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IBM

IBM

$143.76

-0.55 (-0.38%)

, GHC

Global Consumer Acquisition Corporation

$605.00

4.95 (0.82%)

16:28
05/15/18
05/15
16:28
05/15/18
16:28

Berkshire Hathaway exits IBM, boosts stake in Teva

Warren Buffett's Berkshire Hathaway disclosed in an SEC filing its holdings as of March 31, 2018. Berkshire exited two positions during the quarter, IBM (IBM) and Graham Holdings (GHC). Berkshire increased its stake in six holdings, including by size of previous position, Apple (AAPL), Monsanto (MON), Teva (TEVA), and Delta (DAL). Berkshire reduced its stake in seven holdings, including by size of previous position, Wells Fargo (WFC), Phillips 66 (PSX), Charter (CHTR), and Verisk (VRSK). Berkshire's top holdings as of March 31, in order of size, were Apple, Wells Fargo, Bank of America (BAC), Kraft Heinz (KHC), and Coca-Cola (KO).

IBM

IBM

$143.76

-0.55 (-0.38%)

GHC

Global Consumer Acquisition Corporation

$605.00

4.95 (0.82%)

AAPL

Apple

$186.44

-1.71 (-0.91%)

MON

Monsanto

$125.23

0.26 (0.21%)

TEVA

Teva

$20.30

-0.07 (-0.34%)

DAL

Delta Air Lines

$52.39

0.32 (0.61%)

WFC

Wells Fargo

$54.74

0.26 (0.48%)

PSX

Phillips 66

$118.34

0.01 (0.01%)

CHTR

Charter

$270.32

-2.33 (-0.85%)

VRSK

Verisk Analytics

$105.08

-0.2 (-0.19%)

BAC

Bank of America

$31.22

0.1 (0.32%)

KHC

Kraft Heinz

$59.03

-0.25 (-0.42%)

KO

Coca-Cola

$41.71

-0.33 (-0.78%)

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IBM IBM
$143.76

-0.55 (-0.38%)

04/18/18
CANT
04/18/18
NO CHANGE
Target $152
CANT
Neutral
IBM needs growth, margin expansion for higher valuation, says Cantor Fitzgerald
Cantor Fitzgerald analyst Joseph Foresi keeps a Neutral rating on IBM with a $152 price target following last night's Q1 results. He believes a return to consistent organic growth and margin expansion are necessary for sustainable multiple expansion from present levels. IBM had flat constant currency growth due to underperformance in its storage segment, Foresi tells investors in a post-earnings research note. He notes, however, that management appeared optimistic regarding long-term margin improvement after the quarterly restructuring. The analyst awaits better visibility on IBM's ability to consistently grow the business and scale margins before getting more constructive on the stock.
04/18/18
LEHM
04/18/18
NO CHANGE
Target $188
LEHM
Overweight
IBM shares to be under pressure in near term, says Barclays
Barclays analyst Mark Moskowitz expects shares of IBM to be under pressure in the near term following last night's Q1 results. The analyst lowered his price target for the stock to $188 from $192 but keeps an Overweight rating on the name. The lack of revenue growth "may not be a backbreaker," but IBM's "perplexing declaration" that gross margin "stabilization" has arrived despite Q1's 30 basis point year-over-year will likely frustrate investors, Moskowitz tells investors in a post-earnings research note. He thinks investors regard stabilization as meaning gross margin is heading higher and not just exhibiting moderating year-over-year declines.
04/18/18
STFL
04/18/18
NO CHANGE
Target $182
STFL
Buy
IBM fundamentals may be more stable than they seem, says Stifel
Stifel analyst David Grossman blames IBM's pretax margins coming in below estimates, as well as the run-up in the stock ahead of earnings, for the afterhours pullback in the stock. While he finds it "a bit hypocritical to reward companies that pro forma out restructuring actions" and penalize IBM for leaving them in, he believes that should normalize over time if the company executes. Grossman, who still likes IBM as a defensive name with catalysts, sees support at a 4% dividend yield, or about $150 per share, which he said "is where large cap legacy tech typically bottoms." He maintains a Buy rating and $182 price target on the shares.
04/26/18
DADA
04/26/18
INITIATION
Target $72
DADA
Buy
Pegasystems initiated with a Buy at DA Davidson
DA Davidson analyst Rishi Jaluria initiated Pegasystems (PEGA) with a Buy rating and a price target of $72, citing the company's market leading position in the business process management and case management markets amid the crowing presence of customer relationship management technologies. Jaluria says the company continues to take market share from legacy vendors like IBM (IBM) and Oracle (ORCL) and increasing its competitive position in CRM, while driving opportunities for margin expansion.
GHC Global Consumer Acquisition Corporation
$605.00

4.95 (0.82%)

AAPL Apple
$186.44

-1.71 (-0.91%)

05/10/18
OTRG
05/10/18
NO CHANGE
OTRG
Xiaomi smartphone share gains not coming from Apple, says OTR Global
OTR Global said its work indicates that Xiaomi continued to take smartphone market share in China and India during Q1 and is off to a strong start in Europe in Q2. The firm said the share gains came mainly from secondary vendors in China, and from Samsung in India, but that Apple was not affected in any region.
05/10/18
DADA
05/10/18
NO CHANGE
Target $300
DADA
Buy
Broadcom price target lowered to $300 from $325 at DA Davidson
DA Davidson analyst Thomas Diffely lowered his price target on Broadcom (AVGO) to $300, saying the latest below-consensus guidance by Skyworks (SWKS) and Qorvo (QRVO) suggest "continued softness in the mobile market". The analyst points to "significant inventory" built in the industry in late 2017, even though the actual demand for smartphones - particularly Apple's (AAPL) iPhone X - did not materialize. Diffely keeps his Buy rating on Broadcom longer term, forecasting sequential revenue growth starting with the September quarter when new smartphones become available. The analyst is also positive on the anticipated transformation of the emerging 5G technology and continued growth of the Internet of Things and mobility drivers.
05/15/18
BERN
05/15/18
NO CHANGE
Target $190
BERN
Market Perform
Apple's Service growth likely to decelerate in Q3/Q4, says Bernstein
Bernstein analyst A.M. Sacconaghi, Jr. notes that one of the key issues arising from Apple's (AAPL) Q2 was the surprising strength of Services. The analyst believes Service growth will likely decelerate in Q3 and Q4, in part due to tougher comps and as the Licensing business laps its contract renegotiation with Google (GOOG; GOOGL). That said, Sacconaghi does feel incrementally better about the longer-term prospects of the business. While he still doubts that Services can sustainably grow at 20% without new services offerings, he now sees Apple as likely to "hit its bogey of doubling Services to $49B by the end of FY20." Sacconaghi reiterates a Market Perform rating and $190 price target on Apple's shares.
05/11/18
CHLM
05/11/18
NO CHANGE
CHLM
Immersion results, guidance beat Street estimates, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss reiterated a Buy rating and $17 price target on Immersion following the company's Q1 earnings report, in which the company beat Q1 consensus estimates and raised its FY18 guidance for both revenues and non-GAAP net income. Stoss noted that March cash of ~$139M implies a sizable Apple (AAPL) win, roughly in-line with the analyst's ~$90M estimate for this part of the agreement. Stoss believes that Immersion pushed for a longer term deal with Apple, with this part of the deal representing half of what he sees as a six-year agreement, with another similar payment from Apple coming for the second half of the agreement after three years. Stoss also believes that Samsung (SSNLF) and China each represent an opportunity of similar size to Apple.
MON Monsanto
$125.23

0.26 (0.21%)

04/10/18
BMOC
04/10/18
DOWNGRADE
Target $128
BMOC
Market Perform
Monsanto downgraded to Market Perform at BMO Capital on Bayer deal prospects
As reported earlier, BMO Capital analyst Joel Jackson downgraded Monsanto (MON) to Market Perform from Outperform while keeping his $128 price target. Jackson cites the rising likelihood of the acquisition by Bayer (BAYRY) after yesterday's reports of approval of the merger by the U.S. Department of Justice. The analyst notes that since the stock price is now so close to Bayer's takeout price, the isn't "sufficient spread" to support a more bullish rating. In the event of a breakdown of the deal, Jackson sees downside support for the stock around $110 per share.
04/16/18
ARGS
04/16/18
DOWNGRADE
ARGS
Sell
Monsanto downgraded to Sell from Buy at Argus
Argus analyst Bill Selesky issued a double-notch downgrade on Monsanto (MON) to Sell from Buy after the U.S. Justice Department approved its acquisition by Bayer (BAYRY) last week. The analyst says the deal is expected to be further approved by Canadian and Mexican regulators and completed by the end of Q2. As part of the approval, the analyst points to the companies' pledge to sell additional assets even as Monsanto stock trades just below Bayer's acquisition price of $128 per share.
04/10/18
04/10/18
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. Monsanto (MON) downgraded to Market Perform from Outperform at BMO Capital with analyst Joel Jackson citing the rising likelihood of the acquisition by Bayer (BAYRY) after yesterday's reports of approval of the merger by the U.S. Department of Justice. 2. Hershey (HSY) downgraded to Sell from Neutral at UBS with analyst Steven Strycula saying Hershey's portfolio is over-exposed to slowing category consumption, intensifying competition, and rising cocoa prices. 3. Cullen/Frost (CFR) downgraded to Underperform from Market Perform at Raymond James. 4. vTv Therapeutics (VTVT) downgraded to Hold from Buy at Stifel, to Neutral from Buy at Seaport Global, Piper Jaffray, and Roth Capital, as well as to Market Perform from Outperform at Northland. 5. Radian Group (RDN) downgraded to Sector Perform from Outperform at RBC Capital with analyst Mark Dwelle citing the latest reduction in borrower-paid premium rates at MGIC Investment (MTG) and saying he believes sentiment in the space will be negatively impacted. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/10/18
BMOC
04/10/18
DOWNGRADE
BMOC
Market Perform
Monsanto downgraded to Market Perform from Outperform at BMO Capital
TEVA Teva
$20.30

-0.07 (-0.34%)

05/07/18
FBCO
05/07/18
NO CHANGE
Target $23
FBCO
Outperform
Teva turnaround story appears generally on track, says Credit Suisse
Credit Suisse analyst Vamil Divan believes Teva's Q1 earnings were "solid" and sees his bullish thesis on the company as being on track. The analyst notes that the company's restructuring program is proceeding in line with its prior guidance and his expectations, if even a bit ahead of schedule. Divan reiterates an Outperform rating and $23 price target on the shares.
05/03/18
WELS
05/03/18
NO CHANGE
Target $16.5
WELS
Underperform
Teva Q1 'just what investors wanted,' says Wells Fargo
Wells Fargo analyst David Maris believes this quarter is exactly the quarter investors wanted out of Teva, namely progress on the cost cutting and raised guidance on the back of a business that is still facing a significant decline given a tough U.S. generics environment and generic Copaxone pressures. The analyst reiterates an Underperform rating and $16.50 price target on the shares.
04/30/18
DBAB
04/30/18
NO CHANGE
Target $22
DBAB
Buy
Deutsche raises Valeant price target on extended Xifaxan exclusivity
The stay in the Xifaxan litigation between Valeant Pharmaceuticals (VRX) and Teva (TEVA) was recently extended to July 30, 2018 from April 30, 2018, and may be extended further, Deutsche Bank analyst Gregg Gilbert tells investors in an intraday research note. According to the court docket, the companies agreed to extend the stay "because the facts and circumstances that warranted a stay as of May 15, 2017 have not materially changed," Gilbert adds. He previously modeled Xifaxan exclusivity through 2024, but pushed that out one more year saying Teva "does not yet appear to have clarity on the path forward for its generic filing." The exclusivity extension to 2025 on Valeant's largest product pushes the analyst's price target for the shares to $22 from $20. The stock in midday trading is up 19c to $18.26. Gilbert looks forward to an update from Teva when the company reports on May 3 and continues to like the risk/reward for Valeant. He keeps a Buy rating on the shares.
04/27/18
JEFF
04/27/18
NO CHANGE
Target $105
JEFF
Buy
Neurocrine's Ingrezza can beat Q1 estimates, says Jefferies
Jefferies analyst Biren Amin says his firm's fifth proprietary survey on tardive dyskinesia reaffirms that Neurocrine Biosciences' (NBIX) Ingrezza is leading Teva's (TEVA) Austedo in market share for both moderate-severe and mild cases. The analyst thinks Ingrezza can modestly beat consensus estimates for Q1. He keeps a Buy rating on Neurocrine shares with a $105 price target.
DAL Delta Air Lines
$52.39

0.32 (0.61%)

04/20/18
MSCO
04/20/18
NO CHANGE
Target $72
MSCO
Overweight
Delta Air Lines deserves premium multiple, says Morgan Stanley
Morgan Stanley analyst Rajeev Lalwani noted that Delta currently trades at an average multiple versus peers of about 8x 2019 consensus EPS estimates. However, given his belief that Delta deserves a greater premium to account for a host of above average metrics and his view of the potential for a moderately higher multiple being assigned to the U.S. Airlines group, Lalwani raised his price target on Delta to $72 from $66. He maintains an Overweight rating on the stock.
05/03/18
STFL
05/03/18
NO CHANGE
STFL
Stifel says Alaska, JetBlue may be targets if 'Big 4' think they can consolidate
Stifel analyst Joseph DeNardi said in a note to investors prior to the open that the proposed merger of Sprint (S) and T-Mobile (TMUS), and the related approval process, is the first major test of the Trump administration's view on consolidation. Depending on how this case plays out, management teams at the "Big 4" airlines would have significant interest in acquiring Alaska Air (ALK) or JetBlue (JBLU) if they think they could be successful in doing so, he contends. He believes the current consensus in the industry is that Alaska will serve as buyer and consolidator within its segment, but should the Big 4 believe that they could be permitted to be buyers, the M&A outlook would likely change, DeNardi tells investors.
04/30/18
JPMS
04/30/18
UPGRADE
Target $46
JPMS
Overweight
Spirit Airlines upgraded to Overweight from Underweight at JPMorgan
JPMorgan analyst Jamie Baker double upgraded Spirit Airlines (SAVE) to Overweight from Underweight with an unchanged price target of $46. The stock closed Friday up 9c to $35.49. Down 20% year-to-date, Spirit's shares are the sector's worst performer, Baker tells investors in a research note. The selloff took place despite the removal of the pilot overhang and the unexpected lease-to-purchase swap "which negates much of the pilot impact on CASM," the analyst adds. Further, Baker now sees a "more plausible" path back to the $4 earnings per share range next year. The analyst this morning also downgraded shares of JetBlue (JBLU) to Neutral. He still likes the risk/reward profile on the "Big Three" relative to the discounters, and maintains Overweight ratings on American Airlines (AAL), Delta Air Lines (DAL) and United Continental (UAL).
04/13/18
SPHN
04/13/18
NO CHANGE
Target $71
SPHN
Overweight
Delta Q1 report shows initiatives producing 'impressive' results, says Stephens
Stephens analyst Jack Atkins said that Delta's Q1 report demonstrates that the company's segmentation, co-branding initiatives, and efforts to improve international performance are producing "impressive" results. The analyst, who thinks Delta is undervalued given the company's strong revenue, earnings and cash flow momentum, reiterates his Overweight rating and $71 price target on the airline's shares.
WFC Wells Fargo
$54.74

0.26 (0.48%)

04/30/18
04/30/18
UPGRADE

Outperform
Wells Fargo double upgraded to Outperform at Macquarie
Macquarie analyst David Konrad upgraded Wells Fargo to Outperform from Underperform with a $61 price target citing attractive valuation, low expectations, and near-term catalysts. Konrad said valuation and consensus estimates have finally come down and said shares are trading at 11.3x his 2019 "stressed earnings" estimate, compared to super regionals trading at 12.3x. The analyst expects low expense guidance at the upcoming investor day and passing CCAR in June to serve as positive catalysts for shares.
04/17/18
BMOC
04/17/18
NO CHANGE
Target $34
BMOC
Market Perform
Bank of America is the best of the 'big four' U.S. banks, says BMO Capital
BMO Capital analyst James Fotheringham kept his Market Perform rating and $34 price target on Bank of America (BAC) after its in-line Q1 earnings but raised his FY18 EPS view to $2.62 from $2.59 and FY19 view to $3.18 from $3.12. Fotheringham says than in contrast, he lowered earnings forecasts for JPMorgan (JPM), Wells Fargo (WFC), and Citigroup (C) because of higher costs and lower revenues, but Bank of America's better than expected net interest income rise justifies his view of the bank as the "best of the bunch". The analyst also notes the bank's more favorable valuation trading at a below-average two-year-forward P/E multiple despite his forecast of double the core earnings growth rate of Bank of America's peers.
04/16/18
BARD
04/16/18
NO CHANGE
Target $62
BARD
Outperform
Lower expectations limit Wells Fargo downside, says Baird
Baird analyst David George said Wells Fargo reported messy Q1 results, but lowered expectations should limit the downside in the shares. The analyst said core fees were weak, but expenses were in line as was loan growth. George maintained his Outperform rating and $62 price target on Wells Fargo shares.
04/16/18
NOMU
04/16/18
NO CHANGE
Target $68
NOMU
Buy
Wells Fargo earnings underwhelming, but not a value trap, says Nomura
Nomura Instinet analyst Bill Carcache lowered his price target for Wells Fargo to $68 from $72 saying Friday's earnings results were "underwhelming" as the company reported softer revenue growth. The analyst, however, continues to believe that shares of Wells Fargo are "not a value trap." Shareholders "able to weather the current storm" will be rewarded with 10% earnings growth, mid- to high-teens return on tangible equity, and a multiple rerating when the market regains confidence, Carcache tells investors in a research note. He keeps a Buy rating on the shares.
PSX Phillips 66
$118.34

0.01 (0.01%)

04/30/18
FBCO
04/30/18
NO CHANGE
Target $115
FBCO
Neutral
Phillips 66 price target raised to $115 from $110 at Credit Suisse
Credit Suisse analyst Manav Gupta raised his price target for Phillips 66 to $115 from $110 following quarterly results. The analyst reiterates a Neutral rating on the shares.
04/13/18
04/13/18
UPGRADE
Target $60

Equal Weight
HollyFrontier upgraded to Equal Weight at Morgan Stanley
As previously reported, Morgan Stanley analyst Benny Wong upgraded HollyFrontier (HFC) to Equal Weight from Underweight as his updated commodity assumptions, particularly for Midland differential, lifted his 2018 EBITDA estimate 34% above consensus. He raised his price target on HollyFrontier shares to $60 from $48. However, after speaking to Refining & Marketing companies, he is lowering his Q1 EPS estimates for the space by 30%. Wong sees HollyFrontier and Phillips 66 (PSX) as facing the least negative earnings revision risk, while seeing Delek US (DK), PBF Energy (PBF) and Marathon Petroleum (MPC) facing the highest revision risk.
03/14/18
COWN
03/14/18
NO CHANGE
COWN
Tailwinds outstrip headwinds in refining outlook, says Cowen
Cowen analyst Sam Margolin said he has a constructive refining outlook despite the current headwinds that include increased China capacity and a Brent/WTI compression. The analyst said the second half of the year should see those headwinds pass and said outside of global demand growth, MARPOL shipping industry regulations are requiring low sulfur marine fuel worldwide, and U.S. Tier-3 gasoline requirements could result in lower octane supply as a consequence of the de-sulferization processes. Margolin favors Valero (VLO), Phillips 66 (PSX), Delek (DK), Marathon (MPC), and Andeavor (ANDV) in the refining space.
01/03/18
FBCO
01/03/18
INITIATION
Target $108
FBCO
Neutral
Phillips 66 initiated with a Neutral at Credit Suisse
Credit Suisse analyst Kristina Kazarian started Phillips 66 with a Neutral rating and $108 price target saying she like its diversification and balanced focus on growth/shareholder returns, but sees limited near-term upside for the stock as she believes short-term headwinds will overshadow long-term secular tailwinds-notably the cash flow inflection as these projects all reach full utilization.
CHTR Charter
$270.32

-2.33 (-0.85%)

02/07/18
RBCM
02/07/18
NO CHANGE
Target $420
RBCM
Outperform
Charter price target raised to $420 from $400 at RBC Capital
RBC Capital analyst Jonathan Atkin raised his price target on Charter to $420 and kept his Outperform rating after "solid" Q4 earnings "highlighted by improving video subscriber trends in the legacy Time Warner Cable footprint". Atkin expects Q4 to mark the trough in EBITDA growth as the Spectrum pricing and packaging penetration increases to about 70% by 2018-end, generating "reduced transaction volumes and a longer-tenured subscriber base".
03/26/18
COWN
03/26/18
INITIATION
COWN
Outperform
Charter initiated with an Outperform at Cowen
04/30/18
WELS
04/30/18
NO CHANGE
Target $360
WELS
Outperform
Charter price target lowered to $360 from $460 at Wells Fargo
Wells Fargo analyst Marci Ryvicker lowered her price target for Charter to $360 from $460 following quarterly results. The analyst reiterates an Outperform rating on the shares.
04/30/18
RHCO
04/30/18
NO CHANGE
Target $390
RHCO
Buy
Charter price target lowered to $390 from $440 at SunTrust
SunTrust analyst Greg Miller lowered his price target on Charter to $390 after a "messy" Q1 earnings report that suggests an increase in secular traditional video headwinds. The analyst sees a pattern of more customers disconnecting from multi-channel offerings "as promotional rates roll off" and the high-single-digit subscriber growth trend slowing. Miller keeps his Buy rating on Charter however, adding that the valuation following the 22% year-to-date decline in the stock price is compelling in spite of the subscriber churn.
VRSK Verisk Analytics
$105.08

-0.2 (-0.19%)

02/22/18
FBCO
02/22/18
NO CHANGE
Target $106
FBCO
Neutral
Verisk Analytics price target raised to $106 from $96 at Credit Suisse
Credit Suisse analyst Anjaneya Singh raised his price target for Verisk Analytics to $106 from $96 following quarterly results. The analyst reiterates a Neutral rating on the shares.
02/22/18
02/22/18
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. Palo Alto Networks (PANW) upgraded to Buy from Neutral at Cleveland Research with the firm saying it's channel partner checks indicate favorable revenue/billings growth in the low-20% range, versus high teens previously, and the product refresh could be a source of upside with increased hardware growth. 2. Verisk Analytics (VRSK) upgraded to Overweight from Neutral at JPMorgan with analyst Andrew Steinerman saying he believes sustainable high-single-digit organic revenue growth is "back in sight" following last night's "strong" fourth quarter results. 3. Tesaro (TSRO) upgraded to Outperform from In Line at Evercore ISI with analyst Steven Breazzano saying he believes the stocks' valuations are now attractive on a long-term basis following their pullbacks. 4. Clovis (CLVS) was upgraded to Outperform from In Line at Evercore ISI and to Outperform from Sector Perform at RBC Capital. 5. Wolverine World Wide (WWW) upgraded to Buy from Neutral at DA Davidson with analyst Andrew Burns saying the company is positioned for accelerating growth following a multi-year restructuring. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/22/18
RHCO
02/22/18
NO CHANGE
Target $105
RHCO
Hold
Verisk Analytics price target raised to $105 from $90 at SunTrust
SunTrust analyst Andrew Jeffrey raised his price target on Verisk Analytics to $105 after the company's Q4 earnings beat, citing improving organic revenue growth, better operating performance disclosure, and a longer-term view of more consistent pricing and margins. Jeffrey keeps his Hold rating on Verisk, saying the near-term margin outlook is constrained by accelerating investment spending, but adds that the longer-term focus to de-emphasize acquisitions could offer possible entry points on the stock.
02/22/18
WELS
02/22/18
NO CHANGE
Target $115
WELS
Outperform
Verisk Analytics price target raised to $115 from $105 at Wells Fargo
Wells Fargo analyst Bill Warmington raised his price target for Verisk Analytics to $115 from $105 to reflect strong organic cc revenue growth expectations and tax reform. The analyst reiterates an Outperform rating on the shares.
BAC Bank of America
$31.22

0.1 (0.32%)

01/31/18
DBAB
01/31/18
NO CHANGE
Target $15
DBAB
Sell
GE likely to be dropped from Dow 30 index, says Deutsche Bank
General Electric (GE) is likely to be dropped from the Dow Jones Industrial Average after being in the index of 30 companies for over 110 years as an original member since 1896, Deutsche Bank analyst John Inch tells investors in a research note. The chances that GE could be removed from the Dow are increasing as the company continues to face "substantial challenges," the analyst writes. These include "earnings and cash pressure, tough global power generation markets, aggressive downsizing, shrinking its portfolio, management shake-up and SEC investigations," Inch argues. He sees "headline risk" as the most significant risk factor if GE were to be dropped from the Dow, "potentially amplified by GE's high mix of retail investors." Inch notes that the last major Dow shakeup occurred in September 2003, when American Airlines (AAL), Bank of America (BAC) and Hewlett Packard (HPQ) were removed and Goldman Sachs (GS), Nike (NKE) and Verizon (VZ) were added. Inch has a Sell rating on General Electric with a $15 price target. The shares closed yesterday down 33c to $15.95.
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.
04/03/18
BMOC
04/03/18
NO CHANGE
Target $34
BMOC
Market Perform
Bank of America pullback provides a buying opportunity, says BMO Capital
BMO Capital analyst James Fotheringham says that the recent near-10% pullback in the Bank of America stock price provides investors with a buying opportunity. The analyst contends that the bank's stock trades much more closely in line with short term interest rates rather than the 10-year and believes that its net interest margins will prove to be "insensitive" to lower yields on the benchmark as well as higher LIBOR-OIS spreads. Fotheringham keeps his $34 price target and Market Perform rating on Bank of America, adding that its current two-year-forward P/E valuation multiple is close to its long-term historical average.
KHC Kraft Heinz
$59.03

-0.25 (-0.42%)

05/04/18
BMOC
05/04/18
NO CHANGE
Target $67
BMOC
Market Perform
Kraft Heinz price target lowered to $67 from $74 at BMO Capital
BMO Capital analyst Kanneth Zaslow lowered his price target on Kraft Heinz to $67 and kept his Market Perform rating, saying the company's Q1 earnings beat was driven by lower interest expenses and tax rates. The analyst further notes that his neutral stance is driven by concerns that a "meaningful operating profit growth" would depend on the company's ability to drive returns from its SG&A investments amid an "exceedingly challenging U.S. operating environment".
04/16/18
04/16/18
DOWNGRADE
Target $55

Underperform
Kraft Heinz downgraded two notches to Underperform at Credit Suisse
As previously reported, Credit Suisse analyst Robert Moskow downgraded Kraft Heinz to downgraded to Underperform from Outperform saying he harbors serious doubts about the management team's ability to generate sufficient product innovation to grow its collection of "retro" brands in highly commoditized categories. While Kraft Heinz stock has devalued considerably since the start of the year, the analyst believes it will head lower still as consensus sales and EBITDA estimates revise down. Moskow also lowered his price target on the stock to $55 from $77.
04/16/18
FBCO
04/16/18
DOWNGRADE
FBCO
Underperform
Kraft Heinz downgraded to Underperform from Outperform at Credit Suisse
04/20/18
JPMS
04/20/18
NO CHANGE
JPMS
Overweight
Pinnacle Foods is a likely takeout candidate, says JPMorgan
After Jana Partners disclosed a 9.5% activist stake in Pinnacle Foods (PF), JPMorgan analyst Ken Goldman reiterates his belief that the company is a likely takeout candidate. The most logical potential buyer for Pinnacle would be Conagra (CAG) because putting the two frozen food manufacturers together would generate "unusually powerful" cost synergies, Goldman tells investors in a research note. The analyst also sees are other credible potential suitors for Pinnacle, such as Kraft Heinz (KHC). Goldman has Overweight ratings on all three names.
KO Coca-Cola
$41.71

-0.33 (-0.78%)

03/14/18
RBCM
03/14/18
NO CHANGE
Target $56
RBCM
Outperform
Coca-Cola can achieve its revenue growth target, says RBC Capital
RBC Capital analyst Nik Modi keeps his Outperform rating and $56 price target on Coca-Cola - his "top mega cap pick" - despite the poor investor sentiment on the stock driven by "rising rates, ETF outflows, and sector rotation". Modi believes that the slowdown in volume growth from 2013 was driven by specific issues around the company's bottler partners and decelerating macro environment, however the more recent data from global bottlers suggest "accelerating share gains, improving emerging market macros, improving local level execution, and more effective marketplace investment". The analyst adds that despite the stock outperforming relative to other staples, it can gain as much as 40% more over the next two years.
04/17/18
04/17/18
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. Disney (DIS) upgraded to Hold from Sell at Pivotal Research with analyst Brian Wieser saying the company "has a lot of positive elements" heading into the back half of the year, including a strong film slate, the launch of new direct to consumer over-the-top services, and efforts in support of the close of the Fox (FOXA) transaction. 2. Coca-Cola (KO) upgraded to Neutral from Sell at Goldman Sachs with analyst Judy Hong saying she sees an improving organic sales growth outlook, "cleaner base" post-refranchising, and better visibility on its margin and earnings targets. 3. Merck (MRK) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger saying the Keytruda+chemo combination showed better than expected results in lung cancer, boosting the company's immuno-oncology lead against Bristol-Myers (BMY). 4. Newell Brands (NWL) upgraded to Outperform from Market Perform at Wells Fargo with analyst Bonnie Herzog saying the stock's setup is good looking forward, with greater potential upside than downside risk over the next 12 months. 5. Twitter (TWTR) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Brian Nowak citing recent advertiser conversations that have continued to be incrementally positive about Twitter's ad business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/17/18
GSCO
04/17/18
UPGRADE
Target $46
GSCO
Neutral
Coca-Cola upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Judy Hong upgraded Coca-Cola (KO) to Neutral while reducing her price target for the shares to $46 from $47. The analyst coupled the upgrade with a downgrade of PepsiCo (PEP) to Sell. For Coca-Cola, the analyst sees an improving organic sales growth outlook, "cleaner base" post-refranchising, and better visibility on its margin and earnings targets. She calls the company "one of the rare" over 4% organic growth mega-cap stories in Americas Beverages.
04/17/18
GSCO
04/17/18
DOWNGRADE
Target $110
GSCO
Sell
PepsiCo downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Judy Hong downgraded PepsiCo (PEP) to Sell and lowered her price target for the shares to $110 from $118. The potential for continued softer North American Beverage volumes could weigh on the company's organic sales growth, Hong tells investors in a research note. She believes PepsiCo's organic growth underperformance relative to Coca-Cola (KO) could widen. Further, Coca-Cola's current price-to-earnings premium versus PepsiCo of 10% could widen to 15%, the analyst contends.

TODAY'S FREE FLY STORIES

KORS

Michael Kors

$68.71

0.33 (0.48%)

12:45
05/25/18
05/25
12:45
05/25/18
12:45
Options
Michael Kors call volume above normal and directionally bullish »

Bullish option flow…

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  • 30

    May

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    Jun

12:45
05/25/18
05/25
12:45
05/25/18
12:45
General news
Breaking General news story  »

Week of 5/25 Baker-Hughes…

ZTCOY

ZTE Corp.

$0.00

(0.00%)

, ACIA

Acacia Communications

$33.68

1.49 (4.63%)

12:39
05/25/18
05/25
12:39
05/25/18
12:39
Periodicals
Trump administration says deal struck on ZTE Corp., NYT reports »

The Trump administration…

ZTCOY

ZTE Corp.

$0.00

(0.00%)

ACIA

Acacia Communications

$33.68

1.49 (4.63%)

OCLR

Oclaro

$9.13

0.25 (2.82%)

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NBR

Nabors Industries

$7.27

-0.54 (-6.91%)

12:35
05/25/18
05/25
12:35
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12:35
Options
Nabors Industries put volume heavy and directionally bearish »

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PEP

PepsiCo

$100.19

0.01 (0.01%)

12:31
05/25/18
05/25
12:31
05/25/18
12:31
Hot Stocks
PepsiCo confirms agreement to acquire Bare Snacks »

PepsiCo announced it has…

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PEP

PepsiCo

$100.29

0.11 (0.11%)

12:29
05/25/18
05/25
12:29
05/25/18
12:29
Periodicals
PepsiCo to acquire baked fruit and veggie snack maker Bare Foods, NYT reports »

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INTC

Intel

$55.19

0.41 (0.75%)

12:27
05/25/18
05/25
12:27
05/25/18
12:27
Periodicals
EEOC investigates age discrimination claims against Intel, WSJ reports »

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ROST

Ross Stores

$77.43

-5.52 (-6.65%)

12:20
05/25/18
05/25
12:20
05/25/18
12:20
Options
Notable ratio spread in Ross Stores as shares slump on earnings »

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GPS

Gap

$28.45

-4.52 (-13.71%)

, FL

Foot Locker

$53.39

7.01 (15.11%)

12:18
05/25/18
05/25
12:18
05/25/18
12:18
General news
On The Fly: Top stock stories at midday »

The S&P 500 opened…

GPS

Gap

$28.45

-4.52 (-13.71%)

FL

Foot Locker

$53.39

7.01 (15.11%)

HLF

Herbalife Nutrition

$48.96

-4.89 (-9.08%)

IEP

Icahn Enterprises

$69.33

0.14 (0.20%)

FCAU

Fiat Chrysler

$21.86

-0.4 (-1.80%)

DGX

Quest Diagnostics

$106.60

5.71 (5.66%)

UNH

UnitedHealth

$244.87

2.14 (0.88%)

ROST

Ross Stores

$77.38

-5.57 (-6.71%)

ADSK

Autodesk

$132.89

-5.87 (-4.23%)

AAL

American Airlines

$45.31

1.76 (4.04%)

LUV

Southwest

$53.21

2 (3.91%)

DAL

Delta Air Lines

$55.80

1.39 (2.55%)

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    Jun

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
05/25/18
05/25
12:17
05/25/18
12:17
Technical Analysis
NASDAQ market internals summary »

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IWM

iShares Trust Russell 2000 Index Fund

$162.03

-0.01 (-0.01%)

, DIA

Diamonds Fund ETF

$247.61

-0.29 (-0.12%)

12:16
05/25/18
05/25
12:16
05/25/18
12:16
Technical Analysis
On The Fly: Weekly technical notes for S&P 500 »

For the week, fund flows…

IWM

iShares Trust Russell 2000 Index Fund

$162.03

-0.01 (-0.01%)

DIA

Diamonds Fund ETF

$247.61

-0.29 (-0.12%)

XLF

Financial Select Sector

$27.87

-0.08 (-0.29%)

XLE

Energy Select Sector SPDR

$74.03

-2.51 (-3.28%)

IVV

iShares Core S&P 500

$274.29

-0.46 (-0.17%)

SPY

SPDR S&P 500 ETF Trust

$272.41

-0.46 (-0.17%)

JNK

SPDR Barclays High Yield Bond

$35.72

-0.03 (-0.08%)

EMB

iShares JP Morgan USD Emerging Markets Bond ETF

$109.63

0.28 (0.26%)

LQD

iShares iBoxx $ Investment Grade Corporate Bond

$115.29

0.235 (0.20%)

EFV

iShares MSCI EAFE Value ETF

$54.37

-0.49 (-0.89%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
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05/25
12:16
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12:16
Technical Analysis
NYSE market internals summary »

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QEP

QEP Resources

$12.00

-1.04 (-7.98%)

12:15
05/25/18
05/25
12:15
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12:15
Options
QEP Resources put volume heavy and directionally bearish »

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  • 19

    Aug

AIPT

Precision Therapeutics

$1.00

0.01 (1.01%)

, SKLN

Ticker changed to AIPT

$0.00

(0.00%)

12:10
05/25/18
05/25
12:10
05/25/18
12:10
Hot Stocks
Skyline Medical says products approved on DAPA contract »

Skyline Medical sent the…

AIPT

Precision Therapeutics

$1.00

0.01 (1.01%)

SKLN

Ticker changed to AIPT

$0.00

(0.00%)

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K

Kellogg

$64.84

1.39 (2.19%)

12:05
05/25/18
05/25
12:05
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12:05
Options
Kellogg call volume above normal and directionally bullish »

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  • 25

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12:05
05/25/18
05/25
12:05
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12:05
General news
Treasury Option Action: some bullish positioning »

Treasury Option Action:…

GIFI

Gulf Island Fabrication

$10.40

-0.05 (-0.48%)

11:56
05/25/18
05/25
11:56
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11:56
Hot Stocks
Gulf Island Fabrication awarded 3300HP towboat newbuild project with option »

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DIS

Disney

$102.96

0.86 (0.84%)

, TWX

Time Warner

$94.04

-0.22 (-0.23%)

11:54
05/25/18
05/25
11:54
05/25/18
11:54
Hot Stocks
Box Office Battle: 'Solo' looking to shoot first, take out 'Deadpool 2' »

Disney's (DIS) Han…

DIS

Disney

$102.96

0.86 (0.84%)

TWX

Time Warner

$94.04

-0.22 (-0.23%)

VIAB

Viacom

$27.69

0.4 (1.47%)

CMCSK

Comcast

$0.00

(0.00%)

LGF.A

Lionsgate

$24.50

1.17 (5.02%)

LGF.B

Lionsgate

$23.05

1 (4.54%)

SNE

Sony

$46.56

0.11 (0.24%)

VIA

Viacom

$32.45

0.6 (1.88%)

FOX

21st Century Fox

$38.81

0.31 (0.81%)

FOXA

21st Century Fox

$39.25

0.32 (0.82%)

CMCSA

Comcast

$31.99

0.35 (1.11%)

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NKTR

Nektar

$80.14

-0.44 (-0.55%)

11:53
05/25/18
05/25
11:53
05/25/18
11:53
Conference/Events
Nektar to hold 2018 ASCO Investor Event »

In conjunction with…

03/08/13
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  • 02

    Jun

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    Jun

CELG

Celgene

$79.23

-0.25 (-0.31%)

11:50
05/25/18
05/25
11:50
05/25/18
11:50
Conference/Events
Celgene to hold analyst and investor event from ASCO Annual Meeting »

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  • 30

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    Jun

NKE

Nike

$72.43

0.29 (0.40%)

11:50
05/25/18
05/25
11:50
05/25/18
11:50
Options
Notable spread in Nike as shares reach new highs »

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  • 26

    Jun

AFSI

AmTrust

$13.76

0.035 (0.26%)

11:49
05/25/18
05/25
11:49
05/25/18
11:49
Hot Stocks
Icahn says ISS recommends shareholders vote against AmTrust going-private deal »

Carl Icahn issued a…

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LRLCY

L'Oreal

$0.00

(0.00%)

11:46
05/25/18
05/25
11:46
05/25/18
11:46
Hot Stocks
L'Oreal to acquire Pulp Riot Hair Color »

L'Oreal announced…

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ROKU

Roku

$38.70

2.72 (7.56%)

11:45
05/25/18
05/25
11:45
05/25/18
11:45
Options
Roku Inc (Class A Stock) call volume above normal and directionally bullish »

Bullish option flow…

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11:45
05/25/18
05/25
11:45
05/25/18
11:45
Conference/Events
Barclays biopharmaceutical analyst to hold an analyst/industry conference call »

U.S. Biopharmaceuticals…

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