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WFC

Wells Fargo

$62.55

-0.46 (-0.73%)

, FITB

Fifth Third

$32.35

0.49 (1.54%)

08:20
01/13/18
01/13
08:20
01/13/18
08:20

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. WAL-MART: Following the footsteps of Wells Fargo (WFC), Fifth Third Bancorp (FITB), and other companies that had previously announced plans to raise their minimum hourly wage for their employees to reflect the new tax reform law, Wal-Mart (WMT) said on Thursday that it will increase the starting wage rate for all hourly associates in the U.S. to $11. The world's largest retailer also said it plans to expand maternity and parental leave benefits and provide a one-time cash bonus for eligible associates of up to $1,000. 2. BIG BANKS' TAX GUIDANCE: On Friday, JPMorgan (JPM) advanced after the bank reported better than expected adjusted earnings and managed revenue in the fourth quarter. CEO Jamie Dimon said the enactment of tax reform is a "significant positive outcome for the country" and as a result of the tax plan the bank will be "increasing and accelerating" some of its investments in "employees, customers and communities" it serves. Well Fargo also reported better than expected earnings but its revenue fell a bit short of the consensus forecast. Of note, both banks gave guidance that they expect their FY18 effective tax rate to be approximately 19%. Citigroup (C) is expected to report on January 16 and investors will be awaiting its take on the expected impact of the Tax Cuts and Jobs Act. 3. APPLE, MICROSOFT TO BENEFIT FROM TAX BILL TIMING: Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one final break before paying up, assuming their fiscal years do not follow the calendar year, Bloomberg reported. According to the publication, a timing quirk in the tax overhaul that President Donald Trump signed last month may be good news for companies such as Apple (AAPL), Microsoft (MSFT) and Cisco Systems (CSCO), all of which started their fiscal years before January 1. Firms including Alphabet (GOOG, GOOGL), Amgen (AMGN) and General Electric (GE), with fiscal years that began on January 1, appear to lose the benefit, the report noted. Apple alone may be able to cut more than $4B off a future tax bill, according to Stephen Shay, a tax and business law professor at Harvard Law School who wrote about what he called the "potential loophole" last month. 4. TOYOTA, MAZDA: On Wednesday, Mazda (MZDAF) and Toyota (TM) announced they have selected Huntsville, Alabama as the site of their new joint-venture manufacturing plant. The new plant will have the capacity to build 300,000 vehicles annually, with production split evenly between two lines for each company to produce Mazda's crossover model that will be newly introduced to the North American market and the Toyota Corolla. The joint venture represents a $1.6B investment that Mazda and Toyota plan to make with equal funding contributions. facility is expected to create up to 4,000 jobs, and production is expected to begin by 2021. The day after, President Trump tweeted: "Good news: Toyota and Mazda announce giant new Huntsville, Alabama, plant which will produce over 300,000 cars and SUV's a year and employ 4000 people. Companies are coming back to the U.S. in a very big way. Congratulations Alabama!" 5. TARGET CHANGES ON TAX REFORM: This week, Wells Fargo raised its price targets of several stocks to reflect the impact of tax reform, including Darden Restaurants (DRI), BankUnited (BKU), Steven Madden (SHOO), Ross Stores (ROST), lululemon (LULU), Ulta Beauty (ULTA), Tiffany (TIF), Burlington Stores (BURL), Carter's (CRI), Boot Barn (BOOT), while lowering Signet Jewelers' (SIG) target. Meanwhile, Credit Suisse also raised its price targets for Pinnacle Foods (PF), J.M. Smucker (SJM), Ingredion (INGR), and Dr Pepper Snapple (DPS) to incorporate tax reform legislation impact. "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.

WFC

Wells Fargo

$62.55

-0.46 (-0.73%)

FITB

Fifth Third

$32.35

0.49 (1.54%)

WMT

Walmart

$100.87

0.85 (0.85%)

JPM

JPMorgan

$112.67

1.83 (1.65%)

C

Citi

$76.84

1.28 (1.69%)

AAPL

Apple

$177.09

1.81 (1.03%)

MSFT

Microsoft

$89.60

1.52 (1.73%)

CSCO

Cisco

$40.87

0.77 (1.92%)

GOOG

Alphabet

$1,122.26

16.74 (1.51%)

GOOGL

Alphabet Class A

$1,130.65

18.6 (1.67%)

AMGN

Amgen

$185.04

3.08 (1.69%)

GE

General Electric

$18.76

-0.26 (-1.37%)

MZDAF

Mazda

$14.07

(0.00%)

TM

Toyota

$137.20

0.29 (0.21%)

DRI

Darden

$98.02

0.42 (0.43%)

BKU

BankUnited

$43.18

0.6 (1.41%)

SHOO

Steven Madden

$48.20

-0.1 (-0.21%)

ROST

Ross Stores

$83.58

1.02 (1.24%)

LULU

Lululemon

$78.84

-0.15 (-0.19%)

ULTA

Ulta Beauty

$237.32

4.17 (1.79%)

TIF

Tiffany

$108.46

1 (0.93%)

BURL

Burlington Stores

$125.88

3.58 (2.93%)

CRI

Carter's

$118.79

0.44 (0.37%)

BOOT

Boot Barn

$19.25

0.24 (1.26%)

SIG

Signet Jewelers

$56.94

1.72 (3.11%)

PF

Pinnacle Foods

$59.15

0.14 (0.24%)

SJM

J.M. Smucker

$123.43

0.28 (0.23%)

INGR

Ingredion

$135.96

-2.02 (-1.46%)

DPS

Dr Pepper Snapple

$95.24

-0.4 (-0.42%)

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WFC Wells Fargo
$62.55

-0.46 (-0.73%)

01/10/18
01/10/18
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. Wells Fargo (WFC) upgraded to Neutral from Underweight at Atlantic Equities by analyst John Heagerty, as his analysis leads him to increase his FY18 EPS view by 11% on average for the banks he covers. He also sees positive secondary effects for the banks from higher U.S. GDP growth. Heagerty raised his price target on Wells Fargo shares to $64 from $55. The analyst also upgraded Morgan Stanley (MS) to Overweight this morning, citing the same analysis of the potential benefits from tax reform. 2. Deere upgraded to Outperform from Sector Perform at RBC Capital by analyst Seth Weber, who said he is positive on the company's leadership position in North American farm machinery which is stabilizing and exposure to the earth moving equipment category. The analyst is also constructive on Deere's recent Wirten Group acquisition. 3. Target (TGT) upgraded to Positive from Neutral at Susquehanna. 4. State Street (STT) and BNY Mellon (BK) upgraded to Buy from Neutral at Citi, with analyst Keith Horowitz saying he thinks the trust banks are the best way to play the digital transformation to the cloud and finds the current valuation as attractive. 5. RBS (RBS) upgraded to Overweight from Equal Weight at Morgan Stanley. Analyst Alvaro Serrano also downgraded Barclays (BCS) and Lloyds Banking (LYG). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/18
ATLE
01/10/18
UPGRADE
Target $61
ATLE
Overweight
Morgan Stanley upgraded on tax reform benefits at Atlantic Equities
As previously reported, Atlantic Equities analyst John Heagerty upgraded Morgan Stanley (MS) to Overweight from Neutral, as his analysis leads him to increase his FY18 EPS view by 11% on average for the banks he covers. He also sees positive secondary effects for the banks from higher U.S. GDP growth. Heagerty raised his price target on Morgan Stanley shares to $61 from $48. The analyst also upgraded Wells Fargo (WFC) to Neutral from Underweight this morning, citing the same analysis of the potential benefits from tax reform.
01/10/18
ATLE
01/10/18
UPGRADE
Target $64
ATLE
Neutral
Wells Fargo upgraded to Neutral at Atlantic Equities
As previously reported, Atlantic Equities analyst John Heagerty upgraded Wells Fargo (WFC) to Neutral from Underweight, as his analysis leads him to increase his FY18 EPS view by 11% on average for the banks he covers. He also sees positive secondary effects for the banks from higher U.S. GDP growth. Heagerty raised his price target on Wells Fargo shares to $64 from $55. The analyst also upgraded Morgan Stanley (MS) to Overweight this morning, citing the same analysis of the potential benefits from tax reform.
01/10/18
ATLE
01/10/18
UPGRADE
ATLE
Neutral
Wells Fargo upgraded to Neutral from Underweight at Atlantic Equities
FITB Fifth Third
$32.35

0.49 (1.54%)

11/15/17
MSCO
11/15/17
NO CHANGE
MSCO
Morgan Stanley says higher SIFI threshold could benefit Comerica, CIT, Zions
After Senate Banking Committee Chairman Mike Crapo proposed a bill in the Senate that would effectively remove the SIFI threshold for banks under $250B, Morgan Stanley analyst Ken Zerbe estimated that banks with $50B-$100B in assets could see a 12% increase in 2020 EPS and a 15% bump in 2021. He sees the largest potential increase at Comerica (CMA), followed by CIT Group (CIT) and Zions Bancorp (ZION). Zerbe projects the least EPS benefit for SunTrust (STI), Regions Financial (RF), Ally Financial (ALLY) and Discover (DFS), he tells investors. Other banks he lists in his note as potentially impacted by SIFI and CCAR changes include Synchrony (SYF), M&T Bank (MTB), KeyCorp (KEY), Fifth Third (FITB), BB&T (BBT), Citizens Financial (CFG) and Huntington Bancshares (HBAN).
08/09/17
WELS
08/09/17
INITIATION
Target $27
WELS
Market Perform
Fifth Third resumed with a Market Perform at Wells Fargo
Wells Fargo analyst Mike Mayo resumed coverage of Fifth Third with a Market Perform rating and $27 price target.
10/02/17
BARD
10/02/17
DOWNGRADE
Target $24
BARD
Underperform
Fifth Third downgraded to Underperform from Neutral at Baird
Baird analyst David George downgraded Fifth Third to Underperform from Neutral as it has outperformed most banks in Q3 and now trades at a premium to peers. He thinks it will be difficult to reach Project North Star targets without macro help and that significant execution risk remains. George maintained his $24 price target on Fifth Third.
11/17/17
MACQ
11/17/17
DOWNGRADE
Target $26
MACQ
Underperform
Fifth Third downgraded to Underperform from Neutral at Macquarie
Macquarie analyst David Konrad downgraded Fifth Third to Underperform with a $26 price target due to below peer returns, lowered PTPP expectations, and valuation.
WMT Walmart
$100.87

0.85 (0.85%)

01/11/18
BARD
01/11/18
NO CHANGE
Target $110
BARD
Outperform
Walmart smart to keep investing in associates, says Baird
Baird analyst Peter Benedict views Walmart's decision to share a portion of its expected tax reform benefits with associates as a smart one and the right strategic move, stating that he attributes much of the company's recent success to its heavy investments in people and technology in the past few years. The incremental spending in 2018 is below the aggregate "reinvestment" he'd already assumed in his model, so Walmart has room for additional actions too, said Benedict, who keeps an Outperform rating and $110 price target on the stock.
01/04/18
DBAB
01/04/18
NO CHANGE
Target $97
DBAB
Buy
Amazon now selling products sourced by Perrigo, says Deutsche Bank
Deutsche Bank analyst Gregg Gilbert says that in recent months, Amazon (AMZN) has begun to sell a number of over-the-counter healthcare products, sourced by Perrigo (PRGO), under a brand called "Basic Care." The price per unit to the consumer tends to be similar to Walmart's (WMT) pricing and generally below that of some other retailers, Gilbert tells investors in a research note, citing his own analysis. He believes Amazon, at least for now, is not going out of its way to position the Basic Care brand on the site in a preferential way. Further, the analyst does not expect Perrigo to "play up" this development as Amazon is, for now, just a small customer and the company likely won't want to "rock the boat unnecessarily with its larger customers." Gilbert also assumes that Perrigo is not offering better prices to Amazon than it would to other customers. The analyst does not see much potential for near and medium term upside for Perrigo tied to its arrangement with Amazon. Gilbert keeps a Buy rating on the shares with a $97 price target. The stock in premarket trading is down 50c to $88.94.
01/10/18
01/10/18
DOWNGRADE

Perform
Big Lots downgraded to Perform at Oppenheimer
As previously reported, Oppenheimer analyst Brian Nagel downgraded Big Lots (BIG) to Perform from Outperform, citing indications of potentially moderating sales growth in furniture, a now higher, albeit still discounted valuation, and the threat of stepped-up price actions within the broader mass channel, and particularly Wal-Mart (WMT).
01/12/18
OPCO
01/12/18
NO CHANGE
Target $210
OPCO
Outperform
Costco well positioned to benefit from Sam's closures, says Oppenheimer
After examining Walmart's (WMT) plans to shutter more than 60 of its Sam's Club units, Oppenheimer analyst Brian Nagel believes Costco (COST) is well situated to potentially capitalize upon both "freed up" sales and "dislocated" Sam's members. He views the Sam's closings as an "incremental positive" to his investment thesis and keeps an Outperform rating on Costco with a $210 price target.
JPM JPMorgan
$112.67

1.83 (1.65%)

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.
12/21/17
BUCK
12/21/17
UPGRADE
Target $135
BUCK
Buy
JPMorgan upgraded to Buy on lower tax rate, share gains at Buckingham
As previously reported, Buckingham upgraded JPMorgan to Buy from Neutral and raised its price target to $135 from $100. Analyst James Mitchell raised estimates to reflect "sizable" earnings leverage from the lower tax rate and views increasing buybacks as a tailwind with potential regulatory reform accelerating capital returns. Mitchell views JPMorgan as having a best-in-class franchise with upside through market share gains on multiple fronts .
01/12/18
ARGS
01/12/18
NO CHANGE
Target $125
ARGS
Buy
JPMorgan price target raised to $125 from $109 at Argus
Argus analyst Stephen Biggar increased his price target on JPMorgan to $125 from $109 after raising his 2018 EPS estimate to $8.72 from $7.66, mostly to account for the company's guidance toward a 19% effective tax rate in 2018. The 19% rate would be down from 32% paid in 2017, Biggar noted. He keeps a Buy rating on JPMorgan shares.
01/09/18
SOCG
01/09/18
DOWNGRADE
Target $120.5
SOCG
Hold
JPMorgan downgraded to Hold from Buy at Societe Generale
Societe Generale analyst Andrew Lim downgraded JPMorgan to Hold saying the stock is now fairly priced following the recent rally. The analyst raised his price target for the shares to $120.50 from $113.
C Citi
$76.84

1.28 (1.69%)

12/11/17
NOMU
12/11/17
NO CHANGE
Target $84
NOMU
Buy
Citi price target raised to $84 from $81 at Nomura Instinet
Nomura Instinet analyst Steven Chubak raised his price target for Citi shares to $84 after hosting a meeting with management. The analyst has increased confidence in the efficiency target for Global Consumer Banking and believes recent trends suggest revenue targets are achievable. He keeps a Buy rating on Citi.
11/10/17
RHCO
11/10/17
NO CHANGE
Target $52
RHCO
Buy
Virtusa price target raised to $52 from $38 at SunTrustCiti
SunTrust analyst Frank Atkins raised his price target on Virtusa (VRTU) to $52 and kept his Buy rating following Q2 results. Atkins says that despite the significant stock reaction to the report, the company's "solid growth trajectory and steady margin improvement" should support the multiple given the traction with Virtusa's top client Citigroup (C) and growth across its product portfolio.
11/09/17
MAXM
11/09/17
UPGRADE
Target $51
MAXM
Buy
Virtusa upgraded to Buy at Maxim amid strong ramp in banking wins
As previously reported, Maxim analyst Brian Kinstlinger upgraded Virtusa (VRTU) to Buy from Hold and set a $51 price target. Kinstlinger cites increasing demand from its largest customer - Citigroup (C) - as well as generally stronger-than-expected ramp on recent large banking wins driving Q2 revenue beat. The analyst also calls the Polaris acquisition "one of the best we've seen in IT services market", as Virtusa benefited from its large UK banking win.
12/20/17
WELS
12/20/17
NO CHANGE
Target $95
WELS
Outperform
Citi price target raised to $95 from $90 at Wells Fargo
Wells Fargo analyst Mike Mayo raised his price target for Citi to $95 from $90 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.
AAPL Apple
$177.09

1.81 (1.03%)

01/10/18
FBCO
01/10/18
DOWNGRADE
Target $29
FBCO
Neutral
Dialog Semiconductor downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Achal Sultania downgraded Dialog Semiconductor (DLGNF) to Neutral from Outperform, citing slowing revenue growth, peak margins, Apple (AAPL) uncertainty. The analyst also lowered his price target on Dialog's shares to EUR29 from EUR43.
01/10/18
BARD
01/10/18
NO CHANGE
Target $190
BARD
Outperform
Apple quarter should be solid, next quarter could have risk, says Baird
Baird analyst William Power said he expects Apple's first quarter results to be solid. However, he thinks there may be some risk to second quarter forecasts due in part to a lack of iPhone X promotions. The analyst said he remains positive on the shares given Apple's continuing platform strength, multiple growth opportunities, and tax reform benefits. Power recommends being aggressive on dips and reiterated his Outperform rating and $190 price target on Apple shares.
01/12/18
COWN
01/12/18
NO CHANGE
COWN
Cowen remains cautious near-term on Apple supply chain
Cowen analyst Karl Ackerman said he remains cautious near-term on the Apple (AAPL) supply chain following his review of the iPhone builds for calendar Q4. He said final iPhone builds held up well versus expectations, but he said his work reveals less of a tailwind from new iPhones versus 30 days ago. Ackerman previously cut his estimates on supply chain names Broadcom (AVGO), Qorvo (QRVO), and Skyworks (SWKS) and remains cautious on the names.
01/12/18
NOMU
01/12/18
NO CHANGE
Target $175
NOMU
Neutral
Apple less likely in post upside in Q2, says Nomura Instinet
Nomura Instinet analyst Jeffrey Kvaal says "solid" iPhone X demand and "rapid" supply chain improvements likely puts Apple's Q1 results at the high end of guidance. The analyst, however, believes the consensus expectation of an above-seasonal March quarter no longer appears conservative. iPhone X order cuts make upside versus above-seasonal Q2 estimates less likely, Kvaal tells investors in a research note. The analyst keeps a Neutral rating on Apple shares with a $175 price target.
MSFT Microsoft
$89.60

1.52 (1.73%)

01/12/18
FBCO
01/12/18
NO CHANGE
Target $95
FBCO
Outperform
PC shipments data has positive read-across for Microsoft, says Credit Suisse
Credit Suisse analyst Michael Nemeroff noted that both IDC and Gartner reported PC shipment data yesterday that pointed to strength in the commercial PC market. These results are positive for Microsoft, said Nemeroff, who notes there is a strong correlation between enterprises upgrading their OS environments or replacing PCs and upgrading their productivity suite platforms. The analyst keeps an Outperform rating and $95 price target on Microsoft shares.
01/12/18
WELS
01/12/18
NO CHANGE
Target $100
WELS
Outperform
Microsoft price target raised to $100 from $90 at Wells Fargo
Wells Fargo analyst Philip Winslow raised his price target for Microsoft to $100 citing positive PC shipment data. IDC reported year-over-year growth of 0.7% compared to its projections for a 1.7% decline, while Gartner reported a 2% decline, but identified shipment growth in Asia/Pacific, Japan, and Latin America, Winslow tells investors in a research note. The analyst had a decline of 3.1% for Q4 in his Microsoft model. The data points reinforce the belief that the PC market is reaching a level of stabilization after years of dramatic declines, Winslow contends. He keeps an Outperform rating on Microsoft shares.
01/11/18
PIPR
01/11/18
NO CHANGE
Target $1300
PIPR
Overweight
Alphabet price target raised to $1,300 from $1,150 at Piper Jaffray
Piper Jaffray analyst Sam Kemp raised his price target on Alphabet (GOOG) to $1,300, saying Google Cloud Platform is gaining mindshare from smaller competitors in the public cloud space amid "ongoing feature improvements, accompanying platform evangelism, and adoption by younger companies". The analyst contends that as a #3 player in the field behind Amazon's (AMZN) AWS and Microsoft's (MSFT) Azure, GCP can still create "meaningful shareholder value" within the accelerating cloud environment. Kemp keeps his Overweight rating on Alphabet.
01/11/18
PIPR
01/11/18
NO CHANGE
PIPR
Overweight
Amazon's AWS still the leading public cloud offering, says Piper Jaffray
Piper Jaffray analyst Michael Olson reported that the firm's 2018 survey of CIOs shows that Amazon's (AMZN) AWS remains the leading public cloud offering in terms of revenue and scale and is tied with Microsoft's (MSFT) Azure for mindshare, which is a change from last year when AWS had lost some mindshare amid "early-2017 hype" regarding the maturation of Azure's offering. 90% of CIOs surveyed intend to increase AWS spending in 2018, which is up from 87% in 2017, Olson added. Azure maintained mindshare and Google Cloud Platform (GOOG) saw a significant step up in mindshare, while smaller cloud providers rapidly lose mindshare, noted Olson.
CSCO Cisco
$40.87

0.77 (1.92%)

01/10/18
PIPR
01/10/18
INITIATION
Target $44
PIPR
Overweight
Cisco assumed with an Overweight at Piper Jaffray
Piper Jaffray analyst James Fish assumed coverage of Cisco Systems with an Overweight rating while raising his firm's price target to $44 from $37. Cisco is executing on its transition towards a software-based business model, which should drive an underappreciated free cash flow story, Fish tells investors in a research note. Further, cash repatriation allows for Cisco to likely repatriate $48B in after-tax cash which will most likely go towards buybacks, and a slightly higher than earnings growth dividend raise, the analyst adds.
01/05/18
01/05/18
UPGRADE
Target $46

Buy
Cisco upgraded to Buy on software transition, valuation at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst Tal Liani upgraded Cisco to Buy from Neutral, as he sees the company being in the early stages of a positive transition to software. While noting the strategy shift is not new, Liani said he is also incrementally more positive on Cisco's stability following years of software-defined networking and public cloud uncertainty. The analyst, who also points out that Cisco still trades at a valuation discount to its peers, raised his price target on the shares to $46 from $37.
01/11/18
MSCO
01/11/18
NO CHANGE
Target $42
MSCO
Overweight
CIO survey shows Cisco well-positioned for share gains, says Morgan Stanley
Morgan Stanley analyst James Faucette said the firm's latest survey of CIOs points to Cisco being well positioned in 2018, with the executives indicating they expect the company to be one of the largest share gainers even as workloads shift to the cloud. He keeps an Overweight rating and $42 price target on Cisco shares.
01/10/18
01/10/18
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. Helmerich & Payme (HP), Nabors (NBR), RPC, Inc (RES), Basic Energy (BAS) and Superior Energy (SUP) initiated with an Equal Weight at Stephens. The firm also initiated ProPetro (PUMP), Keane (FRAC) and Patterson-UTI (PTEN) with an Overweight. 2. Molson Coors (TAP) and Constellation Brands (STZ) initiated with an Overweight at Barclays, while Brown-Forman (BFA, BFB, BF.A, BF.B) was initiated with an Equal Weight. 3. Cisco (CSCO) assumed with an Overweight at Piper Jaffray, while F5 Networks (FFIV) and Juniper (JNPR) were assumed with a Neutral. 4. CorSite Realty (COR) initiated with an overweight at MUFG. 5. Epizyme (EPZM) initiated with an Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
GOOG Alphabet
$1,122.26

16.74 (1.51%)

01/12/18
RHCO
01/12/18
NO CHANGE
Target $1250
RHCO
Buy
Alphabet price target raised to $1,250 from $1,180 at SunTrust
SunTrust analyst Youssef Squali kept his Buy rating and raised his price target on Alphabet to $1,250 as part of his "Favorite Internet Stocks; Bullish Thesis Strengthened" research note. Squali says the company represents "one of the best plays" on macro economy trends amid a shift to digital advertising, rising consumption of video, and growing use of cloud computing. The analyst also notes several of Alphabet's longer-term initiatives such as self-driving cars with Waymo and smart home technology with Nest.
01/12/18
MSCO
01/12/18
NO CHANGE
MSCO
Morgan Stanley most bullish on Amazon in large-cap internet
Morgan Stanley analyst Brian Nowak issued his 2018 outlook for U.S. internet names, saying among the large caps he is bullish on Amazon (AMZN) as he sees growing high margin revenues leading to upward revisions of estimates for the company. He is also positive on Facebook (FB), contending that core Facebook ad unit pricing can rise over 20% in 2018 and Instagram can add about $16B in ad revenue. Nowak also keeps an Overweight rating on Alphabet (GOOG), as he expects innovation to drive beats on revenue and profits. He has a $1,250 price target on Amazon, $215 price target on Facebook and a $1,210 target on Alphabet.
GOOGL Alphabet Class A
$1,130.65

18.6 (1.67%)

AMGN Amgen
$185.04

3.08 (1.69%)

12/18/17
MSCO
12/18/17
NO CHANGE
MSCO
Morgan Stanley sees opportunities in biotech amid 'limited' investor conviction
With clinical catalysts in large-cap Biotechnology limited to only five key Phase III readouts - three of which are from Alexion (ALXN) - investors are describing their 2018 picks in the space as the "least worst" of the group, according to Morgan Stanley analyst Matthew Harrison. However, he believes this lack of conviction creates real opportunity for outsized moves in 2018, with Amgen (AMGN) identified by Harrison as the biggest potential beneficiary of M&A given "its likely newfound access" to about $39B in offshore cash. Other biotech names the analyst highlights on the up side include Biogen (BIIB), BioMarin (BMRN), Biohaven (BHVN) and Sarepta (SRPT). Meanwhile, Harrison highlights his concerns about potential downside for BioVerativ (BIVV) and Innoviva (INVA), on both of which he keeps Underweight ratings.
12/29/17
PIPR
12/29/17
NO CHANGE
PIPR
Biotech fund outflows continue, says Piper Jaffray
For the weekly period ending Wednesday, December 27, healthcare/biotech funds saw $338M in net outflows, representing a 0.58% decrease in assets, Piper Jaffray analyst Christopher Raymond tells investors in a research note. This marks the seventh straight negative week and the eleventh week of outflows in the past 12 weeks, the analyst points out in a research note titled "Ending 2017 on a Down Note: Biotech Outflows Continue."
01/02/18
PIPR
01/02/18
NO CHANGE
PIPR
Overweight
Piper highlights 'clockwork' drug price increases by Amgen, Biogen
Amgen (AMGN) and Biogen (BIIB) took price increases on a number of important franchise products effective January 1, 2018, Piper Jaffray analyst Christopher Raymond tells investors in a research note titled "'Tis the Season; Price Increases Continue Like Clockwork for Many Biotech Drugs." While political scrutiny of drug pricing tactics "may come and go," demand for dominant biologics and specialty therapies with truly differentiated profiles appears to remain relatively price inelastic, Raymond contends. He notes that Amgen raised Enbrel's price by 9.7% and Neulasta's price by 5%. Biogen raised Tecfidera's price by 8%, Avonex/Plegridy's price by 8% and Tysabri's price by 3%, the analyst notes, citing data from Wolters Kluwer Heath. Raymond keeps Overweight ratings on both Amgen and Biogen.
01/02/18
PIPR
01/02/18
NO CHANGE
PIPR
Overweight
AbbVie joining peers with typical January price hikes, says Piper Jaffray
Piper Jaffray analyst Richard Purkiss noted that AbbVie (ABBV) took early-January price increases, highlighting that Humira saw a 9.7% increase that is similar in both timing and magnitude to last year's increase and once again "exactly" matches Amgen's (AMGN) Enbrel. In a note of his own earlier this morning titled "'Tis the Season; Price Increases Continue Like Clockwork for Many Biotech Drugs," Piper Jaffray analyst Christopher Raymond highlighted that Amgen and Biogen (BIIB) also increased prices on a number of important franchise products effective January 1, 2018. Purkiss maintains his Overweight rating on AbbVie shares.
GE General Electric
$18.76

-0.26 (-1.37%)

01/12/18
JPMS
01/12/18
NO CHANGE
JPMS
Underweight
GE management changes 'red flags for ongoing concern,' says JPMorgan
The recently announced departures of key executives at General Electric, namely Joe Mastrangelo, CEO of Gas Power Systems this week, and Rich Laxer CEO of GE Capital in late December, should not be overlooked, JPMorgan analyst C. Stephen Tusa tells investors in a research note. The departures are "further red flags around the uncertainties that remain" and for the company's "ongoing concern," Tusa contends. The analyst continues to think that calls for a bottom based "merely on stock price continue to ignore the fundamental realities at play" relating to GE's leverage, "weak" free cash flow, and "challenged" businesses like Power. Tusa thinks "there are still shoes to drop." He keeps an Underweight rating on General Electric.
01/08/18
JPMS
01/08/18
NO CHANGE
Target $16
JPMS
Underweight
JPMorgan sees 'too many risks,' cuts GE price target to $16
JPMorgan analyst C. Stephen Tusa says he sees "too many risks" to change his view on shares of General Electric. The analyst keeps an Underweight rating on the name and cut his price target for the stock to $16 from $17. There is no other company in the sector where earnings and free cash expectations were cut by 50% last year, Tusa tells investors in a research note. GE's leverage remains high and one-third of its core business lacks a "credible turnaround plan in the face of a dramatic fundamental shift," Tusa writes.
12/21/17
DBAB
12/21/17
NO CHANGE
Target $15
DBAB
Sell
GE could exit Baker Hughes in 2018, says Deutsche Bank
Deutsche Bank analyst John Inch believes General Electric (GE) could exit its 62.5% ownership of Baker Hughes (BHGE) sometime in 2018. The eventual monetization and separation of GE's entire oil and gas portfolio would be consistent with management's signaling regarding its investment in Baker Hughes, Inch tells investors in a research note. GE's exit timing may not be optimal, however, considering that the pickup in industry activity is likely to continue given improved energy prices, the analyst contends. He adds that GE would forego $188M of dividend from Baker Hughes and any future additional share repurchase benefit by the company. Inch has a Sell rating on GE with a $15 price target.
12/13/17
DBAB
12/13/17
NO CHANGE
DBAB
Sell
Deutsche concerned Ed Garden won't stay long on GE board
If Trian were to significantly reduce its ownership stake in General Electric in the coming year, from just the 80 basis points of shares it owns now, Ed Garden would likely be forced to step down from the company's board, Deutsche Bank analyst John Inch tells investors in a research note titled "GE Board risk." The analyst believes Trian could realize incremental pressure to reduce or exit its GE position, especially if the stock, as Inch expects, struggles to gain upward traction. Garden leaving the board would create "substantial headline risk," particularly given the public vote of confidence that new GE CEO John Flannery has placed in him, the analyst contends. As such, Inch sees risk that Garden may not end up serving on GE's Board over the long term. The analyst believes his selection to the board raises some questions given Trian's relatively small stake in GE. Were there not other equally qualified candidates with more prospective longevity for the position versus a hedge fund executive whose firm owns just 80 basis points of the stock, Inch asks. The analyst keeps a Sell rating on GE with a $15 price target. The shares closed yesterday up 26c to $17.97.
MZDAF Mazda
$14.07

(0.00%)

11/08/17
GSCO
11/08/17
DOWNGRADE
GSCO
Neutral
Mazda downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Kota Yuzawa downgraded Mazda Motor to Neutral citing "slumping" sales and rising per-vehicle incentive costs in the U.S.
10/12/17
JEFF
10/12/17
DOWNGRADE
JEFF
Underperform
Mazda downgraded to Underperform from Hold at Jefferies
Jefferies analyst Takaki Nakanishi downgraded Mazda to Underperform.
TM Toyota
$137.20

0.29 (0.21%)

10/04/17
10/04/17
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. Toyota (TM) upgraded to Buy from Neutral at Citi with analyst Arifumi Yoshida saying he believes Toyota's market share in the U.S. is recovering and thinks its development trends in all-solid-state batteries can drive multiple expansion. 2. Sanchez Energy (SN) upgraded to Neutral from Sell at Seaport Global with analyst Mike Kelly citing valuation. 3. Jack in the Box (JACK) upgraded to Outperform from Market Perform at Telsey Advisory with analyst Bob Derrington saying the company is "increasing its focus" on "improving its business trends." 4. Lennar (LEN) upgraded to Buy from Neutral at MKM Partners with analyst Megan McGrath saying she believes that its margins are stabilizing. 5. Dollar Tree (DLTR) upgraded to Buy from Neutral at Cleveland Research with analyst Scott Bender saying checks indicate Family Dollar trends have improved "noticeably" in the third quarter driven by a combination of company specific initiatives including remodels, merchandising changes, and operational improvements, and a general improvement in dollar channel sales trends. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/04/17
SBSH
10/04/17
UPGRADE
SBSH
Buy
Toyota upgraded to Buy from Neutral at Citi
Citi analyst Arifumi Yoshida upgraded Toyota Motor to Buy and raised his price target for the shares to 8,800 yen from 6,800 yen. The analyst believes Toyota's market share in the U.S. is recovering and thinks its development trends in all-solid-state batteries can drive multiple expansion.
09/21/17
RBCM
09/21/17
NO CHANGE
RBCM
Nvidia likely to continue partnering with Tesla, says RBC Capital
After CNBC and other media outlets reported that Tesla (TSLA) would work with AMD (AMD) to improve its self-driving car chips, RBC Capital analyst Mitch Steves expects Nvidia to continue to work with Tesla and remain the dominant chip provider to the automaker. He expects "similar dynamics" to play out in the data center space, with AMD "winning some share" in the sector, and Nvidia "remaining as the de-facto standard and market share leader." He notes that Toyota (TM) and Uber both use Nvidia's technology, and he does not expect the loss of share at Tesla to impact the chip maker over the long-term. He keeps an Outperform rating on Nvidia.
08/24/17
RBCM
08/24/17
NO CHANGE
RBCM
Demand for Nvidia gaming chips remains strong, says RBC Capital
After conducting checks and reviewing Nvidia's (NVDA) 10-Q, RBC Capital analysts Mitch Steves and Amit Daryanani say that demand for Nvidia's gaming chips "remains healthy" in the midst of strong demand from crypto-currency miners. The analysts add that the company's new deal with Toyota (TM) should boost its selling volumes in 2018-2019, and cause its average selling prices to rise towards the end of that period. They add that sales of the company's Volta chip "are beginning to ramp." The analysts keep an Outperform rating on Nvidia.
DRI Darden
$98.02

0.42 (0.43%)

01/09/18
MAXM
01/09/18
NO CHANGE
Target $112
MAXM
Buy
Darden price target raised to $112 from $103 at Maxim
Maxim analyst Stephen Anderson raised his price target on Darden to $112 after the company boosted its FY18 EPS view. Anderson says he now models about 45c in upside from lower corporate tax rates alone, forecasting even more upside from the potentially accelerated buybacks. The analyst keeps his Buy rating on Darden while also lifting his Q3 EPS target to $1.65 from $1.55.
01/09/18
WELS
01/09/18
NO CHANGE
Target $99
WELS
Market Perform
Darden price target raised to $99 from $92 at Wells Fargo
Wells Fargo raised its price target for Darden to $99 from $92 to reflect guidance around corporate tax reform. The firm reiterates a Market Perform rating on the shares.
01/03/18
RHCO
01/03/18
NO CHANGE
Target $205
RHCO
Buy
McDonald's price target raised to $205 from $178 at SunTrust
SunTrust analyst Jake Bartlett raised his price target on McDonald's to $205 and keeps his Buy rating as part of his "Buy the Tax News" research note on Restaurants. Bartlett says tax reform will be a "windfall for restaurants", boosting their top-line on increased consumer spending and bottom-line through tax expense reduction. The analyst anticipates about 50-100bps improvement in comps, along with a shift away from the deep-value promotional environment of the past few years. Bartlett also raises his price target on Cracker Barrel (CBRL) to $163 from $140, Chipotle (CMG) to $363 from $355, Darden (DRI) to $109 from $95, and Wingstop (WING) to $50 from $40.
BKU BankUnited
$43.18

0.6 (1.41%)

12/05/17
LEHM
12/05/17
NO CHANGE
Target $43
LEHM
Overweight
BankUnited price target raised to $43 from $38 at Barclays
Barclays analyst Matthew Keating raised his price target for BankUnited to $42 saying the tax refund will lead to a large reported gain. Further, the analyst notes that following the federal tax adjustment, the bank may also be able to pursue refund claims in several state and local taxing jurisdictions. Keating keeps an Overweight rating on BankUnited.
01/09/18
WELS
01/09/18
NO CHANGE
Target $50
WELS
Outperform
BankUnited price target raised to $50 from $42 at Wells Fargo
Wells Fargo analyst Jared Shaw raised his price target for BankUnited to $50 from $42 to reflect tax reform. The analyst reiterates an Outperform rating on the shares.
11/30/17
BMOC
11/30/17
DOWNGRADE
Target $45
BMOC
Market Perform
Cathay General downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Lana Chan downgraded Cathay General (CATY) to Market Perform from Outperform with a $45 price target citing valuation. Chan says that after an 18% year-to-date rally, the stock has gone from a 1.5-times PE multiple discount relative to peers to roughly in line, even though fundamentals for the bank remain positive to produce above-average loan growth. The analyst says she now prefers Signature Bank (SBNY) and BankUnited (BKU) within the smid-cap bank universe.
01/09/18
JMPS
01/09/18
INITIATION
Target $47
JMPS
Outperform
BankUnited initiated with an Outperform at JMP Securities
JMP Securities analyst Emlen Harmon started BankUnited with an Outperform rating and $47 price target, citing its fast-growing franchise in attractive markets and his view of a number of areas where the company could improve returns.
SHOO Steven Madden
$48.20

-0.1 (-0.21%)

12/19/17
WEDB
12/19/17
NO CHANGE
Target $53
WEDB
Outperform
Steven Madden price target raised to $53 from $47 at Wedbush
Wedbush analyst Christopher Svezia raised his price target for Steven Madden (SHOO) to $53 from $77 as he believes tax reform is likely to be signed into law. The analyst finds Shoe Carnival (SCVL), Steven Madden, Caleres (CAL), Foot Locker (FL), and Wolverine World Wide (WWW) as having the most upside to current share levels whereas DSW (DSW), Dick's Sporting (DKS), and Under Armour (UAA;UA) appear to have tax reform's impact priced into shares. He reiterates an Outperform rating on Steven Madden's shares.
01/11/18
WELS
01/11/18
NO CHANGE
Target $46
WELS
Market Perform
Steven Madden price target raised to $46 from $40 at Wells Fargo
Wells Fargo analyst Tom Nikic raised his price target for Steven Madden to $46 from $40 to reflect tax reform. The analyst reiterates a Market Perform rating on the shares.
12/19/17
WEDB
12/19/17
NO CHANGE
Target $33
WEDB
Outperform
Shoe Carnival price target raised to $33 from $27 at Wedbush
Wedbush analyst Christopher Svezia raised his price target for Shoe Carnival (SCVL) to $33 from $27 as he believes tax reform is likely to be signed into law. The analyst finds Shoe Carnival, Steven Madden (SHOO), Caleres (CAL), Foot Locker (FL), and Wolverine World Wide (WWW) as having the most upside to current share levels whereas DSW (DSW), Dick's Sporting (DKS), and Under Armour (UAA;UA) appear to have tax reform's impact priced into shares. He reiterates an Outperform rating on Shoe Carnival's shares.
11/30/17
ADAM
11/30/17
NO CHANGE
Target $47
ADAM
Buy
Steven Madden set up for strong 2018, says Canaccord
Canaccord analyst Camilo Lyon believes Steven Madden is set up for a strong finish to 2017 and start to 2018. Lyon reiterated his Buy rating and $47 price target on Steven Madden shares, noting the tone of the business, tightly managed inventories, and positive early reads on the spring assortment.
ROST Ross Stores
$83.58

1.02 (1.24%)

01/03/18
WELS
01/03/18
DOWNGRADE
Target $72
WELS
Market Perform
TJX downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Ike Boruchow downgraded TJX to Market Perform and lowered his price target for the shares to $72 from $76. Marmaxx has simply become too big to generate share gains similar to years past, Boruchow tells investors in a research note. The analyst believes Ross Stores (ROST) and Burlington Stores (BURL) offer more compelling stories for 2018.
01/11/18
WELS
01/11/18
NO CHANGE
Target $91
WELS
Outperform
Ross Stores price target raised to $91 from $75 at Wells Fargo
Wells Fargo analyst Ike Boruchow raised his price target for Ross Stores to $91 from $75 to reflect tax reform. The analyst reiterates an Outperform rating on the shares.
11/17/17
RHCO
11/17/17
NO CHANGE
Target $80
RHCO
Buy
Ross Stores price target raised to $80 from $75 at SunTrust
SunTrust analyst Pamela Quintiliano raised her price target on Ross Stores to $80 and kept her Buy rating after the company beat on Q3 earnings and raised its FY17 guidance. Quintiliano says the outlook will prove to be conservative as the company outperforms during the holiday period. The analyst is especially positive on this year's performance in Childrens segment as well as recovery of inventories following some disruptions earlier. Quintiliano says that in spite of muted mall traffic activity, the traffic at Ross Stores rose for the 6th consecutive quarter.
10/19/17
BUCK
10/19/17
INITIATION
Target $71
BUCK
Neutral
Ross Stores assumed with a Neutral at Buckingham
Buckingham analyst Eric Tracy assumed coverage on Ross Stores with a Neutral and $71 price target.
LULU Lululemon
$78.84

-0.15 (-0.19%)

01/11/18
WELS
01/11/18
NO CHANGE
Target $79
WELS
Market Perform
lululemon price target raised to $79 from $70 at Wells Fargo
Wells Fargo analyst Ike Boruchow raised his price target for lululemon to $79 from $70 to reflect tax reform. The analyst reiterates a Market Perform rating on the shares.
01/09/18
NEED
01/09/18
NO CHANGE
Target $84
NEED
Buy
lululemon price target raised to $84 from $79 at Needham
Needham analyst Rick Patel raised his price target on lululemon to $84 after the company raised its Q4 guidance. Patel says the results reflect "growing brand acceptance and positive momentum that we expect will continue", while also citing well-balanced growth in holiday sales across genders and channels. Longer term, the analyst sees opportunities internationally and in Men's apparel, keeping his Buy rating on lululemon.
01/09/18
STFL
01/09/18
NO CHANGE
Target $81
STFL
Hold
lululemon price target raised to $81 after ICR presentations at Stifel
Stifel analyst Jim Duffy noted that Lululemon's presentations at ICR focused on its opportunity to reach $4B revenue with an operating margin over 20% in 2020. While recent trends make those targets appear more tangible, achieving them is not without execution risk, said Duffy, who raised his price target on lululemon shares to $81 from $75 but maintains a Hold rating on the stock.
01/09/18
RHCO
01/09/18
NO CHANGE
Target $90
RHCO
Buy
lululemon price target raised to $90 from $80 at SunTrust
SunTrust analyst Pamela Quintiliano raised her price target on lululemon to $90 after the company raised its Q4 guidance going into the ICR conference. The analyst says this boost reflects strength across the business during the holidays and marks "meaningful sequential improvement" in trends, basing her new price target on expectations of continued momentum and the positive impact of U.S. corporate tax reform. Quintiliano keeps her Buy rating on lululemon.
ULTA Ulta Beauty
$237.32

4.17 (1.79%)

01/11/18
WELS
01/11/18
NO CHANGE
Target $297
WELS
Outperform
Ulta Beauty price target raised to $297 from $275 at Wells Fargo
Wells Fargo analyst Ike Boruchow raised his price target for Ulta Beauty to $297 from $275 to reflect tax reform. The analyst reiterates an Outperform rating on the shares.
01/04/18
MONN
01/04/18
NO CHANGE
MONN
Ulta rises after Monness Crespi calls company a better Amazon 'target'
Pre-market strength in shares of Ulta Beauty (ULTA) is being attributed to a suggestion made by an analyst at Monness Crespi that the company could be a better M&A fit for Amazon (AMZN) than Target (TGT). AMAZON ALTERNATIVES: In a note to investors this morning, Monness, Crespi, Hardt analyst James Cakmak noted the speculation that has swirled since Amazon's deal to buy Whole Foods about what categories and kinds of companies the e-commerce giant might acquire. He also noted that Target (TGT) most recently "has been floated as a prospect," but he doesn't see how such a deal would "change the game" in terms of pricing and selection for Amazon. Beauty is a category important for Amazon, and Ulta Beauty could be an M&A fit, Cakmak said. Lyft would also makes sense, as would a purchase of Costco (COST), even though that hypothetical deal "is highly unlikely," Cakmak also told investors. WHAT'S NOTABLE: Cakmak's note appears to be in response to Loup Venture's Gene Munster having said yesterday that Amazon may be eyeing Target as its next major retail acquisition. PRICE ACTION: In pre-market trading, Ulta is up $4.78, or 2%, to $249.90 per share.
01/03/18
01/03/18
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. General Mills (GIS) upgraded to Neutral from Underweight at Piper Jaffray with analyst Michael Lavery saying he expects the company to use some of its tax reform benefit to increase "needed" brand investments. He sees the company posting 9%-10% average earnings growth over the next six quarters. 2. Ulta Beauty (ULTA) upgraded to Outperform from Market Perform at Wells Fargo with analyst Ike Boruchow saying he sees "compelling setup" for the shares in 2018 given the company's "material" tax benefit and potential for fundamental stabilization. 3. IBM (IBM) upgraded to Outperform from Sector Perform at RBC Capital with analyst Amit Daryanani citing the benefits of the mainframe cycle upgrade, a favorable FX backdrop for the first time in 3 years, recovery in hybrid IT spending leading to 1%-3% revenue growth, and attractive 11-times PE valuation. 4. Oracle (ORCL) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Keith Weiss arguing that its current low valuation with cloud expectations diminished following its last three earnings reports presents "a tactical opportunity for old fashioned earnings growth to drive the shares higher." 5. United Technologies (UTX) upgraded to Outperform from Sector Perform at RBC Capital analyst Deane Dray saying 2018 will mark the final year of margin pressure at the company's Pratt and Otis units which led to the recent underperformance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/03/18
WELS
01/03/18
UPGRADE
Target $275
WELS
Outperform
Ulta Beauty upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Ike Boruchow upgraded Ulta Beauty to Outperform and raised his price target for the shares to $275 from $220. The analyst sees "compelling setup" for the shares in 2018 given the company's "material" tax benefit and potential for fundamental stabilization. Channel checks point to rationale promotional activity and steady robust comp growth this holiday for Ulta, the analyst tells investors in a research note.
TIF Tiffany
$108.46

1 (0.93%)

12/18/17
12/18/17
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. Twitter (TWTR) initiated with a Buy at Summit Redstone. 2. Insteel (IIIN) initiated with a Buy at Sidoti. 3. Tiffany (TIF) initiated with a Neutral at JPMorgan. 4. Delphi Technologies (DLPH) initiated with a Buy at Jefferies. 5. Domino's Pizza (DPZ) initiated with a Buy at Deutsche Bank, while Papa John's and Wingstop (WING) were initiated with a Hold. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/11/18
WELS
01/11/18
NO CHANGE
Target $96
WELS
Market Perform
Tiffany price target raised to $96 from $85 at Wells Fargo
Wells Fargo analyst Ike Boruchow raised his price target for Tiffany to $96 from $85 to reflect tax reform. The analyst reiterates a Market Perform rating on the shares.
01/04/18
KEYB
01/04/18
NO CHANGE
Target $120
KEYB
Overweight
KeyBanc calls Tiffany a best idea for 2018, ups target to $120
KeyBanc analyst Edward Yruma says Tiffany remains one of his firm's best ideas for 2018 following channel checks during the holidays. The analyst raised his price target for the shares to $120 from $115 and keeps an Overweight rating on the name. The stock closed the trading day down 32c to $106.75. Yruma's recent store checks, which encompassed 20% of Tiffany's U.S. store fleet and multiple visits per week to the New York City flagship store, point to strong holiday momentum. The checks suggest a strong Q4 for the company, with "particular strength in the high-margin and recently rebooted giftable collection," Yruma tells investors in a research note. He also believes President Trump's tax bill could add over 60c to Tiffany's earnings per share in 2018.
12/18/17
JPMS
12/18/17
INITIATION
Target $103
JPMS
Neutral
Tiffany initiated with a Neutral at JPMorgan
JPMorgan analyst Matthew Boss started Tiffany with a Neutral rating and $103 price target. The analyst believes the new management's transition will take time.
BURL Burlington Stores
$125.88

3.58 (2.93%)

01/11/18
WELS
01/11/18
NO CHANGE
Target $143
WELS
Outperform
Burlington Stores price target raised to $143 from $118 at Wells Fargo
Wells Fargo analyst Ike Boruchow raised his price target for Burlington Stores to $143 from $118 to reflect tax reform. The analyst reiterates an Outperform rating on the shares.
11/22/17
RHCO
11/22/17
NO CHANGE
Target $117
RHCO
Buy
Burlington Stores price target raised to $117 from $109 at SunTrust
SunTrust analyst Pamela Quintiliano raised her price target on Burlington Stores to $117 after Q3 results showed rising traffic in spite of the "hurricane noise". Quintiliano says the "increased focus on gifting" this holiday season could generate more upside relative to last year, adding that her store checks suggest that earlier shipments have been notable drivers of sales. The analyst keeps her Buy rating on Burlington Stores, noting that Q4 guidance may prove to be conservative to reflect caution from ongoing hurricane-related store closures.
11/22/17
RBCM
11/22/17
NO CHANGE
Target $115
RBCM
Outperform
Burlington Stores price target raised to $115 from $104 at RBC Capital
RBC Capital analyst Brian Tunick raised his price target on Burlington Stores to $115 from $104 and kept his Outperform rating following Q3 EPS beat. Tunick says market share gains and margin expansion facilitated 38% growth in EPS. The analyst also notes that while the company is further along in its efforts to streamline its business model, it will continue to benefit from added market share "donated" by mid-tier department stores, expand merchandising margins, and optimize its real estate portfolio.
CRI Carter's
$118.79

0.44 (0.37%)

12/21/17
12/21/17
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. Anadarko (APC) assumed with an Overweight at Piper Jaffray. 2. Hasbro (HAS) was initiated with a Buy at B. Riley FBR while Mattel (MAT) was initiated with a Neutral. 3. bluebird bio (BLUE) initiated with a Perform at Oppenheimer. 4. Cree (CREE) initiated with a Neutral at Piper Jaffray. 5. Children's Place (PLCE) and Carter's (CRI) were initiated with a Hold at SunTrust. 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
RHCO
12/21/17
INITIATION
Target $126
RHCO
Hold
Carter's initiated with a Hold at SunTrust
SunTrust analyst Pamela Quintiliano started Carter's with a Hold rating and $126 price target, stating that while it has a highly defensible brand positioning and she is impressed by how the company continues to evolve, the shares are trading at a premium that limits significant near-term upside.
12/18/17
OPCO
12/18/17
NO CHANGE
Target $125
OPCO
Outperform
Carter's price target increased to $125 from $112 at Oppenheimer
Oppenheimer analyst Anna Andreeva raised her price target for Carter's to $125 from $112 as he expects upside to Q4 with 2018 poised to benefit from more rational kids' space and stabilizing U.S. wholesale. The analyst reiterates an Outperform rating on the share.
01/11/18
WELS
01/11/18
NO CHANGE
Target $123
WELS
Market Perform
Carter's price target raised to $123 from $105 at Wells Fargo
Wells Fargo analyst Ike Boruchow raised his price target for Carter's to $123 from $105 to reflect tax reform. The analyst reiterates a Market Perform rating on the shares.
BOOT Boot Barn
$19.25

0.24 (1.26%)

01/11/18
WELS
01/11/18
NO CHANGE
Target $20
WELS
Market Perform
Boot Barn price target raised to $20 from $11 at Wells Fargo
Wells Fargo analyst Tom Nikic raised his price target for Boot Barn to $20 from $11 to reflect tax reform. The analyst reiterates a Market Perform rating on the shares.
11/15/17
JPMS
11/15/17
UPGRADE
Target $17
JPMS
Overweight
Boot Barn upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Matthew Boss upgraded Boot Barn to Overweight and raised his price target for the shares to $17 from $9. After meeting with management, the analyst believes e-commerce will move from a headwind the past three quarters to a tailwind in the second half of 2017, "translating to a low-to-mid-single-digit same-store-sales story."
08/04/17
BARD
08/04/17
UPGRADE
BARD
Outperform
Boot Barn upgraded to Outperform from Neutral at Baird
SIG Signet Jewelers
$56.94

1.72 (3.11%)

01/12/18
RBCM
01/12/18
DOWNGRADE
Target $55
RBCM
Sector Perform
Signet Jewelers downgraded to Sector Perform at RBC Capital on soft comps
As reported earlier, RBC Capital analyst Brian Tunick downgraded Signet Jewelers to Sector Perform from Outperform and lowered his price target to $55 from $60. Tunick says the latest disappointing holiday season comps are another reminder that his expectations of smoother SSS recovery based on the company's leading market position did not pan out. The analyst notes he is now less confident of share gains in the near term, adding that the sale of the company's subprime book in the first half of this year "could add incremental noise".
01/11/18
NEED
01/11/18
NO CHANGE
Target $60
NEED
Buy
Signet Jewelers holiday results were disappointing, says Needham
Needham analyst Rick Patel says the Holiday Sales update from Signet Jewelers was disappointing, as the company "missed an opportunity to capitalize on higher retail industry sales not seen in years". Patel adds that Signet's credit transition continues to pressure comps while the stabilization in credit sales remains unclear. The analyst keeps his Buy rating and $60 price target on the stock, "taking solace" in a strong performance at Zale and e-commerce.
01/12/18
RBCM
01/12/18
DOWNGRADE
RBCM
Sector Perform
Signet Jewelers downgraded to Sector Perform from Outperform at RBC Capital
01/11/18
WELS
01/11/18
NO CHANGE
Target $52
WELS
Market Perform
Signet Jewelers price target lowered to $52 from $60 at Wells Fargo
Wells Fargo analyst Ike Boruchow lowered his price target for Signet Jewelers to $52 from $60 to reflect tax reform. The analyst reiterates a Market Perform rating on the shares.
PF Pinnacle Foods
$59.15

0.14 (0.24%)

12/14/17
BERN
12/14/17
UPGRADE
Target $38
BERN
Market Perform
Conagra Brands upgraded to Market Perform from Underperform at Bernstein
Bernstein analyst Alexia Howard upgraded Conagra Brands (CAG) to Market Perform from Underperform based on frozen innovation and possibility of deal making. The analyst notes that investors have speculated about a major deal by Conagra, with Pinnacle Foods (PF) considered the most likely target, and while a deal of any magnitude has not come yet, he believes such it is more likely next year especially after uncertainties related to the tax reform are resolved. Howard also raised his price target on Conagra Brands shares to $38 from $32.
10/30/17
10/30/17
UPGRADE
Target $38

Buy
Conagra Brands upgraded to Buy on valuation, strategic optionality at Stifel
As previously reported, Stifel analyst Christopher Growe upgraded Conagra Brands (CAG) to Buy from Hold, citing the stock's valuation, the company's operating profit growth and its optionality to do "aggressive" share repurchase and M&A. The analyst, who also raised his sales estimates for Conagra, continues to see an opportunity for the company to acquire Pinnacle Foods (PF) as well as make smaller transactions for faster growers, he tells investors. Growe raised his price target on Conagra shares to $38 from $36.
12/07/17
UBSW
12/07/17
NO CHANGE
UBSW
U.S. consumer food forecasts need to be reduced, says UBS
UBS analyst Steven Strycula noted bearish sentiment across U.S. foods has intensified since spring as volumes remain weak among increased competition. He believes Street estimates are too optimistic despite the prospects of tax reform, citing competition, limited vendor pricing amid food cost inflation, rising supply chains costs, and private label substitution risk. Strycula noted shelf space gains are slowing and any increased shelf space has not translated into volume growth. Names in the space include Pinnacle Foods (PF), Nomad Foods (NOMD) and Mondelez (MDLZ).
01/10/18
FBCO
01/10/18
NO CHANGE
Target $67
FBCO
Outperform
Pinnacle Foods price target raised to $67 from $60 at Credit Suisse
Credit Suisse analyst Robert Moskow raised his price target for Pinnacle Foods to $67 from $60 to incorporate tax reform legislation impact. The analyst reiterates an Outperform rating on the shares.
SJM J.M. Smucker
$123.43

0.28 (0.23%)

01/10/18
FBCO
01/10/18
NO CHANGE
Target $120
FBCO
Neutral
J.M. Smucker price target raised to $120 from $110 at Credit Suisse
Credit Suisse analyst Robert Moskow raised his price target for J.M. Smucker to $120 from $110 to incorporate tax reform legislation impact. The analyst reiterates a Market Perform rating on the shares.
12/14/17
HDLY
12/14/17
NO CHANGE
HDLY
Hilliard Lyons Top Ideas for Year-End 2017
Hilliard Lyons Research named its Top Ideas for Year-End 2017. They are: Pinnacle Financial (PNFP), Disney (DIS), J.M. Smucker (SJM), NextEra Energy (NEE), Zoetis (ZTS), Leggett & Platt (LEG), South Jersey Industries (SJI), Tanger Factory (SKT), Physicians Realty Trust (DOC), VMware (VMW), AT&T (T), and American Water (AWK).
11/17/17
MSCO
11/17/17
NO CHANGE
Target $112
MSCO
Underweight
J.M. Smucker 'green shoots' not a 'green light,' says Morgan Stanley
Morgan Stanley analyst Matthew Grainger said he expects J.M. Smucker's improved momentum in coffee and pet sales to support a modestly higher valuation, but he believes a sustainable improvement in its results, and particularly its margins, remains less clear. He raised his price target on the stock to $112 from $106, but maintains an Underweight rating, citing fundamental challenges and what he views as lower strategic potential.
01/04/18
WELS
01/04/18
NO CHANGE
Target $128
WELS
Market Perform
J.M. Smucker price target raised to $128 from $121 at Wells Fargo
Wells Fargo analyst John Baumgartner raised his price target for J.M. Smucker to $128 from $121, citing tax reform and stronger macros. The analyst reiterates a Market Perform rating on the shares.
INGR Ingredion
$135.96

-2.02 (-1.46%)

11/15/17
11/15/17
UPGRADE
Target $156

Overweight
Ingredion upgraded to Overweight with $156 price target at Stephens
As previously reported, Stephens analyst Farha Aslam upgraded Ingredion to Overweight from Equal Weight, as she views the company being well positioned to deliver double-digit EPS growth given an improving product mix, recovery in South America, and cash flow that can be deployed for dealmaking or share repurchases. Aslam raised her price target on Ingredion shares to $156 from $125.
11/15/17
11/15/17
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. Tyson Foods (TSN) upgraded to Buy from Hold at Argus with analyst John Staszak saying the company's wide range of food business offerings gives it an edge over less diversified competitors, adding that growing demand for meat products will result in better than expected operating income over the next two years. 2. Sangamo (SGMO) upgraded to Overweight from Neutral at Piper Jaffray with analyst Charles Duncan saying he sees a "reinvigorated" company with a reestablished clinical stage pipeline. 3. Alaska Air (ALK) upgraded to Strong Buy from Outperform at Raymond James with analyst Savanthi Syth saying risk/reward is compelling following the recent pullback. 4. Ingredion (INGR) upgraded to Overweight from Equal Weight at Stephens with analyst Farha Aslam saying she views the company being well positioned to deliver double-digit EPS growth given an improving product mix, recovery in South America, and cash flow that can be deployed for dealmaking or share repurchases. 5. Tesaro (TSRO) upgraded to Outperform from Market Perform at Leerink with analyst Seamus Fernandez citing more favorable risk/reward, particularly for longer term shareholders, and recent weakness in the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/18
FBCO
01/10/18
NO CHANGE
Target $156
FBCO
Outperform
Ingredion price target raised to $156 from $145 at Credit Suisse
Credit Suisse analyst Robert Moskow raised his price target for Ingredion to $156 from $145 to incorporate tax reform legislation impact. The analyst reiterates an Outperform rating on the shares.
11/15/17
SPHN
11/15/17
UPGRADE
SPHN
Overweight
Ingredion upgraded to Overweight from Equal Weight at Stephens
DPS Dr Pepper Snapple
$95.24

-0.4 (-0.42%)

01/04/18
WELS
01/04/18
NO CHANGE
Target $112
WELS
Outperform
Dr Pepper Snapple price target raised to $112 from $98 at Wells Fargo
Wells Fargo analyst Bonnie Herzog raised her price target for Dr Pepper Snapple to $112 from $98, citing tax reform and stronger macros. The analyst reiterates an Outperform rating on the shares.
01/10/18
FBCO
01/10/18
NO CHANGE
Target $128
FBCO
Outperform
Dr Pepper Snapple price target raised to $128 from $107 at Credit Suisse
Credit Suisse analyst Laurent Grandet raised his price target for Dr Pepper Snapple to $128 from $107 due to a reduction in his tax rate assumption to 23% in 2018 and 2019. The analyst reiterates an Outperform rating on the shares.
12/27/17
JEFF
12/27/17
NO CHANGE
JEFF
Nielsen shows improved two-week sales trends, says Jefferies
Jefferies analyst Kevin Grundy says two-week sales growth in U.S. Nielsen channels improved sequentially for key home and personal care companies Colgate-Palmolive (CL), Church & Dwight (CHD) and Clorox (CLX), as well as beverage companies Monster Beverage (MNST), Coca-Cola (KO) and Dr Pepper Snapple (DPS). While overall growth remains tepid, sequential improvement in December for consumer spending, including staples, has been more upbeat, Grundy tells investors in a research note titled "Party Like It's 1999? Not Quite, But US Nielsen HPC/Bevs 2-Week Data Improves." The analyst favors shares of Church & Dwight, Procter & Gamble (PG), Dr Pepper and Monster.
12/13/17
DBAB
12/13/17
INITIATION
Target $104
DBAB
Buy
Dr Pepper Snapple initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Steve Powers started Dr Pepper Snapple with a Buy rating and $104 price target. The analyst sees continued stability in core carbonated soft drinks offsetting investments to drive growth.

TODAY'S FREE FLY STORIES

JCP

J.C. Penney

$2.36

-0.145 (-5.79%)

, LOW

Lowe's

$86.43

-0.94 (-1.08%)

12:01
05/22/18
05/22
12:01
05/22/18
12:01
General news
On The Fly: Top stock stories at midday »

Stocks opened in positive…

JCP

J.C. Penney

$2.36

-0.145 (-5.79%)

LOW

Lowe's

$86.43

-0.94 (-1.08%)

KSS

Kohl's

$60.56

-4.91 (-7.50%)

MU

Micron

$59.33

3.85 (6.94%)

INTC

Intel

$54.45

0.13 (0.24%)

PLAB

Photronics

$9.05

0.6 (7.10%)

GSM

Ferroglobe

$11.87

0.52 (4.58%)

PSTG

Pure Storage

$21.75

-1.85 (-7.84%)

AZO

AutoZone

$611.74

-53.94 (-8.10%)

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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    Jul

NVTA

Invitae

$7.41

0.1697 (2.34%)

11:55
05/22/18
05/22
11:55
05/22/18
11:55
Hot Stocks
Breaking Hot Stocks news story on Invitae »

ARK Investment reports…

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03/06/13
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  • 12

    Jun

AWK

American Water

$80.80

0.3 (0.37%)

11:51
05/22/18
05/22
11:51
05/22/18
11:51
Hot Stocks
Illinois American Water invests approx. $430,000 in Ransom drinking water system »

Illinois American Water…

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NKE

Nike

$71.78

0.4 (0.56%)

11:50
05/22/18
05/22
11:50
05/22/18
11:50
Options
Notable spreads in Nike »

Notable spreads in Nike.…

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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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  • 26

    Jun

XLE

Energy Select Sector SPDR

$79.27

0.4 (0.51%)

11:46
05/22/18
05/22
11:46
05/22/18
11:46
Technical Analysis
Technical Take: Energy Select Sector SPDR hits new 52-week high »

At time of writing the…

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BMRN

BioMarin

$85.71

-3.64 (-4.07%)

11:45
05/22/18
05/22
11:45
05/22/18
11:45
Recommendations
BioMarin analyst commentary  »

BioMarin 'raised…

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03/06/13
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  • 22

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DO

Diamond Offshore

$20.60

0.71 (3.57%)

11:45
05/22/18
05/22
11:45
05/22/18
11:45
Options
Diamond Offshore call volume above normal and directionally bullish »

Bullish option flow…

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03/06/13
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ALB

Albemarle

$104.25

0.17 (0.16%)

11:41
05/22/18
05/22
11:41
05/22/18
11:41
Conference/Events
Albemarle management to meet with UBS »

Meeting to be held in…

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GIS

General Mills

$42.00

0.23 (0.55%)

11:40
05/22/18
05/22
11:40
05/22/18
11:40
Conference/Events
General Mills management to meet with UBS »

Meeting to be held in…

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  • 24

    May

11:38
05/22/18
05/22
11:38
05/22/18
11:38
General news
4-Week Bill Auction Total Amount data reported »

4-Week Bill Auction Total…

11:38
05/22/18
05/22
11:38
05/22/18
11:38
General news
52-Week Bill Auction Bid/Cover data reported »

52-Week Bill Auction…

11:38
05/22/18
05/22
11:38
05/22/18
11:38
General news
52-Week Bill Auction Total Amount data reported »

52-Week Bill Auction…

MYND

MYnd Analytics

$2.66

-0.5 (-15.82%)

11:33
05/22/18
05/22
11:33
05/22/18
11:33
Syndicate
Breaking Syndicate news story on MYnd Analytics »

MYnd Analytics files to…

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AZO

AutoZone

$620.18

-45.5 (-6.84%)

11:32
05/22/18
05/22
11:32
05/22/18
11:32
Technical Analysis
Technical Take: AutoZone back near lows of the day »

After a brief bounce…

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  • 22

    May

TJX

TJX

$87.50

2.84 (3.35%)

11:30
05/22/18
05/22
11:30
05/22/18
11:30
Earnings
TJX sees Q2 revenue approx. $9B, consensus $8.47B »

Expects wage increases to…

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  • 22

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RCII

Rent-A-Center

$10.07

-0.14 (-1.37%)

11:30
05/22/18
05/22
11:30
05/22/18
11:30
Options
Notable ratio spread in Rent A Center »

Notable ratio spread in…

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TJX

TJX

$86.77

2.11 (2.49%)

11:28
05/22/18
05/22
11:28
05/22/18
11:28
Earnings
TJX sees FY19 revenue $37.7B-$37.9B, consensus $37.87B »

Expects pretax profit…

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  • 22

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TGT

Target

$76.39

-0.47 (-0.61%)

, AMZN

Amazon.com

$1,580.04

-5.51 (-0.35%)

11:27
05/22/18
05/22
11:27
05/22/18
11:27
Earnings
On The Fly: What to watch in Target's earnings report »

Target (TGT) is scheduled…

TGT

Target

$76.39

-0.47 (-0.61%)

AMZN

Amazon.com

$1,580.04

-5.51 (-0.35%)

WMT

Walmart

$84.33

-0.17 (-0.20%)

SHLD

Sears

$3.35

-0.29 (-7.97%)

JCP

J.C. Penney

$2.41

-0.1 (-3.99%)

KSS

Kohl's

$61.15

-4.32 (-6.60%)

W

Wayfair

$84.92

-0.6 (-0.70%)

TSLA

Tesla

$277.25

-7.24 (-2.54%)

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11:25
05/22/18
05/22
11:25
05/22/18
11:25
Conference/Events
RBC commodity strategist to hold a luncheon meeting »

Group Luncheon Meeting,…

ONCE

Spark Therapeutics

$74.00

0.97 (1.33%)

, BMRN

BioMarin

$85.77

-3.58 (-4.01%)

11:21
05/22/18
05/22
11:21
05/22/18
11:21
Recommendations
Spark Therapeutics, BioMarin analyst commentary  »

Spark Therapeutics should…

ONCE

Spark Therapeutics

$74.00

0.97 (1.33%)

BMRN

BioMarin

$85.77

-3.58 (-4.01%)

03/08/13
Wedge Partners
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03/06/13
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03/06/13
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ADSK

Autodesk

$138.56

1.05 (0.76%)

11:20
05/22/18
05/22
11:20
05/22/18
11:20
Options
Autodesk calls active ahead of earnings »

Autodesk calls active…

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TJX

TJX

$86.18

1.52 (1.80%)

11:17
05/22/18
05/22
11:17
05/22/18
11:17
Hot Stocks
TJX 'disproportionally' attracting millennial customers »

TJX "very…

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Wedge Partners
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03/06/13
Citigroup
03/06/13
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  • 22

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    May

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

11:17
05/22/18
05/22
11:17
05/22/18
11:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

11:16
05/22/18
05/22
11:16
05/22/18
11:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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11:15
05/22/18
05/22
11:15
05/22/18
11:15
General news
Breaking General news story  »

4-Week Bill Auction to be…

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