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FB

Facebook

$159.39

-5.5 (-3.34%)

, BAB

British Airways

$29.68

0.01 (0.03%)

09:09
03/24/18
03/24
09:09
03/24/18
09:09

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. 2016 U.S. ELECTION: Shares of Facebook (FB) were in the spotlight this week after reports saying that Cambridge Analytica harvested private information from more than 50M users in developing techniques to support President Donald Trump's 2016 election campaign. The data analytics company has since been suspended by the social media platform, with Facebook hiring a digital forensics firm, Stroz Friedberg, to conduct a comprehensive audit of Cambridge Analytica. The data analytics company has agreed to comply and afford the company complete access to their servers and systems. On Thursday, following a statement by Mark Zuckerberg addressing concerns and announcing additional measures to ensure user privacy, House Energy and Commerce Committee Chairman Greg Walden and Ranking Member Frank Pallone released a statement calling on Facebook CEO Mark Zuckerberg to testify before the committee. 2. TARIFFS ON CHINESE IMPORTS: On Thursday, President Donald Trump signed an executive memorandum imposing retaliatory tariffs on up to $60B in Chinese imports, according to CNBC. The new measures are designed to penalize the country for trade practices that the White House says involve stealing American companies' intellectual property, the report noted, adding that the tariffs will primarily target certain products in the technology sector. Shares of Alibaba (BABA), Tencent (TCEHY) and Baidu (BIDU) were under pressure following the news. On Friday, China announced plans for reciprocal tariffs on 128 U.S. products that include pork, wine, fruit and steel, according to CNBC. 3. GUN SALES: On Thursday, shares of Smith & Wesson's parent American Outdoor Brands (AOBC) and Sturm Ruger (RGR) were under pressure after The New York Times reported that Citigroup (C) is setting restrictions on the sales of firearms by its business customers. The new policy prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21, and bars the sale of bump stock and high-capacity magazines, the report added. The rules echo similar restrictions established by big retailers such as Walmart (WMT) and Dick's Sporting (DKS). 4. METAL: As fears grow of a potential global trade war, the Trump administration has backpedaled and is considering a larger blanket of exemptions. According to a Bloomberg article, U.S. trade representative Robert Lighthizer told the Senate Finance Committee on Thursday that "The U.S. will shield a list of allies including Europe, Australia, South Korea, Argentina and Brazil from steel and aluminum tariffs that take effect on Friday." Publicly traded companies in the space include U.S. Steel (X), Alcoa (AA), Century Aluminum (CENX), AK Steel (AKS), Steel Dynamics (STLD), Nucor (NUE), Allegheny Technologies (ATI), and Cleveland-Cliffs(CLF). 5. AUTO INDUSTRY: President Donald Trump's administration has dropped a contentious demand during NAFTA talks that all vehicles exported into the U.S. and made in Canada and Mexico must contain at least 50% U.S. content, according to The Globe and Mail reported, citing sources. Publicly traded automakers include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). 6. OPIOIDS: In a press conference detailing the $1.3T omnibus government funding bill President Trump announced he would sign, the president mentioned in passing that "we'll be suing" certain drug companies related to the opioid crisis. Opioid manufacturers include privately held Purdue Pharma, which makes OxyContin, and Johnson & Johnson (JNJ) unit Janssen Pharmaceuticals, which makes Duragesic fentanyl skin patches. Opioid distributors include Cardinal Health (CAH), AmerisourceBergen (ABC), and McKesson Corp. (MCK). 7. DEFENSE SPACE: On Tuesday, President Trump said his conversation with President Putin included a conversation about the arms race between the two companies. The race is "getting out of control," Trump said during a press conference at the White House. Trump added that the U.S. will remain well ahead of other countries in terms of defense and noted that the country is spending $700B this year on defense. Publicly traded companies in the defense space include BAE Systems (BAESY), Boeing (BA), General Dynamics (GD), Lockheed Martin (LMT), Northrop Grumman (NOC), Raytheon (RTN) and United Technologies (UTX). "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.

FB

Facebook

$159.39

-5.5 (-3.34%)

BAB

British Airways

$29.68

0.01 (0.03%)

TCEHY

Tencent

$52.39

0.7 (1.35%)

BIDU

Baidu

$230.08

-6.03 (-2.55%)

AOBC

American Outdoor Brands

$9.84

-0.21 (-2.09%)

RGR

Sturm, Ruger

$49.40

-0.2 (-0.40%)

C

Citi

$67.90

-2.41 (-3.43%)

WMT

Walmart

$85.42

-1.72 (-1.97%)

DKS

Dick's Sporting

$33.01

0.26 (0.79%)

X

U.S. Steel

$33.94

-0.56 (-1.62%)

AA

Alcoa

$44.71

-0.21 (-0.47%)

CENX

Century Aluminum

$16.67

-0.095 (-0.57%)

AKS

AK Steel

$4.40

-0.1 (-2.22%)

STLD

Steel Dynamics

$42.33

-0.59 (-1.37%)

NUE

Nucor

$59.44

-1.65 (-2.70%)

ATI

Allegheny Technologies

$23.35

-0.79 (-3.27%)

CLF

Cleveland-Cliffs

$6.65

-0.01 (-0.15%)

FCAU

Fiat Chrysler

$20.26

-0.29 (-1.41%)

F

Ford

$10.56

-0.19 (-1.77%)

GM

General Motors

$35.17

-1.18 (-3.25%)

HMC

Honda

$32.91

-1.03 (-3.03%)

NSANY

Nissan

$20.89

0.07 (0.34%)

TM

Toyota

$124.50

-2.52 (-1.98%)

VLKAY

Volkswagen

$37.87

-0.87 (-2.25%)

CAH

Cardinal Health

$61.71

-2.15 (-3.37%)

JNJ

Johnson & Johnson

$125.10

-2.28 (-1.79%)

ABC

AmerisourceBergen

$84.03

-0.97 (-1.14%)

MCK

McKesson

$139.04

-2.65 (-1.87%)

GD

General Dynamics

$218.81

0.44 (0.20%)

LMT

Lockheed Martin

$336.31

9.16 (2.80%)

NOC

Northrop Grumman

$345.77

6.94 (2.05%)

RTN

Raytheon

$214.57

5.46 (2.61%)

UTX

United Technologies

$122.31

-1.76 (-1.42%)

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FB Facebook
$159.39

-5.5 (-3.34%)

03/22/18
BOFA
03/22/18
NO CHANGE
Target $230
BOFA
Buy
Facebook price target lowered to $230 from $265 at BofA/Merrill
BofA/Merrill analyst Justin Post lowered his price target on Facebook to $230 and kept his Buy rating in the wake of the Cambridge Analytica data management scandal. Post states that Facebook CEO Zuckerberg made a "reasonable" statement to the media in response, acknowledging the company's responsibility in protecting user data, disclosing fixes that have been in place for years, and promising to make additional changes. However, the analyst contends that some near term impact on platform usage can be expected, and the most recent vocal critics of the breach will not be appeased. While not aware of any advertisers publicly disclosing intentions of reduced spending on Facebook marketing, Post points to the "onslaught" of negative headlines and a trending #deleteFacebook hashtag.
03/22/18
ARGS
03/22/18
NO CHANGE
Target $237
ARGS
Buy
Facebook user growth may slow but operational results still strong, says Argus
Argus analyst Joseph Bonner writes that the headline risk for Facebook has increased amid revelations of the Russian government using the platform to influence U.S. elections and the latest Cambridge Analytica data management scandal. Bonner adds that the scandals have led to the recent stock price sell off and may still lead to "material regulatory action" against the company which will hurt user growth over time and pose "the most serious risk". Having said that, the analyst maintains his Buy rating and $237 price target on Facebook, stating that the company's operational results have remained strong while forecasting a long-term earnings growth rate of 24% and a 22% average EPS growth over the next two years.
03/22/18
RBCM
03/22/18
NO CHANGE
Target $250
RBCM
Outperform
Facebook pullback offers 'very compelling' opportunity, says RBC Capital
RBC Capital analyst Mark Mahaney keeps his Outperform rating and $250 price target on Facebook amid the pullback in the stock, saying he would recommend buying into the weakness while maintaining that the company is still the "Best Growth Story in Tech". Mahaney cites an "almost unanimous" opinion from executives at technology companies and consumer internet companies that the latest data controversies would have no material impact on the relevance and attractiveness of Facebook's marketing platform. That being said, Mahaney also warns that user and engagement growth could suffer in Q1-Q2 amid the negative media attention brought on the company. Still, the analyst believes that at $170 price point, Facebook is trading at a valuation trough, and the medium-to-long term risk-reward on the stock is "downright compelling".
03/23/18
WEDB
03/23/18
NO CHANGE
Target $260
WEDB
Outperform
Facebook to weather controversy surrounding data breach, says Wedbush
Wedbush analyst Michael Pachter expects Facebook to weather the controversy surrounding its Cambridge Analytica data breach, and to continue to invest in various initiatives, with the majority, if not all, of those initiatives generating substantial EBITDA growth in years to come. The analyst reiterates an Outperform rating and $260 price target on the shares.
BAB British Airways
$29.68

0.01 (0.03%)

TCEHY Tencent
$52.39

0.7 (1.35%)

01/17/18
NOMU
01/17/18
NO CHANGE
Target $19
NOMU
Buy
Vipshop price target raised to $19 from $16.50 at Nomura Instinet
Nomura Instinet analyst Jialong Shi raised his price target for Vipshop (VIPS) to $19 saying the company will benefit from its cooperation agreement with Tencent (TCEHY) and JD.com (JD). Vipshop will be the biggest beneficiary of the transaction, backed by the potential traffic to be brought in from Tencent's WeChat and JD's properties, Shi tells investors in a research note, citing his checks with industry experts. He believes the deal is not yet fully priced into Vipshop shares. The analyst keeps a Buy rating on the name
02/13/18
02/13/18
UPGRADE
Target $20

Outperform
Vipshop upgraded to Outperform on improved growth prospects at Macquarie
As previously reported, Macquarie analyst Wendy Huang upgraded Vipshop (VIPS) to Outperform from Neutral following the company's revenue and earnings beat in Q4. Huang believes the company's recently announced tie-up with Tencent (TCEHY) and JD.com (JD) has strengthened its growth prospects, as it can accelerate user acquisitions and help the company attract more brands and better products to sell. Huang, who also reiterated JD.com as her top pick among e-commerce names, has a $20 price target on Vipshop shares.
01/29/18
NOMU
01/29/18
DOWNGRADE
Target $276
NOMU
Neutral
Nomura downgrades Baidu to Neutral after 50% share rally
Nomura Instinet analyst Jialong Shi downgraded Baidu to Neutral from Buy and cut his price target for the shares to $276 from $301. The stock in afternoon trading is down 2% to $254.88. The analyst lowered his fiscal 2018 estimates by 8% to reflect Baidu's ramp-up in spending to acquire user traffic and video content. He believes the stock's 50% rise over the past 12 months largely prices in the company's positive developments. Shi prefers shares of Tencent (TCEHY) at current valuation levels.
01/23/18
JEFF
01/23/18
DOWNGRADE
Target $285
JEFF
Hold
Jefferies wants better entry point, downgrades Baidu to Hold
Jefferies analyst Karen Chan downgraded Baidu (BIDU) to Hold from Buy and lowered her price target for the shares to $285 from $291. The Chinese technology company closed yesterday down $1.64 to $254.34. The analyst says that while she remains positive on Baidu's "leading" artificial intelligence position, she prefers to wait for a better entry point following the stock's rebound from lows. In China Internet, Chan's top picks are Tencent (TCEHY), Alibaba (BABA) and Weibo (WB). Momo (MOMO) remains the analyst's preferred mid-cap pick.
BIDU Baidu
$230.08

-6.03 (-2.55%)

02/15/18
02/15/18
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. Bristol-Myers (BMY) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger saying he has become more optimistic on the immuno-oncology Opdivo + Yervoy combo in first-line lung cancer, which he notes is the largest cancer market. 2. Salesforce (CRM) upgraded to Buy from Hold at Jefferies with analyst John DiFucci saying recent field checks indicate continued strong enterprise traction as well improved commercial segment momentum, likely due to moderating Microsoft (MSFT) competition. 3. Credit Suisse (CS) upgraded to Buy from Hold at Societe Generale. 4. FMC Corporation (FMC) upgraded to Buy from Neutral at Seaport Global with analyst Michael Harrison saying he sees near-term catalysts from the Ag market recovery and secular growth in lithium, which the company plans to spinoff. 5. Baidu (BIDU) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Grace Chen citing expectations for search sales reacceleration in 2018, the potential catalyst of the iQiyi IPO and the long-term potential contributions from AI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/14/18
MSCO
02/14/18
UPGRADE
MSCO
Overweight
Baidu upgraded to Overweight from Equal Weight at Morgan Stanley
03/15/18
DBAB
03/15/18
INITIATION
Target $319
DBAB
Buy
Baidu initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Han Joon Kim started Baidu with a Buy rating and $319 price target. The firm at the end of last year rated the shares a Hold. The analyst says that while Baidu may not be the fastest growing internet company in China, it is one of the "strongest R&D players in the market." He expects more focused execution on the core business and thinks the stock will "break out" over time.
02/15/18
02/15/18
UPGRADE
Target $280

Overweight
Baidu upgraded on expected search growth reacceleration at Morgan Stanley
As previously reported, Morgan Stanley analyst Grace Chen upgraded Baidu to Overweight from Equal Weight, citing expectations for search sales reacceleration in 2018, the potential catalyst of the iQiyi IPO and the long-term potential contributions from AI. After the company's recent Q4 beat and Q1 revenue guidance, Chen raised her price target on Baidu to $280 from $240.
AOBC American Outdoor Brands
$9.84

-0.21 (-2.09%)

03/02/18
03/02/18
UPGRADE
Target $13

Buy
Craig-Hallum sees American Outdoor Brands at bottom, upgrades to Buy
As previously reported, Craig-Hallum analyst Steve Dyer upgraded American Outdoor Brands to Buy from Hold, as he believes the stock has bottomed and now the setup "is finally right" for the stock to rise. Specifically, he notes that inventory at company, distribution and retail levels has come down to a more healthy level, promotional activity was recently been more normalized and management is now basing the business assuming firearm sales will be "flattish" over the next 12-18 months. Dyer lowered his price target on American Outdoor shares to $13 from $15.
03/02/18
CHLM
03/02/18
UPGRADE
CHLM
Buy
American Outdoor Brands upgraded to Buy from Hold at Craig-Hallum
03/02/18
WEDB
03/02/18
NO CHANGE
Target $13
WEDB
Outperform
American Outdoor inventory metrics 'extremely encouraging,' says Wedbush
Wedbush analyst James Hardiman understands why investors were "spooked" by American Outdoor Brands' lowered Q4 guidance and "bleak" outlook for the next 12-18 months, but he notes that the inventory metrics that he has been most closely following, including absolute distributor inventories and retailer inventories, were "extremely encouraging." He lowered his FY18 EPS estimate to 33c, the high-end of management's guidance, and cut his price target on American Outdoor to $13 from $15 but Hardiman maintains his Outperform rating on the shares.
12/08/17
12/08/17
UPGRADE

Strong Buy
American Outdoor Brands upgraded to Strong Buy on valuation at IFS Securities
As previously reported, IFS Securities upgraded American Outdoor Brands to Strong Buy from Outperform with a $18 price target. Analyst Ronald Bookbinder believes all the bad news from the Q3 report and FY18 guidance is reflected in valuation and continues to expect NICS will turn positive n December, inventory will be reduced, and the company will take market share as it launches new products at compelling price points.
RGR Sturm, Ruger
$49.40

-0.2 (-0.40%)

08/21/17
AGIS
08/21/17
INITIATION
Target $67
AGIS
Buy
Sturm, Ruger initiated with a Buy at Aegis
Aegis analyst Rommel Dionisio started Sturm, Ruger with a Buy rating and $67 price target, stating that his channel checks of U.S. firearms dealers and distributors show they expect inventory destocking to end within the next two to three months.
08/21/17
08/21/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on the today's top five analyst initiations with this list compiled by The Fly: 1. Sienna Biopharmaceuticals (SNNA) initiated with an Outperform at BMO Capital, an Overweight at JPMorgan and an Outperform at Cowen. 2. Maxim analyst James Jang initiated coverage of the dry bulk shipping sector, starting Seanergy Marine (SHIP), Safe Bulkers (SB), Euroseas (ESEA) and Eagle Bulk Shipping (EGLE) with Buy ratings. 3. Buckingham analyst Matthew Brooklier started coverage of Knight Transportation (KNX), Werner (WERN) and Ryder (R) with Buy ratings and Old Dominion (ODFL) with a Neutral rating. 4. Baker Hughes (BHGE) initiated with a Buy at Argus. 5. Sturm, Ruger (RGR) initiated with a Buy at Aegis. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
C Citi
$67.90

-2.41 (-3.43%)

01/17/18
RBCM
01/17/18
NO CHANGE
Target $85
RBCM
Outperform
Citi price target raised to $85 from $79 at RBC Capital
RBC Capital analyst Gerard Cassidy raised his price target on Citi to $85 and kept his Outperform rating following Q4 earnings. Cassidy says that non-cash charges from tax reform masked the quarter's performance, with underlying trends for Citi remaining strong. The analyst adds that CitiGroup importantly reiterated the $60B capital return goal through CCAR despite the regulatory capital hit from the tax legislation.
01/17/18
VERF
01/17/18
DOWNGRADE
VERF
Hold
Citi downgraded to Hold from Buy at Vertical Group
01/17/18
01/17/18
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. Apple (AAPL) downgraded to Neutral from Buy at Longbow with analyst Shawn Harrison saying the current iPhone cycle is "good, not great." 2. Dish (DISH) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Benjamin Swinburne saying he now sees fewer likely buyers of its assets than hoped. 3. Juniper (JNPR) downgraded to Underweight from Equal Weight at Barclays with analyst Mark Moskowitz citing a lack of service provider rebound in 2018 as well as a rising threat from Arista in routing. 4. Citi (C) was downgraded to Hold from Buy at Vertical Group and to Market Perform from Outperform at Keefe Bruyette. 5. Shell Midstream (SHLX) downgraded to Hold from Buy at Stifel with the firm citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/02/18
MSCO
02/02/18
NO CHANGE
MSCO
BofA, JPMorgan, Citi best positioned for tougher CCAR test, says Morgan Stanley
Morgan Stanley analyst Betsy Graseck said she had expected an easier stress test from the Federal Reserve but that the 2018 CCAR test actually seems tougher than last year, given the more intense recessions and lower asset prices modeled in it. A tougher test makes her less optimistic on her strong payout growth expectations, said Graseck, who sees Bank of America (BAC), JPMorgan (JPM) and Citi (C) as best positioned to "weather the storm" and increase payouts given their resilient balance sheets and significant excess capital. She sees Goldman Sachs (GS), which recently cut buybacks, as at risk from a tougher test, which likely weighs on the bank's 2018 ask, Graseck added.
WMT Walmart
$85.42

-1.72 (-1.97%)

03/02/18
OPCO
03/02/18
DOWNGRADE
Target $93
OPCO
Perform
Oppenheimer 'no longer sees the case' for Walmart outperformance
Oppenheimer analysts Rupesh Parikh and Brian Nagel downgraded Walmart to Perform from Outperform on increasing concerns of dwindling e-commerce sales expansion and a more muted EPS growth view. Though the analysts, who cut their price target on shares to $93 from $110, remain "upbeat" on the retailer's strategic direction, they no longer see the case for Walmart outperformance and are "increasingly concerned" that the valuation at which shares trade could prove capped.
03/02/18
OPCO
03/02/18
DOWNGRADE
OPCO
Perform
Walmart downgraded to Perform from Outperform at Oppenheimer
03/02/18
03/02/18
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. Walmart (WMT) downgraded to Perform from Outperform at Oppenheimer by analysts Rupesh Parikh and Brian Nagel, who said that while they remain "upbeat" on the retailer's strategic direction, they no longer see the case for Walmart outperformance and are "increasingly concerned" that the valuation at which shares trade could prove capped. 2. VMware (VMW) downgraded to Hold from Buy at Stifel by analyst Brad Reback, who sees "too much uncertainty" as parent Dell Technologies (DVMT) evaluates "potential business opportunities." He believes, however, that VMware continues to execute well following its "strong" Q4 results. 3. Ruth's Hospitality (RUTH) downgraded to Hold from Buy at Deutsche Bank by analyst Brett Levy, who said the company's progress and upside are largely priced in given the company's premium multiple, Levy tells investors in a research note. The analyst this morning also upgraded both Bloomin' Brands (BLMN) and Del Frisco's (DFRG) to Buy. 4. Opko Health (OPK) downgraded to Underweight from Neutral at JPMorgan by analyst Eric Joseph, who believes the company's Q4 miss raises "significant doubts" for the core diagnostics/ BRL business. He believes the stock will continue to see pressure going forward. 5. Pure Storage (PSTG) downgraded to Neutral from Positive at Susquehanna by analyst Mehdi Hosseini, who cited the lack of visibility, particularly around FlashBlade, to raise estimates from current levels, which would be necessary for the next leg of appreciation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/26/18
02/26/18
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. Walmart (WMT) initiated with a Neutral and Target (TGT) initiated with an Outperform at Credit Suisse. 2. Hudson (HUD) initiated with a Buy at Goldman Sachs, a Buy at UBS, an Equal Weight at Morgan Stanley and an Outperform at Credit Suisse. 3. VICI Properties (VICI) initiated with a Buy at Stifel, a Neutral at Goldman Sachs and an Equal Weight at Barclays. 4. Sage Therapeutics (SAGE) initiated with an Overweight at Morgan Stanley. 5. Sol-Gel Technologies (SLGL) initiated with a Buy at Jefferies and an Outperform at BMO 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.
DKS Dick's Sporting
$33.01

0.26 (0.79%)

03/14/18
ADAM
03/14/18
NO CHANGE
Target $33
ADAM
Hold
Dick's Sporting weak comp outlook underscores challenges, says Canaccord
Canaccord analyst Camilo Lyon noted Dick's Sporting Goods reported better than expected Q4 results, but said its weak comparable sales outlook underscores its deeper challenges. The analyst called the quarter mixed at best, as flawed execution in its e-commerce business resulted in lesser growth and store comps were negative for the third consecutive quarter. Lyon maintained his Hold rating and $33 price target on Dick's Sporting shares.
03/15/18
FBCO
03/15/18
NO CHANGE
Target $35
FBCO
Neutral
Dick's Sporting price target raised to $35 from $24 at Credit Suisse
Credit Suisse analyst Seth Sigman raised his price target for Dick's Sporting to $35 from $24 on valuation. The analyst reiterates a Neutral rating on the shares.
03/14/18
JPMS
03/14/18
NO CHANGE
Target $43
JPMS
Overweight
JPMorgan found 'number of encouraging takeaways' in Dick's Q4 results
JPMorgan analyst Christopher Horvers says he found a "number of encouraging takeaways" in Dick's Sporting Goods' Q4 results, with the "noteworthy exception" of the comp miss. The analyst highlights the "much better than expected" gross margin performance. Further, he notes that besides Under Armour (UA, UAA), Dick's sees innovation in the pipeline and that its year-end inventory is in the best position since Q4 of 2013. Horvers keeps an Overweight rating on Dick's shares with a $43 price target.
03/14/18
MKMP
03/14/18
NO CHANGE
Target $34
MKMP
Neutral
Dick's Sporting margin pressure less than expected, says MKM Partners
MKM Partners analyst Patrick McKeever raised his price target on Dick's Sporting Goods to $34, saying the company's Q4 earnings showed margin decline that was not as large as feared. McKeever keeps his Neutral view on the stock however, pointing to Q4 comps growth at the weakest level since FY17 in spite of the generally favorable weather patterns. The analyst also points to a "meaningful e-commerce shortfall" due to intermittent website issues, even as the management claims that the technical issues have been resolved.
X U.S. Steel
$33.94

-0.56 (-1.62%)

03/20/18
GSCO
03/20/18
INITIATION
Target $45
GSCO
Neutral
U.S. Steel initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started U.S. Steel with a Neutral rating and $45 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
03/13/18
VERF
03/13/18
DOWNGRADE
Target $23
VERF
Sell
U.S. Steel downgraded to Sell from Hold at Vertical Group
Vertical Group analyst Gordon Johnson II downgraded U.S. Steel to Sell from Hold as he believes the upside to U.S. HRC prices and steel stocks is largely behind after Trump's tariff decision on March 8. The analyst, who thinks investors are shifting focus to how much of the desired benefits from the 232 ruling could actually pass through to company earnings, also believes the realized upside to earnings could underwhelm. He cut his price target on U.S. Steel shares to $23 from $41.
03/09/18
COWN
03/09/18
NO CHANGE
COWN
Cowen sees upside for entire steel group with tariff decision
Cowen analyst Novid Rassouli said he sees upside for the entire steel group following the announced decision on tariffs for imported steel and aluminum. He said the entire steel group is trading at a discount to current spot steel prices. The analyst also believes Century Aluminum (CENX) will be the biggest beneficiary on the aluminum side, as he sees it as the best vehicle to capitalize. Publicly traded companies in the steel space include U.S. Steel (X), Steel Dynamics (STLD), AK Steel (AKS), Cleveland-Cliffs (CLF), Nucor (NUE) and ArcelorMittal (MT).
03/16/18
JPMS
03/16/18
NO CHANGE
Target $69
JPMS
Overweight
U.S. Steel guidance implies $63 share price, says JPMorgan
U.S. Steel's 2018 EBITDA guidance of $1.7B suggests an annualized EBITDA level of $2.2B in the second half of 2018, which implies a share price of $63 based on the company's long-term EBITDA multiple of 5.6 times, JPMorgan analyst Michael Gambardella tells investors in a research note. Further, the analyst views the guidance as being conservative with both the recent bond deal and the Section 232 tariffs going into effect next week. He would be a buyer of U.S. Steel and reiterates an Overweight rating on the name with a $69 price target.
AA Alcoa
$44.71

-0.21 (-0.47%)

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.
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
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.
03/20/18
GSCO
03/20/18
INITIATION
Target $52
GSCO
Neutral
Alcoa initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Alcoa with a Neutral rating and $52 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
CENX Century Aluminum
$16.67

-0.095 (-0.57%)

03/14/18
JPMS
03/14/18
UPGRADE
Target $29
JPMS
Overweight
Century Aluminum upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Gambardella upgraded Century Aluminum to Overweight and raised his price target for the shares to $29 from $18 citing the price impact of a 10% tariff from President Trump's Section 232 decision on aluminum imports. Century Aluminum should benefit "significantly" from a higher all-in aluminum price and the company's greater earnings base from Hawesville, leading to higher earnings and cash flow, Gambardella tells investors in a research note.
03/12/18
BMOC
03/12/18
UPGRADE
Target $28
BMOC
Outperform
Century Aluminum upgraded to Outperform at BMO Capital on impact of steel tariff
As reported earlier, BMO Capital analyst David Gagliano upgraded Century Aluminum to Outperform from Market Perform and raised his price target to $28 from $20. The analyst attributes his revisions to his longer-term model of profitability and cash generation derived from the positive impact of the latest U.S. tariffs on steel and aluminum that are expected to produced "both higher volumes and higher Midwest premiums". Gagliano sees over $450M in annual EBITDA as a result of the pricing/volumes reset following the tariffs, but also warns that EBITDA will not rise right away because of the expected up-front Hawesville start-up costs with no volume benefits.
03/13/18
COWN
03/13/18
UPGRADE
Target $30
COWN
Outperform
Century Aluminum upgraded to Outperform at Cowen
As previously reported, Cowen analyst Novid Rassouli upgraded Century Aluminum to Outperform from Market Perform. The analyst's upgrade is primarily due to the Trump tariff, which is allowing the company to restart significant production capacity. Rassouli raised his price target to $30 from $23 on Century Aluminum shares.
03/13/18
COWN
03/13/18
UPGRADE
COWN
Outperform
Century Aluminum upgraded to Outperform from Market Perform at Cowen
AKS AK Steel
$4.40

-0.1 (-2.22%)

03/02/18
FBCO
03/02/18
NO CHANGE
Target $48
FBCO
Outperform
Credit Suisse 'bullish' on U.S. steel sector following tariff announcement
Credit Suisse analyst Curt Woodworth said he is "bullish" on the U.S. steel sector following President Trump's announcement that he will implement 25% tariffs on steel and 10% tariffs on aluminum next week. In a research note to investors, Woodworth said his top picks in the sector are "volumetric winners" U.S. Steel (X) and Commercial Metals (CMC) and "price winners" Nucor (NUE) and Steel Dynamics (STLD), but he will await clarity on any exemption process before adjusting his price deck and earnings estimates.
02/20/18
MSCO
02/20/18
NO CHANGE
MSCO
U.S. Steel a key beneficiary of Section 232 scenarios, says Morgan Stanley
After the Department of Commerce released its report on U.S. investigations into the impact on national security from imports of steel mill products, Morgan Stanley analyst Piyush Sood explored the three steel import scenarios presented, saying he assign the highest probability to the "tariff+quota" scenario. In all scenarios, he sees outsized gains for pipe/tube/OCTG producers and a tighter flat rolled market, calling U.S. Steel (X) a "key beneficiary." He thinks other flat rolled producers - including Steel Dynamics (STLD), Nucor (NUE) and AK Steel (AKS) - would benefit from greater tightness, but sees U.S. Steel as the biggest beneficiary of higher pricing, he tells investors.
03/20/18
GSCO
03/20/18
INITIATION
Target $6
GSCO
Neutral
AK Steel initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started AK Steel with a Neutral rating and $6 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
STLD Steel Dynamics
$42.33

-0.59 (-1.37%)

03/20/18
GSCO
03/20/18
INITIATION
Target $59
GSCO
Buy
Steel Dynamics initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Steel Dynamics with a Buy rating and $59 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view. The analyst sees shares in the space supported by high commodity prices, "more rational" supply dynamics and "healthier" balance sheets.
NUE Nucor
$59.44

-1.65 (-2.70%)

03/20/18
GSCO
03/20/18
INITIATION
Target $78
GSCO
Buy
Nucor initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Nucor with Buy rating and $78 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view. The analyst sees shares in the space supported by high commodity prices, "more rational" supply dynamics and "healthier" balance sheets.
ATI Allegheny Technologies
$23.35

-0.79 (-3.27%)

03/20/18
GSCO
03/20/18
INITIATION
Target $26
GSCO
Sell
Allegheny Technologies initiated with a Sell at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Allegheny Technologies with a Sell rating and $26 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
03/02/18
BOFA
03/02/18
UPGRADE
Target $32
BOFA
Buy
Allegheny Technologies upgraded to Buy at BofA/Merrill on valuation
As reported earlier, BofA/Merrill analyst Timna Tanners upgraded Allegheny Technologies to Buy from Neutral and kept her $32 price target. Tanners believes that the recent weakness in the stock price presents an attractive entry opportunity given the company's expected benefits from the jet engine new technology cycle. The analyst further states that the recent sell-off may have been driven by concerns over the impact of U.S. steel tariffs on its sourcing relationship with China's Tsingshan, adding that in yesterday's discussion, the management has expressed confidence in receiving an exception to any slab tariff.
03/02/18
BOFA
03/02/18
UPGRADE
BOFA
Buy
Allegheny Technologies upgraded to Buy from Neutral at BofA/Merrill
03/02/18
03/02/18
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. eBay (EBAY) upgraded to Strong Buy from Market Perform at Raymond James. 2. Global Payments (GPN) upgraded to Overweight from Neutral at Piper Jaffray by analyst Jason Deleeuw, who said that the integrated payments channel in the merchant processing space is undergoing a "profound shift" with software solutions gaining power as omni-channel payments and business solutions become increasingly valued by merchants. He sees Global Payments as "strategically well-positioned for the evolution." The analyst expects Global Payments's "strong" competitive positioning will sustain a higher rate of long-term organic growth than peers and believes the stock warrants a premium valuation. 3. Bloomin' Brands (BLMN) upgraded to Buy from Hold at Deutsche Bank by analyst Brett Levy, who said that the company's fundamental and strategic progress may result in faster growth and multiple expansion. Levy also upgraded Del Frisco's (DFRG) to Buy from Hold, saying the company's operational and strategic initiatives may drive fundamental improvements, which creates a "reasonable" risk/reward profile. 4. Allegheny Technologies (ATI) upgraded to Overweight from Sector Weight at KeyBanc by analyst Philip Gibbs, who said the stock's risk/reward is "more intriguing" despite tariff concerns. The analyst has "greater comfort" around flat rolled margin improvement potential and notes his 2019 sum-of-the-parts valuation analysis yields an eventual share value of above $35. Shares were also upgraded to Buy from Neutral at BofA/Merrill by analyst Timna Tanners, who believes that the recent weakness in the stock price presents an attractive entry opportunity given the company's expected benefits from the jet engine new technology cycle. The analyst further states that the recent sell-off may have been driven by concerns over the impact of U.S. steel tariffs on its sourcing relationship with China's Tsingshan, adding that in yesterday's discussion, the management has expressed confidence in receiving an exception to any slab tariff. 5. Splunk (SPLK) upgraded to Buy from Hold at Stifel by analyst Brad Reback, who said last night's "strong" Q4 indicates the company is successfully transitioning its business model toward subscription revenue. The analyst believes all of the company's key business metrics suggest it is on track to achieve its fiscal 2020 targets. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CLF Cleveland-Cliffs
$6.65

-0.01 (-0.15%)

03/20/18
GSCO
03/20/18
INITIATION
Target $8
GSCO
Neutral
Cleveland-Cliffs initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Matthew Korn started Cleveland-Cliffs with a Neutral rating and $8 price target while rolling out coverage on the Americas Metals & Mining sector with an Attractive view.
03/14/18
VERF
03/14/18
DOWNGRADE
VERF
Sell
Cleveland-Cliffs downgraded to Sell from Hold at Vertical Group
Vertical Group analyst Gordon Johnson downgraded Cleveland-Cliffs to Sell.
03/14/18
03/14/18
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. Sunoco (SUN) downgraded to Sell from Neutral at Goldman Sachs with analyst Jerren Holder saying he sees downside risk to consensus estimates serving as a headwind for the shares. 2. Inovalon (INOV) downgraded to Underweight from Equal Weight at Morgan Stanley analyst Ricky Goldwasser saying he believes a contract loss since September, ACA headwinds and the departure of the company's CFO could mean that a rebound may take longer than he expected with core growth slowing. 3. Commercial Metals (CMC) downgraded to Neutral from Buy at BofA/Merrill with analyst Timna Tanners thinks rising rebar margins are reflected in valuation and trimmed his multiple to reflect near-term "normal" steel prices. 4. Ultimate Software (ULTI) downgraded to Neutral from Outperform at Wedbush with analyst Steve Koenig saying the shares are appropriately benefiting from strong execution in a healthy demand environment, supported by the company's product and market leadership in North American payroll and mid-market HCM. 5. Cleveland-Cliffs (CLF) downgraded to Sell from Hold at Vertical Group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FCAU Fiat Chrysler
$20.26

-0.29 (-1.41%)

03/21/18
NOMU
03/21/18
INITIATION
NOMU
Neutral
Fiat Chrysler initiated with a Neutral at Nomura Instinet
Nomura Instinet started Fiat Chrysler with a Neutral rating and EUR 19 price target.
01/15/18
LEHM
01/15/18
NO CHANGE
LEHM
Barclays likes American Axle, Fiat Chrysler in 'back-to-basics world'
After the Consumer Electronics Show focused on autonomous driving, Barclays analyst Brian Johnson expects the North American International Auto Show in Detroit "will get back to the here and now earnings drivers." The focus will be on trucks, tariffs, and taxes, Johnson tells investors in a research note on the U.S. Autos & Auto Parts sector. This includes a focus on key pickup truck launches, the potential for a North American Free Trade Agreement withdrawal to re-impose tariffs on autos and auto parts, and the impact of tax reform on earnings. In this "back-to-basics world," Johnson likes shares of American Axle (AXL) and Fiat Chrysler (FCAU). He sees Fiat as benefiting the most from tax reform and notes American Axle, his top pick, is the most levered to the U.S. large pickup market of any supplier he covers. The analyst says he's more confident in his Top Pick call and $25 price target on American Axle.
01/19/18
EXAN
01/19/18
UPGRADE
EXAN
Neutral
Fiat Chrysler upgraded to Neutral from Underperform at Exane BNP Paribas
03/13/18
MSCO
03/13/18
NO CHANGE
MSCO
Morgan Stanley compares automakers to Facebook, Apple in 'Auto 2.0' model
Morgan Stanley analyst Adam Jonas noted that auto companies' valuations have compressed to extremely low levels, but he believes that a move from a vehicle ownership model to a transportation subscriber model could expand the revenue opportunities for the potential "tollkeepers" for the monetization of content and data by "nearly an order of magnitude." Looking at U.S. technology leaders Facebook (FB) and Apple (AAPL), which are both valued on their installed base/subscriber models, can "offer valuable clues" regarding the opportunity for General Motors (GM) and other auto OEMs, said Jonas. Viewing the OEMs though the lens of a subscription model, which should be less cyclical and potentially less capital intensive over time than the current auto model, is relevant to analyzing auto stocks, according to Jonas, who adds that it is still too early to call a winner or loser in "Auto 2.0." Other publicly traded legacy automakers include Fiat Chrysler (FCAU), Ford (F), Honda (HMC), Nissan (NSANY), Toyota (TM), Volkswagen (VLKAY) and Daimler (DDAIF).
F Ford
$10.56

-0.19 (-1.77%)

03/14/18
MSCO
03/14/18
NO CHANGE
MSCO
Morgan Stanley raises U.S. auto sales forecasts through 2021
Morgan Stanley analyst Adam Jonas raised his U.S. seasonally adjusted annual rate, or SAAR, forecast for automakers by an average of 850,000 units from 2018 through 2021, which represents slightly more than a 5% increase from his prior forecast. However, his average U.S. SAAR forecast is still well below last year's 17.3M units and 8% under the cyclical high of 17.6M units in 2016. Jonas points to U.S. tax reform and "relatively stable" recent trends in auto sales and credit as reasons for the hike, noting that while infrastructure action from the federal government could be a material positive, it is not explicitly in his new forecast. Adding that the higher view has a net positive impact on estimates and price targets for exposed auto Original Equipment Manufacturers, or OEMs, and suppliers, Jonas raised his price targets on General Motors (GM), Asbury Automotive (ABG), AutoNation (AN), Group 1 Automotive (GPI), Lithia Motors (LAD), Penske Automotive (PAH), Sonic Automotive (SAH) and Ford (F). He also double upgraded Ford, to Overweight from Underweight, this morning.
03/14/18
03/14/18
UPGRADE
Target $15

Overweight
Morgan Stanley double upgrades Ford, says estimates may have bottomed
As previously reported, Morgan Stanley analyst Adam Jonas upgraded Ford to Overweight from Underweight, where he has had his rating since 2014. Sentiment on Ford has reached a cyclical low, and Jonas said this has taken valuation to attractive levels, estimating that the F-150 franchise alone may be worth more than 150% of the company's total current enterprise value. While noting that Ford still has "a lot of room" to improve its performance compared to peers, Jonas raised his underlying earnings forecasts "by the greatest amount in nearly five years" and noted that he thinks estimates may have bottomed. The analyst, who also raised his U.S. SAAR forecast in a separate note to investors this morning by an average of 850,000 units from 2018 through 2021, increased his price target on Ford shares to $15 from $10.
03/14/18
03/14/18
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. Ford (F) double upgraded to Overweight from Underweight, with analyst Adam Jonas saying sentiment on Ford has reached a cyclical low and this has taken valuation to attractive levels, estimating that the F-150 franchise alone may be worth more than 150% of the company's total current enterprise value. 2. Sabra Health Care (SBRA) upgraded to Buy from Neutral at Mizuho with analyst Richard Anderson citing "deeply" discounted valuation and a possible near-term catalyst from its Genesis sales. 3. Oceaneering (OII) upgraded to Hold from Underperform at Jefferies with analyst Eduardo Royes saying he no longer sees ample downside to medium-term estimates. 4. RH (RH) upgraded to Outperform from Market Perform at Raymond James with analyst Budd Bugatch saying he believes the company's "sizable" business transformation is behind it and the share decline year-to-date provides attractive risk/reward. 5. BHP Billiton (BHP) upgraded to Neutral from Sell at Goldman Sachs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
GM General Motors
$35.17

-1.18 (-3.25%)

03/09/18
DBAB
03/09/18
NO CHANGE
DBAB
Deutshe Bank sees buying opportunities in Autos & Auto Parts
Deutsche Bank analyst Rod Lache attributes the recent selloff in Auto Industry stocks a confluence of factors, including rising rates, rising commodities/tariffs, and rising NAFTA risks. These represent a "triple-threat that has led to a resurgence of cyclical concerns," Lache tells investors in a research note. The analyst, while admitting limited visibility into the "most significant of these," the outlook for NAFTA, believes that investor concerns are overdone. He's a buyer of General Motors (GM), American Axle (AXL), and Lear (LEA) on weakness.
02/12/18
SBSH
02/12/18
NO CHANGE
Target $70
SBSH
Buy
General Motors price target raised to $70 from $60 at Citi
Citi analyst Itay Michaeli raised his price target for General Motors to $70 from $60 citing greater confidence in his long-term potential upside case of $134 per share. The carmaker closed Friday up 70c to $41.46. The analyst views his new price target as "arguably conservative." The $70 per share target does not contemplate the "potential game-changing implications" of GM's leadership in autonomous vehicles as a Network, or robotaxis, Michaeli tells investors in a research note. The analyst believes GM's exposure to pickup trucks and robotaxi networks are "overlooked/misunderstood narratives." He keeps a Buy rating on the shares.
HMC Honda
$32.91

-1.03 (-3.03%)

01/30/18
LYON
01/30/18
DOWNGRADE
LYON
Outperform
Honda downgraded to Outperform from Buy at CLSA
02/20/18
FBCO
02/20/18
UPGRADE
FBCO
Outperform
Honda upgraded to Outperform from Neutral at Credit Suisse
02/15/18
JPMS
02/15/18
UPGRADE
JPMS
Overweight
Honda upgraded to Overweight from Neutral at JPMorgan
NSANY Nissan
$20.89

0.07 (0.34%)

07/05/17
JPMS
07/05/17
UPGRADE
JPMS
Overweight
Nissan upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Akira Kishimoto upgraded Nissan to Neutral after raising his stance on Japan's Automobile sector to Neutral from Bearish. He believes share prices in the space now reflect the risk of slower growth in key markets like the U.S.
TM Toyota
$124.50

-2.52 (-1.98%)

03/01/18
BOFA
03/01/18
UPGRADE
BOFA
Neutral
Toyota upgraded to Neutral from Underperform at BofA/Merrill
02/06/18
MACQ
02/06/18
UPGRADE
MACQ
Outperform
Toyota upgraded to Outperform from Neutral at Macquarie
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.
VLKAY Volkswagen
$37.87

-0.87 (-2.25%)

01/04/18
DBAB
01/04/18
UPGRADE
DBAB
Buy
Volkswagen upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Tim Rokossa upgraded Volkswagen to Buy and raised his price target for the shares to EUR 210 from EUR 170. The analyst sees a mix shift towards SUVs benefitting free cash flow and sees 40% of a truck initial public offering.
01/05/18
JPMS
01/05/18
NO CHANGE
JPMS
Volkswagen removed from Focus List, Peugeot added at JPMorgan
JPMorgan analyst Jose Asumendi removed Volkswagen (VLKAY) from his firm's Analyst Focus List but keeps an Overweight rating on the name. The analyst added Peugeot (PUGOY) to the list.
11/29/17
SUSQ
11/29/17
INITIATION
Target $50
SUSQ
Positive
Navistar initiated with a Positive at Susquehanna
Susquehanna analyst Brendon Mason initiated Navistar (NAV) with a Positive rating as he sees the company emerging from its failed engine strategy and internal restructuring strategy with an improved risk paradigm. The analyst said its alliance with Volkswagen (VLKAY) provides both immediate relief and significant long-term potential, its progress on improved margins should continue, and demand and build rates are expected to be strong in 2018 and 2019. Mason has a $50 price target on Navistar shares.
CAH Cardinal Health
$61.71

-2.15 (-3.37%)

02/27/18
BOFA
02/27/18
INITIATION
Target $69
BOFA
Underperform
Cardinal Health reinstated with an Underperform at BofA/Merrill
BofA/Merrill analyst Michael Cherny reinstated coverage on Cardinal Health with an Underperform and $69 price target.
03/08/18
LEHM
03/08/18
INITIATION
Target $74
LEHM
Equal Weight
Cardinal Health initiated with an Equal Weight at Barclays
Barclays analyst Steve Valiquette started Cardinal Health with an Equal Weight rating and $74 price target. The analyst initiated 14 companies in Health Care Services with a Neutral industry view.
01/04/18
EVER
01/04/18
INITIATION
Target $67
EVER
In Line
Cardinal Health initiated with an In Line at Evercore ISI
Evercore ISI started Cardinal Health with an In Line rating and $67 price target.
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.
JNJ Johnson & Johnson
$125.10

-2.28 (-1.79%)

02/06/18
WELS
02/06/18
NO CHANGE
Target $160
WELS
Outperform
Johnson & Johnson talc litigation concerns appear overblown, says Wells Fargo
Wells Fargo analyst Lawrence Biegelsen says Johnson & Johnson shares were down partly due to concerns about ongoing litigation over allegations that its talcum power products are unsafe for use because they contain asbestos which can cause mesothelioma. Based on prior high-profile product liability cases in the drug and device sectors, the analyst believes any potential settlement would be manageable for Johnson & Johnson. He reiterates an Outperform rating and $160 price target on the shares.
01/04/18
RBCM
01/04/18
NO CHANGE
Target $54
RBCM
Outperform
Pacira price target raised to $54 from $50 at RBC Capital
RBC Capital analyst Randall Stanicky raised his price target on Pacira (PCRX) to $54 and kept his Outperform rating. Stanicky says his focus is on the company's expected pre-announcement for Q4 this week and his upcoming discussion with CEO Dave Stack on Monday regarding changes from CMS around unbundling of payments that could represent a game changing opportunity for the company's EXPAREL. The analyst notes that traction is building around Pacira's relationship with Johnson & Johnson (JNJ) on the ortho selling side, which marks about half of its revenue.
01/18/18
MSCO
01/18/18
NO CHANGE
Target $157
MSCO
Equal Weight
Zytiga ruling a headwind, but doesn't change J&J thesis, says Morgan Stanley
Morgan Stanley analyst David Lewis noted that Johnson & Johnson suffered an adverse Zytiga IPR ruling, which he calls an incremental headwind. However, he added that a possible earlier generic Zytiga entry is irrelevant to his net present value for J&J shares and doesn't change his view that its Pharma growth accelerates in 2018. Lewis keeps an Equal Weight rating and $157 price target on J&J shares.
03/21/18
MSCO
03/21/18
NO CHANGE
Target $209
MSCO
Equal Weight
Bluebird Bio price target to $209 from $152 at Morgan Stanley
Morgan Stanley analyst Matthew Harrison raised his price target on Bluebird Bio (BLUE) to $209 from $152, stating that he now expects BCMA therapies to take 50% of the third line market by 2030 and noting that bb2121 has 50% market share there. The new assumptions increase his peak sales forecast to about $2.6B from about $1B, he pointed out. However, Harrison keeps an Equal Weight rating on Bluebird, stating that he would expect new data to be available at ASCO in June, but would also expect to see competitor data potentially from Celgene's (CELG) Juno, Gilead's (GILD) Kite, Johnson & Johnson's (JNJ) Nanjing Legend and others.
ABC AmerisourceBergen
$84.03

-0.97 (-1.14%)

03/05/18
ARGS
03/05/18
NO CHANGE
Target $115
ARGS
Buy
AmerisourceBergen price target raised to $115 from $100 at Argus
Argus analysts David Toung and Marisa Janeczek raised their price target on AmerisourceBergen (ABC) to $115, saying the company's Q1 earnings were marked by "solid results in pharma distribution, specialty distribution, and consulting and logistics services". The analysts keeps their Buy rating on the stock, adding that despite the termination of merger talks with Walgreen Boots (WBA), there are strong growth opportunities for the stock as the company begins operations at six new distribution centers. Toung and Janeczek note that the 7% pullback in the stock price marks a favorable entry point.
03/21/18
GSCO
03/21/18
NO CHANGE
Target $111
GSCO
Buy
AmerisourceBergen stock price pullback is overdone, says Goldman Sachs
Goldman Sachs analyst Robert Jones keeps his Buy rating and $111 price target on AmerisourceBergen after hosting investor meetings with the company's top management. Jones writes that the recent stock price pullback of 8% since the start of the week is attributed to concerns regarding the scope of the drug pricing proposals from the White House, noting that many of the changes will still require Congressional approval and will likely face implementation challenges. As such, the analyst believes that the stock price decline is "overdone". Jones adds that the management's views on AmerisourceBergen's core business are even more positive than expected, with "potential for improvement in generic pricing and sustainable strength in the specialty business".
03/08/18
LEHM
03/08/18
INITIATION
Target $104
LEHM
Equal Weight
AmerisourceBergen initiated with an Equal Weight at Barclays
Barclays analyst Steve Valiquette started AmerisourceBergen with an Equal Weight rating and $104 price target. The analyst initiated 14 companies in Health Care Services with a Neutral industry view.
02/27/18
COWN
02/27/18
NO CHANGE
Target $108
COWN
Outperform
AmerisourceBergen selloff on CNBC report brings buying opportunity, says Cowen
The selloff in shares of AmerisourceBergen (ABC) after CNBC reported that discussions with Walgreens Boots Alliance (WBA) regarding a merger have ended with no agreement presents a buying opportunity, Cowen analyst Charles Rhyee tells investors in an intraday research note. AmerisourceBergen is down 5%, or $4.98, to $95.60 in afternoon trading. The company's underlying fundamentals "remain on solid footing" and current valuation levels "still look compelling," Rhyee contends. The analyst keeps an Outperform rating on AmerisourceBergen with a $108 price target.
MCK McKesson
$139.04

-2.65 (-1.87%)

02/27/18
BOFA
02/27/18
INITIATION
Target $179
BOFA
Buy
McKesson reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Michael Cherny reinstated coverage on McKesson with a Buy and $179 price target.
02/27/18
BOFA
02/27/18
INITIATION
Target $179
BOFA
McKesson reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Michael Cherny reinstated coverage on McKesson with a Buy and $179 price target.
03/08/18
LEHM
03/08/18
INITIATION
Target $165
LEHM
Equal Weight
McKesson initiated with an Equal Weight at Barclays
Barclays analyst Steve Valiquette started McKesson with an Equal Weight rating and $165 price target. The analyst initiated 14 companies in Health Care Services with a Neutral industry view.
GD General Dynamics
$218.81

0.44 (0.20%)

03/02/18
BERN
03/02/18
NO CHANGE
Target $255
BERN
Outperform
Raytheon remains 'top pick' in defense sector, says Bernstein
Bernstein analyst Douglas Harned continues to view Raytheon (RTN) as his "top pick" in the defense space in light of recent Q4 results and progress on the defense budget, which is "more positive" following an agreement in Congress on budget top lines for FY18 and FY19, and publication of a President's budget request for FY19. In a research note to investors, Harned said that while yesterday's announcement of 25% tariffs on steel and 10% on aluminum is negative, most defense contracts should be protected by long-term agreements. Raytheon's business mix, with 40% of revenues coming from missile defense and tactical missiles, looks "most positive," he said, but noted that other defense names, including General Dynamics (GD), Huntington Ingalls (HII), Lockheed Martin (LMT) and Northrop Grumman (NOC), are all rated Market Perform given high valuations.
02/26/18
COWN
02/26/18
NO CHANGE
Target $253
COWN
Outperform
General Dynamics price target raised to $253 from $230 at Cowen
Cowen analyst Cai von Rumohr raised his price target on General Dynamics (GD) and said it is now his number one defense pick. The analyst cited improving business jet demand, the strongest 2019 Department of Defense budget request, and the accretive CSRA (CSRA) acquisition. von Rumohr reiterated his Outperform rating on General Dynamics shares.
03/19/18
SBSH
03/19/18
NO CHANGE
SBSH
Citi sees CACI shares falling 5% today on CSRA bid
Citi analyst Jonathan Raviv thinks CACI (CACI) shares will fall 5% today toward $150 following the company's competitive takeover bid for CSRA (CSRA) in light of accretion questions, valuation pressure caused by the changed narrative, and resulting high leverage. CACI is levering up more than expected, such that there's no room to boost the cash portion of the bid, Raviv tells investors in a research note.
03/19/18
JEFF
03/19/18
NO CHANGE
JEFF
Jefferies sees General Dynamics bid for CSRA persisting despite CACI offer
Jefferies analyst Sheila Kahyaoglu believes General Dynamics' (GD) bid for CSRA (CSRA) offers "considerably less risk" than CACI's competing offer given its all-cash nature. The analyst believes General Dynamics bid will persist given the lower risk. She sees a 25% of the company increasing its offer $40.75 offer for CSRA following CACI's $44 cash and stock bid.
LMT Lockheed Martin
$336.31

9.16 (2.80%)

02/06/18
ARGS
02/06/18
NO CHANGE
Target $385
ARGS
Buy
Lockheed Martin price target raised to $385 from $340 at Argus
Argus analyst John Eade raised his price target on Lockheed Martin to $385 and kept his Buy rating, with the stock outperforming relative to the broader market over the past quarter. Eade notes that a "GOP-controlled House, Senate and White House should bode well for defense spending", while the company's management has a history of "managing through challenges". The analyst adds that his new price target assumes "continued strong earnings based on increased U.S. and international defense spending".
01/30/18
BERN
01/30/18
NO CHANGE
Target $392
BERN
Market Perform
Lockheed Martin price target raised to $392 from $343 at Bernstein
Bernstein analyst Douglas Harned raised his price target for Lockheed Martin to $392 from $343 primarily based on a stronger defense budget outlook and higher Missiles & Fire Control growth. The analyst reiterates a Market Perform rating on the shares.
01/30/18
WELS
01/30/18
NO CHANGE
Target $355
WELS
Market Perform
Lockheed Martin price target raised to $355 from $340 at Wells Fargo
Wells Fargo analyst Sam Pearlstein raised his price target for Lockheed Martin to $355 from $340 after the company reported Q4 results ahead of the Street helped by higher sales and a lower adjusted tax rate. The analyst reiterates a Market Perform rating on the shares.
NOC Northrop Grumman
$345.77

6.94 (2.05%)

02/20/18
GSCO
02/20/18
DOWNGRADE
GSCO
Buy
Northrop Grumman downgraded to Buy from Conviction Buy at Goldman Sachs
Goldman analyst Noah Poponak removed Northrop Grumman from the Conviction Buy List and maintained a Buy rating and $395 price target citing valuation. The analyst continues to view Northrop as a core holding but struggles to see substantial near-term upside from current levels.
03/12/18
SBSH
03/12/18
UPGRADE
Target $405
SBSH
Buy
Northrop Grumman resmed with a Buy from Neutral at Citi
Citi analyst Jonathan Raviv resumed coverage of Northrop Grumman (NOC) and upgraded the shares to Buy from Neutral. The pending Orbital (OA) acquisition changes the story in Northrop's favor by enabling modest margin expansion while the company maintains attractive growth, Raviv tells investors in a research note. The analyst raised his price target for the shares to $405 from $280.
02/20/18
02/20/18
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. Snap (SNAP) downgraded to Sell from Neutral at Citi with analyst Mark May saying the recent flagship app redesign could produce positive long-term benefits, but the "significant jump" in negative app reviews since the redesign was pushed out a few weeks could result in a decline in users and user engagement, and could negatively impact financial results. 2. Wingstop (WING) downgraded to Neutral from Outperform at Baird with analyst David Tarantino citing the recent surge in the shares, which has left less room for upside on a near-term basis. 3. Northrop Grumman (NOC) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Noah Poponak citing valuation. 4. JPMorgan sees few catalysts for Shire (SHPG), downgrades shares to Neutral with analyst James Gordon saying he sees few catalysts in 2018 and 2019 beyond a potential NeuroScience spinoff, which he does not see as creating fundamental value. 5. Teck Resources (TECK) downgraded to Neutral from Outperform at Macquarie with analyst Matt Murphy citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
RTN Raytheon
$214.57

5.46 (2.61%)

01/16/18
WELS
01/16/18
NO CHANGE
Target $215
WELS
Outperform
Raytheon price target raised to $215 from $202 at Wells Fargo
Wells Fargo analyst Sam Pearlstein price target for Raytheon to $215 from $202 ahead of quarterly results and to reflect tax reform. The analyst reiterates an Outperform rating on the shares.
01/29/18
BERN
01/29/18
NO CHANGE
Target $255
BERN
Outperform
Raytheon price target raised to $255 from $231 at Bernstein
Bernstein analyst Douglas Harned raised his price target for Raytheon to $255 from $231 based on a strong outlook for 2018 and subsequent years. The analyst reiterates an Outperform rating on the shares.
12/12/17
12/12/17
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. Juno Therapeutics (JUNO) downgraded to Market Perform from Outperform at Wells Fargo, with analyst Jim Birchenough saying that while data for JCAR017 continue to support a potential best-in-class profile in aggressive lymphoma, the current valuation already reflects dominant market positioning over Gilead's (GILD) Yescarta. 2. General Dynamics (GD) downgraded to Underweight from Neutral at JPMorgan, with analyst Seth Seifman saying Gulfstream questions are unlikely to be resolved in the near term. Demand for G500/600 is ok for now, but uncertainty about ultimate production levels and the pace of the learning curve mean the transition will remain a near term overhang, the analyst said. Seifman also downgraded Raytheon (RTN) to Neutral from Underweight. 3. Adobe (ADBE), Barracuda (CUDA), GoDaddy (GDDY), Fortinet (FTNT) and Check Point (CHKP) downgraded to Neutral from Overweight and CoStar Group (CSGP), Imperva (IMPV) and Monotype Imaging (TYPE) downgraded to Underweight from Overweight at JPMorgan by analyst Sterling Auty in conjunction with his 2018 annual outlook for Software Technology. The analyst does not expect the "exceptional performance" in Software during 2017 to repeat in 2018. 4. Spark Therapeutics (ONCE) downgraded to Neutral from Buy at UBS, with analyst Carter Gould seeing a "challenging setup" for the shares after the Phase 1/2 SPK-8011 data in hemophilia A fell short of expectations. The analyst removed SPK-8011, or $29 per share, and early-stage pipeline value, or $12 per share, from his model. He finds it difficult to be more constructive on Spark shares in the near-term. 5. Electronic Arts (EA) downgraded to Buy from Conviction Buy at Goldman Sachs by analyst Christopher Merwin to reflect fewer near-term catalysts around in-game monetization of non-sports titles. To see The Fly's full Street Research coverage, click here.
UTX United Technologies
$122.31

-1.76 (-1.42%)

03/15/18
UBSW
03/15/18
NO CHANGE
Target $155
UBSW
Buy
United Technologies break-up not worth disruption, says UBS
UBS analyst Steven Winoker said he does not think it is worth breaking up United Technologies at this point as it will not be worth the disruption in business and he sees only a slight increase in the sum-of-the-parts valuation. However, he still sees roughly 20% upside in the shares. Winoker reiterated his Buy rating and $155 price target on United Technologies shares.
03/19/18
UBSW
03/19/18
NO CHANGE
Target $155
UBSW
Buy
United Technologies break-up likely unless stock rallies significantly, says UBS
A break-up of United Technologies is likely unless the stock appreciates significantly, UBS analyst Steven Winoker tells investors in a research note following the company's investor day. The analyst's break-up valuation improved to $154 per share at the current midpoint, from $146 last week, following United's comments. Winoker does see advantages to United Technologies' scale as one company and has concerns "with potential disruption/ inefficiencies," but he adds: "at the end of the day, we think UTX will break-up if its value is not realized in its current form." The analyst keeps a Buy rating on the shares with a $155 price target.
02/09/18
02/09/18
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. Twitter (TWTR) upgraded to Sector Perform from Underperform at RBC Capital with analyst Mark Mahaney saying the fourth quarter revenue and EBITDA were materially better than expected, and while MAU's were below consensus, DAU's grew for the first time at a double-digit rate. 2. iRobot (IRBT) upgraded to Outperform from Market Perform at Raymond James with analyst Mark Strouse saying he sees a more balanced risk/reward following the recent pullback in the shares. 3. Regeneron (REGN) upgraded to Outperform from Neutral at Baird with analyst Brian Skorney noting its selloff since last year and believes its valuation has reached a point where the selloff is overdone. 4. Teva (TEVA) upgraded to Sector Perform from Underperform at RBC Capital with analyst Randall Stanicky saying the 11% sell-off in the stock price following the company's guidance update has removed the debate around 2018 EBITDA target and sees limited downside from the current levels. 5. United Technologies (UTX) upgraded to Buy from Hold at Argus with analyst John Eade saying the company remains a leader in a number of global industries and should continue to benefit from population growth and middle class expansion in developing markets. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/15/18
LEHM
02/15/18
INITIATION
Target $157
LEHM
Overweight
United Technologies initiated with an Overweight at Barclays
Barclays analyst Julian Mitchell started United Technologies with an Overweight rating and $157 price target. The analyst initiated 24 Multi-Industry companies with a Neutral sector view.

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