptocurrency news, bitcoin rocketed past $11,000 a matter of hours after hitting the $10,000 per coin milestone. Near noon, it had pulled back to a bit below $11,000, according to CoinDesk. COMPANY NEWS: Amazon (AMZN) confirmed in a press release that Cyber Monday was the single biggest shopping day worldwide in the company's history, surpassing Prime Day 2017. The e-commerce giant also announced a number of partnerships for its cloud services unit AWS, including with big names such as Disney (DIS) and the National Football League. However, shares of the "FANG" component slid nearly 4% amid the broader weakness in tech stocks... Shares of Chipotle Mexican Grill (CMG) jumped 3% in morning trading after the company announced it had begun to search for a new chief executive officer. Once the search is compete, Chipotle founder Steve Ells said he will focus primarily on innovation. While several Wall Street analysts said this could be a longer-term positive for the embattled burrito chain, they also stressed the timing of the announcement could be a worrying signal about recent sales trends. MAJOR MOVERS: While marquee tech stocks, some of this year's biggest winners, were pulling back, a number of names in the beaten-down retail space have been outperforming this morning. Of note, Macy's (M) is up 8%, Target (TGT) is up almost 8%, and Nordstrom (JWN) is up 7%. Among the noteworthy losers was Autodesk (ADSK), which dropped 16% after its Q3 earnings report was called a disappointment by analysts, several of whom noted that its net subscriber additions slowed sequentially. Also lower amid the broad rout in tech were chipmakers, including Micron (MU) and Western Digital (WDC), and semiconductor equipment suppliers Lam Research (LRCX) and Applied Materials (AMAT). INDEXES: Near midday, the Dow was up 42.00, or 0.18%, to 23,878.71, the Nasdaq was down 107.24, or 1.55%, to 6,805.12, and the S&P 500 was down 4.26, or 0.16%, to 2,622.78.

AMZN

Amazon.com

$1,193.60

-2.23 (-0.19%)

CMG

Chipotle

$294.00

8.14 (2.85%)

M

Macy's

$23.98

1.81 (8.16%)

TGT

Target

$60.67

4.0525 (7.16%)

JWN

Nordstrom

$45.71

3.04 (7.12%)

ADSK

Autodesk

$129.95

-0.29 (-0.22%)

MU

Micron

$47.93

-0.12 (-0.25%)

WDC

Western Digital

$86.89

0.34 (0.39%)

LRCX

Lam Research

$213.14

2.21 (1.05%)

AMAT

Applied Materials

$57.33

0.39 (0.68%)

FB

Facebook

$182.42

-0.61 (-0.33%)

GOOG

Alphabet

$1,047.41

-6.8 (-0.65%)

GOOGL

Alphabet Class A

$1,063.29

-8.72 (-0.81%)

NFLX

Netflix

$199.18

4.13 (2.12%)

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AMZN Amazon.com
$1,193.60

-2.23 (-0.19%)

11/29/17
WEDB
11/29/17
NO CHANGE
Target $32
WEDB
Underperform
Amazon allows deeper TV discounting at Best Buy, says Wedbush
Wedbush analyst Michael Pachter notes that online checks suggest that Best Buy (BBY) undercut Amazon (AMZN) on TV pricing throughout the Thanksgiving Holiday period, with deals continuing at Best Buy after Cyber Monday, while Amazon surprised him by raising prices. Additionally, the analyst believes Best Buy's Q4 comps guidance is more realistic, due to "Amazon's mercy." He reiterates an Underperform rating and $32 price target on Best Buy's shares.
11/29/17
CLVD
11/29/17
NO CHANGE
CLVD
Henry Schein, Patterson mentioned cautiously at Cleveland Research
Cleveland Research made cautious comments regarding Amazon's (AMZN) headway into the dental industry, saying that its checks indicate that manufacturers are being more open to offer their full product lines to the e-commerce giant, which could pressure industry incumbents Henry Schein (HSIC) and Patterson (PDCO).
11/29/17
RBCM
11/29/17
UPGRADE
Target $96
RBCM
Sector Perform
Wal-Mart upgraded to Sector Perform at RBC Capital on investment prospects
As reported earlier, RBC Capital analyst Scot Ciccarelli upgraded Wal-Mart (WMT) to Sector Perform from Underperform and raised his price target to $96 from $92. Ciccarelli says the company's earnings growth will remain suppressed by a multi-year investment cycle, but it will ultimately come out as a "true competitor" to Amazon (AMZN). The analyst says the rating change is specifically driven by recognition of Wal-Mart's progress in upgrading its store environment and labor model as well as the vast improvements made in its e-commerce capabilities which helped generate 13 consecutive quarters of positive comps and 12 quarters of positive traffic.
11/29/17
DADA
11/29/17
NO CHANGE
Target $1500
DADA
Buy
Amazon.com price target raised to $1,500 from $1,300 at DA Davidson
DA Davidson analyst Tom Forte raised his price target on Amazon (AMZN) shares to $1,500 from $1,300 after increasing his long-term sales forecast to a 9.8% CAGR from 8.6% based on his rising confidence in the company's ability to leverage physical stores to maximize its long-term revenue growth. Amazon's increased physical footprint, including its Whole Foods buy, book stores, and Kohl's (KSS) partnership, is "THE story of its 2017 holiday sales and an indication of things to come," Forte tells investors. The analyst, who thinks Amazon could another 1,000 plus physical locations and acquire an apparel retailer, such as lululemon (LULU), keeps a Buy rating on the e-commerce giant's shares.
CMG Chipotle
$294.00

8.14 (2.85%)

11/29/17
RHCO
11/29/17
NO CHANGE
Target $355
RHCO
Buy
Chipotle CEO change to be welcomed by investors, says SunTrust
After Chipotle announced it has started a search to identify a new CEO and that founder Steve Ells will become executive chairman when one is identified, SunTrust analyst Jake Bartlett said he views the news as positive for both the company's turnaround efforts and the stock as he expects investors to welcome a CEO with a proven operational track record. Bartlett has a Buy rating and $355 price target on Chipotle shares.
11/29/17
BARD
11/29/17
NO CHANGE
Target $300
BARD
Neutral
Chipotle CEO search probably signals 'uninspiring' Q4 trends, says Baird
Baird analyst David Tarantino said he views Chipotle's move to find a new CEO to complement the skill set of founder Steve Ells, who will exit the CEO post but stay involved as executive chairman, as a positive step for the longer-term. However, it is also probably a signal that Q4 trends have been "uninspiring," said the analyst, who keeps a Neutral rating and $300 price target on the stock.
11/29/17
WBLR
11/29/17
DOWNGRADE
WBLR
Market Perform
William Blair downgrades Chipotle amid rally on CEO change
William Blair analyst Sharon Zackfia downgraded Chipotle Mexican Grill to Market Perform from Outperform after the company announced that its founder and CEO Steve Ells will step down following the completion of a search to identify a new CEO. While a new leader may accelerate the company's turnaround longer term, today's move likely signals that Chipotle's trends remain under pressure and creates more near-term uncertainty, Zackfia tells investors in a research note. The analyst adds that transition years, in which costs accelerate before sales trends rebound, often follow new CEOs. As such, she's more cautious on Chipotle's earnings recovery trajectory following today's announcement. The market, on the other hand, is applauding the company's decision. Chipotle shares in premarket trading are up 5%, or $15.12, to $300.98.
11/29/17
SPHN
11/29/17
NO CHANGE
Target $300
SPHN
Equal Weight
Chipotle CEO search presents opportunity and risk, says Stephens
Stephens analyst Will Slabaugh responded to news that Chipotle is searching for a new CEO to step in for founder Steve Ells by saying a change will present an opportunity for positive change but also adds an element of risk to the proposed 5% price increase that he thinks is already being factored into most estimates in the consensus view. He keeps an Equal Weight rating and $300 price target on Chipotle shares as more insight on the leadership change and business trends are awaited.
M Macy's
$23.98

1.81 (8.16%)

11/09/17
JEFF
11/09/17
NO CHANGE
Target $20
JEFF
Hold
Jefferies sees some 'green shoots,' trims Macy's target to $20
Jefferies analyst Randal Konik says closely managed inventory lead to gross margin upside in Macy's Q3, which offset comp weakness. The analyst likes Macy's steps to drive traffic with initiatives across marketing, merchandising, and omni capabilities. He remains "guarded," however, around the secular headwinds in the mall-based department store space. In a post-earnings research note titled "Some Green Shoots Here, But We Remain Guarded L-Term," Konik lowered his price target for Macy's shares to $20 from $21 and keeps a Hold rating on the name.
10/17/17
MSCO
10/17/17
NO CHANGE
MSCO
Survey points to Amazon gaining traction in apparel, says Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger said the results of the firm's latest apparel survey lend support to her belief that Amazon (AMZN) is quickly gaining traction in the space at the expense of department stores and select specialty retailers. Nordstrom (JWN) and Macy's (M) showed above average risk with 84% and 81% Amazon shopper overlap, noted Greenberger. She also noted that Urban Outfitters' (URBN) Anthropologie, Abercrombie & Fitch (ANF) and Gap's (GPS) Banana Republic were among the brands that registered declines in respondents' net purchase intentions over the next 12 months.
10/30/17
10/30/17
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 Sell from Neutral at Goldman Sachs with analyst David Tamberrino saying his price target of $32 offers 28% potential downside. The analyst continues to believe the North America auto cycle has peaked and he remains cautious on the sector. 2. Merck (MRK) downgraded to Hold from Buy at SunTrust and to Equal Weight from Overweight at Morgan Stanley, as well as Barclays. 3. J.C. Penney (JCP) downgraded to Sell from Neutral at Citi, to Neutral from Buy at Northcoast, and to Neutral from Positive at Susquehanna. 4. Macy's (M) downgraded to Sell from Neutral at Citi with analyst Paul Lejuez saying the retailer's sales and margins have been pressured for several years, and J.C. Penney's weak third quarter preannouncement on Friday serves as reminder of just how challenging the department store space is. 5. Under Armour (UAA, UA) downgraded to Underperform from Neutral at BofA/Merrill with analyst Robert Ohmes saying he expects management to lower fourth quarter guidance on its Q3 conference call due to the highly promotional environment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/30/17
SBSH
10/30/17
DOWNGRADE
Target $16
SBSH
Sell
Macy's downgraded to Sell from Neutral at Citi
Citi analyst Paul Lejuez downgraded Macy's (M) to Sell and cut his price target for the shares to $16 from $21. The retailer's sales and margins have been pressured for several years, and J.C. Penney's (JCP) weak Q3 preannouncement on Friday serves as reminder of just how challenging the department store space is, Lejuez tells investors in a research note. He believes risks are mounting at Macy's ahead of what is likely to be another promotional holiday season. Macy's has not found the right tools to offset negative store traffic and margin pressures, the analyst contends. Lejuez this morning also downgraded Penny to Sell.
TGT Target
$60.67

4.0525 (7.16%)

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.
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.
11/15/17
BARD
11/15/17
NO CHANGE
Target $55
BARD
Neutral
Target modernization efforts weighing on profits, says Baird
Baird analyst Peter Benedict maintains a Neutral rating and $55 price target on Target shares following this morning's Q3 results. The retailer's Q4 outlook, with earnings down 20% year-over-year at the midpoint, "reinforced the cost of driving sales in a highly competitive backdrop," Benedict tells investors in a post-earnings research note. The analyst believes Target's modernization efforts are weighing on profits and he sees low visibility into a margin inflection.
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.
JWN Nordstrom
$45.71

3.04 (7.12%)

11/13/17
BMOC
11/13/17
NO CHANGE
Target $44
BMOC
Market Perform
Nordstrom price target lowered to $44 from $48 at BMO Capital
BMO Capital analyst Wayne Hood lowered his price target on Nordstrom to $44 following Q3 results to "reflect the lingering headwind from hurricane closures on 2017 retail EBIT and what looks to be worse-than-feared sales and margin trends in Q4." Hood is keeping his Market Perform rating, saying Q4 is "pivotal" for the Nordstrom Rack segment to reverse its comps and margins decline to prevent any further downward estimate revisions by the company.
11/10/17
SBSH
11/10/17
NO CHANGE
Target $43
SBSH
Neutral
Citi lowers Nordstrom target to $43 on 'mixed' quarter
Nordstrom's quarterly results last night were "mixed," with full line comps showing some weakness but gross margin holding up well, Paul Lejuez tells investors in a post-earnings research note. Rack performance decelerated as the division had some product misses, but inventory is lean entering Q4, which should be good for margins, the analyst adds. He lowered his price target for Nordstrom to $43 from $46 and keeps a Neutral rating on the shares.
11/10/17
JPMS
11/10/17
NO CHANGE
Target $33
JPMS
Underweight
JPMorgan cuts Nordstrom target to $33 after 'mixed' quarter
JPMorgan analyst Matthew Boss views Nordstrom's Q3 results as "mixed" and cut his price target for the shares to $33 from $35. The key takeaway is EBITDA remains in multi-year decline on flat to negative same-store-sales, Boss tells investors in a post-earnings research note. He keeps an Underweight rating on the shares.
ADSK Autodesk
$129.95

-0.29 (-0.22%)

11/29/17
MSCO
11/29/17
NO CHANGE
Target $143
MSCO
Overweight
Investors should not 'overreact' to Autodesk Q3 report, says Morgan Stanley
Morgan Stanley analyst Keith Weiss noted that Autodesk's 146,000 net subscription additions in Q3 fell short of the consensus expectation of 150,000 and that the company lowered its full-year subscription guidance. However, he added that investors should not "overreact" to that data, noting the miss was driven by low value subscriptions amid the company's shift from high volume subscriptions to higher value subscriptions. Weiss is still confident Autodesk can get to an ARR base of $3.3B and keeps a $143 price target and Overweight rating on the shares.
11/29/17
BARD
11/29/17
NO CHANGE
Target $130
BARD
Outperform
Autodesk weakness a buying opportunity, says Baird
Baird analyst Rob Oliver said Autodesk shares were priced for perfection ahead of its Q3 results, sparking a selloff in the shares following the report. The analyst said the weakness is a buying opportunity as subscription metrics were solid. He noted the company announced a restructuring plan which should be disruptive short-term, but acknowledges its recurring business model obviates the need for a substantial sales channel presence. Oliver reiterated his Outperform rating and $130 price target on Autodesk shares.
11/29/17
11/29/17
DOWNGRADE
Target $126

Neutral
Autodesk downgraded to Neutral at Wedbush
As previously reported, Wedbush analyst Steve Koenig downgraded Autodesk to Neutral from Outperform based on a surprisingly slow ramp in free cash flow, potentially higher attrition from planned maintenance price increases, and higher than expected required investments in digital infrastructure and cloud offerings, offset by restructuring actions. Further, the analyst sees increased risk of a meaningful shortfall to the 2020/2019 free cash flow target due to heightened attrition from maintenance price hikes. Koening also lowered his price target on the shares to $126 from $138.
11/29/17
FBCO
11/29/17
NO CHANGE
Target $135
FBCO
Outperform
Autodesk price target lowered to $135 from $140 at Credit Suisse
Credit Suisse analyst Michael Nemeroff lowered his price target for Autodesk to $135 from $140 saying that while it was a good Q3, lower sub guide could weigh on shares. The analyst reiterates an Outperform rating on the shares.
MU Micron
$47.93

-0.12 (-0.25%)

11/28/17
11/28/17
DOWNGRADE

Hold
Micron downgraded to Hold after rally at Standpoint Research
As previously reported, Standpoint Research analyst Ronnie Moas downgraded Micron to Hold from Outperform, saying he no longer sees his second-highest rating as justified following the stock's 138% rally since early December.
11/28/17
STPT
11/28/17
DOWNGRADE
STPT
Hold
Micron downgraded to Hold from Outperform at Standpoint Research
11/27/17
STFL
11/27/17
NO CHANGE
STFL
Buy
Micron NAND Flash pricing inline to slightly better, says Stifel
Stifel is defending shares of Micron and pointing out that NAND flash pricing for the November quarter is inline to slightly better than what the firm is modeling. Analyst Kevin Cassidy expects Micron's costs to decline ahead of competitors as it transitions to 3D NAND Flash from planer and for ASP per bit to also decline.
11/28/17
BARD
11/28/17
NO CHANGE
Target $60
BARD
Outperform
Micron price target raised to $60 from $52 at Baird
Baird analyst Tristan Gerra raised his price target on Micron to $60 from $52 to reflect a stronger than expected DRAM outlook for the medium term. The analyst expects DRAM pricing to increase high single digits in Q4 driven by mobile and data centers. Gerra reiterated his Outperform rating on Micron shares.
WDC Western Digital
$86.89

0.34 (0.39%)

11/27/17
MSCO
11/27/17
DOWNGRADE
Target $90
MSCO
Equal Weight
Morgan Stanley sees NAND peak approaching, cuts Western Digital to Equal Weight
As previously reported, Morgan Stanley analyst Katy Huberty downgraded Western Digital to Equal Weight from Overweight, as she believes the NAND industry is entering a downturn for the first time since early 2016. Huberty sees NAND supply growth outpacing demand in the first half of 2018 after undersupply for nearly two years and predicts NAND prices will fall 7%-15% quarterly beginning in the first quarter of next year. The analyst, who lowered her FY19 EPS estimate for Western Digital to reflect NAND oversupply and weaker prices, cut her price target on the stock to $90 from $117.
11/27/17
MSCO
11/27/17
DOWNGRADE
MSCO
Equal Weight
Western Digital downgraded to Equal Weight from Overweight at Morgan Stanley
11/27/17
11/27/17
NO CHANGE
Target $55

Overweight
Micron should be bought on any NAND-related weakness, says Morgan Stanley
Morgan Stanley analyst Joseph Moore noted that the firm has previously been bullish on memory, without the need to differentiate between NAND and DRAM, but it is now going to be important to increasingly differentiate between DRAM, which the firm expects to remain strong, and NAND, which the firm views as facing pricing declines next year. The analyst said he would buy Micron (MU) on any weakness related to NAND, pointing out that only one third of Micron's sales are in NAND. Moore raised his EPS estimates for Micron and increased his price target on the stock to $55 from $39 while colleague Katy Huberty downgraded Western Digital (WDC) to Equal Weight from Overweight this morning, as previously reported.
11/27/17
11/27/17
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. Square (SQ) downgraded to Sell from Neutral at BTIG with analyst Mark Palmer saying he believes the stock's valuation reflects "emphatic and unimpeded growth" but fails to factor in the risks facing the company from increasing competition from First Data's (FDC) Clover, Vantiv (VNTV) and others. 2. Western Digital (WDC) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Katy Huberty saying she believes the NAND industry is entering a downturn for the first time since early 2016. 3. Norfolk Southern (NSC) downgraded to Sell from Hold at Loop Capital with analyst Rick Paterson saying the company's operating efficiency metrics "look like a bit of a disaster at present." 4. TSMC (TSM) and Himax (HIMX) were downgraded to Equal Weight from Overweight at Morgan Stanley. 5. Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at UBS with analyst Dennis Geiger saying the risk/reward is more balanced following the recent share rally. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
LRCX Lam Research
$213.14

2.21 (1.05%)

11/15/17
DBAB
11/15/17
NO CHANGE
Target $230
DBAB
Buy
Lam Research price target raised to $230 from $220 at Deutsche Bank
Deutsche Bank analyst Sidney Ho raised his price target for Lam Research to $230 after the company announced a $2B share repurchase authorization and 11% dividend increase. The analyst says Lam's ability to raise capital returns is one of the key pillars of his Buy thesis.
11/15/17
RBCM
11/15/17
NO CHANGE
Target $225
RBCM
Outperform
Lam Research price target raised to $225 from $210 at RBC Capital
RBC Capital analyst Amit Daryanani raised his price target on Lam Research to $225 after the company announced a $2B stock buyback and raised its dividend 11%. Daryanani says the timing of the new capital return program is in line with the past relative to the analyst day schedule and is also a net positive from an "outlook standpoint", boosting investor confidence in a sustained wafer fabrication equipment environment. Daryanani keeps his Outperform rating on Lam Research, saying it will benefit as the "arms dealer" in the memory race.
10/18/17
NEED
10/18/17
NO CHANGE
Target $235
NEED
Buy
Lam Research price target raised to $235 from $220 at Needham
Needham analyst Y. Edwin Mok raised his price target on Lam Research to $235 and maintained his Buy rating following earnings, noting that management comments helped to soothe concerns over a near term peak. Mok says the company will continue to leverage is exposure to memory and will also benefit from progress in penetrating foundry/logic applications, as the Q3 shipments in that space rose to 34% from 27% of the total last quarter.
10/18/17
COWN
10/18/17
NO CHANGE
Target $32
COWN
Market Perform
Ultra Clean should have a very strong year, says Cowen
Cowen analyst Karl Ackerman said the strong commentary out of Lam Research (LRCX) and Applied Materials (AMAT) suggests this should be a very strong year for Ultra Clean (UCTT). He said the company sits in a unique position within the OLED supply chain, which is in the midst of a technology transition. Ackerman maintained his Market Perform rating and raised his price target to $32 from $28 on Ultra Clean shares.
AMAT Applied Materials
$57.33

0.39 (0.68%)

11/17/17
NEED
11/17/17
NO CHANGE
Target $66
NEED
Buy
Applied Materials price target raised to $66 from $54 at Needham
Needham analyst Y. Edwin Mok raised his price target on Applied Materials to $66 and kept his Buy rating after the company beat on Q4 earnings and offered positive guidance for FY18. Mok says the management was very upbeat on the Semi and Display markets, projecting "sustainable growth driven by long-term trends around data and A.I.". Given its backlog of about $6B, the analyst writes in his research note that he is confident in the company's ability to deliver on its growth projections.
11/17/17
BOFA
11/17/17
NO CHANGE
Target $80
BOFA
Buy
Applied Materials price target raised to $80 at BofA/Merrill
BofA/Merrill analyst Krish Sankar said Applied Materials raised estimates and increased its price target on shares to $80 from $76 following the Q4 beat. The analyst said industry fundamentals show no sign of slowing down and expects memory WFE to increase year-over-year in 2018. The analyst rates Applied Materials a Buy.
11/21/17
NOMU
11/21/17
NO CHANGE
Target $65
NOMU
Buy
Applied Materials price target raised to $65 from $55 at Nomura Instinet
Nomura Instinet analyst Romit Shah raised his price target for Applied Materials to $65 citing the "solid" Q4 earnings beat. The analyst keeps a Buy rating on the shares.
11/17/17
RBCM
11/17/17
NO CHANGE
Target $64
RBCM
Outperform
Applied Materials price target raised to $64 from $55 at RBC Capital
RBC Capital analyst Amit Daryanani raised his price target on Applied Materials to $64 and kept his Outperform rating after Q4 earnings and guidance. Daryanani says the commentary from management suggests that demand is not just sustainable but will inflect higher over the next 2 years given the uptick on the company's wafer fabrication equipment projections of "several billion dollars". The analyst adds that the company showed strength across its business segments that will be further supported by "better unit demand" and a "healthy customer base".
FB Facebook
$182.42

-0.61 (-0.33%)

11/21/17
ROTH
11/21/17
NO CHANGE
Target $127
ROTH
Buy
Shopify price target raised to $127 from $119 at Roth Capital
Roth Capital analyst Darren Aftahi raised his price target for Shopify (SHOP) to $127 to $119 following his recently hosted investor meetings with the company's management. The analyst believes opportunities for International, plus Facebook's (FB) Instagram and potentially new merchant solutions, should continue to drive both its P&L and shares higher, in what he views as early relative days in ramp of its platform. Aftahi reiterates a Buy rating on Shopify's shares.
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.
11/02/17
COWN
11/02/17
NO CHANGE
COWN
Cowen says Facebook capex step-up positive for Applied Optoelectronics, Arista
Cowen analyst Paul Silverstein said Facebook's (FB) plans to "double" its capital expenditures to $14B from $7B in 2018 represents a significant incremental revenue growth opportunity for optical component and system suppliers, particularly Applied Optoelectronics (AAOI) and Arista Networks (ANET). He thinks Applied is maintaining a strong position at Facebook and would take advantage of weakness in the shares.
11/16/17
KEYB
11/16/17
NO CHANGE
Target $90
KEYB
Overweight
Cavium price target raised to $90 from $80 at KeyBanc
KeyBanc analyst John Vinh raised his price target for Cavium (CAVM) to $90 from $80 as he left SC17 most positive on it as he learned the company is shipping into Facebook (FB) for a late-stage evaluation server cluster and heard positive customer feedback regarding ThunderX2. The analyst reiterates an Overweight rating on Cavium's shares.
GOOG Alphabet
$1,047.41

-6.8 (-0.65%)

11/15/17
BERN
11/15/17
NO CHANGE
Target $100
BERN
Outperform
Microsoft building for Cloud business larger than most expect, says Bernstein
Bernstein analyst Mark Moerdler notes that Microsoft (MSFT) has a much larger datacenter footprint compared to its peers such as AWS (AMZN) and Google (GOOG;GOOL). Looking at datacenter investment, the analyst thinks Microsoft is building for Cloud business larger than most expect, growth in Azure and Commercial Cloud should continue to remain strong, and given Microsoft Commercial cloud is already at AWS like GM, it should have even better GM as they fill into the built capacity. The analyst reiterates an Outperform rating and $100 price target on Microsoft's shares.
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.
11/24/17
MSCO
11/24/17
NO CHANGE
MSCO
Morgan Stanley says Cerner could be Amazon's 'Trojan horse' into hospitals
Following a report that Cerner (CERN) and Amazon's (AMZN) AWS are in the final stages of partnership negotiations that would see Amazon provide cloud services for Cerner's population health product, HealtheIntent, Morgan Stanley analyst Ricky Goldwasser said a Cerner partnership could be the "Trojan horse" that helps Amazon build hospital relationships to compete against established GPOs and medical distributors. From Cerner's side, the partnership gives them a leg up in population health relative to competitors like Allscripts (MDRX) and athenahealth (ATHN), said Goldwasser, who wonders if this announcement will lead to other cloud /healthcare IT partnerships with the likes of Microsoft (MSFT) and Google (GOOGL).
GOOGL Alphabet Class A
$1,063.29

-8.72 (-0.81%)

NFLX Netflix
$199.18

4.13 (2.12%)

10/26/17
LOOP
10/26/17
NO CHANGE
Target $237
LOOP
Buy
Netflix price target lowered to $237 from $242 at Loop Capital
Loop Capital analyst David Miller trimmed his price target for Netflix shares to $237 to reflect this week's announced $1.6B bond offering. The analyst notes the second season of "Stranger Things," one of the more popular original series on Netflix, will be available for streaming beginning tomorrow. He keeps a Buy rating on the shares.
10/17/17
MSCO
10/17/17
NO CHANGE
Target $235
MSCO
Overweight
Netflix price target raised to $235 after earnings at Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne raised his price target on Netflix to $235 from $225 following the company's Q3 earnings report, saying that its guidance for Q4 subscriber additions suggests the company sees its broader secular momentum, its strong content slate and seasonal viewing offsetting any churn impact from price increases. He keeps an Overweight rating on Netflix shares, which are little changed in pre-market trading following last night's quarterly letter to investors and associated call.
10/17/17
BOFA
10/17/17
NO CHANGE
Target $225
BOFA
Buy
Netflix price target raised to $225 from $199 at BofA/Merrill
10/23/17
NEED
10/23/17
INITIATION
Target $28
NEED
Buy
Roku initiated with a Buy at Needham
Needham analyst Laura Martin initiated Roku (ROKU) with a Buy rating and a price target of $28. Martin says that comparable to Netflix (NFLX), Roku is a pure play on the growth of over-the-top video, but has no risks related to content. Martin adds that Roku is also a more attractive acquisition target, while its 3-times FY18 revenue valuation is well below 7-times one at Netflix despite the comparable FY18 revenue growth expectations.

TODAY'S FREE FLY STORIES

MCHX

Marchex

$3.19

0.01 (0.31%)

09:05
12/12/17
12/12
09:05
12/12/17
09:05
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Marchex announces special 50c cash dividend for common stock »

Marchex announced that…

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UTX

United Technologies

$123.30

0.49 (0.40%)

09:04
12/12/17
12/12
09:04
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09:04
Hot Stocks
Pratt & Whitney signs 12-year EngineWise Fleet Management pact with S7 Airlines »

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INVH

Invitation Homes

$23.67

0.02 (0.08%)

09:04
12/12/17
12/12
09:04
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09:04
Initiation
Invitation Homes initiated  »

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KR

Kroger

$26.58

-0.1 (-0.37%)

09:04
12/12/17
12/12
09:04
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09:04
Hot Stocks
Kroger teams up with Chase Pay to offer mobile payments »

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P

Pandora

$5.03

0.13 (2.65%)

, GPS

Gap

$33.60

0.11 (0.33%)

09:03
12/12/17
12/12
09:03
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09:03
Hot Stocks
Pandora names Aimee Lapic as Chief Marketing Officer, effective December 13 »

Pandora (P) announced…

P

Pandora

$5.03

0.13 (2.65%)

GPS

Gap

$33.60

0.11 (0.33%)

03/08/13
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  • 18

    Mar

ALLY

Ally Financial

$28.77

0.12 (0.42%)

09:02
12/12/17
12/12
09:02
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09:02
Hot Stocks
Ally Financial appoints Jenn LaClair as CFO designate »

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  • 08

    May

ACER

Acer Therapeutics

$14.15

-0.42 (-2.88%)

09:02
12/12/17
12/12
09:02
12/12/17
09:02
Syndicate
Acer Therapeutics 917K share Spot Secondary priced at $12.00 »

The deal size was…

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  • 12

    Dec

ACM

Aecom

$38.51

-0.06 (-0.16%)

09:02
12/12/17
12/12
09:02
12/12/17
09:02
Hot Stocks
Aecom raises five-year adjusted EPS growth forecast to 12%-15% »

AECOM will hold its…

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  • 12

    Dec

OAS

Oasis Petroleum

09:00
12/12/17
12/12
09:00
12/12/17
09:00
Syndicate
Oasis Petroleum 32M share Spot Secondary priced at $9.55 »

The deal range was…

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  • 12

    Dec

PRSC

Providence Service

$58.26

0.08 (0.14%)

09:00
12/12/17
12/12
09:00
12/12/17
09:00
Syndicate
Providence Service 320K share Block Trade priced at $56.75 »

Jefferies acted as sole…

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  • 12

    Dec

DXTR

Dextera Surgical

$0.14

-0.003 (-2.14%)

09:00
12/12/17
12/12
09:00
12/12/17
09:00
Hot Stocks
Breaking Hot Stocks news story on Dextera Surgical »

Dextera Surgical trading…

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GKOS

Glaukos

$24.85

-1.11 (-4.28%)

08:59
12/12/17
12/12
08:59
12/12/17
08:59
Recommendations
Glaukos analyst commentary  »

Reimbursement remains…

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GLYC

GlycoMimetics

$14.32

-0.65 (-4.34%)

08:57
12/12/17
12/12
08:57
12/12/17
08:57
Recommendations
GlycoMimetics analyst commentary  »

GlycoMimetics price…

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  • 19

    Dec

08:56
12/12/17
12/12
08:56
12/12/17
08:56
General news
Redbook Store Sales data reported »

Week of 12/9 Redbook…

BAC

Bank of America

$28.94

-0.11 (-0.38%)

, T

AT&T

$36.90

0.17 (0.46%)

08:55
12/12/17
12/12
08:55
12/12/17
08:55
Options
Notable open interest changes for December 12th »

Monday's total…

BAC

Bank of America

$28.94

-0.11 (-0.38%)

T

AT&T

$36.90

0.17 (0.46%)

AAPL

Apple

$172.67

3.3 (1.95%)

MU

Micron

$43.01

-0.2 (-0.46%)

03/08/13
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  • 19

    Dec

  • 09

    Jan

08:55
12/12/17
12/12
08:55
12/12/17
08:55
General news
Treasury Action: yields extended their rise »

Treasury Action: yields…

HI

Hillenbrand

$45.10

-0.45 (-0.99%)

08:55
12/12/17
12/12
08:55
12/12/17
08:55
Conference/Events
Hillenbrand to host investor day »

Investor Day to be held…

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  • 12

    Dec

ARGX

Argenx

$54.47

24.02 (78.88%)

08:54
12/12/17
12/12
08:54
12/12/17
08:54
Technical Analysis
Technical View: Argenx falls after filing to sell $150M in ADSs »

In premarket trading the…

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URBN

Urban Outfitters

$32.27

-0.82 (-2.48%)

08:53
12/12/17
12/12
08:53
12/12/17
08:53
Recommendations
Urban Outfitters analyst commentary  »

Urban Outfitters price…

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  • 08

    Jan

H

Hyatt

$71.90

-0.39 (-0.54%)

08:53
12/12/17
12/12
08:53
12/12/17
08:53
Syndicate
Hyatt 2.7M share Block Trade priced at $71.00 »

The deal priced at the…

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  • 25

    Mar

  • 12

    Dec

AGN

Allergan

$172.76

4.96 (2.96%)

08:53
12/12/17
12/12
08:53
12/12/17
08:53
Hot Stocks
Allergan receives FDA clearance for CoolSculpting treatment »

Allergan announced that…

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  • 25

    Mar

GRMN

Garmin

$61.96

-0.31 (-0.50%)

08:52
12/12/17
12/12
08:52
12/12/17
08:52
Recommendations
Garmin analyst commentary  »

Garmin price target…

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08:50
12/12/17
12/12
08:50
12/12/17
08:50
General news
FX Action: The dollar »

FX Action: The dollar…

ESL

Esterline

$70.80

0.95 (1.36%)

08:49
12/12/17
12/12
08:49
12/12/17
08:49
Recommendations
Esterline analyst commentary  »

Esterline price target…

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BA

Boeing

$283.16

-2.74 (-0.96%)

08:48
12/12/17
12/12
08:48
12/12/17
08:48
Recommendations
Boeing analyst commentary  »

Boeing price target…

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