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UA

Under Armour

$13.13

-1.01 (-7.14%)

, UAA

Under Armour

$14.21

-0.91 (-6.02%)

10:32
01/16/18
01/16
10:32
01/16/18
10:32

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Under Armour (UA, UAA) downgraded to Underperform from Neutral at Macquarie with analyst Laurent Vasilescu citing weaker North America revenues, flat Connected Fitness revenues, international revenues of up 21% year-over-year, gross margin pressure, and higher SG&A assumptions. 2. Verizon (VZ) downgraded to Neutral from Buy at MoffettNathanson. 3. Lockheed Martin (LMT) and Rockwell Collins (COL) were downgraded to Market Perform from Outperform at Wells Fargo. 4. Spirit Airlines (SAVE) downgraded to Hold from Buy at Stifel with analyst Joseph DeNardi saying he believes Spirit will benefit this year from an improving demand and revenue environment, but that its higher revenue risk relative to potential competitive responses to its expected capacity growth is not fully reflected in the stock at current levels. 5. Finisar (FNSR) downgraded to Sell from Neutral at Goldman Sachs with analyst Doug Clark saying risks of oversupply and competition are heating up in the optical component landscape. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

UA

Under Armour

$13.13

-1.01 (-7.14%)

UAA

Under Armour

$14.21

-0.91 (-6.02%)

VZ

Verizon

$51.84

-0.023 (-0.04%)

LMT

Lockheed Martin

$336.31

0.06 (0.02%)

COL

Rockwell Collins

$138.14

0.31 (0.22%)

SAVE

Spirit Airlines

$47.19

-1.07 (-2.22%)

FNSR

Finisar

$22.74

0.48 (2.16%)

  • 23

    Jan

  • 01

    Feb

  • 21

    Feb

  • 07

    Mar

UA Under Armour
$13.13

-1.01 (-7.14%)

01/16/18
01/16/18
DOWNGRADE
Target $8

Underperform
Under Armour downgraded to Underperform at Macquarie
As previously reported, Macquarie analyst Laurent Vasilescu downgraded Under Armour to Underperform from Neutral and cut its price target to $8 from $10. Vasilescu lowered his FY18 EBIT to $25M from $85M to reflect weaker North America revenues, flat Connected Fitness revenues, international revenues of up 21% year-over-year, gross margin pressure, and higher SG&A assumptions. The analyst expects the credit agreement will need to be amended and expects Under Armour will need a capital raise if gross margins and SG&A continue to deteriorate.
01/09/18
SUSQ
01/09/18
DOWNGRADE
Target $11
SUSQ
Negative
Under Armour downgraded to Negative at Susquehanna
As reported previously, Susquehanna analyst Sam Poser downgraded Under Armour to Negative from Neutral. He said the fundamental outlook has not improved since its weak print back in October and he believes the company's brand will continue to weaken before it is clear if it can survive. Given the poor brand management and its uncertain futures, there is no reason for the shares to trade at its historic multiple, said Poser, who believes fair value is $11 on Under Armour shares.
01/09/18
01/09/18
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. Under Armour (UA, UAA) downgraded to Negative from Neutral at Susquehanna with analyst Sam Poser saying the fundamental outlook has not improved since its weak print back in October and he believes the company's brand will continue to weaken before it is clear if it can survive. 2. Principal Financial (PFG) downgraded to Market Perform from Outperform at Wells Fargo with analyst Sean Dargan saying he now prefers Voya Financial (VOYA). 3. AK Steel (AKS) downgraded to Hold from Buy at Jefferies with analyst Seth Rosenfeld saying the company's leverage to the current U.S. steel industry up-cycle "may continue to underwhelm." 4. Fortinet (FTNT) downgraded to Equal Weight from Overweight at Barclays with analyst Saket Kalia citing the slowing of aggregate firewall product revenue growth across the industry. 5. Barracuda (CUDA) downgraded to Neutral from Outperform at Baird with analyst Jayson Noland citing the lack of a higher bidder to top Thoma Bravo's previously announced offer of $27.55 per share. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/16/18
MACQ
01/16/18
DOWNGRADE
MACQ
Underperform
Under Armour downgraded to Underperform from Neutral at Macquarie
UAA Under Armour
$14.21

-0.91 (-6.02%)

VZ Verizon
$51.84

-0.023 (-0.04%)

12/14/17
HSBC
12/14/17
DOWNGRADE
Target $52
HSBC
Hold
Verizon downgraded to Hold on valuation at HSBC
HSBC analyst Sunil Rajgopal downgraded Verizon to Hold from Buy saying the recent rally limits upside and maintained a $52 price target.
01/12/18
NEED
01/12/18
NO CHANGE
Target $22
NEED
Buy
Adtran price target lowered to $22 from $26 at Needham
Needham analyst Richard Valera lowered his price target on Adtran (ADTN) to $22 after the company's "sharply weaker" Q4 pre-announcement and a soft Q1 due to a slowdown at a "Tier 1 customer". Valera says the shortfall is likely the result of a stoppage at CenturyLink's (CTL) vectoring program. Longer term, the analyst keeps his Buy rating on Adtran, with other programs, such as NBN in Australia, AT&T (T) G.Fast, and a possible Verizon (VZ) NGPON win, ramping up in 2018.
01/16/18
MOFT
01/16/18
DOWNGRADE
MOFT
Neutral
Verizon downgraded to Neutral from Buy at MoffettNathanson
12/14/17
12/14/17
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. Verizon (VZ) downgraded to Hold on valuation at HSBC with analyst Sunil Rajgopal saying the recent rally limits upside. 2. Blue Buffalo Pet Products (BUFF) downgraded to Hold from Buy at Deutsche Bank with analyst Faiza Alwy citing valuation concerns as the stock is up 35% over the last six months. 3. Nielsen (NLSN) downgraded to Underweight from Equal Weight at Barclays with analyst Manav Patnaik saying he sees challenging end markets for the company as well as credibility concerns following a year of "poor" execution. 4. Valeant (VRX) downgraded to Underweight from Neutral at JPMorgan with analyst Chris Schott saying he sees better opportunities in the sector following the recent rally in the shares. 5. Pier 1 Imports (PIR) downgraded to Sell from Hold at Gordon Haskett with analyst Chuck Grom citing the third quarter miss and lowered guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
LMT Lockheed Martin
$336.31

0.06 (0.02%)

12/05/17
BERN
12/05/17
NO CHANGE
BERN
Defense earnings, free cash flow should benefit from tax reform, says Bernstein
Bernstein analyst Douglas Harned believes Defense earnings and free cash flow should benefit substantially in the near-term from Senate and House bills that lower the corporate tax rate from 35% to 20%, as large U.S. defense companies currently pay effective tax rates of 25%-30%. The analyst expects those effective rates to move to a 16%-20% range. Harned prefers Raytheon (RTN) among major U.S. defense contractors, based on international sales, but believes Huntington Ingalls (HII) should benefit most from tax reform and Lockheed Martin (LMT) least.
10/27/17
BOFA
10/27/17
NO CHANGE
BOFA
Lockheed Martin price target raised to $360 from $335 at BofA/Merrill
BofA/Merrill analyst Ronald Epstein raised his price target on Lockheed Martin to $360 from $335 and reiterated a Buy rating on shares, saying in his view, the market may be missing Lockheed's strong free cash flow generation, record backlog, and shareholder friendly capital deployment strategy.
10/25/17
FBCO
10/25/17
NO CHANGE
Target $308
FBCO
Neutral
Lockheed Martin price target raised to $308 from $300 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Lockheed Martin to $308 from $300 following Q3 results. The analyst reiterates a Neutral rating on the shares.
01/16/18
WELS
01/16/18
DOWNGRADE
Target $340
WELS
Market Perform
Lockheed Martin downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Sam Pearlstein downgraded Lockheed Martin to Market Perform with an unchanged price target of $340. The analyst sees less near-term organic growth and margin expansion for the company compared to peers.
COL Rockwell Collins
$138.14

0.31 (0.22%)

01/16/18
WELS
01/16/18
DOWNGRADE
Target $143
WELS
Market Perform
Rockwell Collins downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Sam Pearlstein downgraded Rockwell Collins to Market Perform saying the stock is largely driven by the pending acquisition by United Technologies (UTX). The analyst has a $143 price target for the shares.
01/05/18
BARD
01/05/18
UPGRADE
Target $156
BARD
Outperform
United Technologies upgraded to Outperform from Neutral at Baird
Baird analyst Peter Arment upgraded United Technologies (UTX) to Outperform from Neutral utilizing pro forma earnings of the pending Rockwell Collins (COL) deal and reflecting higher accretion from tax reform. Arment raised his price target to $156 from $121 on United Technologies shares.
11/08/17
FBCO
11/08/17
DOWNGRADE
Target $140
FBCO
Neutral
Rockwell Collins downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Robert Spingarn downgraded Rockwell Collins (COL) to Neutral citing the pending acquisition by United Technologies (UTX). The analyst raised his price target for the shares to $140 from $133.
09/14/17
RHCO
09/14/17
NO CHANGE
RHCO
Boeing production increase positive for suppliers, says SunTrust
SunTrust analyst Michael Ciarmoli says that Boeing's (BA) decision to increase its production to 14 planes per month in 2019, up from 12 currently, was "surprising" to many investors, including him, who expected the company to maintain or cut its current production level. He thinks that the decision increases the chances that the 2018 and 2019 estimates for airplane suppliers will rise. The analyst says that the following companies can benefit from Boeing's production increase: Astronics (ATRO), Barnes Group (B),Rockwell Collins (COL), KLX Inc. (KLXI), Spirit AeroSystems (SPR),Triumph Group (TGI), Wesco Aircraft (WAIR),and Woodward (WWD),
SAVE Spirit Airlines
$47.19

-1.07 (-2.22%)

01/16/18
STFL
01/16/18
DOWNGRADE
STFL
Hold
Spirit Airlines downgraded to Hold from Buy at Stifel
01/09/18
BOFA
01/09/18
UPGRADE
Target $53
BOFA
Buy
Spirit Airlines upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Andrew Didora upgraded Spirit Airlines to Buy from Neutral saying the company biggest opportunity for RASM growth in a recovering pricing environment given its unit revenues are 25% below peak levels. He expects Spirit to regain its premium multiple and raised its price target to $53 from $44.
01/16/18
STFL
01/16/18
DOWNGRADE
Target $50
STFL
Hold
Stifel sees higher revenue risk at Spirit Airlines, cuts to Hold
As previously reported, Stifel analyst Joseph DeNardi downgraded Spirit Airlines to Hold from Buy as he believes Spirit will benefit this year from an improving demand and revenue environment, but that its higher revenue risk relative to potential competitive responses to its expected capacity growth is not fully reflected in the stock at current levels. However, he raised his price target on the shares to $50 from $45.
01/04/18
MSCO
01/04/18
NO CHANGE
MSCO
Morgan Stanley constructive on U.S. Airlines early in 2018
Morgan Stanley analyst Rajeev Lalwani said he is taking a constructive stance on U.S. Airlines early in 2018, as he believes many of the negatives related to capacity, competition and costs are known by the market but these create upward pressure around pricing and the benefits from tax reform that are not yet in consensus EPS and FCF forecasts. He believes the "quality plays," which he identifies as Overweight-rated Alaska Air (ALK), Delta (DAL) and Southwest (LUV), "continue to make the most sense for investors." Other publicly traded airline operators include Allegiant Travel (ALGT), Hawaiian Holdings (HA), JetBlue (JBLU), Spirit Airlines (SAVE) United Continental (UAL) and American Airlines (AAL).
FNSR Finisar
$22.74

0.48 (2.16%)

01/15/18
GSCO
01/15/18
DOWNGRADE
GSCO
Sell
Finisar downgraded to Sell from Neutral at Goldman Sachs
01/16/18
GSCO
01/16/18
DOWNGRADE
GSCO
Sell
Finisar downgraded to Sell on weak fundamentals at Goldman Sachs
Goldman analyst Doug Clark downgraded Finisar to Sell from Neutral with a $16 price target sayings risks of oversupply and competition are heating up in the optical component landscape. Further, the analyst believes recent investor optimism and stock strength is overdone and sees underappreciated cost and execution risks.
01/05/18
RILY
01/05/18
NO CHANGE
RILY
Win Semi results a positive sign for Lumentum, says B. Riley FBR
B. Riley FBR analyst Dave Kang noted that Win Semiconductor announced December sales that were up 80% from last year, driven primarily by manufacturing of vertical cavity surface emitting lasers, or VCSELs, for Lumentum (LITE). Recent comments from Win Semi and Samsung Electronics (SSNLF) look positive for the VCSEL demand picture for Lumentum and, to a lesser extent, Finisar (FNSR) and II-VI (IIVI), added Kang.
01/02/18
CHLM
01/02/18
NO CHANGE
CHLM
Buy
Finisar likely to see biggest share of large cloud player order, says Craig-Hallum
Craig-Hallum analyst Richard Shannon believes that a large cloud player has placed large orders for 100G CWDM4 datacom modules for Q1 well in excess of volumes seen last quarter, and is likely shifting away from PSM4, but with materially lower pricing. Richard believes Finisar (FNSR), Lumentum (LITE) and Oclaro (OCLR) are all qualified suppliers, and of his coverage universe, Finisar is likely to see the largest share. Shannon reiterates a Buy rating on Finisar's shares.

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