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WYNN

Wynn Resorts

$163.22

-2.26 (-1.37%)

, SNAP

Snap

$18.46

4.4 (31.29%)

10:39
02/07/18
02/07
10:39
02/07/18
10:39

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wynn Resorts (WYNN) downgraded to Neutral from Buy at Roth Capital with analyst David Bain citing the news of Steve Wynn stepping down as Chairman and CEO. 2. Snap (SNAP) downgraded to Negative from Neutral at Susquehanna. 3. Chipotle (CMG) was downgraded to Sell from Hold at Stifel and to Neutral from Buy at Mizuho. 4. Cboe Global Markets (CBOE) was downgraded to Neutral from Overweight at JPMorgan and to Neutral from Buy at Goldman Sachs. 5. Macom (MTSI) was downgraded to Neutral from Overweight at JPMorgan and to Equal Weight from Overweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

WYNN

Wynn Resorts

$163.22

-2.26 (-1.37%)

SNAP

Snap

$18.46

4.4 (31.29%)

CMG

Chipotle

$277.00

-27.33 (-8.98%)

CBOE

Cboe Global Markets

$116.94

-13.59 (-10.41%)

MTSI

Macom

$30.36

1.79 (6.27%)

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    Mar

WYNN Wynn Resorts
$163.22

-2.26 (-1.37%)

02/07/18
02/07/18
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. Lennar (LEN) upgraded to Overweight from Equal Weight at Barclays with analyst Michael Dahl saying he now expects higher returns, margins and growth, and thinks "strong" free cash flow" creates balance sheet optionality. 2. Chevron (CVX) upgraded to Outperform from Market Perform at Wells Fargo with analyst Roger Read saying he believes the energy sector's potential combination of growth and returns is attractive and could drive better shareholder returns in 2018. 3. Wynn Resorts (WYNN) was upgraded to Overweight from Neutral at JPMorgan and to Buy from Neutral at Nomura Instinet. 4. Snap (SNAP) was upgraded to Buy from Neutral at BofA/Merrill, to Hold from Sell at SunTrust, to Neutral from Underweight at JPMorgan, to In Line from Underperform at Evercore ISI, and to Outperform from Sector Perform at RBC Capital. 5. Spirit Airlines (SAVE) was upgraded to Outperform from Neutral at Macquarie and to Outperform from In-Line at Imperial Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/07/18
ROTH
02/07/18
DOWNGRADE
Target $170
ROTH
Neutral
Roth says Wynn Resorts removing 'a visionary, not an overhang,' cuts to Neutral
As previously reported, Roth Capital analyst David Bain downgraded Wynn Resorts to Neutral from Buy following the news of Steve Wynn stepping down as Chairman and CEO. The analyst believes Wynn's resignation is unlikely to shift investor discussions to fundamentals. Instead, he believes it raises additional questions on potential risks and simultaneously "removes one of, if not the greatest hospitality leaders and visionaries" from a company he created and "actively and intimately molds on a daily basis." Bain lowered his price target on Wynn shares to $170 from $210.
02/07/18
NOMU
02/07/18
UPGRADE
Target $211
NOMU
Buy
Wynn Resorts upgraded to Buy from Neutral at Nomura Instinet
Nomura Instinet analyst Harry Curtis upgraded Wynn Resorts to Buy and raised his price target for the shares to $211 from $175. The risk is that Wynn loses any gaming licenses is lower following the resignation of Steve Wynn, Curtis tells investors in a research note. He also believes the company is now a breakup/acquisition target.
02/07/18
NOMU
02/07/18
UPGRADE
NOMU
Buy
Wynn Resorts upgraded to Buy from Neutral at Nomura Instinet
SNAP Snap
$18.46

4.4 (31.29%)

02/07/18
SRCH
02/07/18
UPGRADE
SRCH
Hold
Snap upgraded to Hold from Sell at Summit Insights
Summit Insights analyst Jonathan Kees upgraded Snap to Hold with a $16 price target telling investors recent strategies are showing signs of traction. The analyst notes cumulative changes are still early and fraught with execution and market risks, but gives management credit for the changes to the core product and to the ad model.
02/07/18
MSCO
02/07/18
NO CHANGE
Target $11
MSCO
Underweight
Snap's 'next story' still uncertain, says Morgan Stanley
Morgan Stanley analyst Brian Nowak noted that Snap's Q4 results were better than expected, but he thinks the durability of the momentum into 2018 is less certain. The analyst, who still sees challenges and uncertainties as Snap works to turn its platform around, only increased his 2018 and 2019 revenue estimates by 3% each following the Q4 report. Nowak edged up his price target on Snap to $11 from $10 and keeps an Underweight rating on the stock, which has been upgraded by at least six other firms this morning.
02/07/18
LEHM
02/07/18
NO CHANGE
Target $21
LEHM
Overweight
Barclays gives Snap its first 'Gatorade shower,' ups price target to $21
Barclays analyst Ross Sandler raised his price target for Snap to $21 from $18 saying the company last night reported daily active users and revenue that were 4M and 13% above consensus. In a post-earnings research note titled "SNAP Takes Its First Gatorade Shower," Sandler adds that the tone of the conference call was upbeat. He reiterates his belief that the worst is behind Snap and thinks the stock can "grind higher" despite today's 21% rally. The stock in premarket trading is up $2.89 to $16.95. Ross keeps an Overweight rating on the name.
CMG Chipotle
$277.00

-27.33 (-8.98%)

02/07/18
BERN
02/07/18
NO CHANGE
Target $500
BERN
Outperform
Chipotle price target lowered to $500 from $564 at Bernstein
Bernstein analyst Sara Senatore lowered her price target for Chipotle to $500 from $564 as she lowers long-term margins to reflect stepped up investment. The analyst says that traffic holding steady despite a price increase is a "relief," and if Chipotle can avoid another safety scare, better executed advertising and growth in the 2nd make line should support topline. She reiterates an Outperform rating on the shares.
02/07/18
MAXM
02/07/18
NO CHANGE
Target $410
MAXM
Buy
Chipotle price target lowered to $410 from $425 at Maxim
Maxim analyst Stephen Anderson lowered his price target on Chipotle to $410 after Q4 earnings, saying the 0.9% SSS were below his target of 1.5% while also pointing to increased restaurant level investments. The analyst keeps his Buy rating and also maintains his FY18 SSS view of 4%-5%, stating that Chipotle has comps drivers ahead.
02/07/18
FBCO
02/07/18
NO CHANGE
Target $275
FBCO
Neutral
Chipotle price target lowered to $275 from $330 at Credit Suisse
Credit Suisse analyst Jason West lowered his price target for Chipotle to $275 from $330 following quarterly results. The analyst believes shares seem likely to remain range-bound until the new CEO is hired and his/her strategic turnaround can be assessed by the market. The analyst reiterates a Neutral rating on the shares.
02/07/18
RBCM
02/07/18
NO CHANGE
Target $310
RBCM
Sector Perform
Chipotle price target lowered to $310 from $330 at RBC Capital
RBC Capital analyst David Palmer lowered his price target on Chipotle to $310 and kept his Sector Perform rating after the company's Q4 results. Palmer points to higher expenses and investments, while noting that the potential for earnings growth will depend on the company's "innovation to reignite traffic and improve the customer experience". The analyst also notes "lackluster" traffic momentum going into the new quarter given the Chipotle's estimate of 3.0%-3.5% comps growth in January as well as more difficult SSS in February-March due to weather comparisons.
CBOE Cboe Global Markets
$116.94

-13.59 (-10.41%)

02/07/18
GSCO
02/07/18
DOWNGRADE
GSCO
Neutral
CBOE Global Markets downgraded to Neutral from Buy at Goldman Sachs
Goldman downgraded Cboe Global Markets to Neutral with a $115 price target, down from $140. Analyst Alexander Blostein told investors the unwind in the CBOE's VIX ETP products will likely weigh on the company's VIX futures franchise, creating headwinds to the firm's top-line growth and potentially the stock's valuation.
02/07/18
GSCO
02/07/18
DOWNGRADE
GSCO
Neutral
Cboe Global Markets downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Alexander Blostein downgraded Cboe Global Markets to Neutral.
02/07/18
JPMS
02/07/18
DOWNGRADE
Target $110
JPMS
Neutral
Cboe Global Markets downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Kenneth Worthington downgraded Cboe Global Markets to Neutral and cut his price target for the shares to $110 from $131. The liquidation and fall of various exchange traded notes represents a risk to VIX Futures volumes, likely bringing a reduction in VIX Futures trading activity looking over the next few months, Worthington tells investors in a research note. He also sees some risk to volumes in VIX options.
02/07/18
JPMS
02/07/18
DOWNGRADE
JPMS
Neutral
Cboe Global Markets downgraded to Neutral from Overweight at JPMorgan
MTSI Macom
$30.36

1.79 (6.27%)

02/07/18
CHLM
02/07/18
NO CHANGE
Target $36
CHLM
Buy
Macom price target lowered to $36 from $46 at Craig-Hallum
Craig-Hallum analyst Richard Shannon lowered his price target for Macom to $36 from $46, citing soft March quarter guide, which he believes should be bottom. The analyst reiterates a Buy rating on the shares.
02/07/18
LEHM
02/07/18
DOWNGRADE
Target $26
LEHM
Equal Weight
Macom downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Blayne Curtis downgraded Macom to Equal Weight and cut his price target for the shares to $26 from $40. The analyst calls the gross margin weakness in last night's quarter the "final straw." He is stepping to the sidelines pending "concrete proof" that the business is back on track.
02/07/18
JPMS
02/07/18
DOWNGRADE
Target $26
JPMS
Neutral
Macom downgraded to Neutral with reduced $26 target at JPMorgan
JPMorgan analyst Harlan Sur downgraded Macom to Neutral citing a "significantly reduced" forward earnings power outlook driven by push-outs from key cloud data center 100G customer engagements and significant margin pressures within the company's core telecom optical business. Following last night's weaker than expected earnings report the analyst cut his price target for the shares to $26 from $45.
02/07/18
NEED
02/07/18
NO CHANGE
Target $34
NEED
Buy
Macom price target lowered to $34 from $42 at Needham
Needham analyst N. Quinn Bolton lowered his price target on Macom to $34 after Q1 earnings came in at the low end of prior guidance. Bolton says the NG product gross margins are expected to remain under pressure due to "faster-than-expected move to lower ASP products in both the Data Center and Telecom segment", but should bottom in Q2 as higher margin products ramp later in the year. The analyst keeps his Buy rating on Macom, saying the company's forecasts are likely to prove to be conservative with "several secular drivers on the horizon".

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