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CSCO

Cisco

$44.08

1.99 (4.73%)

, TEVA

Teva

$20.81

1.48 (7.66%)

16:20
02/15/18
02/15
16:20
02/15/18
16:20

On The Fly: Top stock stories for Thursday

Stocks saw more volatility in the early hours as the averages opened higher, gave up their gains, and then resumed their upward trend. After the early search for direction, stocks were decidedly upward bound and the market closed higher for the fifth straight session. The strength was broad-based but led by the Nasdaq, which is on pace for its best week since 2014. ECONOMIC EVENTS: In the U.S., the Producer Price Index rose 0.4% in January on both the headline and the core, which was a little hotter than expected. Initial jobless claims rose 7,000 to 230,000 in the week ended February 10. Industrial production fell 0.1% in January with capacity at 77.5%, which missed expectations. The Philadelphia Fed manufacturing index rose 3.6 points to 25.8 in February. The NAHB housing market index was unchanged at 72 in February. COMPANY NEWS: Shares of Cisco (CSCO) advanced almost 5% after reporting a Q2 beat on earnings and gross margins along with a higher than expected outlook for Q3 revenue growth. Cisco also raised its dividend 14% and approved a $25B increase to its stock buyback program... Teva (TEVA) shares gained nearly 8% after Warren Buffett's Berkshire Hathaway (BRK.A) disclosed in an SEC filing last night that it purchased 18.9M shares of the pharmaceutical company's stock during Q4 of 2017... A. Schulman (SHLM) rose 10.6% to $42.75 after LyondellBasell (LYB) revealed it has struck a deal to buy the company for a total consideration of $2.25B. LyondellBasell shareholders will receive $42 per share in cash and one contingent value right per share related to an opportunity to receive certain net proceeds, if any are recovered, from certain ongoing litigation and government investigations relating to A. Schulman's Citadel and Lucent acquisitions... AbbVie (ABBV) shares rose 1.5% after the company's board approved an increase to the company's quarterly dividend of 35% and authorized a new $10B stock repurchase program... Meanwhile, FedEx (FDX) shares were in focus after researchers at the Kromtech Security Center said that the company has exposed private information belonging to thousands of its customers after a legacy server was left open without a password. The data, which was hosted on an Amazon (AMZN) S3 storage server, was secured Tuesday after efforts were made to notify FedEx of the matter, according to ZDNet. MAJOR MOVERS: Among the noteworthy gainers was Amag Pharmaceuticals (AMAG), which jumped 29% after it and Antares Pharma (ATRS) announced FDA approval for their supplemental New Drug Application for the Makena subcutaneous auto injector drug-device combination product. Also higher after reporting quarterly earnings were SolarEdge (SEDG) and TripAdvisor (TRIP). Among the notable losers was Alcoa (AA), which slipped 2% after a filing showed that Elliott Management has decreased its stake in the aluminum producer. Also lower after reporting quarterly results were TreeHouse (THS) and NetApp (NTAP). INDEXES: The Dow rose 306.88, or 1.23%, to 25,200.37, the Nasdaq gained 112.81, or 1.58%, to 7,256.43, and the S&P 500 advanced 32.57, or 1.21%, to 2,731.20.

CSCO

Cisco

$44.08

1.99 (4.73%)

TEVA

Teva

$20.81

1.48 (7.66%)

BRK.A

Berkshire Hathaway

$305,998.99

4993.99 (1.66%)

BRK.B

Berkshire Hathaway

$203.90

3.36 (1.68%)

SHLM

A. Schulman

$42.75

4.1 (10.61%)

LYB

LyondellBasell

$109.97

-2.03 (-1.81%)

ABBV

AbbVie

$114.90

1.82 (1.61%)

FDX

FedEx

$245.03

4.21 (1.75%)

AMZN

Amazon.com

$1,461.76

10.71 (0.74%)

AMAG

Amag Pharmaceuticals

$17.90

4.001 (28.78%)

ATRS

Antares Pharma

$2.35

0.37 (18.69%)

SEDG

SolarEdge

$45.85

8.95 (24.25%)

TRIP

TripAdvisor

$42.40

1.68 (4.13%)

AA

Alcoa

$47.57

-0.97 (-2.00%)

THS

TreeHouse

$37.48

-5.53 (-12.86%)

NTAP

NetApp

$57.67

-2.97 (-4.90%)

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CSCO Cisco
$44.08

1.99 (4.73%)

02/15/18
RBCM
02/15/18
NO CHANGE
Target $50
RBCM
Outperform
Cisco price target raised to $50 from $44 at RBC Capital
RBC Capital analyst Mitch Steves raised his price target on Cisco to $50 after a Q2 beat on earnings and gross margins along with much higher than expected outlook for Q3 revenue growth. Steves believes the stock has more room to run, particularly given that Q3 should have the most difficult comparisons for growth in switching. The analyst also believes that the increase in stock buyback and dividend will attract more defensively-minded investors, keeping his Outperform rating.
02/15/18
COWN
02/15/18
NO CHANGE
Target $51
COWN
Outperform
Cisco price target raised to $51 from $42 at Cowen
Cowen analyst Paul Silverstein raised his price target on Cisco to $51 from $42 as the Q2 results reinforced his investment thesis. He said the return to growth has arrived and was broad-based. Silverstein, who also called the company's stock buyback and increased dividend impressive, reiterated his Outperform rating on Cisco shares.
02/15/18
JEFF
02/15/18
NO CHANGE
Target $48
JEFF
Buy
Cisco shares should continue to re-rate higher, says Jefferies
Jefferies analyst George Notter believes shares of Cisco Systems should continue to re-rate higher, "even from here." Last night's results, guidance, and the narrative around the business were "excellent," Notter tells investors in a pos-earnings research note. He raised his price target for the shares to $48 from $40 and continues to like the risk/reward at current levels. The analyst keeps a Buy rating on Cisco.
02/15/18
MKMP
02/15/18
NO CHANGE
Target $48
MKMP
Neutral
Cisco price target raised to $48 from $38 at MKM Partners
MKM Partners analyst Michael Genovese raised his price target on Cisco to $48 after its Q2 results, saying the company posted a clean beat with growth in all major reporting segments, including infrastructure. Genovese points to product order growth of 5%, up from 1% in the prior quarter, allowing for Q3 revenue growth outlook of 3%-5% that's above his view of 1.5%. The analyst keeps his Neutral rating on Cisco despite the good quarter, noting "weak secular Routing trends in the Service Provider market" and soft performance in "more sophisticated large Enterprise customer".
TEVA Teva
$20.81

1.48 (7.66%)

02/11/18
FBCO
02/11/18
UPGRADE
FBCO
Outperform
Teva upgraded to Outperform from Neutral at Credit Suisse
02/12/18
FBCO
02/12/18
UPGRADE
Target $23
FBCO
Outperform
Credit Suisse upgrades Teva to Outperform amid execution on restructuring
Credit Suisse analyst Vamil Divan upgraded Teva Pharmaceutical to Outperform from Neutral and raised his price target for the shares to $23 from $20. The analyst sees "early execution" towards the company's restructuring plan and believes its 2018 outlook is achievable. He feels expectations are now reasonable believes the upside path is now clearer.
02/12/18
02/12/18
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. Nasdaq (NDAQ) upgraded to Outperform from Market Perform at Wells Fargo by analyst Christopher Harris, who said the company is at an inflection point where both its trading and non-trading segments will begin to generate faster growth. He sees a "pathway to much higher profit margin" over the next two years and believes the stock is "relatively inexpensive" at a discount to the S&P 500 Index. 2. Teva (TEVA) upgraded to Outperform from Neutral at Credit Suisse by analyst Vamil Divan. The analyst sees "early execution" towards the company's restructuring plan and believes its 2018 outlook is achievable. He feels expectations are now reasonable believes the upside path is now clearer. 3. Cisco Systems (CSCO) upgraded to Buy from Neutral at Nomura Instinet by analyst Jeffrey Kvaal to reflect the webscale uptick and believes tax reform and the company's recurring revenue transition provide downside protection. Kvaal believes the recent pullback in Cisco shares provides a buying opportunity. 4. Tallgrass Energy Partners (TEP) upgraded to Overweight from Equal Weight at Barclays by analyst Christine Cho, who lowered her price target to $43 from $50. The analyst said her analysis suggests a Tallgrass Energy GP (TEGP) acquisition of Tallgrass Energy Partners is the most likely scenario. She valued Tallgrass Energy Partner at $43 in this scenario. 5. VF Corp (VFC) upgraded to Buy from hold at Stifel by analyst Jim Duffy, who sees fiscal 2019 consensus estimates rising throughout the year due to fundamental strength, environmental factors, and currency. Duffy believes VF shares can sustain the premium multiple for the "foreseeable future." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/13/18
WELS
02/13/18
NO CHANGE
WELS
Teva generic comes earlier than expected, says Wells Fargo
Wells Fargo analyst David Maris says Momenta Pharmaceuticals' (MNTA) generic approval of Teva Pharmaceutical's (TEVA) Copaxone came earlier than expected. As recently as the Q4 conference call on February 8, Teva management expected that another generic Copaxone approval would not come until April 2018, Maris tells investors in a research note. The analyst's forecasts assume a continued erosion of Copaxone sales, with sales of $700M in Q1, $500M sales in Q2 and $400M in Q3 and Q4. Maris keeps an Underperform rating on Teva.
BRK.A Berkshire Hathaway
$305,998.99

4993.99 (1.66%)

01/31/18
CHLM
01/31/18
NO CHANGE
CHLM
Amazon consortium could be longer-term health care disruptor, says Craig-Hallum
Craig-Hallum analyst Kevin Ellich says that Amazon (AMZN), Berkshire Hathaway (BRK.A; BRK.B), and JPMorgan (JPM) new company focused initially on technology solutions to provide simplified, high-quality, and transparent healthcare for their employees and families at a reasonable cost could be a longer-term health care disruptor but it may a little premature to jump to conclusions.
01/31/18
FBCO
01/31/18
NO CHANGE
FBCO
No impact on pharma/biotech from Amazon/JPM/Berkshire coalition, says Credit Suisse
Commenting on the news that Amazon (AMZN), JPMorgan (JPM) and Berkshire Hathaway (BRK.A; BRK.B) are partnering to offer healthcare services to their employees, Credit Suisse analyst Vamil Divan says he does not anticipate any impact on the pharmaceutical or biotechnology sectors in the near or immediate term. However, he acknowledged that the biopharma pricing and distribution models include some perverse incentives that could be ripe for potential disruption.
01/31/18
BERN
01/31/18
NO CHANGE
BERN
Bernstein not expecting Amazon/JPMorgan/Berkshire coalition to become insurer
Bernstein analyst Lance Wilkes notes that Amazon (AMZN), JPMorgan (JPM) and Berkshire Hathaway (BRK.A; BRK.B) announced a plan to partner to offer healthcare services to their employees. The analyst does not expect this coalition or new company to become a health insurer, or to create meaningful disruption in core functions of the MCO. Wilkes thinks these three companies will create a new company that will focus on address four high impact areas of healthcare, namely shift to value based care, pharmacy costs, keeping people health/population health management, and consumer engagement. While he believes the retail pharmacy effort of Amazon would not be housed in this coalition, Wilkes argues that this new company may contract with a to-be-developed Amazon online pharmacy.
02/05/18
BERN
02/05/18
NO CHANGE
BERN
More pronounced risks to drug supply chain from Amazon coalition, says Bernstein
Bernstein analyst Lance Wilkes thinks the risks to the drug supply chain from Amazon (AMZN), JPMorgan (JPM) and Berkshire Hathaway (BRK.A; BRK.B) healthcare joint venture are much more pronounced than risks to traditional MCOs. The analyst thinks the coalition could acquire a transparency PBM, effectively creating an employer PBM Co-op.
BRK.B Berkshire Hathaway
$203.90

3.36 (1.68%)

SHLM A. Schulman
$42.75

4.1 (10.61%)

08/25/17
LBOW
08/25/17
UPGRADE
Target $37
LBOW
A. Schulman upgraded to Buy on activist involvement at Longbow
As previously reported, Longbow upgraded A. Schulman to Buy from Neutral with a $37 price target. Analyst Dmitry Silversteyn said the involvement of activist investor Cruiser Capital who acquired 10% of the company stock is a catalyst for more rapid change in strategy and improved execution that can unlock substantial shareholder value.
08/25/17
LBOW
08/25/17
UPGRADE
LBOW
Buy
A. Schulman upgraded to Buy from Neutral at Longbow
10/05/17
GHSC
10/05/17
NO CHANGE
GHSC
Neutral
A. Schulman could be worth $33 to $40 in a takeout, says Seaport Global
A. Schulman traded higher on a report by the Wall Street Journal suggesting the company is working with Citigroup to explore a sale. Seaport Global analyst Michael Harrison is surprised by the timing, believing it would make more sense to fix the company before exploring strategic alternatives. He also questions who would by Schulman given Polyone (POL) and Clarient are not likely interested and private equity would be challenged given already high leverage. The analyst calculates a potential takeout price would be anywhere in the $33-$40 price range and maintains a Neutral rating.
01/08/18
RHCO
01/08/18
NO CHANGE
Target $37
RHCO
Hold
A. Schulman price target raised to $37 from $32 at SunTrust
SunTrust analyst Jason Freuchtel raised his price target on A. Schulman to $37 from $32 ahead of the earnings release expected later today. Freuchtel notes that while raw material pricing and Hurricane Harvey impact will be near-term headwinds, pricing will become more benign in FY18. The analyst adds that FX impact this year will be favorable and the rig count can provide more upside. Freuchtel keeps his Hold rating on A. Schulman.
LYB LyondellBasell
$109.97

-2.03 (-1.81%)

02/08/18
SBSH
02/08/18
NO CHANGE
SBSH
Buy
DowDuPont added to Focus List after pullback at Citi
Citi analyst P.J. Juvekar added DowDuPont (DWDP) to his firm's Focus List citing the recent pullback in the shares. His top three picks in Chemicals are now DowDuPont, LyondellBasell (LYB) and Huntsman (HUN). Juvekar keeps a Buy rating on shares of DowDuPont.
02/06/18
RHCO
02/06/18
NO CHANGE
Target $105
RHCO
Hold
LyondellBasell price target raised to $105 from $100 at SunTrust
SunTrust analyst James Sheehan raised his price target on LyondellBasell to $105 after the company's Q4 earnings beat in spite of the hurricane related costs. The analyst expects near-term pricing pressure in the U.S. to be modest with supply remaining tight, though he warns that the outages could moderate earnings in Q1. Sheehan keeps his Hold rating on LyondellBasell, saying valuation appears fair as the company turns its focus toward CAPEX growth and M&A.
01/17/18
WELS
01/17/18
NO CHANGE
Target $125
WELS
Outperform
LyondellBasell price target raised to $125 from $110 at Wells Fargo
Wells Fargo analyst Frank Mitsch raised his price target for LyondellBasell to $125 from $110 on tax reform. The analyst reiterates an Outperform rating on the shares.
02/05/18
MSCO
02/05/18
NO CHANGE
Target $130
MSCO
Overweight
LyondellBasell dip after Q4 report a buying opportunity, says Morgan Stanley
Morgan Stanley analyst Vincent Andrews attributes a blend of broader equity market concerns and investor surprise about LyondellBasell's lack of Q4 share repurchases and rising capital expenditures for the weakness in the shares following the company's Q4 report. However, he still thinks the market is too bearish regarding the supply cycle in 2018 and the first half of 2019 and is overlooking the upcycle after that time frame, calling the pullback a buying opportunity. Andrews reiterates his Overweight rating and $130 price target on LyondellBasell shares.
ABBV AbbVie
$114.90

1.82 (1.61%)

02/15/18
PIPR
02/15/18
NO CHANGE
Target $138
PIPR
Overweight
AbbVie price target raised to $138 from $130 at Piper Jaffray
Piper Jaffray analyst Christopher Raymond noted that after "an unexpected (and somewhat alarming) mid-day trading halt," AbbVie announced its board's approval of a new capital allocation plan, as the company had indicated was in the works. Following the buyback increase and dividend hike, Raymond said the dividend yield rises to an "impressive" 3.5% and he now models the company repurchasing over 105M shares between 2018 and 2020. Given the impact of the buybacks on his EPS estimates, Raymond raised his price target on AbbVie shares to $138 from $130 and he keeps an Overweight rating on the stock.
02/05/18
JEFF
02/05/18
NO CHANGE
Target $25
JEFF
Hold
Acorda remains takeover candidate after competitor data, says Jefferies
Jefferies analyst Michael Yee believes the positive Phase III topline results from Acorda Therapeutics (ACOR) competitor Sunovion for APL-130277 in Parkinson's patients came in as expected. While APL-130277 data compares favorably over Inbrija's 3.92 point difference at week 12, Yee cautions to compare directly head-to-head since patient baseline characteristics could be different. Acorda remains a "reasonably likely" acquisition candidate in 2018 given its $300M-$500M-plus Parkinson's asset Inbrija, Yee tells investors in a research note. The analyst does not think Biogen (BIIB) should buy the company, but sees other potential suitors in AbbVie (ABBV), Allergan (AGN), Mitsubishi, Roche (RHHBY) and Shire (SHPG). He believes a takeover price could be north of $2B. Yee keeps a Hold rating on Acorda with a $25 price target.
01/31/18
JEFF
01/31/18
NO CHANGE
JEFF
Jefferies sees neutral impact on Biotech from State of the Union
Jefferies analyst Michael Yee sees a net neutral impact on Biotech stocks from President Trump's State of the Union speech last night. During the speech, Trump made comments about making lower drug prices a "priority" for the year, Yee tells investors in a research not titled "Drug Pricing Comments Not New or Surprising - But a Reminder of Rhetoric." The President, however, also commented on broader access to novel clinical trial drugs, Yee points out. After a "strong biotech rally" in January, the analyst assumes the sector, "at some point," will have some relative near-term pullback either on uncertainty about Trump commentary or some consolidation. Some of the analyst's Buy-rated names include AbbVie (ABBV), Amgen (AMGN), Eli Lilly (LLY) and Gilead Sciences (GILD).
02/02/18
ARGS
02/02/18
NO CHANGE
Target $145
ARGS
Buy
AbbVie price target raised to $145 from $120 at Argus
Argus analyst David Toung raised his price target on AbbVie to $145 and kept his Buy rating after a "solid" Q4 earnings report that also included a substantial boost from lower tax rates. Toung says AbbVie is likely to submit more applications for new products and expanded indications of existing drugs this year as it develops new growth drivers such as Imbruvica and Mavyret to complement the current large contribution from Humira.
FDX FedEx
$245.03

4.21 (1.75%)

01/05/18
UBSW
01/05/18
UPGRADE
Target $302
UBSW
Buy
FedEx upgraded to Buy on tax reform, favorable environment at UBS
As previously reported, UBS analyst Thomas Wadewitz upgraded FedEx to Buy from Neutral after factoring the Tax Cuts & Jobs Act into his forecasts. The analyst, who also cited signs that point toward a favorable volume and pricing environment for freight transports in 2018, set a $302 price target on FedEx shares.
02/07/18
MSCO
02/07/18
NO CHANGE
MSCO
Amazon appears headed toward direct competition with parcel carriers, says Morgan Stanley
Following a Capitol Forum report that said Amazon (AMZN) is asking multi-carrier shipping software platforms to add it as a carrier option for vendors before the end of 2018, Morgan Stanley analysts Ravi Shanker and Brian Nowak said this would be the latest development in the e-commerce giant's push to become an independent logistics/parcel company and would be a quick evolution. The analysts do not know how Amazon's reported offering might price against the incumbents, but their work estimates that it could be up to 2/3rd cheaper than UPS (UPS) at like density, they tell investors. The analysts remain concerned about secular competitive threats facing UPS and FedEx (FDX), but said they do not believe Amazon has, or wants to build, a network of the scale of the incumbent parcel carriers.
02/12/18
BERN
02/12/18
NO CHANGE
BERN
'Ship with Amazon' gives options to merchants not storing with company, says Bernstein
Bernstein analyst David Vernon believes Amazon (AMZN) is trying to grow Fulfillment by Amazon volume without growing the FBA physical footprint. The "Ship with Amazon" feature seems like an attempt to make Amazon transportation options available to a select list of merchants who do not wish to pay Amazon for the cost of storing their inventory the fulfillment centers, he contends. The analyst believes UPS (UPS) and FedEx (FDX) need to enforce commercial discipline and communicate better.
01/08/18
DBAB
01/08/18
NO CHANGE
Target $145
DBAB
Buy
Deutsche names UPS a Top Pick, ups price target to $145
Deutsche Bank analyst Amit Mehrotra raised his price target for UPS (UPS) to $145 and $135 and elevated the shares to Top Pick status in Air Freight & Logistics, along with Knight-Swift (KNX), FedEx (FDX) and XPO Logistics (XPO). The analyst's earnings estimates for UPS have been revised 10% higher to reflect the passage of corporate tax reform. He also estimates that tax reform equates to about $1B of incremental free cash flow per annum. 5% cash tax rate. Mehrotra believes UPS shares are underappreciated and he maintains a Buy rating on the name.
AMZN Amazon.com
$1,461.76

10.71 (0.74%)

02/14/18
JEFF
02/14/18
NO CHANGE
JEFF
Amazon focusing on bolstering medical device distribution, says Jefferies
Yesterday's Wall Street Journal report and a recent scan of job postings still point to Amazon.com's (AMZN) focus on bolstering its medical device/supplies distribution capabilities, specifically targeting hospitals, Jefferies analyst Brian Tanquilut. These postings support a negative thesis for Cardinal Health (CAH), Owens & Minor (OMI) and Premier's (PINC) medical supplies businesses, the analyst adds. Further, he sees the news as an incremental positive for AmerisourceBergen (ABC), McKesson (MCK), CVS Health (CVS) and Walgreens Boots Alliance (WBA) since it further supports the view that Amazon isn't looking to enter the prescription business near-term.
02/15/18
SBSH
02/15/18
NO CHANGE
Target $96
SBSH
Buy
TJX concerns brings buying opportunity, says Citi
Citi analyst Paul Lejuez says sentiment has turned cautious on TJX (TJX) following the company's weak Q3 comp. The stock has underperformed most Specialty Softlines peers over the past three months and the multiple gap with Ross Stores (ROST) is now the widest it has been in 10 years, Lejuez tells investors in a research note. He believes the concerns weighing on TJX shares presents a buying opportunity. The analyst feels the company can quickly fix the fashion miss that dragged Marmaxx's comp down in Q3. He points out that the company has been winning market share along with Amazon.com (AMZN). It's the weaker players, like mall-based department stores, that are losing to Amazon, Lejuez argues. He keeps a Buy rating on TJX with a $96 price target.
02/14/18
BARD
02/14/18
NO CHANGE
Target $9
BARD
Neutral
ChannelAdvisor outlook likely to weigh on sentiment, says Baird
Baird analyst Colin Sebastian noted ChannelAdvisor (ECOM) missed Q4 estimates and cited non-core marketplace struggles as the cause. The analyst was positive on the company's improved performance across both the eBay (EBAY) and Amazon (AMZN) channels and is a positive for growth. Sebastian considers ChannelAdvisor a "show-me" story and maintained his Neutral rating while lowering his price target to $9 from $10 on the shares.
02/15/18
BERN
02/15/18
NO CHANGE
BERN
Walgreens/AmerisourceBergen deal a reaction to potential Amazon disruption, says Bernstein
Bernstein analyst Lance Wilkes sees a potential Walgreens (WBA)/AmerisourceBergen (ABC) deal as being a strategic reaction to gross margin pressures and potential disruption from Amazon (AMZN). His initial view is neutral to this deal, as he does not see it as strategically attractive, given his long-term concerns on the distributor role given his expectation of Amazon disruption to retail pharmacy. Wilkes would expect near-term synergies to be more limited, given the existing relationships between the companies and Walgreens's attractive economics already being achieved through the generic consortium.
AMAG Amag Pharmaceuticals
$17.90

4.001 (28.78%)

02/15/18
COWN
02/15/18
NO CHANGE
Target $20
COWN
Market Perform
Cowen drops Amag target to $20 despite good start to 2018
Cowen analyst Ken Cacciatore says Amag Pharmaceuticals has had a nice start to 2018, with the Makena autoinjector approval "now part of the recovery." While encouraged by recent developments, the analyst remains focused on the Intrarosa launch and any potential generics of Makena. He sees a number a "similarly positioned inexpensive companies, but with a better collection of assets." As such, Cacciatore keeps a Market Perform rating on Amag. He dropped his price target for the shares to $20 from $22.
02/15/18
JANY
02/15/18
UPGRADE
JANY
Buy
Amag Pharmaceuticals upgraded to Buy from Neutral at Janney Capital
12/07/17
12/07/17
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. Sogou (SOGO) initiated with an Overweight at JPMorgan. 2. Amag Pharmaceuticals (AMAG) initiated with a Neutral at B. Riley FBR. 3. Akebia (AKBA) initiated with a Buy at BTIG. 4. Synnex (SNX) initiated with a Buy at SunTrust. 5. Cancer Genetics (CGIX) initiated with a Buy at Maxim. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/05/18
PIPR
02/05/18
NO CHANGE
Target $15
PIPR
Neutral
Amag label doubles total addressable market, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond says FDA approval of broad label use for Amag Pharmaceuticals' Feraheme in eligible adult patients with iron deficiency anemia doubles the company's total addressable market. The analyst, however, already models for this as the news was expected. Company data values the iron deficiency anemia market at $390M, or the same size as the CKD-related iron deficiency market, Raymond tells investors in a research note. He keeps a Neutral rating on Amag with a $15 price target.
ATRS Antares Pharma
$2.35

0.37 (18.69%)

10/23/17
PIPR
10/23/17
NO CHANGE
Target $3
PIPR
Overweight
Antares shares 'can and should' recover, says Piper Jaffray
Piper Jaffray analyst David Amsellem believes shares of Antares Pharma "can and should" recover following the complete response letter from the FDA regarding its new drug application for Xyosted. The letter is a major delay and calls into question if the product will ever reach commercialization, Amsellem tells investors in a research note. The analyst, however, highlights the company's "myriad other value drivers," namely a potential AB-rated generic form of EpiPen. He lowered his price target for Antares shares to $3 from $4 and reiterates an Overweight rating on the name.
10/23/17
MSCO
10/23/17
NO CHANGE
Target $26
MSCO
Overweight
Antares CRL should have limited read through to Amag, says Morgan Stanley
After Antares Pharma (ATRS) announced that it has received a FDA complete response letter about the new drug application for Xyosted due to two deficiencies related to clinical data, Morgan Stanley analyst Thomas Smith said the CRL should have limited read through to Amag Pharmaceuticals (AMAG), which has partnered with Antares for technology being used in subcutaneous Makena. The CRL is not related to the device or manufacturing, noted Smith, who adds that investor relief over the minimal Makena read through could lead to a rally in Amag shares following the recent weakness. He keeps 60% probability of success for Makena SC and maintains an Overweight rating on Amag shares.
10/23/17
RAJA
10/23/17
NO CHANGE
Target $3.4
RAJA
Strong Buy
Antares Pharma maintained as a Strong Buy at Raymond James
Raymond James analyst Elliot Wilbur said the FDA's CRL on Antares Pharma (ATRS) XYOSTED was an unexpected and significant setback, but weakness in shares since the October disclosure effectively prices XYOSTED at zero, and substantially undervalues other development programs, especially ANDA products with Teva (TEVA). Wilbur is not writing-off XYSTED yet and is pushing out an expected launch to 2H19 from early 2018 previously, and is now discounting the probability of success at 50% versus 100% prior to the CRL. The analyst maintains asset values for Antares' non-XYOSTED assets are worth $2.50 per share using a sum-of-the-parts valuation and adjusted his price target to $3.40 from $4.20 on shares. Wilbur maintains a Strong Buy rating on Antares
10/23/17
JANY
10/23/17
NO CHANGE
JANY
Neutral
Antares CRL doesn't raise issues for Amag Pharmaceuticals, says Janney Capital
Janney Capital analyst Ken Trbovich noted that the FDA complete response letter issued to Antares (ATRS) for Xyosted did not pertain to the Quickshot subcutaneous autoinjector, which raises his confidence the FDA will not identify such issues as a short coming of the sNDA for Amag Pharmaceuticals' (AMAG) Makena SQ. However, he keeps a Neutral rating on Amag shares, noting that the primary uncertainty for the sNDA for Makena SQ is the fact that its peak plasma levels is higher than the upper bound the FDA uses to define bioequivalence.
SEDG SolarEdge
$45.85

8.95 (24.25%)

02/15/18
ROTH
02/15/18
NO CHANGE
Target $60
ROTH
Buy
SolarEdge price target raised to $60 from $42 at Roth Capital
Roth Capital analyst Philip Shen raised his price target for SolarEdge to $60 from $42 after a "strong" Q4 beat and Q1 guide, and as he sees more upside from here. The analyst reiterates a Buy rating on the shares.
02/15/18
JPMS
02/15/18
NO CHANGE
Target $52
JPMS
Overweight
SolarEdge price target raised to $52 from $43 at JPMorgan
JPMorgan analyst Mark Strouse raised his price target for SolarEdge Technologies to $52 saying the company's Q4 results included record highs for revenue, gross margin, earnings and operating cash flow, with the Q1 guidance pointing to further growth. SolarEdge's momentum remains solid, despite "moribund growth" in the U.S. residential market, owing to market share gains and international growth, Strouse tells investors in a post-earnings research note. He keeps an Overweight rating on the shares.
02/15/18
OPCO
02/15/18
NO CHANGE
Target $50
OPCO
Outperform
SolarEdge price target raised to $50 from $38 at Oppenheimer
Oppenheimer analyst Colin Rusch raised his price target for SolarEdge to $50 from $38 after Q4 results beat expectations and the company guided Q1 above consensus estimates. The analyst reiterates an Outperform rating on the shares.
02/15/18
COWN
02/15/18
NO CHANGE
Target $53
COWN
Outperform
SolarEdge price target raised to $53 from $41 at Cowen
Cowen analyst Jeffrey Osborne raised his price target on SolarEdge to $53 from $41 following its "blowout" Q4 results and "solid" Q1 guidance. The analyst cited its market share gains, gross margins, and plans for cost reductions. Osborne reiterated his Outperform rating on SolarEdge shares.
TRIP TripAdvisor
$42.40

1.68 (4.13%)

02/15/18
PIPR
02/15/18
NO CHANGE
Target $47
PIPR
Neutral
TripAdvisor price target raised to $47 from $40 at Piper Jaffray
Piper Jaffray analyst Michael Olson raised his price target for TripAdvisor to $47 saying the company last night reported "strong" results with revenue and EBITDA above consensus. TripAdvisor guided to flat year-over-year EBITDA, which is favorable when compared to consensus at down 5.5%, Olson tells investors in a post-earnings research note. He maintains a Neutral rating on the shares.
02/15/18
JEFF
02/15/18
NO CHANGE
Target $27
JEFF
Underperform
TripAdvisor core business is declining, valuation looks rich, says Jefferies
In a post-earnings research note titled "Stay Clear of This Trip," Jefferies analyst Brent Thill says TripAdvisor last night reported a mixed quarter with revenue and adjusted EBITDA above consensus and operating earnings short of expectations on higher taxes. The analyst sees "much better alternatives" among the online travel agencies with TripAdvisor's core business declining and its stock trading at 15 times 2018 EBITDA estimates. Thill says the valuation "looks rich" and keeps an Underperform rating on TripAdvisor with a $27 price target.
01/05/18
SBSH
01/05/18
NO CHANGE
Target $1400
SBSH
Buy
Citi names Amazon top Internet pick for 2018, ups target to $1,400
Citi analyst Mark May remains bullish on the consumer Internet sector, especially over the near term. The analyst believes a "positive, tax reform fueled, business climate" should benefit the end-markets of the companies in the space. After outperformance in 2017, however, he recommends being more selective in 2018. Amazon.com (AMZN) moves up a spot to become his top-ranked pick for 2018. May sees the combination of greater than 30% sales growth, margin expansion and the current valuation as a "compelling mix." He raised his price target for Amazon shares to $1,400 from $1,250. May's most- to least-favored stocks under coverage, in order, are: Amazon, Expedia (EXPE), Facebook (FB), Priceline (PCLN), Alphabet (GOOGL), eBay (EBAY), Yelp (YELP), Twitter (TWTR), TripAdvisor (TRIP), Netflix (NFLX), GrubHub (GRUB), GoDaddy (GDDY), Despegar.com (DESP), trivago (TRVG), LendingClub (LC), Wayfair (W), Snap (SNAP), Zillow (ZG), Blue Apron (APRN) and Roku (ROKU), which he downgraded this morning to Sell.
01/02/18
BOFA
01/02/18
NO CHANGE
BOFA
BofA/Merrill's Top 10 US Ideas for Q1 2018
BofA/Merrill named its Top 10 Ideas for Q1 2018. They are Buy rated AMD (AMD), Disney (DIS), Exact Sciences (EXAS), Exelon (EXC), lululemon (LULU), PayPal (PYPL), United Rentals (URI), and Walmart (WMT), and Underperform rated L Brands (LB) and TripAdvisor (TRIP).
AA Alcoa
$47.57

-0.97 (-2.00%)

01/18/18
BOFA
01/18/18
NO CHANGE
Target $63
BOFA
Buy
Alcoa price target lowered to $63 from $67 at BofA/Merrill
BofA/Merrill analyst Timna Tanners lowered her price target for Alcoa to $63 from $67 following quarterly results. While the company reported above consensus 2018E EBITDA outlook, cost pressures dampened enthusiasm, the analyst notes. Nonetheless, Tanners reiterates a Buy rating on the shares given her above guidance EBITDA forecasts on a positive view on aluminum, and as she believes cash return to shareholders likely in H2 is a positive catalyst.
12/20/17
FBCO
12/20/17
UPGRADE
Target $61
FBCO
Outperform
Credit Suisse upgrades Alcoa ahead of aluminum market tightening
Credit Suisse analyst Curt Woodworth upgraded Alcoa to Outperform from Neutral and raised his price target for the shares to $61 from $42. The aluminum market is set to tighten into 2018, as structural policies in China address captive coal plants and illegal smelters remain intact, Woodworth tells investors in a research note. The analyst sees downstream demand "sharply" recovering in Q1 of 2018 and views Alcoa's valuation as compelling at current levels. The company is set to become a capital return story with $525M of potential capital to be returned in 2018 via dividends or buybacks, Woodworth contends. Further, the analyst thinks Alcoa could be added to the S&P 500 index in 2018.
01/11/18
SBSH
01/11/18
NO CHANGE
Target $65
SBSH
Buy
Alcoa price target raised to $65 from $53 at Citi
Citi analyst Alexander Hacking raised his price target for Alcoa to $65 on the belief that "sustainably higher" aluminum prices, supported by the cost curve, will re-rate multiples higher. The analyst believes the stock looks inexpensive and he keeps a Buy rating on the shares.
01/18/18
JPMS
01/18/18
NO CHANGE
Target $68
JPMS
Overweight
Alcoa price target raised to $68 from $55 at JPMorgan
JPMorgan analyst Michael Gambardella raised his price target for Alcoa to $68 following the company's Q4 results to reflect higher alumina and aluminum prices. The analyst notes, however, that higher raw material costs are acting as a partial offset. Alumina and aluminum prices will be supported by capacity cuts in China and Alcoa has "significant leverage" to these prices given its attractive cost structure, Gambardella tells investors in a post-earnings research note. He also thinks the stock could benefit from Alcoa potentially being added to the S&P 500 in the next few months. The analyst keeps an Overweight rating on the shares.
THS TreeHouse
$37.48

-5.53 (-12.86%)

01/04/18
WELS
01/04/18
NO CHANGE
Target $46
WELS
Market Perform
TreeHouse price target raised to $46 from $41 at Wells Fargo
Wells Fargo analyst John Baumgartner raised his price target for TreeHouse to $46 from $41, citing tax reform and stronger macros. The analyst reiterates a Market Perform rating on the shares.
11/16/17
VERF
11/16/17
UPGRADE
VERF
Buy
TreeHouse upgraded to Buy from Hold at Vertical Group
12/04/17
WOLF
12/04/17
INITIATION
WOLF
Peer Perform
TreeHouse initiated with a Peer Perform at Wolfe Research
12/13/17
JPMS
12/13/17
NO CHANGE
Target $39
JPMS
Underweight
JPMorgan 'increasingly pessimistic' on TreeHouse's cash flow outlook
JPMorgan analyst Joshua Levine says he's "increasingly pessimistic" about the near-term free cash flow outlook for TreeHouse Foods. The analyst sees a "number of quantifiable drivers" that could cause the company's free cash flow to come in meaningfully below consensus in 2018 and 2019. He sees another potential leg down for the stock and keeps an Underweight rating on TreeHouse with a $39 price target.
NTAP NetApp
$57.67

-2.97 (-4.90%)

02/15/18
BOFA
02/15/18
NO CHANGE
Target $74
BOFA
Buy
NetApp weakness a buying opportunity, says BofA/Merrill
BofA/Merrill analyst Wamsi Mohan said NetApp's Q3 delivered a slight beat and Q4 guidance implies positive revenue trends will continue but with a higher product mix that is negative for gross margins. Mohan views the quarter-over-quarter product gross margin decline as seasonal, not structural, and believes the company can deliver 50%+ product gross margin, and expects an increase to the dividend and a material increase in buybacks at the April Analyst Day. The analyst reiterates a Buy rating and $74 price target and recommends using weakness as a buying opportunity.
02/15/18
DADA
02/15/18
UPGRADE
DADA
Buy
NetApp upgraded to Buy from Neutral at DA Davidson
02/15/18
DADA
02/15/18
UPGRADE
DADA
Buy
NetApp upgraded to Buy from Neutral at DA Davidson
DA Davidson analyst Mark Kelleher upgraded NetApp to Buy from Neutral with a $66 price target. Kelleher believes NetApp's strong January quarter, along with the company's plans to raise its dividend and re-authorize its stock buyback program, indicate a strengthening market position, and he sees positive momentum in fundamentals and upside to the firm's price target.
02/15/18
WELS
02/15/18
NO CHANGE
Target $62
WELS
Market Perform
NetApp price target raised to $62 from $54 at Wells Fargo
Wells Fargo analyst Aaron Rakers raised his price target for NetApp to $62 from $54 following "strong" results. The analyst reiterates a Market Perform rating on the shares.

TODAY'S FREE FLY STORIES

CFFI

C&F Financial

$48.81

-2.19 (-4.29%)

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MU

Micron

$34.12

0.23 (0.68%)

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General news
API crude inventories for week of December 14 »

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MU

Micron

$34.12

0.23 (0.68%)

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RBNC

Reliant Bancorp

$23.17

0.15 (0.65%)

16:46
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Reliant Bancorp raises dividend 12.5% to 9c »

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MU

Micron

$34.12

0.23 (0.68%)

16:46
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Micron lowers FY19 DRAM industry demand growth to 16% from 20% »

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ANGI

Angi Homeservices

$15.64

-0.01 (-0.06%)

16:46
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Initiation
Angi Homeservices initiated  »

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MTCH

Match Group

$41.98

0.93 (2.27%)

16:42
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Initiation
Match Group initiated  »

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UNFI

United Natural Foods

$10.11

-0.75 (-6.91%)

16:42
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Hot Stocks
United Natural Foods announces intent to transfer listing to NYSE from Nasdaq »

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IAC

IAC

$177.17

1.91 (1.09%)

16:39
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Initiation
IAC initiated  »

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TWTR

Twitter

$33.73

0.31 (0.93%)

16:37
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Twitter initiates IOS update giving timeline feed chronological order feature »

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TRMD

TORM A/S

$7.15

(0.00%)

16:37
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Syndicate
Breaking Syndicate news story on TORM A/S »

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SAGE

Sage Therapeutics

$98.74

-3.03 (-2.98%)

16:37
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Syndicate
Breaking Syndicate news story on Sage Therapeutics »

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  • 19

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    Mar

OSUR

OraSure

$11.35

-0.17 (-1.48%)

16:36
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Syndicate
Breaking Syndicate news story on OraSure »

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  • 21

    May

ADX

Adams Express

$12.81

-0.03 (-0.23%)

16:35
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Adams Diversified Equity Fund authorizes repurchase of up to 5% of common stock »

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JBL

Jabil

$22.21

0.65 (3.01%)

16:35
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Jabil up 11% after Q1 results beat estimates, strong Q2 revenue guidance »

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  • 18

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JCS

Communications Systems

$2.30

-0.025 (-1.08%)

16:33
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Communications Systems initiates restructure »

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SNY

Sanofi

$43.21

-0.38 (-0.87%)

16:32
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GNK

Genco Shipping

$7.90

0.06 (0.77%)

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Genco Shipping names Robert Hughes as new COO effective January 22nd »

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CAG

Conagra Brands

$28.56

-0.46 (-1.59%)

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Conagra Brands to divest the Wesson oil brand »

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  • 20

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JBGS

JBG Smith Properties

$36.42

0.05 (0.14%)

16:31
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JBG Smith Properties declares special cash dividend of 10c per share »

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LLL

L3 Technologies

$184.11

-4.02 (-2.14%)

16:31
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L3 Technologies awarded $350M U.S. Air Force contract »

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ADMS

Adamas Pharmaceuticals

$8.11

-0.67 (-7.63%)

16:31
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Hot Stocks
Adamas announces issuance of new U.S. patent covering GOCOVRI »

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SURF

Surface Oncology

$7.35

-0.44 (-5.65%)

16:30
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Breaking Hot Stocks news story on Surface Oncology »

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Options
Preliminary option volume of 21.5M today »

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