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KHC

Kraft Heinz

$57.78

0.72 (1.26%)

, QCOM

Qualcomm

$59.95

0.85 (1.44%)

10:58
05/26/18
05/26
10:58
05/26/18
10:58

Kraft Heinz, J&J among safe, 'solid' dividend stocks, Barron's says

Kraft Heinz (KHC), Qualcomm (QCOM), Merck (MRK), Target (TGT), Omnicom Group (OMC), Carnival (CCL), Johnson & Johnson (JNJ), 3M (MMM), Eli Lille (LLY), Valero (VLO), Emerson Electric (EMR), Walgreens Boots Alliance (WBA) look "pretty safe," thanks to "solid" balance sheets and cash flows, Lawrence Strauss writes in this week's edition of Barron's. Reference Link

KHC

Kraft Heinz

$57.78

0.72 (1.26%)

QCOM

Qualcomm

$59.95

0.85 (1.44%)

MRK

Merck

$59.08

-0.03 (-0.05%)

TGT

Target

$71.22

0.28 (0.39%)

OMC

Omnicom

$71.98

-0.1 (-0.14%)

CCL

Carnival

$64.27

0.12 (0.19%)

JNJ

Johnson & Johnson

$121.40

0.06 (0.05%)

MMM

3M

$198.98

-0.38 (-0.19%)

LLY

Eli Lilly

$82.75

0.05 (0.06%)

VLO

Valero

$118.81

-3.06 (-2.51%)

EMR

Emerson

$72.50

-0.77 (-1.05%)

WBA

Walgreens Boots Alliance

$63.52

0.09 (0.14%)

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KHC Kraft Heinz
$57.78

0.72 (1.26%)

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.
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
QCOM Qualcomm
$59.95

0.85 (1.44%)

05/18/18
COWN
05/18/18
INITIATION
Target $58
COWN
Market Perform
Qualcomm initiated with a Market Perform, $58 price target at Cowen
As reported previously, Cowen analyst Matthew Ramsay initiated Qualcomm with a Market Perform rating. He cited several potential catalysts that could unlock value, however he sees uncertainty surrounding the timing, as well as the financial and strategic benefits, of them. Ramsay has a $58 price target on Qualcomm shares.
05/03/18
05/03/18
UPGRADE
Target $127.5

Buy
NXP Semiconductors upgraded to Buy on deal closure optimism at Drexel Hamilton
As previously reported, Drexel Hamilton analyst Cody Acree upgraded NXP Semiconductors (NXPI) to Buy from Hold, citing his optimism about the company closing its merger with Qualcomm (QCOM). While still working to satisfy MOFCOM regulatory approval, NXP reported results that were largely in-line with his seasonal expectations and consistent with the positive industry trends being seen from most of the analog group, Acree tells investors. He raised his price target on NXP shares to $127.50 from $110.
05/03/18
RHCO
05/03/18
NO CHANGE
Target $119
RHCO
Buy
NXP quarter does not confirm bear thesis, says SunTrust
SunTrust analyst William Stein says NXP Semiconductors' (NXPI) miss in Q1, while a bad print, does not confirm the bear thesis on the shares, which he believes centers around a "disengaged management team and a broken product portfolio." Despite the Q1 miss management remains engaged, and the product portfolio "remains robust," Stein tells investors in a post-earnings research note. He thinks management will only demonstrate engagement if the Qualcomm (QCOM) deal breaks. The analyst lowered his price target for NXP Semiconductors to $119 from $121 and keeps a Buy rating on the shares.
05/17/18
COWN
05/17/18
INITIATION
Target $58
COWN
Market Perform
Qualcomm initiated with a Market Perform at Cowen
Cowen initiated Qualcomm with a Market Perform and $55 price target.
MRK Merck
$59.08

-0.03 (-0.05%)

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.
05/24/18
MZHO
05/24/18
NO CHANGE
Target $103
MZHO
Buy
Nektar is Bristol-Myers' best chance in immuno-oncology, says Mizuho
Nektar Therapeutics' (NKTR) NKTR-214 asset is the best shot Bristol-Myers Squibb (BMY) has to retain its footing in the competitive immuno-oncology space, Mizuho analyst Difei Yang tells investors in a research note. The analyst says that recent data in non-small cell lung cancer presented by Merck (MRK) on Keytruda saw the company jump ahead of Bristol's Opdivo in this key indication. Upcoming data of the Opdivo/NKTR-214 combo at ASCO on June 2 will be key on 100 patients across multiple indications, Yang contends. She believes Bristol stands at risk of losing significant market share in the growing immuno-oncology space. Ahead of the data, the analyst reiterates a Buy rating on Nektar with a $103 price target.
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.
TGT Target
$71.22

0.28 (0.39%)

05/16/18
WOLF
05/16/18
UPGRADE
WOLF
Outperform
Target upgraded to Outperform from Peer Perform at Wolfe Research
05/23/18
BARD
05/23/18
NO CHANGE
Target $85
BARD
Outperform
Baird would be buyers of post-earnings weakness in Target
Baird analyst Peter Benedict said Target's trends appear to be accelerating, noting the company sees Q2 comp sales growth in the low-to-mid single digit range, and he would be a buyer of any weakness today after the company's earnings miss. The analyst, who sees good value in Target shares, keeps an Outperform rating and $85 price target on the stock, which is down 6% to $70.80 in pre-market trading.
05/24/18
MKMP
05/24/18
NO CHANGE
Target $91
MKMP
Buy
Target price target lowered to $91 at MKM Partners
MKM Partners analyst Patrick McKeever lowered his price target on Target to $91 from $93 after a miss in Q1 earnings that he attributes to cold weather impact on the company's higher-margin seasonal business. Longer term, McKeever keeps his Buy rating however, citing better than expected same store sales and rising traffic in addition to the benefits from "differentiated merchandising, improved execution and marketing". The analyst adds that Q2 is on pace to show the company's best quarter in terms of comps since Q1 of 2012.
05/23/18
BARD
05/23/18
NO CHANGE
Target $85
BARD
Outperform
Target earnings pullback a buying opportunity, says Baird
Baird analyst Peter Benedict recommends using today's post-earnings weakness in shares of Target as a buying opportunity. Despite "solid" Q1 traffic and comps, Target shares are down 6% today due to higher expectations and Q1's "softer" margin performance, Benedict tells investors in a research note. He expects the company's comps to accelerate as "multiple top-line initiatives layer into the business." The analyst sees "good value" in the stock at current levels and reiterates an Outperform rating on Target with an $85 price target.
OMC Omnicom
$71.98

-0.1 (-0.14%)

05/23/18
MSCO
05/23/18
NO CHANGE
Target $73
MSCO
Underweight
Morgan Stanley still cautious on ad agencies, lowers Omnicom price target to $73
Morgan Stanley analyst Benjamin Swinburne says that while agency stocks have outperformed the market year to date as a group, he continues to see risk to shares skewed to the downside as organic growth slows in this late cycle economy, and margins are at cycle highs. The analyst lowered his price target for Omnicom (OMC) to $73 from $76, while reiterating an Underweight rating on the stock given his overall sector view. Additionally, Swinburne reiterated an Equal weight on Interpublic Group's (IPG) shares given the company's more digestible size and potential to benefit from industry consolidation.
04/03/18
PIVT
04/03/18
NO CHANGE
PIVT
Pivotal Research adjusts targets on ad agencies ahead of earnings
Pivotal Research analyst Brian Wieser adjusted his price targets on ad agency holding companies ahead of earnings, maintaining Hold ratings on Interpublic Group (IPG), Omnicom (OMC), Publicis (PUBGY) and a Buy rating on WPP (WPP). He trimmed his target on Interpublic to $25 from $26, lowered his target on Omnicom to $72 from $75, cut Publicis' target to EUR60 from EUR64 and lowered his target on WPP to 1330p from 1420p.
02/16/18
02/16/18
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 Hold from Buy at Argus with analyst David Toung citing increased competition for the company's multiple sclerosis drugs, anticipating related sales to slow from the fourth quarter when results were boosted by "one-time factors." 2. Omnicom (OMC) downgraded to Sector Perform from Outperform at RBC Capital with analyst Steven Cahall downgraded Omnicom (OMC) to Sector Perform from Outperform and lowered his price target to $83 from $87. Cahall says the weaker than expected Q4 organic growth and soft FY18 outlook demonstrates the "opacity facing the industry". The analyst adds that he was hopeful to see more visibility into earnings growth by now. 3. Allison Transmission (ALSN) was downgraded to Sector Perform at RBC Capital and to Underweight from Neutral at JPMorgan. 4. Dr Pepper Snapple (DPS) downgraded to Hold from Buy at Jefferies with analyst Kevin Grundy saying the post-merger guidance "leaves little room for error" and the competitive environment in beverages is likely to "heat up." 5. Kimco Realty (KIM) downgraded to Neutral from Buy at BofA/Merrill with analyst Craig Schmidt saying he came away from earnings cautious on Kimco's weaker 2018 same-store NOI growth outlook of 1.25%-2%, the midpoint being the lowest since the recession, and 300M share repurchase program given the company's already high leverage and need to fund developments. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/02/18
ATLE
03/02/18
UPGRADE
ATLE
Neutral
Omnicom upgraded to Neutral from Underweight at Atlantic Equities
CCL Carnival
$64.27

0.12 (0.19%)

03/23/18
LEHM
03/23/18
UPGRADE
LEHM
Overweight
Carnival upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Felicia Hendrix upgraded Carnival to Overweight with a $77 price target following the company's Q1 results. The analyst views the stock's valuation as attractive relative to peers and believes Carnival's fundamentals are strong.
04/11/18
STFL
04/11/18
NO CHANGE
Target $81
STFL
Buy
Carnival should be bought on weakness, says Stifel
Stifel notes that Carnival announced a 11% increase in its quarterly dividend to 50c per share and initiated a new $1B share repurchase authorization. Although Caribbean pricing concerns brought about by recent industry channel checks and pricing surveys have placed downward pressure on shares across the cruise operator group, the firm encourages investors to look beyond the noise of one particular market and focus on what very much remain strong underlying fundamentals supported by a truly global business. Stifel reiterates a Buy rating and $81 price target on Carnival shares and encourages investors to take advantage of what it views as an irrational pullback to add to or initiate positions in the name.
04/13/18
WEDB
04/13/18
NO CHANGE
Target $145
WEDB
Outperform
Caribbean cruise capacity concerns real, but overstated, says Wedbush
Wedbush analyst James Hardiman told investors in a research note that while he believes the risk surrounding capacity concerns and the general health of the Caribbean market is real, it is unlikely to threaten cruise companies' abilities to achieve previously communicated guidance. While March pricing for Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) was flat to down, Hardiman noted that it did show sequential improvement on both a year-over-year and two-year average basis, adding that Carnival (CCL) saw positive pricing growth, though the growth has decelerated sequentially. Hardiman continues to rate Royal Caribbean and Norwegian Outperform and Carnival Neutral, with price targets of $145, $65, and $71, respectively, and says Norwegian remains on the firm's Best Ideas List, as it has the least amount of exposure to the Caribbean market and major exposure to the "hot" European market.
05/25/18
STFL
05/25/18
NO CHANGE
Target $81
STFL
Buy
Carnival capacity concerns still overblown, says Stifel
After recently attending Carnival's investor day meeting, Stifel analyst Steven Wieczynski reiterated his Buy rating, stating that he senses the business remains on firm footing heading into the peak summer travel season and that continued capacity concerns are overblow. Wieczynski, who predicts double-digit EPS growth for the "foreseeable future," keeps an $81 price target on Carnival shares.
JNJ Johnson & Johnson
$121.40

0.06 (0.05%)

05/17/18
LEER
05/17/18
NO CHANGE
Target $160
LEER
Outperform
Leerink confidence in Johnson & Johnson increased by analyst day meeting
Leerink analyst Danielle Antalffy said she came away from Johnson & Johnson's Medical Devices & Consumer analyst day "increasingly confident" that these segments will be able to return to and outpace overall market growth over 2017-22. The analyst, who still sees J&J ultimately returning to and sustaining a "solid mid-single-digit" revenue growth trajectory with upside potential, reiterates her Outperform rating and $160 price target on Johnson & Johnson shares.
04/18/18
DBAB
04/18/18
NO CHANGE
DBAB
Hold
Market overlooking Johnson & Johnson's solid quarter, says Deutsche Bank
Deutsche Bank analyst Kristen Stewart attributes the post-earnings pullback yesterday in shares of Johnson & Johnson to some concerns regarding the sustainability of the pharmaceutical business. She believes, however, that the market is overlooking what she sees as a "solid quarter and improved overall outlook." The analyst views the results favorably and reiterates a Buy rating on the stock. Johnson & Johnson shares currently trade at 16 times the analyst's 2018 earnings estimate, which she notes is a discount to the S&P 500 at 17 times.
04/18/18
WELS
04/18/18
NO CHANGE
Target $150
WELS
Outperform
Johnson & Johnson price target lowered to $150 from $160 at Wells Fargo
Wells Fargo analyst Lawrence Biegelsen lowered his price target for Johnson & Johnson to $150 from $160 following quarterly results. The analyst reiterates an Outperform rating on the shares.
04/18/18
LEER
04/18/18
NO CHANGE
Target $160
LEER
Outperform
Johnson & Johnson price target lowered to $160 from $175 at Leerink
Leerink analyst Danielle Antalffy lowered her price target for Johnson & Johnson to $160 from $175 on valuation. The analyst reiterates an Outperform rating on the shares.
MMM 3M
$198.98

-0.38 (-0.19%)

05/16/18
05/16/18
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. 3M (MMM) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander saying he sees less room for multiple expansion in a rising interest rate environment and feels the risk/reward "looks increasingly challenging at this point." 2. Vipshop (VIPS) downgraded to Sector Weight from Overweight at KeyBanc with analyst Hans Chung saying he sees uncertainties around Tencent (TCEHY) and JD.com (JD) contributions ahead, which drove high expectations for the top-line growth and multiple expansion, and sees margin pressure likely to continue driven by sector competition and the company's hike in marketing expenses to grow new customer organically. 3. PPG (PPG) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander saying persistent concerns over pricing lagging higher oil-derived raw material costs, end market risk and the reliance on buybacks to protect earnings growth could "easily" move PPG's relative multiple to 10%-15% below the market over the next two years. 4. BT Group (BT) downgraded to Market Perform from Outperform at Bernstein. 5. F5 Networks (FFIV) downgraded to Neutral from Buy at DA Davidson with analyst Mark Kelleher saying the positive factors working in the company's favor, such as its ongoing new iSeries product cycle, high gross margins, strong cash flows, and the application of it security solutions have become increasingly more evident after its last earnings report and have since been reflected in the valuation on the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/16/18
JEFF
05/16/18
DOWNGRADE
Target $220
JEFF
Hold
3M downgraded to Hold from Buy at Jefferies
Jefferies analyst Laurence Alexander downgraded 3M to Hold and lowered his price target for the shares to $220 from $250. The analyst sees less room for multiple expansion in a rising interest rate environment and feels the risk/reward "looks increasingly challenging at this point."
05/07/18
WBLR
05/07/18
NO CHANGE
WBLR
Outperform
William Blair says new competition does not change outlook on Align
There were a number of new product introductions this weekend at the American Association of Orthodontists Conference that will compete with Align Technology's (ALGN) Invisalign, William Blair analyst John Kreger tells investors in a research note. These include products from 3M (MMM) and Henry Schein (HSIC), as well as Dentsply Sirona's (XRAY) SureSmile offering, the analyst adds. He views the product offerings as largely in line with expectations, noting that his fundamental outlook on Align has not changed. Investors were well aware of looming competition, specifically from 3M, and the capabilities of the products introduced at the show were largely in line with expectations, Kreger contends. He continues to expect that clear aligners will take share from wires and brackets and maintains an Outperform rating on Align Technology.
05/06/18
PIPR
05/06/18
NO CHANGE
Target $300
PIPR
Overweight
Competitors' new clear aligners may weigh on Align stock, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien notes that at the large American Association of Orthodontists meeting, several large dental providers launched clear aligners to compete with Align Technology (ALGN) in the U.S. While he cautions that he is unable to corroborate claims independently, the analyst says that 3M (MMM), Henry Schein (HSIC) and Dentsply Sirona (XRAY) launched systems at the show and several smaller companies did as well. Overall, these introductions were very much expected and O'Brien is still skeptical about their impact on Align in the coming quarters. However, he expects this issue to weigh on the stock for a while until evidence that it is or is not affecting financial results materializes. The analyst reiterates an Overweight rating and $300 price target on Align's shares.
LLY Eli Lilly
$82.75

0.05 (0.06%)

05/22/18
LEHM
05/22/18
NO CHANGE
Target $98
LEHM
Overweight
Eli Lilly remains favorite large pharma idea at Barclays
Barclays analyst Geoff Meacham says Eli Lilly remains his favorite in the Major Pharma space. The company's growth profile is "differentiated enough" with potential upside drivers from higher Alimta volume and better margin expansion. Further, the analyst sees minimal expectations in migraine and no expectations for tanezumab in pain. He reiterates an Overweight rating on Eli Lilly with a $98 price target.
04/25/18
DBAB
04/25/18
NO CHANGE
DBAB
Hold
Merck may need to reassess animal health unit, says Deutsche Bank
While Merck (MRK) describes its animal health unit as a key growth driver and an important part of the company, it remains to be seen whether investors will continue to accept this as a reason for the business to remain within the company, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. He believes the unit is potentially undervalued. Given Zoetis' (ZTS) success as a company and a stock, and Eli Lilly's (LLY) ongoing review of strategic options for its Elanco Animal Health business, Gilbert conducted a preliminary separation analysis of Merck's animal health unit. The analysis suggests that a separation could be meaningfully accretive to earnings. The analyst keeps a Hold rating on Merck.
04/23/18
RBCM
04/23/18
NO CHANGE
RBCM
Outperform
Incyte AdCom meeting going more favorably than docs suggested, says RBC Capital
RBC Capital analyst Brian Abrahams said the FDA advisory committee meeting for baricitinib, a rheumatoid arthritis treatment developed by Incyte (INCY) and submitted for review by Eli Lilly (LLY), seems "considerably less negative" than the briefing documents for the meeting had suggested. He sees the tone of the panel and the panelist Q&A suggesting a high likelihood that baricitinib will be approved, with the potential still existing that even a 4mg version could be approved in some form. Abrahams has an Outperform rating and $75 price target on Incyte shares.
04/13/18
04/13/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: Netflix (NFLX) upgraded to Buy from Hold at Deutsche Bank with analyst Bryan Kraft saying he underestimated the market's willingness to underwrite several years of negative free cash flow to drive growth. 2. Eli Lilly (LLY) upgraded to Market Perform from Underperform at BMO Capital with analyst Alex Arfaei saying he believes that his previously expressed concerns around the downside risks for Humalog, cautious outlook for Vernezio, and uncertainty around Bari are "mostly reflected" in the stock, with more balance in risk-reward going forward. 3. Willis Towers Watson (WLTW) upgraded to Buy from Hold at Sandler O'Neill with analyst Paul Newsome saying he is making a valuation call with the stock down to "both absolute and relative valuations that we have not seen since there were significant concerns about the Willis/Towers Watson merger and the company's ability to generate organic growth." 4. Shaw Communications (SJR) upgraded to Buy from Hold at Canaccord and to Outperform from Sector Perform at Scotiabank. 5. eBay (EBAY) upgraded to Buy from Neutral at Monness Crespi with analyst Jim Chartier saying eBay's structured data initiatives have meaningfully improved the eBay marketplace experience for buyers and sellers, resulting in gross merchandise value inflecting to up 7% in the fourth quarter of 2017 from up 1% in the third quarter of 2016. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VLO Valero
$118.81

-3.06 (-2.51%)

05/17/18
05/17/18
UPGRADE
Target $140

Overweight
Morgan Stanley upgrades Valero ahead of expected 'golden age' of refining
As previously reported, Morgan Stanley analyst Benny Wong upgraded Valero (VLO) to Overweight from Equal Weight, stating that recent underinvestment in refining, slippages in capacity additions and overdone concerns on long-term demand have set the stage for refining to enter a "golden age" through 2020. While the world is falling short by about one refinery annually until 2020, jet fuel, mining, chemicals and heavy transport demand are "here to stay," argues Wong and his team at the firm. The shift in global oil supply towards light oil and regulations to control pollution should drive outsized returns for complex refiners, added the analyst, who called Valero and Marathon Petroleum (MPC) his top U.S. picks in the space. Wong raised his price target on Valero to $140 from $110 and increased his target on Marathon to $100 from $90.
05/17/18
05/17/18
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. Coca-Cola (KO) upgraded to Overweight from Equal Weight at Barclays with analyst Lauren Lieberman saying the company's transformation should drive "sustainably better growth," which should yield a higher valuation premium. 2. Valero (VLO) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Benny Wong saying recent underinvestment in refining, slippages in capacity additions and overdone concerns on long-term demand have set the stage for refining to enter a "golden age" through 2020. 3. ManTech (MANT) upgraded to Outperform from Market Perform at Wells Fargo with analyst Edward Caso citing valuation. 4. Celanese (CE) upgraded to Buy from Neutral at UBS with analyst John Roberts saying he believes the shares are undervalued and investors do not appreciate the stability and growth in the acetyls chain and the long-term potential in Engineered Materials. 5. Canadian National (CNI) upgraded to Buy from Underperform at BofA/Merrill with analyst Ken Hoexter saying service and volume growth rebounded faster than expected and will only be aided by an improving economy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/18/18
TUDR
05/18/18
UPGRADE
TUDR
Buy
Valero upgraded to Buy from Hold at Tudor Pickering
05/17/18
MSCO
05/17/18
UPGRADE
MSCO
Overweight
Valero upgraded to Overweight from Equal Weight at Morgan Stanley
EMR Emerson
$72.50

-0.77 (-1.05%)

02/14/18
02/14/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Target (TGT) upgraded to Outperform from Neutral at Baird with analyst Peter Benedict saying better than expected comps should help narrow Target's "still-meaningful" valuation gap versus the overall market and competitor Walmart (WMT). 2. Emerson (EMR) upgraded to Outperform from Sector Perform at RBC Capital with analyst Deane Dray citing the setup for "upside organic growth, opportunistic M&A from the company's $1B of repatriated foreign cash, and tax reform benefits" positioning Emerson well to boost its FY21 targets. 3. Dun & Bradstreet (DNB) upgraded to Overweight from Equal Weight at Barclays with analyst Manav Patnaik saying the board's decision to undertake a comprehensive strategic review suggests the stock has additional upside. 4. Generac (GNRC) upgraded to Buy from Hold at SunTrust with analyst Charles Brady saying the slight fourth quarter earnings beat and the subsequent 6% decline in the stock price were the result of a weaker FY18 revenue outlook. 5. Northrop Grumman (NOC) upgraded to Buy from Hold at Jefferies with analyst Sheila Kahyaoglu saying the company could earn $20 in earnings per share in 2020, which equates to a $400 stock when valued at a 20 times multiple. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/15/18
LEHM
02/15/18
INITIATION
Target $80
LEHM
Overweight
Emerson initiated with an Overweight at Barclays
Barclays analyst Julian Mitchell started Emerson Electric with an Overweight rating and $80 price target. The analyst initiated 24 Multi-Industry companies with a Neutral sector view.
04/24/18
04/24/18
UPGRADE
Target $69

Hold
Emerson upgraded to Hold, valuation 'fair,' says Berenberg
As previously reported, Berenberg upgraded Emerson to Hold from Sell and raised its price target to $69. Analyst Simon Toennessen views valuation as "fair" and is more positive on the prospects for Commercial & Residential Solutions in Asia and larger projects in Automation Solutions to support growth against tough comps from US shale.
04/24/18
BREN
04/24/18
UPGRADE
BREN
Hold
Emerson upgraded to Hold from Sell at Berenberg
WBA Walgreens Boots Alliance
$63.52

0.09 (0.14%)

04/17/18
MZHO
04/17/18
NO CHANGE
MZHO
Amazon news removes 'unprecedented overhang' on drug sellers, says Mizuho
After CNBC reported yesterday afternoon that Amazon (AMZN) has decided to shelve its plan to sell and distribute pharmaceutical products, Mizuho analyst Ann Hynes said she had thought Amazon's current logistics and distribution model would not translate into healthcare. However, based on conversations with investors, she believes the magnitude of the overhang that Amazon presented for drug distributors and retail pharmacies was "unprecedented." While drug pricing is still a concern, she notes that the CNBC report removes one overhang on the drug supply chain stocks. Hynes remain a buyer of CVS Health (CVS) and Walgreens (WBA) and keeps Neutral ratings on Rite Aid (RAD) as well as on drug distributors AmerisourceBergen (ABC), Cardinal Health (CAH) and McKesson (MCK).
05/23/18
LEER
05/23/18
NO CHANGE
Target $70
LEER
Market Perform
Walgreens Boots Alliance price target lowered to $70 from $75 at Leerink
Leerink analyst David Larsen lowered his price target for Walgreens Boots Alliance to $70 from $75 as healthcare hub strategy is taking time and headwinds continue. The analyst reiterates a Market Perform rating on the shares.
04/24/18
LEER
04/24/18
NO CHANGE
LEER
Amazon shelving pharma supply efforts to hospitals not surprising, says Leerink
Leerink analyst David Larsen notes that Amazon (AMZN) is said to be shelving its pharmaceutical supply efforts to hospitals, which he does not see as a suprise given several barriers to entry. The consumer market has always been Amazon's core competency, though he expects it will be a long, gradual, and difficult process of building up an online drug portfolio with an initial focus likely on generics. The analyst believes the risk of Amazon entering retail in the near term is reduced significantly. Nonetheless, Larsen thinks risk remains longer term for retail pharmacies such as CVS (CVS) and Walgreens Boots Alliance (WBA).
04/03/18
JEFF
04/03/18
NO CHANGE
Target $85
JEFF
Buy
Walgreens fundamentals to eventually drive shares higher, says Jefferies
Jefferies analyst Brian Tanquilut says that while Walgreens Boots Alliance shares will likely behave like a deal stock with an overhang that limits near-term upside, fundamentals will eventually drive the stock higher over the longer term. The analyst lowered his price target for Walgreens to $85 from $93 and keeps a Buy rating on the name. He expects continued earnings beats from the company, and thinks investors will eventually be rewarded.

TODAY'S FREE FLY STORIES

REN

Resolute Energy

$29.93

0.67 (2.29%)

12:08
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12:08
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12:08
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Kimmeridge Energy urges Resolute Energy to pursue a sale or combination »

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XLF

Financial Select Sector

$26.75

0.165 (0.62%)

12:00
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Size spread in SPDR Financials liquidated Friday »

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ASOMY

Asos

$0.00

(0.00%)

11:56
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Asos management to meet with JPMorgan »

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SCBFF

Standard Chartered

$0.00

(0.00%)

11:56
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Standard Chartered preparing job cuts as investor pressure mounts, FT says »

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SQ

Square

$76.32

1.38 (1.84%)

, TWTR

Twitter

$29.34

0.05 (0.17%)

11:56
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Dorsey says Square could 'hypothetically' pay $20M more in taxes due to Prop C »

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SQ

Square

$76.32

1.38 (1.84%)

TWTR

Twitter

$29.34

0.05 (0.17%)

CRM

Salesforce

$142.73

-0.16 (-0.11%)

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LULU

Lululemon

$141.31

-1.43 (-1.00%)

11:55
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Lululemon put volume heavy and directionally bearish »

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CMCSA

Comcast

$36.25

0.3 (0.83%)

, CMCSK

Comcast

$0.00

(0.00%)

11:51
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11:51
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Box Office Battle: 'Halloween' opening to add to massive October »

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CMCSA

Comcast

$36.25

0.3 (0.83%)

CMCSK

Comcast

$0.00

(0.00%)

VIAB

Viacom

$33.63

-0.1 (-0.30%)

FOX

21st Century Fox

$45.48

0.02 (0.04%)

DIS

Disney

$118.20

1.94 (1.67%)

FOXA

21st Century Fox

$45.78

-0.03 (-0.07%)

SNE

Sony

$56.23

0.19 (0.34%)

T

AT&T

$32.77

0.27 (0.83%)

LGF.A

Lionsgate

$22.25

0.05 (0.23%)

VIA

Viacom

$37.17

-0.06 (-0.16%)

LGF.B

Lionsgate

$20.84

0.06 (0.29%)

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KIDS

OrthoPediatrics

$33.46

0.75 (2.29%)

11:46
10/19/18
10/19
11:46
10/19/18
11:46
Recommendations
OrthoPediatrics analyst commentary  »

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  • 27

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11:45
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Hot Stocks
Breaking Hot Stocks news story  »

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11:45
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General news
Breaking General news story  »

Atlanta Federal Reserve…

11:43
10/19/18
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11:43
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11:43
Conference/Events
CFTC to hold a podcast with the Federal Reserve Bank of Dallas President »

The Commodity Futures…

KIDS

OrthoPediatrics

$33.46

0.75 (2.29%)

11:41
10/19/18
10/19
11:41
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11:41
Hot Stocks
OrthoPediatrics reports FDA 510(k) clearance for RESPONSE system »

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  • 27

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11:40
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Breaking Hot Stocks news story  »

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CTL

CenturyLink

$21.83

0.79 (3.75%)

11:40
10/19/18
10/19
11:40
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11:40
Options
CenturyLink Inc sees increased put activity »

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  • 08

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RHHBY

Roche

$0.00

(0.00%)

11:38
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11:38
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Roche reports FDA approves label update for Genentech's Rituxan »

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  • 19

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HPE

HP Enterprise

$15.57

0.24 (1.57%)

11:35
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11:35
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11:35
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Hewlett Packard Enterprise put volume heavy and directionally bearish »

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  • 24

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11:35
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NY Fed Q3 GDP Nowcast estimate sank to 2.13% »

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CLF

Cleveland-Cliffs

$10.92

-0.55 (-4.80%)

11:31
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10/19
11:31
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11:31
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Cleveland-Cliffs CEO makes colorful comments, calls out analyst on call »

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  • 19

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FX Action: USD-JPY »

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RBC Capital refiners and E&P analysts to hold a luncheon meeting »

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VLKAY

Volkswagen

$0.00

(0.00%)

11:24
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11:24
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11:24
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VW starts construction on all-electric vehicle plant in China, Electrek says »

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$278.59

2.26 (0.82%)

11:23
10/19/18
10/19
11:23
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11:23
Periodicals
Mnuchin to attend Saudi anti-terror financing meeting, Washington Post says »

Treasury Secretary Steven…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$278.59

2.26 (0.82%)

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HLT

Hilton

$71.80

-0.28 (-0.39%)

11:20
10/19/18
10/19
11:20
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11:20
Options
Call buyers in Hilton ahead of earnings next week »

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  • 24

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11:20
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11:20
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General news
Treasury Option Action: a round of put positioning on bonds »

Treasury Option Action: a…

APHB

AmpliPhi

$0.34

0.0142 (4.38%)

11:19
10/19/18
10/19
11:19
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11:19
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AmpliPhi analyst commentary  »

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