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AAPL

Apple

$186.31

-0.69 (-0.37%)

, ZTCOY

ZTE Corp.

$0.00

(0.00%)

08:41
05/19/18
05/19
08:41
05/19/18
08:41

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. ZTE: Shares of Acacia Communications (ACIA) and Oclaro (OCLR), both suppliers to ZTE Corp. (ZTCOY), were in the spotlight on Monday after President Donald Trump tweeted that he was working to give the Chinese tech company a "way to get back into business." "President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!," the President tweeted. This comes after the U.S. Department of Commerce recently banned U.S. companies from selling components to ZTE for seven years for violating the terms of a sanctions violation case. According to a report by The Wall Street Journal on Sunday, ZTE told U.S. authorities that failure to fully comply with a settlement agreement resolving sanctions-busting charges was due to faults in the company's internal controls, not deception. Subsequently, late on Wednesday, Trump tweeted: "The Washington Post and CNN have typically written false stories about our trade negotiations with China. Nothing has happened with ZTE except as it pertains to the larger trade deal. Our country has been losing hundreds of billions of dollars a year with China. We have not seen China's demands yet, which should be few in that previous U.S. Administrations have done so poorly in negotiating. China has seen our demands. There has been no folding as the media would love people to believe, the meetings... haven't even started yet! The U.S. has very little to give, because it has given so much over the years. China has much to give!" 2. TOSHIBA A SIGN? Another tech company, Toshiba (TOSBF), is being pointed to as a signal that trade deal progress is being made, as Reuters reported late in the week, citing Japanese public broadcaster NHK, that regulatory authorities in China have given the green light to the proposed $18B sale of Toshiba's chip unit to a Bain Capital-led consortium. 3. APPLE CEO: On Tuesday, Apple's (AAPL) CEO Tim Cook said in an interview on Bloomberg Television that he criticized President Donald Trump's approach to trade with China in a recent White House meeting, saying his message to Trump focused on the importance of trade and how cooperation between the nations could boost the economy more than the countries acting alone. 4. DRUGMAKER 'SHAME' LIST: On Thursday, the FDA, working toward the Trump Administration's priority of advancing policies that increase competition as a way to help make drugs more affordable, made public a list of companies that have potentially been blocking access to the samples of their branded products in hopes the "increased transparency will help reduce unnecessary hurdles to generic drug development and approval." Among the many drugmakers on the FDA's list are: Valeant (VRX), Pfizer (PFE), Biogen (BIIB), Insys Therapeutics (INSY), VIVUS (VVUS), Celgene (CELG), Bayer (BAYRY), Gilead (GILD), BioMarin (BMRN), Novelion Therapeutics (NVLN) - formerly Aegerion, Mallinckrodt's (MNK) Questcor, Shire (SHPG), Merck's (MRK) Cubist, Jazz Pharmaceuticals (JAZZ), Teva (TEVA), AstraZeneca (AZN), Acorda Therapeutics (ACOR), Mylan (MYL), Novartis (NVS), Roche (RHHBY) and Galena (GALE). 5. EMISSIONS RULES: The Trump administration's EPA is not intending to give special treatment to California while it drafts new federal rules on vehicle emissions, despite President Donald Trump's suggestions last week that his team would work on a deal with the state, The Wall Street Journal reported, citing people familiar with the matter. Publicly traded companies in the space include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.

AAPL

Apple

$186.31

-0.69 (-0.37%)

ZTCOY

ZTE Corp.

$0.00

(0.00%)

ACIA

Acacia Communications

$32.97

0.45 (1.38%)

OCLR

Oclaro

$8.88

-0.015 (-0.17%)

TOSBF

Toshiba, also use TOSYY

$0.00

(0.00%)

TOSYY

Toshiba, also use TOSBF

$0.00

(0.00%)

GM

General Motors

$37.80

-0.51 (-1.33%)

F

Ford

$11.33

-0.12 (-1.05%)

FCAU

Fiat Chrysler

$21.86

-0.31 (-1.40%)

HMC

Honda

$32.98

-0.11 (-0.33%)

TM

Toyota

$136.04

-0.54 (-0.40%)

NSANY

Nissan

$0.00

(0.00%)

VLKAY

Volkswagen

$0.00

(0.00%)

DDAIF

Daimler AG

$0.00

(0.00%)

VRX

Ticker changed BHC

$22.15

0.12 (0.54%)

PFE

Pfizer

$35.64

-0.07 (-0.20%)

BIIB

Biogen

$280.35

-0.34 (-0.12%)

INSY

Insys Therapeutics

$6.95

-0.37 (-5.05%)

VVUS

VIVUS

$0.79

0.1672 (26.78%)

CELG

Celgene

$78.39

-1.59 (-1.99%)

BAYRY

Bayer

$0.00

(0.00%)

GILD

Gilead

$68.01

0.41 (0.61%)

BMRN

BioMarin

$88.95

0.51 (0.58%)

MNK

Mallinckrodt

$15.70

-0.37 (-2.30%)

SHPG

Shire

$169.62

-2.18 (-1.27%)

MRK

Merck

$59.13

0.06 (0.10%)

JAZZ

Jazz Pharmaceuticals

$167.60

2.55 (1.55%)

TEVA

Teva

$21.23

0.12 (0.57%)

AZN

AstraZeneca

$36.34

-0.09 (-0.25%)

ACOR

Acorda Therapeutics

$23.65

-0.45 (-1.87%)

MYL

Mylan

$39.65

-0.45 (-1.12%)

NVS

Novartis

$77.08

-0.07 (-0.09%)

RHHBY

Roche

$0.00

(0.00%)

GALE

Galena

$0.00

(0.00%)

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AAPL Apple
$186.31

-0.69 (-0.37%)

05/16/18
KEYB
05/16/18
NO CHANGE
KEYB
Surveys indicate iPhone inventories beginning to trend down, says KeyBanc
KeyBanc analyst John Vinh says his carrier surveys indicate sell-through results were largely in line with lowered expectations. The analyst notes that demand for the Galaxy Samsung (SSNLF) 9 remains "very disappointing" and inventories remain bloated, as pricing and the lack of innovation appear to be culprits. These mixed results leave him slightly more constructive on owning the mobile supply chain stocks into 2H18 given the modest decline in Apple's (AAPL) iPhone inventories. Vinh's favorite mobile names are Broadcom (AVGO), Skyworks (SWKS), and Synaptics (SYNA).
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.
05/18/18
COWN
05/18/18
INITIATION
Target $40
COWN
Market Perform
Cowen sees Cirrus Logic 'at mercy' of iPhone, starts at Market Perform
As reported previously, Cowen analyst Matthew Ramsay initiated Cirrus Logic with a Market Perform rating. The analyst said he is encouraged by its several growth opportunities but he believes the shares remain at the mercy of iPhone content until visibility to a content growth catalyst crystallizes. Ramsay has a $40 price target on Cirrus Logic shares.
05/18/18
MSCO
05/18/18
NO CHANGE
Target $190
MSCO
Overweight
Unclear yet how much YouTube Music will challenge Spotify, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne has slightly bumped up his estimates for Spotify's (SPOT) premium net adds and ad-supported MAUs for the year following Q1 results and Q2 guidance, saying he sees the expanded Hulu offer in the U.S. and the potential extension of free trials providing some upside that is partially offset by the launch of Google's (GOOGL) YouTube Music. While he said he would "certainly take YouTube seriously," Swinburne notes Google Play music has not previously slowed down Spotify, nor have Apple (AAPL) and Amazon's (AMZN) presence. "Time will tell how much of [Google's] relaunch is aimed at building a business versus appeasing the music industry," concludes Swinburne, who keeps an Overweight rating and $190 price target on Spotify shares.
ZTCOY ZTE Corp.
$0.00

(0.00%)

04/26/18
RHCO
04/26/18
NO CHANGE
Target $72
RHCO
Hold
Xilinx price target lowered to $72 from $79 at SunTrust
SunTrust analyst William Stein lowered his price target on Xilinx (XLNLX) to $72, saying that while the company posted "solid" Q1 earnings and Q2 outlook, the management "confounds" his modeling by deferring the questions regarding the "linearity of datacenter ramp" as well as the size of crypto and ZTE (ZTCOY) import ban until the Analyst Day. Stein keeps his Hold rating, adding that the latest comments do not fit with a more bullish thesis around 5G and server business acceleration.
04/27/18
04/27/18
UPGRADE
Target $30

Equal Weight
Acacia Communications upgraded to Equal Weight after slide at Morgan Stanley
As previously reported, Morgan Stanley analyst Meta Marshall upgraded Acacia Communications (ACIA) to Equal Weight from Underweight as she believes the 35% decline over the past 6 weeks captures the concern that valuation was out of line. While she sees more downside if ZTE (ZTCOY) restrictions stay in place, she prefers avoiding making a call on China demand until more info available, Marshall tells investors. However, even without China disruption, she sees few reasons to be bullish over the coming months on Acacia and keeps a $30 price target on the stock.
05/14/18
BOFA
05/14/18
NO CHANGE
BOFA
ZTE Corp sanctions relief could benefit semi sales, sentiment, says BofA/Merrill
On Sunday, President Trump's tweet indicates some sanctions relief for China smartphone maker ZTE Corp, BofA/Merrill analyst Vivek Arya wrote in a note to investors. The analyst believes this could be a positive for Skyworks (SEKS), Integrated Device (IDTI), Qorvo (QRVO), Xilinx (XLNX), and Broadcom (AVGO), and clear a path for some recently announced M&A deals.
05/04/18
DADA
05/04/18
NO CHANGE
Target $30
DADA
Neutral
Acacia Communications price target lowered to $30 from $38 at DA Davidson
DA Davidson analyst Mark Kelleher lowered his price target on Acacia Communications (ACIA) to $30 from $38 and kept his Neutral rating, saying the company's Q1 revenue decline of 36% suggests that China weakness continues to impact results. Kelleher adds that the company's dependence in its optical transceiver market on China "shows no signs of an imminent recovery", particularly in light of the recent ban on sales to ZTE (ZTCOY).
ACIA Acacia Communications
$32.97

0.45 (1.38%)

05/04/18
COWN
05/04/18
NO CHANGE
Target $32
COWN
Outperform
Acacia Communications price target lowered to $32 from $45 at Cowen
Cowen analyst Paul Silverstein lowered his price target on Acacia Communications to $32 from $45 following Q1 results and lowered guidance for Q2. He reduced his operating forecasts to de-risk his model and said he continues to see a favorable long-term outlook driven by an ongoing ramp with newer customers. Silverstein maintained his Outperform rating on Acacia Communications shares.
05/04/18
MSCO
05/04/18
NO CHANGE
Target $30
MSCO
Equal Weight
ZTE the 'only' near-term value determiner for Acacia, says Morgan Stanley
Morgan Stanley analyst Meta Marshall noted that Acacia Communications' Q1 results were slightly better than expected, but she believes the stock's moves will have little to do with the quarter in the near-term as she sees the ZTE ban as "the only most meaningful value determiner" for now. , ZTE is about a 30% customer of Acacia, noted Marshall, who reduced her estimates meaningfully to reflect the current ban. She maintains an Equal Weight rating with a $30 price target on Acacia.
05/16/18
MSCO
05/16/18
NO CHANGE
MSCO
Overweight
With ZTE concern fading, M&A the main catalyst for opticals, says Morgan Stanley
Morgan Stanley analyst Meta Marshall said that as China and smartphone concerns subside for the optical supplier space following President Trump's tweet over the weekend and recent earnings reports from members of the sector, Finisar (FNSR) remains her top pick in the group. With the ZTE (ZTCOY) overhang looking close to clearing, she sees less hurdles to Lumentum's (LITE) pending acquisition of Oclaro (OCLR) and views consolidation as the sector's main catalyst, as it could lead to healthier overall margin structure, Marshall tells investors. Among the names she covers, she has Overweight ratings on Finisar and II-VI (IIVI) and Equal Weight ratings on Acacia Communications (ACIA), Ciena (CIEN), Lumentum and Infinera (INFN).
OCLR Oclaro
$8.88

-0.015 (-0.17%)

04/25/18
JEFF
04/25/18
NO CHANGE
JEFF
Ciena, Infinera potential winners from Huawei probe, says Jefferies
After The Wall Street Journal reported that the U.S. Department of Justice is investigating whether Huawei violated U.S. sanctions related to Iran, Jefferies analyst George Notter said he sees Ciena (CIEN), Infinera (INFN), and possibly Nokia (NOK), which all compete with both Huawei and ZTE (ZTCOY) in international markets excluding China, as potential winners from the news. He also noted that, based on company disclosures, Huawei accounted for nearly 17% of Lumentum's (LITE) sales in FY17, about 15% of FY17 sales for Oclaro (OCLR) and 11% of FY17 sale for Finisar (FNSR). However, he also cautioned that it is possible that any impact to Huawei be negotiated away or significantly reduced and it is also possible that any DOJ investigation doesn't yield evidence of any wrong-doing.
04/16/18
MKMP
04/16/18
NO CHANGE
MKMP
ZTE news negative for Acacia, neutral to positive for others, says MKM Partners
MKM Partners analyst Michael Genovese notes that press is reporting that ZTE Corp. (ZTDOY) is banned from purchasing U.S. technology for seven years for violating the terms of a previously settled sanctions violation case. While all component names are trading down on the news, the analyst has a more nuanced view since Huawei and Nokia (NOK) will gain share at ZTE's expense. Genovese views the news as negative for Acacia (ACIA), which had 30% revenue exposure to ZTE in 2017 and 16% in Q4. However, he thinks the news is positive for NeoPhotonics (NPTN), which has 40% exposure to Huawei and much smaller ZTE exposure, and for Nokia, which will gain some of ZTE's share. Additionally, the analyst sees the news as neutral to positive for Lumentum (LITE), Oclaro (OCLR) and Finisar (FNSR), which have significantly more Huawei and Nokia exposure than ZTE exposure.
04/25/18
NEED
04/25/18
NO CHANGE
NEED
Full ban of sales to Huawei 'highly improbable,' says Needham
Needham analysts Alex Henderson and N. Quinn Bolton said they sees the chances of an outright ban of sales to Huawei as "extremely low," adding that it is their understanding the probe into Huawei has been ongoing for the last two years while noting that the ZTE probe took over five years to complete. The ironic impact of any escalation in trade tension could be an increase in demand from Huawei to build an inventory buffer should there be a supply disruption, added the analysts, who also say they would not be surprised to see a trade agreement with China include a resolution of the ZTE (ZTCOY) ban and possibly an agreement on the scope of action against Huawei.
04/17/18
PIPR
04/17/18
NO CHANGE
PIPR
Piper sees compelling entry levels for Lumentum and Oclaro
Yesterday's news of American suppliers being banned from shipping products to ZTE (ZTCOY) has created more compelling entry levels for a select group of optical stocks, Piper Jaffray analyst Troy Jensen tells investors in a research note. The name most impacted by the news is Acacia Communications (ACIA) with ZTE representing 30% of sales in 2017, the analyst adds. He believes the company, which he downgraded last night to Neutral, will likely not be able to recoup those losses. Names Zukin likes following yesterday's selloff are Lumentum (LITE) and Oclaro (OCLR) as Huawei represents a larger customer compared to ZTE, and he believes Huawei will gain customers at ZTE's expense. The analyst also continues to like Overweight-rated Fabrinet (FN) and II-VI (IIVI).
TOSBF Toshiba, also use TOSYY
$0.00

(0.00%)

02/20/18
RBCM
02/20/18
NO CHANGE
Target $115
RBCM
Outperform
Western Digital may be an LBO candidate, says RBC Capital
RBC Capital analyst Amit Daryanani contends that Western Digital (WDC) could be an attractive LBO candidate, considering that the stock has languished at an "attractive valuation" since the Toshiba (TOSBF) resolution on misplaced NAND cycle concerns. The analyst also notes that the likelihood of an LBO is high because of several private equity firms' involvement in the Toshiba asset sale. Daryanani keeps his Outperform rating with a $115 price target, adding that a "sizable potential EPS upside and room for multiple expansion remain" for the stock.
01/09/18
RBCM
01/09/18
NO CHANGE
Target $48
RBCM
Sector Perform
Seagate price target raised to $48 from $43 at RBC Capital
RBC Capital analyst Amit Daryanani raised his price target on Seagate (STX) to $48 after the company's positive December-quarter pre-announcement and its long-term NAND supply agreement with Toshiba (TOSBF). Daryanani says the discussion around EB shipments and capacity-per-drive metrics suggests that the company is gaining share in the 10TB market. The analyst keeps his Sector Perform rating on Seagate, noting he is "cognizant" of the company's near-term tailwinds.
01/05/18
FBCO
01/05/18
NO CHANGE
Target $42
FBCO
Outperform
Brookfield Business Partners price target raised to $42 from $34 at Credit Suisse
Credit Suisse analyst Nick Stogdill noted that Brookfield Business Partners (BBU) and its institutional partners will acquire 100% of Westinghouse Electric from Toshiba (TOSBF) for $4.6B, which he views as positive news from both a strategic and financial perspective. The analyst, who increased his 2018 EPS estimate 11% to $3.15 to reflect the deal, keeps an Outperform rating on Brookfield Business Partners and raised his price target on the stock to $42.
03/13/18
KEYB
03/13/18
NO CHANGE
KEYB
Broadcom could look at Micron next with Qualcomm blocked, says KeyBanc
President Trump's order to block Broadcom's (AVGO) proposed takeover of Qualcomm (QCOM) also likely blocks the possibility of the company trying to acquire any other player with any military/defense exposure, such as Xilinx (XLNX), KeyBanc analyst John Vinh tells investors. However, he expects Broadcom to remain acquisitive and thinks Micron (MU) could be another potential target, citing a lack of security concerns and Broadcom's previous attempts to bid for Toshiba (TOSBF), he noted. Vinh reiterates his Overweight rating and $320 price target on Broadcom, adding that he sees the executive order as a "slight positive," since it removes a near-term distraction and overhang.
TOSYY Toshiba, also use TOSBF
$0.00

(0.00%)

12/13/17
DBAB
12/13/17
UPGRADE
DBAB
Buy
Toshiba upgraded to Buy from Hold at Deutsche Bank
GM General Motors
$37.80

-0.51 (-1.33%)

04/09/18
04/09/18
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. General Motors (GM) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Adam Jonas saying he sees room for positive earnings revisions for GM, Ford (F) and Fiat Chrysler (FCAU) as investors better understand the impact on U.S. pick-up truck sales from a potential passage of a U.S. infrastructure bill. 2. TD Ameritrade (AMTD) upgraded to Buy from Neutral at BofA/Merrill with analyst Michael Carrier saying he views TD Ameritrade's near-term outlook as attractive given healthy new net asset growth, higher interest rates, and strong DARTs. 3. Comerica (CMA) upgraded to Outperform from Neutral at Wedbush with analyst Peter Winter saying he sees several levers that should drive above average earnings per share growth over the next two years, including margin expansion, potential resumption of loan growth, and above average capital returns. 4. Agilent (A) upgraded to Buy from Neutral at Goldman Sachs with analyst Patrick Donnelly saying he sees an attractive fundamental backdrop across Tools. 5. Discover (DFS) and Ally Financial (ALLY) were upgraded to Equal Weight from Underweight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/27/18
SBSH
04/27/18
NO CHANGE
SBSH
Buy
Citi keeps Street-high $70 price target on General Motors
Citi analyst Itay Michaeli raised his estimates for General Motors on the Q1 beat and keeps a Street-high price target on the shares of $70. Further, the analyst continues to have a $134 per share long-term upside potential case. GM delivered a solid Q1 with "various put/takes mostly owing to planned truck downtime ahead of the upcoming product launch," Michaeli tells investors in a post-earnings research note. He notes management reiterated that 2019 should see core earnings improvement.
04/24/18
MSCO
04/24/18
NO CHANGE
Target $48
MSCO
Overweight
Morgan Stanley raises value estimate for GM's Cadillac brand to $15B
Morgan Stanley analyst Adam Jonas modeled Cadillac financials out to 2028, assuming a 2017-2028 unit volume CAGR of about 4% for the General Motors brand. He notes this is modestly higher than his previous forecast of closer to 3%, citing expectations for a model strategy closely aligned with transportation-as-a-service trends in China and the U.S., Jonas tells investors. He raised his valuation of Cadillac to $15B from $13B and said he sees scope for new GM management to highlight its "hidden value" through improved financial disclosure and structural changes. Jonas maintains an Overweight rating on GM shares.
05/15/18
PIPR
05/15/18
NO CHANGE
Target $57
PIPR
Overweight
GM valuation does not reflect robo-taxi business, says Piper Jaffray
Piper Jaffray analyst Alexander Potter says General Motors' "budding" robo-taxi business is wrongly being valued at zero. The analyst's city-by-city ride-hailing model indicates a market opportunity that could exceed $1 trillion in the U.S. alone. GM's "valuation does not reflect this opportunity (not by a longshot)," Potter tells investors in a research note. He thinks investors should be buying the stock and upped his price target for the shares to $57 from $52. The analyst's sum-of-the-parts based price target now implies 56% upside to the current share price. He keeps an Overweight rating on GM.
F Ford
$11.33

-0.12 (-1.05%)

05/15/18
PIPR
05/15/18
DOWNGRADE
Target $12
PIPR
Neutral
Ford downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Alexander Potter downgraded Ford to Neutral and lowered his price target for the shares to $12 from $14.
05/15/18
05/15/18
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. Ford (F) downgraded to Neutral from Overweight at Piper Jaffray with analyst Alexander Potter saying that while stock's valuation still appears low, relative to other stocks he covers, he's less convinced that Ford "can find compelling revenue drivers to offset secular threats." 2. aTyr Pharma (LIFE) downgraded to Sell from Neutral at Citi with analyst Joel Beatty saying a lack of clinical data and early stage of understanding for lead agent ATYR1923 create a low probability of success. 3. ClearOne (CLRO) downgraded to Neutral from Buy at B. Riley FBR. 4. Travelport (TVPT) downgraded to Neutral on valuation at BofA/Merrill with analyst John King citing relative valuation. 5. W&T Offshore (WTI) downgraded to Sell from Hold at KLR Group with analyst Gail Nicholson citing the stock's out-performance of the SPDR Oil Exploration and Production Fund (XOP) by about 54% over the last month. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/15/18
PIPR
05/15/18
DOWNGRADE
Target $12
PIPR
Neutral
Ford downgraded to Neutral with $12 target at Piper Jaffray
Piper Jaffray analyst Alexander Potter downgraded Ford Motor to Neutral from Overweight and reduced his price target for the shares to $12 from $14. The analyst says that while stock's valuation still appears low, relative to other stocks he covers, he's less convinced that Ford "can find compelling revenue drivers to offset secular threats." With U.S. vehicle sales slowly eroding, investors are looking for more fundamental changes from Ford, Potter tells investors in a research note. The analyst thinks Ford may capture its share of the $1 trillion-plus market for autonomous rides, but he notes the company isn't a leader in the market.
05/18/18
JPMS
05/18/18
NO CHANGE
Target $15
JPMS
Overweight
Ford transformation to push earnings, shares higher, says JPMorgan
After meeting with management, JPMorgan analyst Ryan Brinkman believes Ford is "in the process of pulling the trigger, or soon to pull the trigger, on walking away from previously core but loss-making aspects of its business." The analyst suggests investors "pull the trigger on Ford shares now," believing its earnings and valuation multiple are likely to inflect higher as the company undergoes its transformation. He keeps an Overweight rating on Ford with a $15 price target.
FCAU Fiat Chrysler
$21.86

-0.31 (-1.40%)

04/09/18
04/09/18
UPGRADE
Target $48

Overweight
GM upgraded to Overweight on infrastructure bill potential at Morgan Stanley
As previously reported, Morgan Stanley analyst Adam Jonas upgraded General Motors (GM) to Overweight from Equal Weight, as he sees room for positive earnings revisions for GM, Ford (F) and Fiat Chrysler (FCAU) as investors better understand the impact on U.S. pick-up truck sales from a potential passage of a U.S. infrastructure bill. The firm's economics team estimates a bull case of as much as $2.4T in U.S. infrastructure spending over a 10-year period, which primarily would affect automakers through the sale of highly-profitable pickup trucks, said Jonas, who noted that greater infrastructure spending typically does coincide with increased pickup sales. Jonas raised his price target on GM shares to $48 from $45 and increased his price target on Fiat Chrysler to EUR23 from EUR22 per share.
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.
04/25/18
JEFF
04/25/18
DOWNGRADE
Target $26
JEFF
Hold
Fiat Chrysler downgraded to Hold from Buy at Jefferies
Jefferies analyst Philippe Houchois downgraded Fiat Chrysler to Hold while raising his price target for the shares to $26 from $24. The analyst believes "meaningful upside" from current share levels would require "supernormal profits" or "black swan events" such as a takeover. He cites valuation for the downgrade to Hold.
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).
HMC Honda
$32.98

-0.11 (-0.33%)

03/27/18
UBSW
03/27/18
UPGRADE
UBSW
Buy
Honda upgraded to Buy from Neutral at UBS
02/15/18
JPMS
02/15/18
UPGRADE
JPMS
Overweight
Honda upgraded to Overweight from Neutral at JPMorgan
02/20/18
FBCO
02/20/18
UPGRADE
FBCO
Outperform
Honda upgraded to Outperform from Neutral at Credit Suisse
TM Toyota
$136.04

-0.54 (-0.40%)

03/27/18
UBSW
03/27/18
UPGRADE
UBSW
Neutral
Toyota upgraded to Neutral from Sell at UBS
03/27/18
03/27/18
UPGRADE

Neutral
Toyota upgraded to Neutral with manufacturing margins seen near bottom at UBS
As previously reported, UBS upgraded Toyota to Neutral from Sell as the firm believes the company's manufacturing margin should bottom in FY18. Following a recent Asia tour, the firm also forecasts emerging markets like ASEAN to turn to positive year-over-year growth, UBS noted in its upgrade. UBS raised its price target on Toyota to Y7,000 from Y6,400.
03/01/18
BOFA
03/01/18
UPGRADE
BOFA
Neutral
Toyota upgraded to Neutral from Underperform at BofA/Merrill
NSANY Nissan
$0.00

(0.00%)

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.
VLKAY Volkswagen
$0.00

(0.00%)

04/25/18
JEFF
04/25/18
NO CHANGE
Target $53
JEFF
Buy
VW acquisition scenario supports $53 Navistar target, says Jefferies
Recent news flow regarding a separation of Volkswagen's (VLKAY) Truck and Bus business and the potential for full ownership of Navistar (NAV) has driven Navistar shares up 13% relative to the S&P 500 over the past month, Jefferies analyst Stephen Volkmann tells investors in a research note. After examining potential synergies and valuation scenarios for a tie-up, the analyst has increased confidence in his high-on-the-Street $53 price target for Navistar shares.
04/25/18
JEFF
04/25/18
UPGRADE
JEFF
Buy
Volkswagen upgraded to Buy from Hold at Jefferies
Jefferies analyst Philippe Houchois upgraded Volkswagen to Buy and raised his price target for the shares to EUR 220 from EUR 180. The analyst likes the recent management changes but says what matters most is the "generational change at Porsche SE," which he views as VW's "most promising agent of change." The analyst is "convinced" that VW-Porsche have what it takes to be the next FCA-Exor.
04/25/18
PIPR
04/25/18
NO CHANGE
Target $44
PIPR
Overweight
Navistar takeout bid below $44 would be too low, says Piper Jaffray
After traveling with management, Piper Jaffray analyst Alexander Potter reiterates an Overweight rating on Navistar International (NAV) with a $44 price target. Any potential acquirer would use discounted cash flow to capture Navistar's potential for multi-year margin and market share growth, Potter tells investors in a research note. Even before last week's "media frenzy re-ignited take-out speculation," many investors had already believed Navistar would ultimately be acquired by alliance partner Volkswagen (VLKAY), the analyst contends. Potter adds that any Volkswagen bid below $44 per share would be too low. The analyst thinks Navistar shares "are too cheap."
04/19/18
JPMS
04/19/18
NO CHANGE
Target $38
JPMS
Neutral
VW capital raise makes 'eventual' Navistar buyout more likely, says JPMorgan
Volkswagen (VLKAY) last week announced its intention to prepare its truck business for capital market readiness in an effort to grow the unit into a global leader in transportation, JPMorgan analyst Ann Duignan tells investors in a research note. While the timing of a listing is uncertain, a capital raise by Volkswagen Truck & Bus does increase the likelihood of an "eventual" acquisition of Navistar (NAV), the analyst contends. However, she cautions investors that the timing is uncertain and that Navistar faces a "number of near term risks" including rising input costs. Duignan believes the stock's risk/reward is balanced at the current valuation levels and keeps a Neutral rating on Navistar with a $38 price target.
DDAIF Daimler AG
$0.00

(0.00%)

04/05/18
BERN
04/05/18
NO CHANGE
BERN
BMW, Tesla among 'biggest losers' following Chinese tariffs, says Bernstein
Bernstein analyst Robin Zhu notes that China's Ministry of Commerce announced 25% incremental tariffs on U.S. imports of 106 types of goods, including essentially all automobiles, soy beans, chemicals, aircraft, and other goods. If enforced, this would mean cars imported from the U.S. would face 50% import tariffs, up from the usual 25%. The analyst believes the biggest losers would be BMW (BMWYY), Mercedes (DDAIF), Tesla (TSLA). BMW and Mercedes import the largest volumes of cars from the U.S. into China, followed by is Tesla with14k units of projected imports, he points out.
09/06/17
GSCO
09/06/17
UPGRADE
GSCO
Buy
Daimler AG upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Stefan Burgstaller upgraded Daimler AG to Buy and raised his price target for the shares to EUR 81 from EUR 80. The analyst believes a "roadmap for structural value creation" is emerging.
09/08/17
EVER
09/08/17
UPGRADE
EVER
Outperform
Daimler AG upgraded to Outperform from In Line at Evercore ISI
VRX Ticker changed BHC
$22.15

0.12 (0.54%)

05/15/18
MZHO
05/15/18
UPGRADE
Target $27
MZHO
Buy
Mizuho compares Valeant portfolio to Mylan in upgrade to Buy
Mizuho analyst Irina Koffler upgraded Valeant Pharmaceuticals (VRX) to Buy from Neutral and raised her price target for the shares to $27 from $15. The stock closed yesterday down 4c to $20.81. Adjusting individual product growth estimates has made the analyst more constructive on Valeant's turnaround story. The company's portfolio now looks Mylan-like (MYL) in that 70% of revenue consists of stable products that are either consumer-focused, or older drugs that are already generic, Koffler tells investors in a research note. Further, the analyst sees growth potential from Valeant's pipeline, which she notes contains multiple catalysts in 2018-2020 and is not in her estimates. She thinks that in order for the stock to work over the next year, Valeant just needs to execute on its quarters and push through new product launches.
05/14/18
BMOC
05/14/18
NO CHANGE
Target $20
BMOC
Market Perform
Valeant price target raised to $20 from $17 at BMO Capital
BMO Capital analyst Gary Nachman raised his price target on Valeant to $20, saying the company's "impressive" Q1 results demonstrate "good returns" on some of its strategic investments. Nachman also raised his FY18 EPS target to $3.42 from $3.12 to reflect the company's raised FY18 guidance. The analyst keeps his Market Perform rating amid continued uncertainty about sustainability of certain revenue drivers and potential contribution from its "key new product launches".
05/15/18
05/15/18
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. Gap (GPS) upgraded to Outperform from Market Perform at Telsey Advisory. 2. CBS (CBS) upgraded to Outperform from Market Perform at Bernstein with the firm saying it views the probability of a CBS-Viacom (VIAB) re-merger as close to zero, for many years to come. 3. Ulta Beauty (ULTA) upgraded to Outperform from Perform at Oppenheimer with analyst Rupesh Parikh saying he still sees the potential for more gains and outperformance from current levels. 4. Valeant (VRX) upgraded to Buy from Neutral at Mizuho with analyst Irina Koffler saying adjusting individual product growth estimates has made her more constructive on Valeant's turnaround story. 5. Scotts Miracle-Gro (SMG) upgraded to Buy from Hold at SunTrust with analyst William Chappell saying he believes the bottom in the stock price has been reached, leading to its usual "counter seasonal trend of outperformance" given that the stock has outperformed the S&P500 from June to January in the past 11 of 15 years. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/15/18
MZHO
05/15/18
UPGRADE
MZHO
Buy
Valeant upgraded to Buy from Neutral at Mizuho
PFE Pfizer
$35.64

-0.07 (-0.20%)

04/19/18
04/19/18
NO CHANGE

BTIG says Allergan may be interested in Shire after insufficient Takeda offers
BTIG analyst Timothy Chiang noted that Shire (SHPG) is trading higher after news that at least one other company other than Takeda (TKPYY) is interested in acquiring Shire, and naming Allergan (AGN) as one of those possible suitors. Chiang also believes that other companies, such as Pfizer (PFE), could entering into the bidding for Shire. BTIG maintained a Buy rating and $195 price target on Shire shares.
05/16/18
MSCO
05/16/18
NO CHANGE
Target $200
MSCO
Overweight
Epogen biosimilar should have little impact on Amgen, says Morgan Stanley
After the FDA approved Retacrit, Pfizer's (PFE) biosimilar version of Amgen's (AMGN) Epogen, Morgan Stanley analyst Matthew Harrison said he does not see significant impact to his forecasts due to the news, noting that Amgen has already discounted Epogen net selling price significantly to secure an extended supply agreement with DaVita (DVA). Amgen renegotiated the supply agreement in early 2017 and the vast majority of Epogen volume is from DaVita, added Harrison, who maintains an Overweight rating and $200 price target on Amgen shares.
05/15/18
LEER
05/15/18
NO CHANGE
Target $121
LEER
Outperform
Sarepta price target raised to $121 from $88 at Leerink
Leerink analyst Joseph Schwartz raised his price target for Sarepta (SRPT) to $121 from $88, while reiterating an Outperform rating on the shares. The analyst notes that Sarepta is one of three companies developing microdystrophin gene therapy for Duchenne muscular dystrophy, in competition with Pfizer (PFE) who acquired Bamboo, and Solid Biosciences (SLDB). With Solid's clinical hold still in place, Sarepta could potentially be first-to-market, and is expected to report the first clinical data for a micro-dystrophin candidate at their R&D day on June 19, he adds.
04/16/18
NORL
04/16/18
NO CHANGE
NORL
Outperform
Pfizer appears to be BioLife Solutions customer, says Northland
Northland analyst Suraj Kalia believes Pfizer (PFE) has never publicly announced itself as a customer of BioLife Solutions (BLFS), but a link to a presentation apparently made at the AAPS conference seems to highlight Pfizer' use of BioLife's CryoStor cryopreservation medium in its CAR-T program. Kalie noted this is the first time he has learned of Pfizer being a customer and of the use of BioLife's CryoStor being used in allogeneic CAR-T applications, both of which he finds interesting. Kalia has an Outperform rating on BioLife.
BIIB Biogen
$280.35

-0.34 (-0.12%)

05/02/18
SBSH
05/02/18
NO CHANGE
Target $290
SBSH
Neutral
Biogen price target lowered to $290 from $360 at Citi
Citi analyst Robyn Karnauskas lowered her price target for Biogen to $290 saying Tecfidera "is an unanswered question and a big risk to the stock." The analyst is unsure what the generic Gilenya impact will be on Tecfidera. Biogen shares may not be at a bad entry point for long-term investors, but "we don't think this is where people need to be over the next year," Karnauskas tells investors in research note. She believes the key issue for the shares is the Alzheimer's program and expects data late in 2019 or early 2020. The analyst keeps a Neutral rating on Biogen.
04/25/18
04/25/18
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. Biogen (BIIB) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Terence Flynn saying pipeline and balance sheet optionality are taking longer to materialize than expected but valuation reflects limited value to Aducanumab or Biogen's Phase 2 neuro pipeline. 2. GrubHub (GRUB) downgraded to Neutral on valuation at Roth Capital with analyst Darren Aftahi citing valuation. 3. Paccar (PCAR) downgraded to Sector Perform from Outperform at RBC Capital and to Neutral from Buy at BofA/Merrill. 4. Caterpillar (CAT) downgraded to Neutral from Outperform at Daiwa. 5. Edwards Lifesciences (EW) downgraded to Market Perform from Outperform at Northland. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/25/18
04/25/18
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. Alphabet (GOOG, GOOGL) upgraded to Buy from Hold at Stifel with analyst Scott Devitt saying he is increasingly comfortable with Alphabet's positioning in digital media relative to Facebook (FB), given Alphabet's private relationship with consumers and the high utility and durability of Google's core business. 2. Verizon (VZ) upgraded to Buy from Hold at SunTrust and to Buy from Neutral at UBS. 3. Disney (DIS) upgraded to Market Perform from Underperform at BMO Capital with analyst Daniel Salmon saying the risk-reward on the stock is now more balanced, while its leading portfolio remains a long-term attraction. 4. Biogen (BIIB) upgraded to Outperform from Neutral at Baird with analyst Brian Skorney saying he believes the shares are "too cheap" and its MS business appears more stable than he had been concerned about. 5. PulteGroup (PHM) upgraded to Buy from Neutral at B. Riley FBR and to Buy from Neutral at Buckingham. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/26/18
CANT
04/26/18
NO CHANGE
Target $272
CANT
Neutral
Biogen price target lowered to $272 from $289 at Cantor Fitzgerald
Cantor Fitzgerald analyst William Tanner lowered his price target for Biogen to $17 and reiterates a Neutral rating on the shares following Tuesday's Q1 results. The analyst remains concerned that the company's "out-year growth prospects are too heavily leveraged to the successful development of assets for which significant de-risking may need to occur." Further, the Biogen's multiple sclerosis franchise will continue to face competition, Tanner tells investors in a research note.
INSY Insys Therapeutics
$6.95

-0.37 (-5.05%)

07/21/17
JANY
07/21/17
NO CHANGE
Target $16
JANY
Buy
Subsys ANDA somewhat negative for Insys, but not unexpected, says Janney Capital
Janney Capital analyst Ken Trbovich noted that the FDA's Paragraph IV certifications list earlier this week showed that Insys had received an ANDA filing for Subsys on May 22, which he views as "somewhat negative," but also "not unexpected." While the ANDA raises the possibility of a generic sooner rather than later, Trbovich sees no risk for a generic Subsys until 2020 at the earliest and thinks the company's patents could prevent generic entry until as late as 2030. He keeps a Buy rating and $16 fair value estimate on Insys shares.
03/09/18
PIPR
03/09/18
DOWNGRADE
Target $4
PIPR
Underweight
Insys Therapeutics downgraded to Underweight from Neutral at Piper Jaffray
Piper Jaffray analyst David Amsellem downgraded Insys Therapeutics to Underweight and cut his price target for the shares to $4 from $5. The analyst sees "no basis in reality" for the company's guidance of relatively stable total sales in 2018 versus 2017 given the nature of the opioid crisis. Further, the weak rollout of Syndros "also does not inspire confidence" in the 2018 guidance, Amsellem tells investors in a research note.
VVUS VIVUS
$0.79

0.1672 (26.78%)

CELG Celgene
$78.39

-1.59 (-1.99%)

05/07/18
RBCM
05/07/18
DOWNGRADE
Target $118
RBCM
Outperform
Celgene downgraded to Outperform from Top Pick at RBC Capital
RBC Capital analyst Brian Abrahams downgraded Celgene to Outperform from Top Pick and lowered his price target for the shares to $118 from $120. The analyst continues to view the valuation as compelling, but he thinks other names offer more upside without more pipeline and Revlimid intellectual property visibility. Abrahams remains a buyer of Celgene shares.
04/30/18
RBCM
04/30/18
NO CHANGE
RBCM
Celgene weakness an overreaction, says RBC Capital
05/04/18
PIPR
05/04/18
NO CHANGE
Target $95
PIPR
Neutral
Piper remains on sidelines after Celgene's 'surprisingly strong' Q1
Piper Jaffray analyst Christopher Raymond says that while he's encouraged by Celgene's "surprisingly strong" Q1 beat and "relatively timely" resubmission of ozanimod's multiple sclerosis new drug application, he remains concerned over the company's ability to diversify away from Revlimid. The analyst prefers to stay on the sidelines and keeps a Neutral rating on Celgene shares with a $95 price target.
05/07/18
LEER
05/07/18
NO CHANGE
Target $115
LEER
Outperform
Celgene price target lowered to $115 from $123 at Leerink
Leerink analyst Geoffrey Porges raised his price target for Celgene to $115 from $123 after the company announced Q4 results with a modest beat in revenues and pro forma EPS compared to consensus and significant delays in timing for two important development programs connected to ozanimod. Nonetheless, the analyst reiterates an Outperform rating, given the value of the company's existing products, and tangible late stage pipeline.
BAYRY Bayer
$0.00

(0.00%)

12/29/17
JPMS
12/29/17
NO CHANGE
JPMS
Roche added to Analyst Focus List at JPMorgan
JPMorgan analyst Richard Vosser added Roche (RHHBY) to his firm's Analyst Focus List and keeps an Overweight rating on the shares with a SFR 300 price target. The analyst sees Roche as having the most significant earnings upside potential of any of the European large cap pharma stocks in 2018. He believes the potential of the company's pipeline is being underappreciated at current share levels. His top picks for 2018 are Roche and Bayer (BAYRY).
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
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.
12/28/17
ARGS
12/28/17
NO CHANGE
Target $470
ARGS
Buy
Regeneron price target lowered to $470 from $540 at Argus
Argus analyst Jasper Hellweg lowered his price target on Regeneron (REGN) to $470 to reflect some of the recent weakness in the stock, but keeps his Buy rating. Hellweg says that while the company's growth has slowed in recent years, it continues to benefit from sales of Eylea, collaboration agreements with Sanofi (SNY) and Bayer (BAYRY) as well as a strong new product pipeline.
GILD Gilead
$68.01

0.41 (0.61%)

05/02/18
JEFF
05/02/18
NO CHANGE
Target $95
JEFF
Buy
Gilead turnaround thesis unchanged after Q1 results, says Jefferies
Jefferies analyst Michael Yee says that while Gilead Sciences last night didn't report the best quarter, the turnaround thesis remains unchanged. The results won't prove the thesis to bears, but Gilead's turnaround is underway and should play out over the next four quarters, Yee tells investors in a post-earnings research note. The stock, trading at an 11-12 times price-to-earnings ratio, is "cheap" and the worst is mostly behind the company, Yee adds. He keeps a Buy rating on Gilead with a $95 price target.
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.
05/02/18
MAXM
05/02/18
NO CHANGE
Target $89
MAXM
Buy
Gilead price target lowered to $89 from $94 at Maxim
Maxim analyst Jason McCarthy lowered his price target on Gilead to $89 after the company's Q1 results missed consensus, driven by lower than expected HIV/HBV revenues. The analyst has also reduced his FY18 EPS view to $6.14 from $6.74 and revenue to $20.5B from $21.4B, adding that while CAR-T treatment is promising, it is still a long way away. McCarthy keeps his Buy rating on Gilead, noting the company's "multiple" catalysts in 2018-2019 along with its $32B cash cushion that can expand the pipeline through M&A.
05/02/18
LEER
05/02/18
NO CHANGE
Target $72
LEER
Market Perform
Gilead price target lowered to $72 from $80 at Leerink
Leerink analyst Geoffrey Porges lowered his price target for Gilead to $72 from $80 after the company reported Q1 results and produced the first "significant disappointment" of the large cap biotech earnings season. The analyst reiterates a Market Perform rating on the shares.
BMRN BioMarin
$88.95

0.51 (0.58%)

05/18/18
JPMS
05/18/18
NO CHANGE
Target $127
JPMS
Overweight
BioMarin shares represent 'compelling opportunity,' says JPMorgan
JPMorgan analyst Cory Kasimov says BioMarin Pharmaceuticals remains one of his highest conviction long-term ideas given its orphan-focused, diversified base business, growing commercial portfolio, and "potentially disruptive" late-stage pipeline. He forecasts the company is on track to potentially have $5B-plus in product sales by the mid-2020s with a "highly leverageable" business model. After about two years of share price stagnation, BioMarin is approaching a long-awaited inflection point, Kasimov tells investors in a research note. He believes the company "represents a compelling opportunity at this time" and reiterates an Overweight rating on the stock with a $127 price target.
04/30/18
BERN
04/30/18
NO CHANGE
Target $92
BERN
Market Perform
BioMarin price target lowered to $92 from $97 at Bernstein
Bernstein analyst Vincent Chen lowered his price target for BioMarin to $92 from $97 following quarterly results. The analyst reiterates a Market Perform rating on the shares.
05/16/18
ADAM
05/16/18
INITIATION
Target $101
ADAM
Buy
BioMarin initiated with a Buy at Canaccord
Canaccord analyst Michelle Gilson initiated BioMarin with a Buy rating as she likes the setup heading into 2019. The analyst sees current risk levels skewed toward negative outcomes around its Pegvaliase PDUFA and hemophilia A gene therapy competitor data. She believes the gene therapy platform may be underappreciated. Gilson has a $101 price target on BioMarin shares.
05/07/18
LEER
05/07/18
NO CHANGE
Target $145
LEER
Outperform
BioMarin price target raised to $145 from $132 at Leerink
Leerink analyst Joseph Schwartz raised his price target to $145 from $132 to reflect new price assumptions for Valrox in hemophilia A following discussions with MEDACorp payor specialists. The analyst reiterates an Outperform rating on the shares.
MNK Mallinckrodt
$15.70

-0.37 (-2.30%)

05/04/18
MZHO
05/04/18
NO CHANGE
Target $13
MZHO
Neutral
Mallinckrodt likely to terminate jaundice program, says Mizuho
Mizuho analyst Irina Koffler expects Mallinckrodt to terminate its drug for severe jaundice after an FDA advisory panel recommended against approval. Termination could result in 15c-20c in earnings upside in 2018, Koffler tells investors in a research note. She views the news as a pipeline setback and keeps a Neutral rating on Mallinckrodt.
05/04/18
WELS
05/04/18
NO CHANGE
Target $15
WELS
Market Perform
Mallinckrodt price target lowered to $15 on stannsoporfin news at Wells Fargo
Wells Fargo analyst David Maris lowered his price target on Mallinckrodt to $15 from $17.50 after deciding to take stannsoporfin sales out of his model following the joint meeting of the FDA's GI Drugs Advisory Committee and Pediatric Advisory Committee, during which the panel overwhelmingly voted against the approval of stannsoporfin. He spoke with Mallinckrodt after the AdComm and the company said it is "disappointed" with the result and that a path forward for stannsoporfin will be evaluated to see if it makes sense to continue development, Maris noted. He maintains a Market Perform rating on Mallinckrodt shares.
05/09/18
LEHM
05/09/18
NO CHANGE
Target $12
LEHM
Underweight
Mallinckrodt price target lowered to $12 from $20 at Barclays
Barclays analyst Douglas Tsao lowered his price target for Mallinckrodt to $12 and keeps an Underweight rating on the shares. While Stannsaporfin was not expected to be a big product commercially, its failure to get the FDA panel vote raises questions on Mallinckrodt's "R&D acumen," Tsao tells investors in a research note. Further, the analyst believes uncertainty on Acthar is likely to persist.
05/02/18
05/02/18
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. Alcoa (AA) initiated with a Buy at Jefferies. 2. Spotify (SPOT) initiated with a Buy at SunTrust. 3. Skyworks (SWKS) initiated with an Outperform at Baird. 4. Mallinckrodt (MNK) initiated with a Neutral at B. Riley FBR. 5. CatchMark Timber (CTT) initiated with a Sector Perform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
SHPG Shire
$169.62

-2.18 (-1.27%)

04/19/18
WELS
04/19/18
NO CHANGE
WELS
Outperform
Wells says Allergan investors likely 'relieved and confused' by Shire news
Wells Fargo analyst David Maris believes Allergan (AGN) investors will be "both relieved and confused" by the company's announcement that it was considering a bid for Shire (SHPG) being following approximately four hours later by another announcement saying that it does not intend to make an offer for Shire. After catching up with Allergan, Maris does not think the turn of events reflects a confusion or flip-flopping, but rather was the result of disclosures required by UK takeover law, and "don't reflect anything other than Allergan being caught at a bad time." He maintains an Outperform rating on Allergan shares.
04/25/18
RHCO
04/25/18
NO CHANGE
Target $205
RHCO
Buy
Shire price target raised to $205 from $190 at SunTrust
SunTrust analyst John Boris raised his price target on Shire (SHPG) to $205 and kept his Buy rating after an updated merger proposal from Takeda (TKPYY), which has until May 8th to make the final offer. Boris believes the combined stock-and-cash offer of $205 is high enough for Shire shareholders to accept the terms, and other bidders could potentially emerge based on its positive catalysts such as Neuroscience strategic review and LANA August PDUFA.
04/19/18
WELS
04/19/18
NO CHANGE
Target $245
WELS
Outperform
Allergan selloff on potential Shire bid understandable, says Wells Fargo
Wells Fargo analyst David Maris believes the selloff today in shares of Allergan (AGN) on news the company is considering a bid for Shire (SHPG) is understandable. Many believe Allergan was in the process of trimming, not bulking up, Maris tells investors in a research note. He believes that if CNBC's subsequent report is true and Allergan won't be making a bid, the "about-face would be an incredible turn given Allergan's press release came out just a couple hours earlier." Further, the analyst thinks investors are now left wondering what type of disruption another major integration could mean for a company that has already had significant organizational change. Maris has an Outperform rating on Allergan with a $245 price target. The stock in afternoon trading is down 4% to $159.36.
05/09/18
LEER
05/09/18
NO CHANGE
LEER
Takeda/Shire transaction shows path for consolidation, says Leerink
Leerink analyst Geoffrey Porges notes that Takeda (TKPYY) confirmed its intention and agreement to purchase Shire (SHPG) for $62B in cash and stock. For the broader biopharma industry, the analyst believes Takeda's ability to lever up to an estimated 5.4x net debt/EBITDA suggests that investors are underestimating the ability of large cap biopharma companies to pursue large transactions. Nearly all of the large cap biopharma companies face looming growth issues or suffer under revenue-concentration risk discounts that could be mitigated by large-scale acquisitions, he contends. Porges believes that if Takeda can execute the Shire acquisition while checking the boxes of investor demands of a net positive ROIC, instant EPS accretion, maintaining an investment grade credit rating, and massive synergy savings, then others in the biopharma industry with stronger balance sheets and larger valuations can contemplate transactions that are substantially larger even than Shire.
MRK Merck
$59.13

0.06 (0.10%)

05/17/18
WEDB
05/17/18
NO CHANGE
Target $53
WEDB
Outperform
Eiger BioPharmaceuticals price target raised to $53 from $36 at Wedbush
Wedbush analyst Liana Moussatos raised her price target for Eiger BioPharmaceuticals (EIGR) to $53 from $36 after the company expanded its licensing agreement with Merck (MRK) to include Hutchinson-Gilford Progeria Syndrome, or progeria, a fatal premature aging disease for which there are no approved drugs, after publication on April 24 in the Journal of the American Medical Association of Phase 2 results demonstrating a survival benefit -- after 2.2 years, only 1 of 27 lonafarnib-treated progeria syndrome patients died compared to 9 of 27 of untreated patients. In a research note to investors, Moussatos, who has an Outperform rating on shares, said that Eiger now has worldwide rights for progeria, HDV and all lonafarnib indications is a "game-changer" for the company.
05/18/18
PIPR
05/18/18
NO CHANGE
Target $28
PIPR
Overweight
Eiger BioPharmaceuticals price target raised to $28 from $17 at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff raised his price target for Eiger BioPharmaceuticals (EIGR) to $28 after the company expanded its lonafarnib licensing agreement with Merck (MRK) for rights in ultra-orphan indication Hutchinson-Gilford Progeria syndrome. The analyst now anticipates FDA approval of lonafarnib in HGPS in 2020. He reiterates an Overweight rating on Eiger shares.
05/16/18
SPHN
05/16/18
INITIATION
Target $16
SPHN
Overweight
Codexis initiated with an Overweight at Stephens
Stephens analyst Drew Jones started Codexis (CDXS) with an Overweight rating and $16 price target, stating that the company's CodeEvolver platform technology has been sought by pharma partners Merck (MRK), GlaxoSmithKline (GSK) and Nestle (NSRGY) and he expects continued deeper adoption from other major industry players.
05/10/18
STFL
05/10/18
NO CHANGE
STFL
Hold
Exelixis pullback may create interesting entry point, says Stifel
After Exelixis (EXEL) and partner Roche (RHHBY) announced the Phase 3 IMblaze370 trial did not achieve statistical-significance on the primary efficacy endpoint evaluating the ability of a combination of a MEK inhibitor and anti-PD-L1 to improve overall survival in patients with microsatellite stable metastatic colorectal cancer, Stifel analyst Stephen Willey said he believes attrition in Exelixis shares might create an interesting entry point. The failure of IMblaze370 removes some of Exelixis' longer-term optionality and he expects topics of RCC growth/competition, label expansion, and longer-term cabozantinib exclusivity to remain core to the story going forward, said Willey who has a Hold rating on the stock. Array BioPharma (ARRY) also has Phase 1/2 development collaborations in place with both Bristol-Myers (BMY) and Merck (MRK) evaluating the MEK/PD-1 hypothesis in earlier-lines of MSS mCRC, noted Willey, who said he would "be opportunistic" on any weakness in its shares. He maintains a Buy rating on Array, which is down 5% in pre-market trading.
JAZZ Jazz Pharmaceuticals
$167.60

2.55 (1.55%)

05/01/18
MZHO
05/01/18
NO CHANGE
Target $91
MZHO
Buy
Spark Therapeutics price target raised to $91 from $79 at Mizuho
Mizuho analyst Difei Yang raised her price target for Spark Therapeutics (ONCE) to $91 citing the priority review voucher sale to Jazz Pharmaceuticals (JAZZ) as well as "probability adjusted M&A premium." Spark is one of the highest-quality gene therapy companies, so it is reasonable to apply a conservative takeover premium to the stock's valuation, Yang tells investors in a research note. The analyst reiterates a Buy rating on the shares.
05/01/18
RILY
05/01/18
NO CHANGE
Target $206
RILY
Buy
Jazz Pharmaceuticals named Alpha Generator Pick at B. Riley FBR
B. Riley FBR analyst David Buck named Jazz Pharmaceuticals his Alpha Generator Pick and keeps a Buy rating on the shares with a $206 price target. The analyst views the company's in-line product growth as attractive.
04/12/18
PIPR
04/12/18
NO CHANGE
Target $201
PIPR
Overweight
Jazz remains high conviction specialty pharma idea at Piper Jaffray
After surveying 25 physicians who treat a significant number of obstructive sleep apnea and narcolepsy patients, Piper Jaffray analyst David Amsellem believes peak U.S. sales potential for Jazz Pharmaceuticals' solriamfetol of at least $400M in the OSA/narcolepsy setting is realistic, "particularly given the sizable portion of patients who do not respond adequately to existing options." Solriamfetol helps position Jazz for annual double-digit EBITDA growth over the next several years, Amsellem tells investors in a research note. He calls Jazz one of his highest conviction specialty pharma ideas. The analyst reiterates an Overweight rating on the shares with a $201 price target.
05/15/18
WELS
05/15/18
NO CHANGE
WELS
Jazz Pharmaceuticals price target raised to $182 from $176 at Wells Fargo
Wells Fargo analyst David Maris maintained an Outperform rating on Jazz Pharmaceuticals and raised his price target to $182 from $176 on Jazz shares. The analyst also raised his 2018 EPS estimate to $13.00 from $12.91 after Jazz's beat and raise quarter, and raised his outer year Xyrem growth forecasts from 8% to 10% in 2019, from 6% to 8% in 2020 and from 4% to 5% in 2021, based on Xyrem's return to stronger growth in Q1. Maris concluded that he liked " the conservative balance sheet and potential for strategic deals, the current sales trends, and the focus on pipeline progress."
TEVA Teva
$21.23

0.12 (0.57%)

05/18/18
CANT
05/18/18
NO CHANGE
Target $18
CANT
Neutral
Amgen approval in migraine positive for Teva, says Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen thinks FDA approval of Amgen's (AMGN) Aimovig is positive for Teva (TEVA) as well as other new potential migraine treatments coming to the market because it underscores the large unmet need. She notes, however, that Teva does not expect approval until later this year given its manufacturing issues. The analyst keeps a Neutral rating on Teva with an $18 price target.
05/18/18
WELS
05/18/18
NO CHANGE
WELS
Amgen migraine drug price may be below expectations, says Wells Fargo
The FDA, as expected, approved Amgen (AMGN) and Novartis' (NVS) first-in-class anti-CGRP treatment Aimovig for the prevention of migraine, Wells Fargo analyst David Maris tells investors in a research note. The only part of the news which may be somewhat unexpected could be the pricing, which came in at $575 per month or $6,900 annually, the analyst adds. He thinks some investors may have been expecting the price in the $12,000 range. Maris thinks there may be a potential negative read-through on the pricing for Teva (TEVA) and to a lesser extent, Allergan (AGN).
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.
AZN AstraZeneca
$36.34

-0.09 (-0.25%)

03/19/18
JEFF
03/19/18
UPGRADE
JEFF
Buy
AstraZeneca upgraded to Buy from Hold at Jefferies
Jefferies analyst Ian Hilliker upgraded AstraZeneca to Buy and raised his price target for the shares to 5,600p from 5,075p. The company is at a "turning point," Hilliker tells investors in a research note. He believes accelerating new product launches and improving margins should deliver over 20% core earnings growth in the mid-term. Recovering growth, driven by the underlying business warrants a "modest mid-term premium valuation," the analyst contends.
04/06/18
PIPR
04/06/18
NO CHANGE
PIPR
Neutral
Clovis approval underscores rising competition facing Zejula, says Piper Jaffray
Prior to today's announcement that Clovis' (CLVS) label for its PARP inhibitor Rubraca has been expanded to include maintenance therapy in ovarian cancer, AstraZeneca's (AZN) Lynparza and Tesaro's (TSRO) Zejula were the only two PARP inhibitors approved in the maintenance setting, noted Piper Jaffray analyst Christopher Raymond. While Clovis' approval is not a surprise, it does underscore the intensifying competitive pressure facing Zejula, he said. Raymond, who said PARP inhibitors will primarily be differentiated on safety and added that this does not favor Zejula, keeps a Neutral rating on Tesaro.
03/14/18
HCWC
03/14/18
NO CHANGE
Target $6
HCWC
Buy
Advaxis drug unlikely culprit of patient death, says H.C. Wainwright
H.C. Wainwright analyst Swayampakula Ramakanth lowered his price target for Advaxis (ADXS) to $6 from $23 after the FDA placed a clinical hold on the Phase 1/2 study investigating the combination of the company's axalimogene filolisbac and AstraZeneca's (AZN) durvalumab for the treatment of HPV-associated cervical and head and neck cancers. Based on its previous safety profile, axalimogene is unlikely to be the cause of death for this patient, Ramakanth tells investors in a research note. The analyst, however, notes that it would likely take several months before the FDA is able to reach a decision and lift the clinical hold. He anticipates a one-to-two quarter delay to the axal plus durva combination therapy program but keeps a Buy rating on Advaxis shares.
03/19/18
03/19/18
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. Unilever (UN, UL) upgraded to Neutral from Sell at Goldman Sachs with the firm's analyst saying valuation reflects growth challenges. 2. AstraZeneca (AZN) upgraded to Buy from Hold at Jefferies with analyst Ian Hilliker saying the company is at a "turning point." 3. Dr Pepper Snapple (DPS) upgraded to Outperform from Sector Perform at RBC Capital saying that some investors have struggled to justify the strategic rationale of the company's Keurig deal, but he sees "several value creation drivers" including leverage in the growing coffee category, improvements for the core Keurig brand, and the prospects for higher cash flow conversion. 4. Oshkosh (OSK) upgraded to Buy from Hold while Cummins (CMI) upgraded to Hold from Sell at Deutsche Bank. 5. HarborOne Bancorp (HONE) upgraded to Buy from Hold at Sandler O'Neill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ACOR Acorda Therapeutics
$23.65

-0.45 (-1.87%)

02/16/18
PIPR
02/16/18
UPGRADE
Target $37
PIPR
Overweight
Piper upgrades Acorda to Overweight on potential in Parkinson's
Piper Jaffray analyst Charles Duncan last night upgraded Acorda Therapeutics and raised his price target for the shares to $37 from $32. The analyst, based on diligence in the Parkinson's space, has "enhanced conviction" that Inbrija can be a $700M-$800M drug in the U.S. alone. He sees a "risk-reduced regulatory path" ahead in the U.S. and Europe. Acorda closed yesterday down 50c to $25.10.
02/15/18
PIPR
02/15/18
UPGRADE
PIPR
Overweight
Acorda Therapeutics upgraded to Overweight from Neutral at Piper Jaffray
02/05/18
JEFF
02/05/18
NO CHANGE
Target $25
JEFF
Hold
Acorda remains takeover candidate after competitor data, says Jefferies
Jefferies analyst Michael Yee believes the positive Phase III topline results from Acorda Therapeutics (ACOR) competitor Sunovion for APL-130277 in Parkinson's patients came in as expected. While APL-130277 data compares favorably over Inbrija's 3.92 point difference at week 12, Yee cautions to compare directly head-to-head since patient baseline characteristics could be different. Acorda remains a "reasonably likely" acquisition candidate in 2018 given its $300M-$500M-plus Parkinson's asset Inbrija, Yee tells investors in a research note. The analyst does not think Biogen (BIIB) should buy the company, but sees other potential suitors in AbbVie (ABBV), Allergan (AGN), Mitsubishi, Roche (RHHBY) and Shire (SHPG). He believes a takeover price could be north of $2B. Yee keeps a Hold rating on Acorda with a $25 price target.
01/31/18
JANY
01/31/18
NO CHANGE
JANY
Neutral
Competitor Phase 3 'takes some shine off' Acorda Therapeutics, says Janney Capital
Janney Capital analyst Ken Trbovich notes that Sunovion Pharmaceuticals, a wholly owned U.S.-based subsidiary of Sumitomo Dainippon Pharma, reported positive top-line results from its Phase 3 trial of APL-130277 for treating OFF-rescue in Parkinson's Disease patients. While the respective Phase 3 studies were not head-to-head, it would appear APL-130277 may be the more potent OFF rescue treatment, with the trade-off being higher rates unpleasant side effects such as nausea and dizziness, the analyst notes. Trbovich believes this could take some of the luster off perceived M&A value of Acorda Therapeutics, but it is unlikely to eliminate interest. He reiterates a Neutral rating on Acorda Therapeutics' shares.
MYL Mylan
$39.65

-0.45 (-1.12%)

04/23/18
WELS
04/23/18
NO CHANGE
WELS
Market Perform
Mylan layoffs will led to questions, says Wells Fargo
Wells Fargo analyst David Maris acknowledges press reports that Mylan is laying off approximately 500 employees, or approximately 15% of its employees in Morgantown, Virginia. Investors will have questions when Mylan reports Q1 results about the layoffs and what Mylan means about the need to make the Morgantown plant less complex, Maris tells investors in a research note. He keeps a Market Perform on Mylan shares.
04/25/18
WELS
04/25/18
NO CHANGE
WELS
Market Perform
Glaxo comments on Advair have negative read through for Mylan, says Wells Fargo
Noting that GlaxoSmithKline (GSK) said it now expects branded Advair sales to decline 30% this year, even excluding the impact of a generic, Wells Fargo analyst David Maris said the news has a negative read through for Mylan (MYL) given that its generic Advair is one of the company's highest profile pipeline items. While Advair will be a good generic opportunity, it represents "a fraction of what some might have previously believed," said Maris, who has a Market Perform rating on Mylan shares.
05/18/18
BERN
05/18/18
NO CHANGE
Target $54
BERN
Outperform
Biocon 483 letter won't delay approval of Mylan's Neulasta, says Bernstein
Bernstein analyst Aaron Gal said that the 483 letter for Biocon's Bangalore facility contains seven observations, all related to cleaning procedures, and does not contain any argument of systemic or recurring problem, suggestions of any of the procedure deviations creating patient risk or problems requiring changes in the facility structure or equipment. In a research note to investors, Gal said the 483 is viewed as being on the "lighter side," and can be "reasonably" addressed through change in procedure, and does not believe it will delay the tentative approval of Biocon/Mylan's Neulasta. The analyst has an Outperform rating and $54 price target on Mylan.
NVS Novartis
$77.08

-0.07 (-0.09%)

05/17/18
PIPR
05/17/18
NO CHANGE
Target $190
PIPR
Overweight
Amgen's Aimovig launch in migraine should beat expectations, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond kept his Overweight rating and $190 price target on Amgen (AMGN) after today's FDA approval of Aimovig in migraine. The analyst notes that this marks the first anti-CGRP therapy approval in what is expected to be a crowded space, adding that Amgen and its partner Novartis (NVS) have "effectively capitalized on their first-mover advantage." The analyst says the smart pricing for the product should allow this launch to "beat expectations".
05/01/18
RBCM
05/01/18
NO CHANGE
RBCM
Sector Perform
Regeneron's Eylea faces strong competition from brolucizumab, says RBC Capital
RBC Capital analyst Kennen MacKay says yesterday's phase 3 presentation of data from Novartis (NVS) regarding the prospects of brolucizumab in wet age-related macular degeneration suggests that the treatment is strongly positioned vs. Regeneron's (REGN) Eylea. MacKay adds that Novartis intends to submit the Biologics License Applications for brolucizumab in December of this year, with expected launch in the second half of 2019. The analyst keeps his Sector Perform rating on Regeneron.
04/19/18
HCWC
04/19/18
NO CHANGE
Target $182
HCWC
Buy
H.C. Wainwright reiterates Buy on Ligand after Novartis reports Q1
H.C. Wainwright analyst Joseph Pantginis says the Promacta franchise remains strong after Ligand Pharmaceuticals (LGND) partner Novartis (NVS) reported Q1 sales Promacta revenue of $257M. The analyst projects 2018 is the year that Promacta officially reaches blockbuster status, or $1B in sales. Further, he points out that Retrophin (RTRX), another Ligand partner, earlier this month announced that the first patient has been enrolled into the Phase 3 Duplex study using sparsentan to treat patients with focal segmental glomerulosclerosis. Pantginis is encouraged by the start of the Phase 3 saying it has the potential to lock in a fixed 9% royalty to Ligand, if approved. He currently project peak sales of $825M but feels the drug could reach blockbuster status based on its first-to-market status. Pantginis keeps a Buy rating on Ligand Pharmaceuticals with a $182 price target.
RHHBY Roche
$0.00

(0.00%)

05/16/18
PIPR
05/16/18
NO CHANGE
PIPR
Piper survey shows growth in non-invasive prenatal test volumes
Piper Jaffray analyst William Quirk says his firm's annual survey of obstetricians and gynecologists suggests "significant" near-term growth in average-risk non-invasive prenatal test volume. This is good for Quest Diagnostics (DGX), Illumina (ILMN), LabCorp (LH), Natera (NTRA) and Roche (RHHBY), Quirk tells investors in a research note. Piper found that the number of doctors offering non-invasive prenatal tests to average risk patients increased to 59% in 2018 from 35% last year. Lack of reimbursement remains a barrier to more testing, but importantly, for the second year in a row, resistance to offering NIPT due to Medicaid and clinical data declined, Quirk adds.
05/10/18
05/10/18
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. Macy's (M) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Kimberly Greenberger citing its ongoing negative store-only comparable sales and continued decline in return on invested capital, or ROIC. 2. L Brands (LB) downgraded to Sell from Hold at Loop Capital with analyst Laura Champine saying the April same-store-sales result of 0% was driven by promotions, and merchandise margin was once again "down significantly." The analyst also cut her price target for the shares to $28 from $40. 3. Tableau (DATA) downgraded to Sell from Neutral at MoffettNathanson. 4. Roche (RHHBY) downgraded to Market Perform from Outperform at Bernstein with analyst Tim Anderson saying its model shows the slowest 5Y EPS growth among his 10 covered names. 5. Baker Hughes (BHGE) downgraded to Neutral from Buy at BofA/Merrill with analyst Timna Tanners citing the strong run in Baker Hughes shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/10/18
JPMS
05/10/18
NO CHANGE
Target $185
JPMS
Overweight
Array BioPharma added to Analyst Focus List at JPMorgan
JPMorgan analyst Anupam Rama added Array BioPharma (ARRY) to his firm's Analyst Focus List as a growth strategy and reiterates an Overweight rating on the shares. The analyst lowered his price target for the stock to $18 from $19 after taking out MEK + I/O from his model. He believes, however, that Roche's (RHHBY) Phase 3 IMblaze370 trial failure was largely priced in. Rama recommends buying Array at current levels ahead of the "multiple" mid-year pipeline catalysts.
GALE Galena
$0.00

(0.00%)

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LCI

Lannett

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British American Tobacco

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Avista

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Facebook

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$1.16

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Bridgeline Digital

$1.02

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New Gold

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-3.94 (-1.15%)

17:18
09/19/18
09/19
17:18
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17:18
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Lockheed Martin awarded $132.3M U.S. Navy contract modification »

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RHT

Red Hat

$143.38

0.59 (0.41%)

17:17
09/19/18
09/19
17:17
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17:17
Hot Stocks
Breaking Hot Stocks news story on Red Hat »

Red Hat CFO sees FY19…

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  • 19

    Sep

ELAN

Elanco

$0.00

(0.00%)

17:14
09/19/18
09/19
17:14
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17:14
Syndicate
Elanco 62.9M share IPO priced at $24.00 »

The IPO priced above its…

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  • 20

    Sep

MAMS

MAM Software

$7.67

0.02 (0.26%)

17:10
09/19/18
09/19
17:10
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17:10
Hot Stocks
MAM Software announces $2M share repurchase program »

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BTC

Bitcoin

$0.00

(0.00%)

, BITCOIN

Bitcoin

$0.00

(0.00%)

17:08
09/19/18
09/19
17:08
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17:08
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Coinbase names Brian Brooks chief legal officer »

Coinbase said in a blog…

BTC

Bitcoin

$0.00

(0.00%)

BITCOIN

Bitcoin

$0.00

(0.00%)

FNMA

Fannie Mae

$0.00

(0.00%)

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RHT

Red Hat

$143.38

0.59 (0.41%)

17:07
09/19/18
09/19
17:07
09/19/18
17:07
Hot Stocks
Breaking Hot Stocks news story on Red Hat »

Red Hat CEO says he…

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  • 19

    Sep

RHT

Red Hat

$143.38

0.59 (0.41%)

17:06
09/19/18
09/19
17:06
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17:06
Hot Stocks
Breaking Hot Stocks news story on Red Hat »

Red Hat says 24 of its 25…

03/08/13
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  • 19

    Sep

RHT

Red Hat

$143.38

0.59 (0.41%)

17:05
09/19/18
09/19
17:05
09/19/18
17:05
Hot Stocks
Red Hat Q2 backlog was up 20% on the year »

Deals over $1M were up…

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  • 19

    Sep

RRTS

Roadrunner

$1.16

-0.065 (-5.33%)

17:01
09/19/18
09/19
17:01
09/19/18
17:01
Syndicate
Breaking Syndicate news story on Roadrunner »

Roadrunner files $450M…

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RYAM

Rayonier Advanced Materials

$21.39

0.165 (0.78%)

16:58
09/19/18
09/19
16:58
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16:58
Hot Stocks
Rayonier Advanced Materials sells resins business to LRBG Chemicals for $16.5M »

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  • 27

    Sep

UNIT

Uniti Group

$20.82

-0.1 (-0.48%)

16:57
09/19/18
09/19
16:57
09/19/18
16:57
Hot Stocks
Uniti Group completes sale-leaseback and fiber acquisition with U.S.TelePacific »

Uniti Group announced the…

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LBTYA

Liberty Global

$28.59

0.32 (1.13%)

, LBTYK

Liberty Global

$27.62

0.35 (1.28%)

16:57
09/19/18
09/19
16:57
09/19/18
16:57
Conference/Events
Liberty Global management to meet with Evercore ISI »

Group Luncheon Meeting to…

LBTYA

Liberty Global

$28.59

0.32 (1.13%)

LBTYK

Liberty Global

$27.62

0.35 (1.28%)

03/08/13
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  • 25

    Sep

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    Sep

  • 27

    Sep

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    Sep

  • 28

    Sep

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