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FB

Facebook

$175.13

-7.29 (-4.00%)

, AMZN

Amazon.com

$1,161.27

-32.33 (-2.71%)

16:17
11/29/17
11/29
16:17
11/29/17
16:17

On The Fly: Top stock stories for Wednesday

Stocks had a mixed session with the industrials having a good day and technology taking it on the chin. The tech-heavy Nasdaq fell more than 1% in its worst performing day since August 17. The weakness was obvious when looking at the "FANG" stocks - namely Facebook (FB), Amazon (AMZN), Netflix (NFLX), and Google parent Alphabet (GOOG) - which pulled back from their highs in what looked like a round of profit taking. Bitcoin was the story of the day as the cryptocurrency moved above $10,000 for the first time, accelerated to then top $11,000, but then reversed and was trading back below $10,000 near 4 pm ET. 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. 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. However, it was not able to hold either round number level for long, slipping back under $10,000 by the time the stock market closed. In Fed news, the Federal Reserve's Beige Book repeated growth was "modest" to "moderate," with slight improvement in the overall outlook. COMPANY NEWS: Amazon 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" member slid nearly 3% amid the broader weakness in tech stocks... Shares of Chipotle (CMG) jumped almost 6% 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 staying involved as the executive chairman. 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 outperformed, including Macy's (M), Target (TGT) and Nordstrom (JWN). Among the noteworthy losers was Autodesk (ADSK), which dropped 16% after its Q3 earnings report. Also lower amid the volatility and significant media focus on bitcoin were two names that recently have been tied to the cryptocurrency, as Overstock.com (OSTK) slid almost 10% and Square (SQ) dipped 8%. INDEXES: The Dow rose 103.97, or 0.44%, to 23,940.68, the Nasdaq lost 88.02, or 1.27%, to 6,824.34, and the S&P 500 slipped 0.97, or 0.04%, to 2,626.07.

FB

Facebook

$175.13

-7.29 (-4.00%)

AMZN

Amazon.com

$1,161.27

-32.33 (-2.71%)

NFLX

Netflix

$188.15

-11.03 (-5.54%)

GOOG

Alphabet

$1,021.66

-25.75 (-2.46%)

GOOGL

Alphabet Class A

$1,037.38

-25.91 (-2.44%)

DIS

Disney

$105.24

1.83 (1.77%)

CMG

Chipotle

$301.99

16.13 (5.64%)

M

Macy's

$23.98

1.81 (8.16%)

TGT

Target

$61.68

5.06 (8.94%)

JWN

Nordstrom

$45.76

3.09 (7.24%)

ADSK

Autodesk

$109.34

-20.61 (-15.86%)

SQ

Square

$39.13

-3.42 (-8.04%)

OSTK

Overstock.com

$52.00

-5.6 (-9.72%)

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FB Facebook
$175.13

-7.29 (-4.00%)

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.
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.
11/21/17
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.
AMZN Amazon.com
$1,161.27

-32.33 (-2.71%)

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.
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
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.
NFLX Netflix
$188.15

-11.03 (-5.54%)

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
10/26/17
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.
10/23/17
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.
GOOG Alphabet
$1,021.66

-25.75 (-2.46%)

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).
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.
GOOGL Alphabet Class A
$1,037.38

-25.91 (-2.44%)

DIS Disney
$105.24

1.83 (1.77%)

11/17/17
RILY
11/17/17
NO CHANGE
Target $36
RILY
Neutral
21st Century Fox price target raised to $36 from $29 at B. Riley FBR
B. Riley FBR analyst Barton Crockett raised his price target for 21st Century Fox (FOXA) to $36 citing recent reports that Disney (DIS), Comcast (CMCSA), Verizon (VZ) or Sony (SNE) may make offers for the company. The "formerly unthinkable" prospect of Rupert Murdoch selling assets is likely to be factored into the equity price for some time, Crockett tells investors in a research. He keeps a Neutral rating on Fox given the stock's proximity to his new target.
11/10/17
BERN
11/10/17
NO CHANGE
Target $101
BERN
Market Perform
Disney deal for Fox wouldn't solve underlying problems, says Bernstein
Bernstein analyst Todd Juenger noted that Disney (DIS) has gone from a situation where reported EPS was going up but its stock price was going down to one where EPS is going down but the stock has been going up a bit driven by M&A speculation. However, he contends that the current round of renewed M&A speculation is happening because underlying fundamentals are "so bad" and even if a deal for Disney to buy Fox (FOXA) assets happens it wouldn't solve the underlying problems. He also thinks the chances of a Disney-Fox deal as currently described are "very low." Juenger maintains a Market Perform rating and $101 price target on Disney shares.
11/10/17
EVER
11/10/17
NO CHANGE
Target $120
EVER
Outperform
Evercore ISI incrementally optimistic on Disney's FY18 outlook
Evercore ISI analyst Vijay Jayant came away from Disney's lackluster Q4 report incrementally optimistic on the company's FY18 outlook. He said the massive film slate for the coming year should translate into double-digit full year revenue and OIBDA gains, while underlying trends at the media networks division are improving. Jayant believes management is making the right strategic decisions and the fresh guidance could be a modest postive for sentiment. Jayant rares Disney and Outperform with a $120 price target.
11/15/17
LOOP
11/15/17
NO CHANGE
Target $103
LOOP
Hold
Disney stock price to remain range-bound for some time, says Loop Capital
Loop Capital analyst David Miller says the move higher in Disney (DIS) stock price on Friday of last week had more to do with CEO Bob Iger's claim to price the company's "over the top" offerings below Netflix (NFLX) rather than stabilization in Cable subscriber base. Miller adds that speculation that Disney can "displace" Netflix was a "near-term overreaction", keeping his Hold rating and $103 price target.
CMG Chipotle
$301.99

16.13 (5.64%)

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.
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.
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
$61.68

5.06 (8.94%)

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.
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.
11/03/17
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
$45.76

3.09 (7.24%)

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.
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.
ADSK Autodesk
$109.34

-20.61 (-15.86%)

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.
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
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
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.
SQ Square
$39.13

-3.42 (-8.04%)

11/21/17
11/21/17
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. Comcast (CMCSA) initiated with a Buy at Buckingham. 2. Celsion (CLSN) initiated with an Outperform at Oppenheimer. 3. Planet Fitness (PLNT) initiated with a Buy at DA Davidson on growth prospects. 4. Square (SQ) initiated with a Market Perform at Wells Fargo. 5. ForeScout (FSCT) was initiated with an Overweight at JPMorgan and KeyBanc, a Buy at BofA/Merrill, an Equal Weight at Morgan Stanley, and a Neutral at Citi. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/27/17
BTIG
11/27/17
DOWNGRADE
BTIG
Sell
Square downgraded to Sell from Neutral at BTIG
11/27/17
11/27/17
DOWNGRADE
Target $30

Sell
BTIG says sell Square after 'overdone' bitcoin-fueled rally
As previously reported, BTIG analyst Mark Palmer downgraded Square (SQ) to Sell from Neutral, as 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. Other concerns, such as macroeconomic and credit-related risks, "did not go away when some investors suddenly viewed its shares as a play on a trendy cryptocurrency" following the company's confirmation that it is testing allowing users to buy and sell bitcoin using its app, Palmer tells investors. He has a $30 price target on Square shares, which closed Friday at $48.86.
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.
OSTK Overstock.com
$52.00

-5.6 (-9.72%)

10/06/17
WEDB
10/06/17
NO CHANGE
Target $82
WEDB
Outperform
Academic Wayfair valuation report 'interesting, but inconclusive,' says Wedbush
Wedbush analyst Seth Basham hosted a call with Wharton and Emory business school professors who recently published an academic paper discussing methods of valuing public companies with non-subscription customer bases, notably including Wayfair (W) and Overstock.com (OSTK). He admires the work and finds it "interesting," but the lack of precision for high-growth firms make it "inconclusive" and difficult to rely upon in the case of Wayfair, Basham tells investors. The analyst, who agrees with the professors on the sensitivity of Wayfair's valuation to revenue growth, keeps an Outperform rating on the shares. The Fly notes that Citron Research, which has disclosed publicly in the past a short position in Wayfair, recently highlighted on Twitter the same academic paper on the company's valuation.
10/25/17
DADA
10/25/17
NO CHANGE
Target $57
DADA
Buy
Overstock.com price target raised to $57 from $36 at DA Davidson
DA Davidson analyst Tom Forte raised his price target on Overstock.com to $57 following its announcement to move forward with plans for an initial coin offering. Forte says recent press speculation has suggested that the company could raise $200M-$500M in such an offering, which it will then invest in scaling its technology development and regulatory efforts. Overstock shares are up over 6% in pre-market trading on the announcement.
11/09/17
DADA
11/09/17
NO CHANGE
Target $85
DADA
Buy
Overstock.com price target raised to $87 from $57 at DA Davidson
11/09/17
DADA
11/09/17
NO CHANGE
Target $85
DADA
Overstock.com price target raised to $87 on a potential sale at DA Davidson
DA Davidson analyst Tom Forte raised Buy rated Overstock's price target to $87 from $57 following management comments indicating it was considering strategic alternatives for its home e-commerce business. The analyst believes there is potential to unlock value in its two most significant assets, home e-commerce and Medici Ventures. Forte said his new price target reflects a $58 valuation for the home e-commerce business and $27 for Medici Ventures.

TODAY'S FREE FLY STORIES

13:45
12/13/17
12/13
13:45
12/13/17
13:45
General news
Breaking General news story  »

FOMC Forecasts to be…

13:45
12/13/17
12/13
13:45
12/13/17
13:45
General news
FOMC Meeting Announcement Federal Funds Rate to be reported at 14:00 »

FOMC Meeting Announcement…

TMUS

T-Mobile

$63.48

0.41 (0.65%)

13:44
12/13/17
12/13
13:44
12/13/17
13:44
Recommendations
T-Mobile analyst commentary  »

T-Mobile acquisition of…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

TNC

Tennant

$62.85

0.8 (1.29%)

13:43
12/13/17
12/13
13:43
12/13/17
13:43
Hot Stocks
Tennant says will 'carefully evaluate' views of shareholder PrimeStone »

Tennant Company announced…

03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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NKTR

Nektar

$54.87

-0.34 (-0.62%)

13:40
12/13/17
12/13
13:40
12/13/17
13:40
Options
Notable call buying in Nektar as shares reach 52-week highs »

Notable call buying in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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EXPR

Express

$11.01

0.135 (1.24%)

13:35
12/13/17
12/13
13:35
12/13/17
13:35
Options
Express put volume heavy and directionally bearish »

Bearish flow noted in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 08

    Jan

DBD

Diebold

$17.78

-0.725 (-3.92%)

13:22
12/13/17
12/13
13:22
12/13/17
13:22
Recommendations
Diebold analyst commentary  »

Diebold needs…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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CVG

Convergys

$24.12

0.15 (0.63%)

13:21
12/13/17
12/13
13:21
12/13/17
13:21
Conference/Events
Convergys management to meet with SunTrust »

Meeting to be held in New…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 13

    Dec

$NSD

NASDAQ Market Internals

13:17
12/13/17
12/13
13:17
12/13/17
13:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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$NYE

NYSE Market Internals

13:16
12/13/17
12/13
13:16
12/13/17
13:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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DAL

Delta Air Lines

$53.48

-0.14 (-0.26%)

, EADSY

Airbus

$25.54

0.22 (0.87%)

13:15
12/13/17
12/13
13:15
12/13/17
13:15
Periodicals
Delta to place 'huge' jet order with Airbus, CNN says »

Delta Air Lines (DAL)…

DAL

Delta Air Lines

$53.48

-0.14 (-0.26%)

EADSY

Airbus

$25.54

0.22 (0.87%)

BA

Boeing

$293.91

3.97 (1.37%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 14

    Dec

SBCF

Seacoast Banking

$25.52

0.21 (0.83%)

13:15
12/13/17
12/13
13:15
12/13/17
13:15
Conference/Events
Seacoast Banking management to meet with SunTrust »

Meeting to be held in New…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

HBI

Hanesbrands

$21.31

0.355 (1.69%)

13:15
12/13/17
12/13
13:15
12/13/17
13:15
Options
HanesBrands put volume heavy and directionally bearish »

Bearish flow noted in…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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DAL

Delta Air Lines

$53.49

-0.135 (-0.25%)

, BA

Boeing

$293.97

4.0261 (1.39%)

13:11
12/13/17
12/13
13:11
12/13/17
13:11
Periodicals
Delta to order about 100 jets from Airbus, CNN says »

Shares of Boeing (BA) are…

DAL

Delta Air Lines

$53.49

-0.135 (-0.25%)

BA

Boeing

$293.97

4.0261 (1.39%)

EADSY

Airbus

$25.54

0.22 (0.87%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 14

    Dec

SAFM

Sanderson Farms

$167.00

1.08 (0.65%)

13:09
12/13/17
12/13
13:09
12/13/17
13:09
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 14

    Dec

NDSN

Nordson

$124.22

-0.8 (-0.64%)

, PIR

Pier 1 Imports

$5.80

0.34 (6.23%)

13:09
12/13/17
12/13
13:09
12/13/17
13:09
Earnings
Notable companies reporting after market close »

Notable companies…

NDSN

Nordson

$124.22

-0.8 (-0.64%)

PIR

Pier 1 Imports

$5.80

0.34 (6.23%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 14

    Dec

AMN

AMN Healthcare

$48.20

-0.1 (-0.21%)

13:09
12/13/17
12/13
13:09
12/13/17
13:09
Conference/Events
AMN Healthcare management to meet with SunTrust »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

  • 14

    Dec

DECK

Deckers Brands

$78.28

1.15 (1.49%)

13:06
12/13/17
12/13
13:06
12/13/17
13:06
Periodicals
Marcato poised to win in proxy battle with Deckers, Reuters reports »

Marcato Capital appears…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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MDT

Medtronic

$81.66

-0.345 (-0.42%)

13:03
12/13/17
12/13
13:03
12/13/17
13:03
Hot Stocks
Medtronic pays $12M in multistate settlement over marketing »

Massachusetts will…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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SPX

S&P 500

, SPY

SPDR S&P 500 ETF Trust

$267.00

0.2237 (0.08%)

12:57
12/13/17
12/13
12:57
12/13/17
12:57
Periodicals
Trump says would sign tax bill with 21% corporate rate, CNBC reports 

Reference Link

SPX

S&P 500

SPY

SPDR S&P 500 ETF Trust

$267.00

0.2237 (0.08%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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AIZ

Assurant

$99.77

-0.53 (-0.53%)

12:55
12/13/17
12/13
12:55
12/13/17
12:55
Conference/Events
Assurant management to meet with SunTrust »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

SPX

S&P 500

, SPY

SPDR S&P 500 ETF Trust

$267.23

0.45 (0.17%)

12:48
12/13/17
12/13
12:48
12/13/17
12:48
Periodicals
Breaking Periodicals news story on S&P 500, SPDR S&P 500 ETF Trust »

Corporate AMT not in tax…

SPX

S&P 500

SPY

SPDR S&P 500 ETF Trust

$267.23

0.45 (0.17%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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LHCG

LHC Group

$61.60

0.39 (0.64%)

12:47
12/13/17
12/13
12:47
12/13/17
12:47
Conference/Events
LHC Group management to meet with SunTrust »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

TOSYY

Toshiba, also use TOSBF

$16.21

0.035 (0.22%)

, TOSBF

Toshiba, also use TOSYY

$2.69

0.004 (0.15%)

12:47
12/13/17
12/13
12:47
12/13/17
12:47
Upgrade
Toshiba, also use TOSBF, Toshiba, also use TOSYY rating change  »

Toshiba upgraded to Buy…

TOSYY

Toshiba, also use TOSBF

$16.21

0.035 (0.22%)

TOSBF

Toshiba, also use TOSYY

$2.69

0.004 (0.15%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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DEA

Easterly Government Properties

$21.65

-0.025 (-0.12%)

12:45
12/13/17
12/13
12:45
12/13/17
12:45
Conference/Events
Easterly Government Properties management to meet with SunTrust »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

  • 14

    Dec

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