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AKS

AK Steel

$5.21

0.175 (3.48%)

, SHAK

Shake Shack

$45.12

3.34 (7.99%)

10:33
12/07/17
12/07
10:33
12/07/17
10:33

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. AK Steel (AKS) upgraded to Overweight from Neutral at JPMorgan with analyst Michael Gambardella saying the Department of Commerce's ruling against China redirecting steel to Vietnam will push steel prices higher in the U.S. 2. Shake Shack (SHAK) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst John Glass noting that the company has lifted its unit openings forecast in each of the last three years and is now growing company units at nearly 40%, which he points out is the fastest in the restaurant sector. 3. Hyatt (H) upgraded to Buy from Neutral at MKM Partners with analyst Christopher Agnew saying that GDP growth and leading economic indicators all point to stronger corporate activity in 2018, even as hotels are at record occupancy levels and supply growth is plateauing. 4. lululemon (LULU) upgraded to Hold from Sell at Canaccord with analyst Camilo Lyon saying his Sell thesis was predicated on a surging denim cycle that would take share from the athleisure wear cycle. 5. Wells Fargo (WFC) upgraded to Buy from Sell at Vertical Group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

AKS

AK Steel

$5.21

0.175 (3.48%)

SHAK

Shake Shack

$45.12

3.34 (7.99%)

H

Hyatt

$71.66

0.55 (0.77%)

LULU

lululemon

$67.66

1.3 (1.96%)

WFC

Wells Fargo

$59.24

0.67 (1.14%)

  • 07

    Dec

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    Jan

  • 15

    Jan

  • 25

    Mar

AKS AK Steel
$5.21

0.175 (3.48%)

11/21/17
FBCO
11/21/17
UPGRADE
Target $7
FBCO
Outperform
Credit Suisse sees margin expansion at AK Steel, upgrades to Outperform
Credit Suisse analyst Curt Woodworth upgraded AK Steel to Outperform and raised his price target for the shares to $7 from $6. The analyst sees the company achieving "material expansion in margins" in 2018 as contract price increases more than offset recent pressure from raw materials. He believes investors will pay a higher multiple on free cash flow once contract prices reset and AK Steel finalizes financing for Precision Partners. Further, Woodworth also sees a "free option value" on electrical as Section 232 "remains a viable catalyst."
12/06/17
SBSH
12/06/17
NO CHANGE
SBSH
Citi sees limited near-term impact from Vietnam steel ruling
Department of Commerce found in favor of U.S. steel mills who claimed that certain imports of flat steel from Vietnam were circumventing existing duties on Chinese steel, Citi analyst Alexander Hacking wrote last night in a research note. The analyst, however, believes the ruling will not directly reduce near-term imports. He notes that imports from Vietnam have already fallen significantly. Nonetheless, Hacking calls the ruling a win for the U.S. steel industry as it sets a precedent for potential future cases in defining circumvention, defining material transformation and applying duties retroactively. He expects a "small positive reaction" in steel stocks today, with U.S. Steel (X) rallying the most, followed by AK Steel (AKS), Steel Dynamics (STLD) and Nucor (NUE)
12/07/17
JPMS
12/07/17
UPGRADE
Target $7
JPMS
Overweight
AK Steel upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded AK Steel to Overweight and raised his price target for the shares to $7 from $6. The Department of Commerce's ruling against China redirecting steel to Vietnam will push steel prices higher in the U.S., Gambardella tells investors in a research note. He sees higher steel prices from tougher enforcement of trade laws more than offsetting the near-term cost pressures for AK Steel.
12/07/17
MSCO
12/07/17
NO CHANGE
MSCO
After Vietnam win, steel makers could file new complaints, says Morgan Stanley
Morgan Stanley analyst Piyush Sood said the Department of Commerce affirmative preliminary ruling against imports of certain steel products from Vietnam made of Chinese substrate may only affect small volumes, but it "sends a loud message to the steel industry" and could prompt U.S. steel makers to file similar complaints against other countries. He thinks a few self-initiated cases and anti circumvention cases can reduce U.S. steel imports and "clubbed together, could very well resemble a Section 232 ruling," though without an import quota and/or blanket tariffs. Falling imports next year should help boost prices, said Sood, who names U.S. Steel (X), AK Steel (AKS) and ArcelorMittal (MT) as "key beneficiaries," followed by Steel Dynamics (STLD)and Nucor (NUE).
SHAK Shake Shack
$45.12

3.34 (7.99%)

12/06/17
WELS
12/06/17
NO CHANGE
WELS
Tax reform-driven EPS accretion would be sizeable for restaurant sector, says Wells Fargo
Wells Fargo analyst Jeff Farmer says that small cap companies including Del Taco (TACO), Habit Restaurants (HABT), El Pollo Loco (LOCO), Shake Shack (SHAK) and Noodles & Company (NDLS) could see the largest EPS accretion tailwind from a reduced corporate tax rate, with Red Robin (RRGB), Restaurant Brands (QSR), Yum! Brands (YUM) and Bloomin' Brands (BLMN) the companies that could see the smallest tailwind. The analyst notes that recent restaurant sector rally indicates that virtually the entire sector has benefitted from anticipation of potential tax reform, with the most heavily shorted names seeing an amplified share price move.
12/06/17
FBCO
12/06/17
NO CHANGE
FBCO
Shake Shack, Chipotle among tax reform beneficiaries, says Credit Suisse
Credit Suisse analyst Jason West believes tax reform could have a material impact on restaurant EPS and free cash flow since most profits are generated in the U.S. The analyst sees the top tax reform beneficiaries including Shake Shack (SHAK), Chipotle (CMG), Jack in the Box (JACK), Wingstop (WING), and Dunkin' Brands (DNKN), while companies least-benefited by tax reform tend to be global franchisors with already-low tax rates, such as Restaurant Brands (QSR), McDonald's (MCD) and Yum! Brands (YUM).
12/07/17
MSCO
12/07/17
UPGRADE
MSCO
Equal Weight
Shake Shack upgraded to Equal Weight from Underweight at Morgan Stanley
12/07/17
12/07/17
UPGRADE
Target $41

Equal Weight
Shake Shack upgraded at Morgan Stanley amid fastest new openings pace in sector
As previously reported, Morgan Stanley analyst John Glass upgraded Shake Shack to Equal Weight from Underweight, noting that the company has lifted its unit openings forecast in each of the last three years and is now growing company units at nearly 40%, which he points out is the fastest in the restaurant sector. Additionally, better disclosures from the company have increased his confidence in his long-term model and validated strong performance at the store level, added Glass, who raised his price target on Shake Shack shares to $41 from $34.
H Hyatt
$71.66

0.55 (0.77%)

11/10/17
MSCO
11/10/17
NO CHANGE
MSCO
Slowing Airbnb adoption a positive for hotels, says Morgan Stanley
A team of Morgan Stanley analysts led by Brian Nowak said the firm's latest AlphaWise survey indicated that Airbnb adoption has slowed in the U.S. and EU, which is making them a bit more bullish on the lodging space. Given the survey findings, the firm is raising its 2018 and 2019 EBITDA estimates for the group by 0.4% and 1.5%, respectively, on average, and raised its price targets on Hilton (HTL), Marriott (MAR), Hyatt (H) and Choice Hotels (CHH). Other lodging companies covered by Morgan Stanley and mentioned in the note include La Quinta (LQ) and Extended Stay America (STAY), though the price targets on both of those Equal Weight rated names were maintained.
11/10/17
11/10/17
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. CVS Health (CVS) upgraded to Buy from Hold at Needham with analyst Kevin Caliendo saying the stock's risk/reward is favorable, especially if CVS is able to consummate the reported merger with Aetna (AET). 2. Kohl's (KSS) upgraded to Outperform from Neutral at Baird with analyst Mark Altschwager saying Kohl's improving product portfolio and strong loyalty position the company for the holiday season, while cost savings and inventory reductions provide free-cash-flow visibility near-term. 3. Fiat Chrysler (FCAU) upgraded to Neutral from Sell at Citi. 4. Comcast (CMCSA) upgraded to Action List Buy from Buy at TD Securities. 5. Hyatt (H) upgraded to Buy from Hold at Berenberg with analyst Stuart Gordon saying the potential returns from the company's real estate disposals are being underappreciated. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/07/17
MKMP
12/07/17
UPGRADE
MKMP
Buy
Hyatt upgraded to Buy from Neutral at MKM Partners
12/07/17
MKMP
12/07/17
UPGRADE
Target $79
MKMP
Buy
Hyatt upgraded to Buy at MKM Partners on stronger corporate trends
As reported earlier, MKM Partners analyst Christopher Agnew upgraded Hyatt to Buy from Neutral with a $79 price target. Agnew says that GDP growth and leading economic indicators all point to stronger corporate activity in 2018, even as hotels are at record occupancy levels and supply growth is plateauing. The analyst says robust corporate travel can boost ADR/RevPAR growth to the high end of 1%-3% industry consensus.
LULU lululemon
$67.66

1.3 (1.96%)

12/07/17
RHCO
12/07/17
NO CHANGE
Target $80
RHCO
Buy
lululemon price target raised to $80 from $69 at SunTrust
SunTrust analyst Pamela Quintiliano raised her price target on lululemon to $80 from $69 after a Q3 earnings beat. Quintiliano notes that "underpenetrated" Men's and international sales are potential catalysts for growth while the "core women's business continues to fire on all cylinders" thanks to better performance in challenging categories such as outerwear and accessories. The analyst keeps her Buy rating, saying the company can continue to build on recent wins, with Q4 momentum building from record-breaking Black Friday and Cyber Monday revenues.
12/07/17
BMOC
12/07/17
NO CHANGE
Target $64
BMOC
Market Perform
lululemon price target raised to $64 from $55 at BMO Capital
BMO Capital analyst John Morris raised his price target on lululemon to $64 after a Q3 earnings beat, driven by 7% growth in comps and a gross margin expansion of 110bps. Morris says the company's recent investment in online channels are delivering results, as evidenced by its record sales on Cyber Monday. The analyst keeps his Market Perform rating however, noting that lululemon's U.S. store presence is likely near saturation and that growth will have to be driven through internal factors and international expansion.
12/07/17
SUSQ
12/07/17
NO CHANGE
Target $85
SUSQ
Positive
lululemon price target raised to $85 from $71 at Susquehanna
Susquehanna analyst Sam Poser raised his price target on lululemon to $85 from $71 as both the short and long-term outlook has improved following its "convincing" revenue and earnings beat in Q3. The analyst said there was strong momentum across all geographies that continued into Q4 and the outlook for 2018 and beyond looks healthy. Poser reiterated his Positive rating on lululemon shares.
12/07/17
NEED
12/07/17
NO CHANGE
Target $79
NEED
Buy
lululemon price target raised to $79 from $71 at Needham
Needham analyst Rick Patel raised his price target on lululemon to $79 and kept his Buy rating following a Q3 earnings beat. Patel says that improving traffic and conversion support the company's recent investments in product, ecommerce, and marketing. The analyst is also positive on lululemon's international prospects, which is seeing "outsized growth" and has a "long runway" for expansion. Patel anticipates continued comps expansion in 2018, led by customer growth, new stores, and higher online sales conversion.
WFC Wells Fargo
$59.24

0.67 (1.14%)

09/26/17
DBAB
09/26/17
DOWNGRADE
Target $136
DBAB
Hold
PNC Financial downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Matt O'Connor downgraded PNC Financial (PNC) to Hold as he seeks to lessen exposure to traditional banks. The analyst sees net interest income growth slowing and credit costs inching up as the Fed raises short rates and the yield curve flattens. He believes a number of positives are priced into PNC shares. O'Connor upped his price target for the stock to $136 from $130. The analyst continues to prefer banks with a "turnaround angle," like Goldman Sachs (GS) and Wells Fargo (WFC), and remains positive on capital markets businesses like Morgan Stanley (MS). O'Connor this morning also downgraded JPMorgan (JPM) to Hold.
09/28/17
NOMU
09/28/17
DOWNGRADE
NOMU
Neutral
U.S. Bancorp downgraded to Neutral from Buy at Nomura Instinet
Nomura Instinet analyst Bill Carcache downgraded U.S. Bancorp (USB) to Neutral saying he sees downside risk to net interest income and provision expectations. Consensus expects U.S. Bancorp's loan growth to accelerate to 6% by 2018, which is too optimistic given the bank's recent comments, the analyst contends. He lowered his price target for the shares to $55 from $57. Carcache remains bullish on Wells Fargo (WFC) and raised his price target for the shares to $65 from $64.
10/06/17
VERF
10/06/17
INITIATION
VERF
Sell
Wells Fargo initiated with a Sell at Vertical Group
Vertical Group analyst Richard Bove initiated earlier shares of Wells Fargo with a Sell rating and $49.67 price target.
12/07/17
VERF
12/07/17
UPGRADE
VERF
Buy
Wells Fargo upgraded to Buy from Sell at Vertical Group

TODAY'S FREE FLY STORIES

CPB

Campbell Soup

$48.56

-0.63 (-1.28%)

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Snyder's-Lance

$44.42

5.01 (12.71%)

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LNCE

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TSRO

Tesaro

$83.87

0.84 (1.01%)

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ADBE

Adobe

$175.00

-1.83 (-1.03%)

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FRC

First Republic

$88.54

-0.27 (-0.30%)

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TSRO

Tesaro

$83.87

0.84 (1.01%)

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HCM

Hutchison China MediTech

$31.11

0.05 (0.16%)

05:09
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LNCE

Snyder's-Lance

$44.42

5.01 (12.71%)

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Campbell Soup

$48.56

-0.63 (-1.28%)

05:09
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LNCE

Snyder's-Lance

$44.42

5.01 (12.71%)

CPB

Campbell Soup

$48.56

-0.63 (-1.28%)

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CSX

CSX

$57.31

-0.38 (-0.66%)

05:07
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ADBE

Adobe

$175.00

-1.83 (-1.03%)

05:03
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ADBE

Adobe

$175.00

-1.83 (-1.03%)

05:00
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05:00
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SON

Sonoco Products

$53.13

-0.6 (-1.12%)

04:59
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SEE

Sealed Air

$48.03

-0.22 (-0.46%)

, AVY

Avery Dennison

$114.28

-0.09 (-0.08%)

04:58
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SEE

Sealed Air

$48.03

-0.22 (-0.46%)

AVY

Avery Dennison

$114.28

-0.09 (-0.08%)

03/08/13
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HCLP

Hi-Crush Partners

$10.80

-0.1 (-0.92%)

04:55
12/15/17
12/15
04:55
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MET

MetLife

$52.49

-0.35 (-0.66%)

04:55
12/15/17
12/15
04:55
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MetLife to hold a conference call »

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FOX

21st Century Fox

$34.22

1.88 (5.81%)

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21st Century Fox

$34.88

2.13 (6.50%)

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21st Century Fox

$34.22

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FOXA

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$34.88

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DIS

Disney

$110.57

2.96 (2.75%)

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ADRNY

Ahold Delhaize

$21.69

-0.14 (-0.64%)

04:55
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Conference/Events
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BASFY

BASF

$27.57

-0.17 (-0.61%)

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Conference/Events
BASF management to meet with Jefferies »

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CUTR

Cutera

$47.20

-1.3 (-2.68%)

, TESO

Tesco

$3.70

-0.25 (-6.33%)

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CUTR

Cutera

$47.20

-1.3 (-2.68%)

TESO

Tesco

$3.70

-0.25 (-6.33%)

NBR

Nabors Industries

$5.58

-0.23 (-3.96%)

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  • 15

    May

RCKZF

Rocket Internet

04:55
12/15/17
12/15
04:55
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04:55
Conference/Events
Rocket Internet management to meet with RBC Capital »

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  • 15

    Dec

PJT

PJT Partners

$44.10

-0.24 (-0.54%)

04:55
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12/15
04:55
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04:55
Conference/Events
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Meeting to be held in New…

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  • 15

    Dec

JAGX

Jaguar Health

$0.13

0.0068 (5.52%)

04:55
12/15/17
12/15
04:55
12/15/17
04:55
Conference/Events
Jaguar Health to host special shareholder meeting »

Special shareholder…

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  • 15

    Dec

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