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GS

Goldman Sachs

$254.76

-1.74 (-0.68%)

, BCS

Barclays

$10.90

-0.03 (-0.27%)

08:48
12/30/17
12/30
08:48
12/30/17
08:48

Week in review: How Trump's policies moved stocks

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. BANKS AND CARDS: On Friday, Goldman Sachs (GS) reported that it estimates, based on currently available information, that the enactment of new federal tax legislation will result in a reduction of approximately $5B in the firm's earnings for the fourth quarter and year ending December 31, 2017. Approximately two-thirds of that is due to the repatriation tax, while the remainder includes the effects of the implementation of the territorial tax system and the remeasurement of U.S. deferred tax assets, the bank explained. That followed Barclays (BCS), which announced on Wednesday that it expects the measurement of its U.S. deferred tax assets to reduce by about $1.3B as a result of the reduced tax rate in the Tax Cuts and Jobs Act. The reduction in the measurement of deferred tax assets is expected to result in an associated one-off charge of the same amount to the bank's profit after tax, the U.K. banking giant reported. Also earlier this week, Capital One Financial (COF) said it estimates that the Tax Act will result in an approximately $1.9B charge against net income primarily due to the write down of its deferred tax assets, a one-time tax on the company's unrepatriated foreign earnings, and other anticipated impacts. Capital One expects to maintain its quarterly dividend of 40c per share, subject to approval by its board, though it also reduced the authorized repurchases of the company's common stock to up to $1B for the remaining 2017 CCAR period. In June, Capital One announced that its board had authorized the repurchase of up to $1.85B of the company's common stock beginning in the third quarter of 2017 through the second quarter of 2018. 2. SHELL: Meanwhile, Royal Dutch Shell (RDS.A) said it expects the potential economic impact of the recently enacted tax reform legislation to be favorable to Shell and to its U.S. operations, primarily due to the future reduction in the U.S. corporate income tax rate. However, on the basis of the third quarter financial statements, Shell would have incurred an estimated charge to earnings of $2B-$2.5B primarily driven by a re-measurement of its deferred tax position to reflect the lower corporate income tax rate, the energy major added. 3. WILLIS TOWERS WATSON: On Thursday, Raymond James analyst Gregory Peters told investors in a research note that the new tax legislation could increase Willis Towers Watson's (WLTW) effective tax rate by up to 200 basis points in 2018. As such, the board may lower the company's 2018 earnings per share target of $10.10 by up to 15c or more under the executive incentive compensation plan, Peters added. The analyst does not think management will "burn the furniture" to hit the minimum $10.10 earnings target for 2018. 4. HOMEBUILDERS: On Friday, Wedbush analyst Jay McCanless increased his price targets on homebuilders by an average of 13.6% to reflect the potential impacts from the new tax bill, though he noted that his estimates and targets could need to be adjusted as companies begin reporting earnings giving specific tax guidance. He made the largest target increases to PulteGroup (PHM), Century Communities (CCS) and Taylor Morrison (TMHC), he noted. Other publicly traded companies in the space include Beazer Homes (BZH), CalAtlantic (CAA), D.R. Horton (DHI), Hovnanian (HOV), KB Home (KBH), Lennar (LEN), M.D.C. Holdings (MDC) and Toll Brothers (TOL). "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.

GS

Goldman Sachs

$254.76

-1.74 (-0.68%)

BCS

Barclays

$10.90

-0.03 (-0.27%)

COF

Capital One

$99.58

-0.72 (-0.72%)

RDS.A

Royal Dutch Shell

$66.71

0.21 (0.32%)

WLTW

Willis Towers Watson

$150.69

-0.7 (-0.46%)

PHM

PulteGroup

$33.25

-0.47 (-1.39%)

CCS

Century Communities

$31.10

(0.00%)

TMHC

Taylor Morrison

$24.47

0.02 (0.08%)

BZH

Beazer Homes

$19.21

0.06 (0.31%)

CAA

CalAtlantic

$56.39

-0.59 (-1.04%)

DHI

D.R. Horton

$51.07

-0.27 (-0.53%)

HOV

Hovnanian

$3.35

0.25 (8.06%)

KBH

KB Home

$31.95

-0.3 (-0.93%)

LEN

Lennar

$63.24

-0.58 (-0.91%)

MDC

M.D.C. Holdings

$31.88

-0.16 (-0.50%)

TOL

Toll Brothers

$48.02

-0.48 (-0.99%)

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GS Goldman Sachs
$254.76

-1.74 (-0.68%)

12/20/17
WELS
12/20/17
NO CHANGE
Target $295
WELS
Outperform
Goldman Sachs price target raised to $295 from $265 at Wells Fargo
Wells Fargo analyst Mike Mayo raised his price target for Goldman Sachs to $295 from $265 to reflect more potential upside from a portion of higher interest rates, lower taxes, and lower cost of capital due to greater resiliency. The analyst reiterates an Outperform rating on the shares.
12/08/17
VERF
12/08/17
UPGRADE
Target $249
VERF
Hold
Goldman Sachs upgraded to Hold from Sell at Vertical Group
Vertical Group analyst Richard Bove upgraded Goldman Sachs to Hold and raised his price target for the shares to $249.
12/08/17
VERF
12/08/17
UPGRADE
VERF
Hold
Goldman Sachs upgraded to Hold from Sell at Vertical Group
12/29/17
VERF
12/29/17
UPGRADE
Target $276.07
VERF
Buy
Goldman Sachs upgraded to Buy from Hold at Vertical Group (pre-open)
Pre-open, Vertical Group's Dick Bove upgraded Goldman Sachs to Buy with a $276.07 price target and raised his 2017 earnings estimate to $19.53 from $18.92 per share excluding the one-time charge, 2018 to $20.77 from $20.64, 2019 to $23.79 from $21.91, and established a 2020 earnings estimate of $24.79.
BCS Barclays
$10.90

-0.03 (-0.27%)

11/20/17
BOFA
11/20/17
UPGRADE
BOFA
Buy
Barclays upgraded to Buy from Underperform at BofA/Merrill
11/29/17
MACQ
11/29/17
NO CHANGE
MACQ
Macquarie upgrades Barclays to Neutral, starts HSBC at Outperform
In a research note on the sector titled "Upside Delayed," Macquarie analyst Robert Sage argues that banking activities in the United Kingdom are facing macro challenges. After restructurings, cost cuts and re-sizing capital bases, the European banking sector "now faces economic headwinds from Brexit," Sage writes after taking over coverage of the space. The analyst upgraded Barclays (BCS) to Neutral from Underperform with a price target of 182p. He believes the shares are trading on low valuation multiples. Sage initiated coverage of HSBC (HSBC) with an Outperform rating and price target of 846p. The analyst says the bank combines an "attractive mixture" of growth, income and improving profitability. Sage downgraded Lloyds Banking (LYG) to Underperform from Neutral with a reduced price target of 57p. The shares trade at relatively high multiples, Sage writes. The analyst also downgraded RBS (RBS) to Neutral from Outperform with a price target of 269p and initiated Standard Chartered (SCBFF) with a Neutral rating and 726p price target.
11/29/17
MACQ
11/29/17
UPGRADE
MACQ
Neutral
Barclays upgraded to Neutral from Underperform at Macquarie
11/20/17
11/20/17
UPGRADE
Target $220

Buy
Barclays upgraded to Buy on valuation at BofA/Merrill
As previously reported, BofA/Merrill upgraded Barclays two notches to Buy from Underperform. Analyst Michael Helsby said shares have underperform the sector year-to-day by 17% and appear "washed out." The analyst believes Q4 expectations have re-based and comps are easy heading into Q1.
COF Capital One
$99.58

-0.72 (-0.72%)

12/22/17
12/22/17
UPGRADE

On The Fly: Top analyst upgrades
Catch up on today's top analyst upgrades with this list compiled by The Fly: 1. Digital Realty (DLR) upgraded to Outperform from Market Perform at Wells Fargo with analyst Jennifer Fritzsche saying the 8% pullback in the shares since December 1 brings an attractive entry point considering improving fundamentals in fiscal 2018 and beyond. 2. Capital One (COF) upgraded to Buy from Neutral at Compass Point. 3. Red Robin (RRGB) was upgraded to Buy from Hold at Jefferies while Texas Roadhouse (TXRH) and Dunkin' Brands (DNKN) were upgraded to Hold from Underperform. 4. RE/MAX Holdings (RMAX) upgraded to Neutral from Sell at Compass Point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/22/17
COMP
12/22/17
UPGRADE
COMP
Buy
Capital One upgraded to Buy from Neutral at Compass Point
12/18/17
12/18/17
UPGRADE

Buy
Capital One upgraded to Buy on tax reform benefits at BofA/Merrill
As previously reported, BofA/Merrill upgraded Capital One to Buy from Neutral and raised its price target to $107 from $99. Analyst Kenneth Bruce said the tax reform benefit is not fully reflected in valuation yet and shares have further to rise should it be enacted largely as discussed. The analyst believes reducing the corporate tax rate to 21% will result in a 15-25% earnings lift on credit card issuers.
12/19/17
NOMU
12/19/17
NO CHANGE
Target $87
NOMU
Buy
Nomura sees Capital One renewal concerns for TSYS as overblown
Nomura Instinet analyst Dan Dolev thinks TSYS (TSS) investors should not be worried about potential pricing pressure from Capital One's (COF) contract renewal. Renewals and "modest" pricing pressures are "business as usual" for TSYS, Dolev tells investors in a research note. The analyst says that while Capital One may account for over 10% of TSYS' traditional accounts on file, his analysis shows that the company could potentially absorb up to mid-teens pricing discount. He views TSYS as among the best positioned merchant acquirers heading into 2018. The analyst raised his price target for the shares to $87 from $79 and keeps a Buy rating on the shares.
RDS.A Royal Dutch Shell
$66.71

0.21 (0.32%)

12/21/17
12/21/17
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. Darden (DRI) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's "strong" second quarter report, contending that the company can transfer the initiatives to price aggressively, lower costs and increase customer traffic at Olive Garden to also improve results at its specialty brands. 2. Exxon Mobil (XOM) was upgraded to Focus List from Outperform and Royal Dutch Shell (RDS.A) was upgraded to Outperform at Scotia Howard Weil. 3. JPMorgan (JPM) and Wells Fargo (WFC) were upgraded to Buy from Neutral at Buckingham. 4. Community Bank System (CBU) upgraded to Hold from Sell at Sandler O'Neill. 5. Spirit Airlines (SAVE) upgraded to Buy from Hold at Deutsche Bank with analyst Michael Linenberg saying he believes Airline underperformers in 2017 could see the most upside in 2018 as their prospects improve. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/04/17
MACQ
12/04/17
UPGRADE
MACQ
Outperform
Royal Dutch Shell upgraded to Outperform from Neutral at Macquarie
11/21/17
11/21/17
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. Royal Dutch Shell (RDS.A) downgraded to Hold from Buy at HSBC with analyst Gordon Gray citing valuation with the shares outperforming peers by 11% year-to-date. 2. Hibbett Sports (HIBB) downgraded to Underperform from Neutral at Buckingham with analyst Eric Tracy citing the company's better than feared earnings report and the stock's subsequent squeeze. 3. Alio (ALO) downgraded to Underperform from Outperform at Raymond James with analyst Tara Hassan citing reduced expectations for San Francisco production estimates and negative headlines in Guerrero that could weigh on shares near-term. 4. Southwestern Energy (SWN) downgraded to Neutral from Buy at Mizuho. 5. Teradyne (TER) downgraded to Hold from Buy at Deutsche Bank with analyst Sidney Ho citing valuation. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/21/17
HOWW
12/21/17
UPGRADE
HOWW
Outperform
Royal Dutch Shell upgraded to Outperform at Scotia Howard Weil
WLTW Willis Towers Watson
$150.69

-0.7 (-0.46%)

12/04/17
GSCO
12/04/17
INITIATION
Target $153
GSCO
Sell
Willis Towers Watson initiated with a Sell at Goldman Sachs
Goldman Sachs analyst Yaron Kinar started Willis Towers Watson with a Sell rating and $153 price target. The analyst believes "weak" organic growth and execution risk of the company's restructuring and integration programs will lead Willis to miss its 2018 targets.
11/03/17
WELS
11/03/17
UPGRADE
Target $154
WELS
Market Perform
Willis Towers upgraded to Market Perform from Underperform at Wells Fargo
Wells Fargo analyst Elyse Greenspan upgraded Willis Towers Watson to Market Perform and raised her price target for the shares to $154 from $124. The company will not be an underperformer relative to property and casualty peers as its brokerage business is showing stronger growth, Greenspan tells investors in a post-earnings research note. She believes Willis Towers' organic growth is "turning the corner."
10/06/17
RHCO
10/06/17
NO CHANGE
Target $182
RHCO
Buy
Willis Towers Watson to benefit from post-hurricane pricing, says SunTrust
SunTrust analyst Mark Hughes raised his price target on Willis Towers Watson (WLTW) to $182 from $175 following investor meetings, citing greater confidence in improved free-cash-flow conversion, stable post-hurricane premium growth, and strong management execution. Hughes notes that the Investment, Risk & Reinsurance segment stands to benefit from higher reinsurance pricing in the wake of recent storms, adding that his discussions with Heritage Insurance (HRTG) suggest that reinsurance rates in Florida could rise up to 10-15%. Hughes maintains his Buy rating on Willis.
12/28/17
RAJA
12/28/17
NO CHANGE
RAJA
Strong Buy
Willis Towers may lower 2018 earnings target on tax bill, says Raymond James
Raymond James analyst Gregory Peters says the new tax legislation could increase Willis Towers Watson's effective tax rate by up to 200 basis points in 2018. As such, the board may lower the company's 2018 earnings per share target of $10.10 by up to 15c or more under the executive incentive compensation plan, Peters tells investors in a research note detailing his meetings last week with management. The analyst does not think management will "burn the furniture" to hit the minimum $10.10 earnings target for 2018. He keeps a Strong Buy rating on Willis Towers Watson.
PHM PulteGroup
$33.25

-0.47 (-1.39%)

12/19/17
JPMS
12/19/17
DOWNGRADE
Target $27
JPMS
Underweight
KB Home downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Michael Rehaut downgraded KB Home (KBH) to Underweight citing valuation with the shares up 100% in 2017. The analyst raised his price target for the shares to $27 from $25.50. His top Homebuilding pick for 2018 is PulteGroup (PHM).
11/14/17
BUCK
11/14/17
DOWNGRADE
Target $33
BUCK
Neutral
PulteGroup downgraded to Neutral from Buy at Buckingham
Buckingham downgraded PulteGroup to Neutral citing recent share strength and raised its price target to $33 from $31.
11/14/17
11/14/17
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 Electric (GE) downgraded to Sector Perform from Outperform at RBC Capital with analyst Deane Dray saying that he now expects the turnaround at the company to be more protracted than previously anticipated, noting the roadmap laid out by new CEO John Flannery fell short of expectations regarding the scope of the business model/portfolio changes. 2. Phillips 66 (PSX) downgraded to Underweight from Equal Weight at Barclays analyst Paul Cheng saying the company's diversified business model will likely drive underperformance in a strong margin uptrend environment for U.S. refiners. 3. Hilton (HLT) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Stephen Grambling citing the recent outperformance of the stock for the rating change, but he expects consistent double-digit earnings growth on low single-digit RevPAR. 4. PulteGroup (PHM) downgraded to Neutral from Buy at Buckingham with the firm citing recent share strength and raised its price target to $33 from $31. 5. Albemarle (ALB) downgraded to Hold from Buy at Deutsche Bank with analyst David Begleiter downgraded Albemarle (ALB) to Hold from Buy while raising his price target for the shares to $150 from $130. Following a field trip to China, Begleiter believes new lithium processing capacity is coming, which should begin to pressure prices by 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/29/17
WEDB
12/29/17
NO CHANGE
WEDB
Wedbush raises homebuilder price targets due to new tax bill
Wedbush analyst Jay McCanless increased his price targets on homebuilders by an average of 13.6% to reflect the potential impacts from the new tax bill, though he noted that his estimates and targets could need to be adjusted as companies begin reporting earnings giving specific tax guidance. He made the largest target increases to PulteGroup (PHM), Century Communities (CCS) and Taylor Morrison (TMHC), he noted. Other publicly traded companies in the space include Beazer Homes (BZH), CalAtlantic (CAA), D.R. Horton (DHI), Hovnanian (HOV), KB Home (KBH), Lennar (LEN), M.D.C. Holdings (MDC) and Toll Brothers (TOL).
CCS Century Communities
$31.10

(0.00%)

08/08/17
SBSH
08/08/17
INITIATION
Target $30
SBSH
Buy
Century Communities resumed with a Buy at Citi
Citi analyst Will Randow resumed coverage of Century Communities with a Buy rating and raised his price target for the shares to $30 from $28.
09/14/17
09/14/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. VMware (VMW) upgraded to Overweight from Equal Weight at Barclays with analyst Raimo Lenschow saying the stock looks undervalued as the thesis that VMware will lose market share as workloads move to the public cloud no longer seems valid, Lenschow tells investors in a research note. 2. Ryder (R) upgraded to Overweight from Sector Weight at KeyBanc with analyst Todd Fowler saying he believes the company's earnings path is improving after channel checks indicated near-term rental activity is at the high end of seasonal variations. 3. Century Communities (CCS) and Beazer Homes (BZH) were upgraded to Overweight from Neutral at JPMorgan. 4. Southern Company (SO) upgraded to Buy from Neutral at Guggenheim. 5. Air Products (APD) upgraded to Positive from Neutral at Susquehanna. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/14/17
JPMS
09/14/17
UPGRADE
Target $32
JPMS
Overweight
Century Communities upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Rehaut upgraded Century Communities (CCS) to Overweight saying the relative valuation looks attractive. The analyst expects Century to post above average gross and operating margin expansion. He raised his price target for the shares to $32 from $28. Rehaut this morning also upgraded Beazer Homes (BZH) to Overweight and downgraded Toll Brothers (TOL) to Neutral. His top pick in the Homebuilding sector is PulteGroup (PHM).
TMHC Taylor Morrison
$24.47

0.02 (0.08%)

02/14/17
02/14/17
DOWNGRADE
Target $21

Market Perform
Taylor Morrison downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Alex Rygiel downgraded Taylor Morrison to Market Perform citing valuation with limited upside to his new price target of $21. The analyst's previous target was $20. He believes Taylor's growth potential is being fairly valued in the shares at current levels.
02/14/17
02/14/17
UPGRADE
Target $26

Outperform
PulteGroup upgraded to Outperform from Market Perform at FBR Capital
FBR Capital analyst Alex Rygiel upgraded PulteGroup (PHM) to Outperform and raised his price target for the shares to $26 from $23. The analyst this morning also downgraded Taylor Morrison (TMHC) to Market Perform. Rygiel believes PulteGroup is well positioned for continued growth in 2017 following its Q4 results.
02/14/17
02/14/17
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. Depomed (DEPO) downgraded to Neutral from Buy at Mizuho, as analyst Irina Koffler said her conviction in a takeout has diminished. Koffler said without a deal there is also potential for management turnover due to activist involvement, which could lead to a decline in shares... 2. Aviragen (AVIR) downgraded to Neutral from Buy at Ladenburg by analyst Kevin DeGeeter after vapendavir failed to demonstrate an improvement in asthma symptoms. The analyst expects the company to discontinue development of vapendavir in asthmatics and re-evaluate plans for a Phase IIb study in hematopoietic stem cell transplant recipients... 3. Taylor Morrison (TMHC) downgraded to Market Perform from Outperform at FBR Capital, with Alex Rygiel citing valuation... 4. Hibbett Sports (HIBB) downgraded to Equal Weight from Overweight at Stephens, to Hold from Buy at SunTrust, and to Neutral from Positive at Susquehanna following a Q4 preannouncement that missed expectations and disappointing guidance... 5. Popeyes (PLKI) downgraded to Neutral from Buy at Sidoti. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BZH Beazer Homes
$19.21

0.06 (0.31%)

11/20/17
FBCO
11/20/17
NO CHANGE
Target $21
FBCO
Neutral
Beazer Homes price target raised to $21 from $15 at Credit Suisse
Credit Suisse analyst Susan Maklari raised her price target for Beazer Homes to $21 from $15 as she believes operating leverage will drive earnings expansion looking to 2018. The analyst reiterates a Neutral rating on the shares.
CAA CalAtlantic
$56.39

-0.59 (-1.04%)

11/20/17
DBAB
11/20/17
DOWNGRADE
Target $52
DBAB
Hold
CalAtlantic downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Nishu Sood downgraded CalAtlantic (CAA) to Hold citing limited upside following the announced Lennar (LEN) merger bid. The analyst raised his price target for the shares to $52 from $41.
11/13/17
MZHO
11/13/17
DOWNGRADE
MZHO
Neutral
CalAtlantic downgraded to Neutral from Buy at Mizuho
Lennar (LEN) and CalAtlantic (CAA) have announced a merger agreement for each share of CalAtlantic stock will be exchanged for 0.885 shares of Lennar Class A common stock.
11/07/17
11/07/17
UPGRADE
Target $51

Neutral
CalAtlantic upgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Susan Maklari upgraded CalAtlantic (CAA) to Neutral from Underperform following Lennar (LEN) proposed merger. The analyst also raised his price target on CalAtlantic's shares to $51 from $32.
DHI D.R. Horton
$51.07

-0.27 (-0.53%)

12/12/17
12/12/17
DOWNGRADE
Target $50

Neutral
D.R. Horton downgraded to Neutral at Wedbush
As previously reported, Wedbush analyst Jay McCanless downgraded D.R. Horton to Neutral from Outperform, with a $50 price target. The analyst notes that while federal intervention in the mortgage market, M&A, and rising entry level demand remain positive catalysts for 2018, these catalysts are fairly reflected in the share price, and he does not see an emerging catalyst to drive a higher price target.
12/18/17
RBCM
12/18/17
NO CHANGE
Target $57
RBCM
Outperform
D.R. Horton price target raised to $57 from $52 at RBC Capital
RBC Capital analyst Robert Wetenhall raised his price target on D.R. Horton to $57, saying he is more confident about the company's ability to sustain its double-digit earnings growth in 2018 after his tour of California's Inland Empire. Wetenhall also keeps his Outperform rating, noting the company's positives of sustained demand and a favorable pricing environment balancing potential gross margin pressure from input cost inflation and litigation expense.
12/14/17
BTIG
12/14/17
NO CHANGE
Target $62
BTIG
Buy
D.R. Horton price target raised to $62 from $52 at BTIG
BTIG analyst Ryan Gilbert raised his price target on D.R. Horton (DHI) to $62, updating his long-term model to reflect the integration, expansion, and leverage of the Forestar (FOR) acquisition. The analyst says D.R. Horton can scale Forestar's development capabilities and free up about $3.7B in cash over the next 8 years which can then be used for buybacks, while also forecasting inventory turns growth of 1.7-times from 1.2-times.
HOV Hovnanian
$3.35

0.25 (8.06%)

12/22/17
MKMP
12/22/17
DOWNGRADE
MKMP
Sell
Hovnanian downgraded to Sell from Neutral at MKM Partners
12/22/17
12/22/17
DOWNGRADE

On The Fly: Top analyst downgrades
Catch up on today's top analyst downgrades with this list compiled by The Fly: 1. Dynagas LNG (DLNG) downgraded to Hold from Buy at Stifel with analyst Benjamin Nolan saying although the new three-year contract extension with Statoil (STO) improves cash flow visibility, the rates were below expectations and the cash flow gap has widened. 2. Hovnanian (HOV) downgraded to Sell from Neutral at MKM Partners wiht analyst Megan McGrath saying the large positive move up on the heels of its earnings report followed what she viewed as "only a mildly positive quarter." 3. Bojangles (BOJA) was downgraded to Hold from Buy at Jefferies while Wingstop (WING) and Shake Shack (SHAK) were downgraded to Underperform from Hold. 4. WWE (WWE) and Live Nation (LYV) were downgraded to Neutral from Buy at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/22/17
12/22/17
DOWNGRADE
Target $1.75

Sell
Hovnanian downgraded to Sell after post-earnings jump at MKM Partners
As previously reported, MKM Partners analyst Megan McGrath downgraded Hovnanian to Sell from Neutral, stating that the large positive move up on the heels of its earnings report followed what she viewed as "only a mildly positive quarter." Revenues are likely to continue to decline well into 2018 and cost headwinds are rising, not abating, McGrath tells investors. She has a $1.75 price target on the stock, which closed yesterday at $2.99.
KBH KB Home
$31.95

-0.3 (-0.93%)

12/19/17
12/19/17
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. Apple (AAPL) downgraded to Neutral from Buy at Nomura Instinet with analyst Jeffrey Kvaal saying the stock's gains for the iPhone X "supercycle are in the late innings." 2. Hanesbrands (HBI) downgraded to Neutral from Buy at Citi with analyst Kate McShane saying the U.S. wholesale environment remains challenging due to declining traffic trends in stores and price-based competition in all channels. 3. PPL Corp. (PPL) downgraded to Underperform from Neutral at Macquarie with analyst Angie Storozynski saying she thinks the next UK regulatory review will result in a meaningful drop in revenues and believes the high dividend debate will come back into focus. 4. Chubb (CB) downgraded to Neutral from Outperform at Credit Suisse with analyst Ryan Tunis noting that while the integration of ACE Limited (ACE)/Chubb has been successful and positions the latter well for the future, the analyst argues that it is difficult for him to solve for much upside to medium term earnings per share and shares with the integration coming to a close in the fourth quarter. 5. KB Home (KBH) downgraded to Underweight from Neutral at JPMorgan with analyst Michael Rehaut citing valuation with the shares up 100% in 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/25/17
UBSW
10/25/17
INITIATION
Target $25
UBSW
Sell
KB Home initiated with a Sell at UBS
UBS analyst Daniel Oppenheim started KB Home with a Sell rating and $25 price target. The analyst believes limited improvement of returns is likely in near term and wants to see evidence of improving margins to become more positive on the stock.
LEN Lennar
$63.24

-0.58 (-0.91%)

11/06/17
JMPS
11/06/17
UPGRADE
JMPS
Outperform
Lennar upgraded to Outperform from Market Perform at JMP Securities
11/06/17
11/06/17
UPGRADE
Target $70

Outperform
Lennar upgraded to Outperform after CalAtlantic deal at JMP Securities
As previously reported, JMP Securities analyst Peter Martin upgraded Lennar (LEN) to Outperform from Market Perform, citing his expectations for continued strong housing fundamentals and his view that the company can create considerable shareholder value with its strategic combination with CalAtlantic (CAA). Martin, who thinks Lennar management is being underestimated on this transaction, set a $70 price target on the shares.
MDC M.D.C. Holdings
$31.88

-0.16 (-0.50%)

08/30/17
08/30/17
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. Sanofi (SNY) upgraded to Hold from Reduce at HSBC, with analyst Steve McGarry citing valuation. 2. M.D.C. Holdings (MDC) upgraded to Market Perform from Underperform at Wells Fargo with analyst Stephen East saying he sees "little reason the equity would move meaningfully lower" from current levels. 3. Ciena (CIEN) upgraded to Buy from Neutral at Citi with analyst Stanley Kovler saying the risk/reward is positive into third quarter results. 4. Six Flags (SIX) upgraded to Buy from Neutral at Hilliard Lyons with analyst Jeff Thomison citing improved valuation based on its 13% year-to-date pullback. 5. Prospect Capital (PSEC) upgraded to Market Perform from Underperform at Raymond James with analyst Robert Dodd saying he expects near-term earnings will cover the lower dividend run-rate but notes downside risk remains. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/25/17
UBSW
10/25/17
INITIATION
Target $34
UBSW
Sell
M.D.C. Holdings initiated with a Sell at UBS
UBS analyst Daniel Oppenheim started M.D.C. Holdings with a Sell rating and $34 price target. The company's land strategy will make it difficult to improve return on equity while the current valuation reflects expectations for higher returns, the analyst contends.
08/30/17
WELS
08/30/17
UPGRADE
WELS
Market Perform
M.D.C. upgraded to Market Perform on valuation at Wells Fargo
Wells Fargo analyst Stephen East upgraded M.D.C. Holdings to Market Perform from Underperform with the shares close to his price target of $30. The analyst sees "little reason the equity would move meaningfully lower" from current levels.
TOL Toll Brothers
$48.02

-0.48 (-0.99%)

12/18/17
RBCM
12/18/17
NO CHANGE
Target $57
RBCM
Outperform
Toll Brothers price target raised to $57 from $54 at RBC Capital
RBC Capital analyst Robert Wetenhall raised his price target on Toll Brothers to $57, citing "increased confidence in demand for luxury housing" after meeting with the company management last week. Wetenhall keeps his Outperform rating, also noting expectations of "sustained demand, a stable pricing environment, strong execution, and improving ROE performance" for the company.
12/07/17
12/07/17
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. Yelp (YELP) downgraded to Underweight from Neutral at Piper Jaffray with analyst Sam Kemp saying given the "messiness" of removing Eat24, investors missed that Yelp lowered organic fourth quarter guidance by 2%. 2. Toll Brothers (TOL) downgraded to Outperform from Strong Buy at Raymond James with analyst Buck Horne saying fiscal 2018 gross margins are more cautious than expected due to New York City headwinds ahead of an upcoming supply wave. 3. Priceline (PCLN) and Expedia (EXPE) were downgraded to Neutral from Buy at MKM Partners. 4. Ctrip.com (CTRP) downgraded to Neutral from Overweight at JPMorgan with analyst Alex Yao saying the introduced an opt-in option in early October by removing part of the default purchase setting of bundled products. 5. Allergan (AGN) downgraded to Hold from Buy at Argus analyst David Toung saying the company's Botox may face increasing competition from a botulinum toxin-based product being developed by Revance Therapeutics (RVNC) by 2020. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/20/17
ARGS
12/20/17
NO CHANGE
Target $55
ARGS
Buy
Toll Brothers price target raised to $55 from $45 at Argus
Argus analyst Christopher Graja remains upbeat on the housing recovery and on Toll Brothers' leading position in the luxury market, stating that he does not see the reduced threshold for mortgage deductibility in the new tax code as particularly concerning. He raised his price target on Toll shares to $55 from $45 and keeps a Buy rating on the stock.

TODAY'S FREE FLY STORIES

01:45
09/21/18
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General news
Asian Market Wrap: »

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AYI

Acuity Brands

$161.46

3.9 (2.48%)

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TTNP

Titan Pharmaceuticals

$0.50

-0.08 (-13.79%)

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Syndicate
Titan Pharmaceuticals raises $9.5M in a public offering »

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MTEM

Molecular Templates

$5.81

-0.44 (-7.04%)

21:31
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Molecular Templates 8.2M share Secondary priced at $5.50 »

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YMAB

Y-mAbs Therapeutics

$0.00

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21:30
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Y-mAbs Therapeutics 6M share IPO priced at $16.00 »

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VKTX

Viking Therapeutics

$18.92

-0.72 (-3.67%)

21:28
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Viking Therapeutics 9.5M share Secondary priced at $18.50 »

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TWIN

Twin Disc

$23.33

0.34 (1.48%)

21:28
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Syndicate
Twin Disc 1.333M share Secondary priced at $22.50 »

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FTCH

Farfetch

$0.00

(0.00%)

21:26
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21:26
Syndicate
Farfetch 44.244M share IPO priced at $20.00, above the range »

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CRSP

Crispr Therapeutics

$48.90

-3 (-5.78%)

21:25
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Syndicate
Crispr Therapeutics 4.211M share Secondary priced at $47.50 »

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MDCA

MDC Partners

$4.55

0.25 (5.81%)

21:08
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21:08
Hot Stocks
MDC Partners to evaluate strategic alternatives »

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GWRE

Guidewire

$101.71

0.16 (0.16%)

20:27
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20:27
Hot Stocks
Guidewire sees 5-year target revenue of about $1.3B »

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  • 20

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AVMXY

Avita Medical

$0.00

(0.00%)

20:13
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20:13
Hot Stocks
Avita Medical announces FDA approval of RECELL in burn treatment »

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LTS

Ladenburg Thalmann

$2.36

-0.03 (-1.26%)

20:05
09/20/18
09/20
20:05
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20:05
Hot Stocks
Ladenburg Thalmann CEO to serve as chairman »

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19:25
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19:25
Conference/Events
Morgan Stanley multi-industrial analysts hold analyst/industry conference call »

U.S. Electrical Equipment…

SPY

SPDR S&P 500 ETF Trust

$293.53

2.31 (0.79%)

, SPX

S&P 500

$0.00

(0.00%)

19:15
09/20/18
09/20
19:15
09/20/18
19:15
General news
Trump's former lawyer Cohen met with Mueller multiple times, ABC says »

President Donald…

SPY

SPDR S&P 500 ETF Trust

$293.53

2.31 (0.79%)

SPX

S&P 500

$0.00

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SCS

Steelcase

$16.10

0.8 (5.23%)

, ACAD

Acadia

$19.08

3.97 (26.27%)

19:09
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Hot Stocks
Fly Intel: After Hours Movers »

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SCS

Steelcase

$16.10

0.8 (5.23%)

ACAD

Acadia

$19.08

3.97 (26.27%)

TXN

Texas Instruments

$108.50

1.14 (1.06%)

MCD

McDonald's

$160.84

1.65 (1.04%)

RDS.A

Royal Dutch Shell

$66.83

0.57 (0.86%)

PIR

Pier 1 Imports

$1.80

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UNFI

United Natural Foods

$33.83

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MU

Micron

$46.06

1.01 (2.24%)

SGH

Smart Global

$30.44

0.7 (2.35%)

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KORS

Michael Kors

$72.72

-0.33 (-0.45%)

19:01
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Hot Stocks
Michael Kors names Andrea Pesaresi head of Men's business »

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  • 20

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MDT

Medtronic

$97.47

1.01 (1.05%)

, MZOR

Mazor Robotics

$52.70

2.44 (4.85%)

19:00
09/20/18
09/20
19:00
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19:00
Hot Stocks
Medtronic to acquire Mazor Robotics for $58.50 per ADS, or about $1.64B »

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Medtronic

$97.47

1.01 (1.05%)

MZOR

Mazor Robotics

$52.70

2.44 (4.85%)

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MDT

Medtronic

$97.47

1.01 (1.05%)

, MZOR

Mazor Robotics

$52.70

2.44 (4.85%)

18:59
09/20/18
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18:59
Hot Stocks
Breaking Hot Stocks news story on Medtronic, Mazor Robotics »

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Medtronic

$97.47

1.01 (1.05%)

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Mazor Robotics

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ACAD

Acadia

$19.08

3.97 (26.27%)

18:54
09/20/18
09/20
18:54
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18:54
Upgrade
Acadia rating change at Piper Jaffray »

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ACAD

Acadia

$19.08

3.97 (26.27%)

18:48
09/20/18
09/20
18:48
09/20/18
18:48
Upgrade
Acadia rating change at Piper Jaffray »

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SONA

Southern National Bancorp

$16.89

0.13 (0.78%)

18:45
09/20/18
09/20
18:45
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18:45
Hot Stocks
Southern National Bancorp names Jeffrey Karafa CFO »

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TSLA

Tesla

$298.32

-0.63 (-0.21%)

18:44
09/20/18
09/20
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18:44
Periodicals
Tesla VP of global supply management O'Connor to leave company, Bloomberg says »

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CRBP

Corbus Pharmaceuticals

$7.90

2.75 (53.40%)

18:34
09/20/18
09/20
18:34
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18:34
Hot Stocks
Corbus CEO says wants to be leading pipeline for synthetic endocannabinoids »

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  • 20

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  • 01

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MCD

McDonald's

$160.84

1.65 (1.04%)

18:32
09/20/18
09/20
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18:32
Hot Stocks
McDonald's says dividend hike reinforces confidence in long-term targets »

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