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SRPT

Sarepta

$144.00

38.52 (36.52%)

, SLDB

Solid Biosciences

$45.16

15.895 (54.31%)

12:37
06/19/18
06/19
12:37
06/19/18
12:37

On The Fly: Top stock stories at midday

The Chinese stock market fell sharply and the U.S. and other markets around the world have followed after President Trump issued his latest trade threat, asking the USTR to draw up a list of $200B worth Chinese imports that could be subject to a 10% tariff. If China responds, Trump threatened to place tariffs on a further $200B worth of imports. With the trade tensions heating, the Dow is down for the sixth consecutive day and has wiped out all its gains for the year. ECONOMIC EVENTS: In the U.S., the report on housing starts beat estimates, with a big May gain for starts but a setback for permits. Starts were up 5.0% month-over-month to a 1.35M rate, while permits declined 4.6% from the prior month to an adjusted rate of about 1.3M. COMPANY NEWS: Shares of Sarepta Therapeutics (SRPT) are surging after the company announced positive preliminary results from its Phase 1/2a gene therapy clinical trial in individuals with Duchenne muscular dystrophy. Reacting to the R&D day announcements, Baird analyst Brian Skorney said via Twitter that the results are "a game changer," while JPMorgan analyst Anupam Rama says the micro-dystrophin data reported this morning by Sarepta beat his "grand slam scenario." Near midday, Sarepta shares are up 43%, while shares of Solid Biosciences (SLDB), which is also exploring treatments for DMD, is up 66%... On the M&A front, Roche (RHHBY) announced a deal to acquire the outstanding shares of Foundation Medicine (FMI) not already owned by Roche and its affiliates at a price of $137 per share in cash. This corresponds to a total transaction value of $2.4B on a fully diluted basis, and a total company value of $5.3B on a fully diluted basis. Also, Cotiviti Holdings (COTV) announced that Verscend Technologies, a portfolio company of Veritas Capital, has agreed to acquire Cotiviti. Shareholders will receive $44.75 in cash per share of Cotiviti common stock, and Verscend will assume all of Cotiviti's outstanding debt, resulting in an enterprise value of approximately $4.9B... The New York Times reported that President Donald Trump told Apple (AAPL) CEO Tim Cook that the U.S. government would not levy tariffs on iPhones assembled in China, though Apple still fears China will retaliate "in ways that hamstring its business," according to people close to the tech giant. MAJOR MOVERS: Among the noteworthy gainers was First Connecticut (FBNK), which rose 19% after it agreed to be acquired by People's United (PBCT) in a 100% stock transaction valued at approximately $544M. Shares of People's United are 2% lower after the news. Also higher was Acadia (ACAD), which gained 5% after Point72 Asset Management disclosed a 5.2% passive stake in the company. Among the notable losers was Snap (SNAP), which slipped 7% after Cowen analyst John Blackledge said his survey of Snap users shows usage is declining on both a monthly and year-over-year time period. Also lower was Tesla (TSLA), which fell 5% after CNBC reported that CEO Elon Musk told his company about an attempted "sabotage" by an employee and about another factory fire. INDEXES: Near midday, the Dow was down 322.12, or 1.29%, to 24,665.35, the Nasdaq was down 61.57, or 0.79%, to 7,685.45, and the S&P 500 was down 18.29, or 0.66%, to 2,755.46.

SRPT

Sarepta

$144.00

38.52 (36.52%)

SLDB

Solid Biosciences

$45.16

15.895 (54.31%)

FMI

Foundation Medicine

$136.50

30 (28.17%)

RHHBY

Roche

$0.00

(0.00%)

COTV

Cotiviti Holdings

$44.03

4.14 (10.38%)

AAPL

Apple

$184.96

-3.8 (-2.01%)

FBNK

First Connecticut

$31.00

4.95 (19.00%)

PBCT

People's United

$18.43

-0.31 (-1.65%)

ACAD

Acadia

$16.72

0.9 (5.69%)

SNAP

Snap

$13.06

-0.995 (-7.08%)

TSLA

Tesla

$353.15

-17.63 (-4.75%)

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SRPT Sarepta
$144.00

38.52 (36.52%)

06/19/18
JPMS
06/19/18
NO CHANGE
JPMS
Sarepta data beat 'grand slam scenario,' says JPMorgan
JPMorgan analyst Anupam Rama says the micro-dystrophin data reported this morning by Sarepta Therapeutics beat his "grand slam scenario." The stock in morning trading is up 59% to $166.99.
06/15/18
BTIG
06/15/18
INITIATION
Target $120
BTIG
Buy
Sarepta initiated with a Buy at BTIG
BTIG analyst Timothy Chiang started Sarepta Therapeutics with a Buy rating and $120 price target. The company is the leader in the Duchenne muscular dystrophy space with its Exondys 51 estimated to generate sales of $300M in 2018, and its "extensive pipeline" of RNA-splicing product candidates, Chiang tells investors in a research note. While the stock is up 78% year-to-date, there is the potential for further upside as investors get additional visibility on Sarepta's gene therapy and phosphorodiamidate morpholino oligomer programs, the analyst contends.
06/15/18
JPMS
06/15/18
NO CHANGE
JPMS
Overweight
JPMorgan sees favorable setup for Sarepta into Tuesday's event
JPMorgan analyst Anupam Rama sees a favorable setup for shares of Sarepta Therapeutics(SRPT) into the company's R&D day on Tuesday, June 19. His scenario analysis points to a "very favorable" reward/risk profile of 20%-50% upside versus 10%-25% downside. If the gene therapy data meets or beats expectations, Sarepta will clearly be in the pole position in the micro-dystrophin space, Rama tells investors in a research note. The analyst adds that if the Sarepta micro-dystrophin data are viewed positively next week, a clear bar will have been set that Solid Biosciences (SLDB) will need to meet or beat. Rama continues to see risk to Solid shares ahead of next week's readout from Sarepta. He has an Overweight rating on Sarepta with an $87 price target and Underweight rating on Solid Biosciences with a $10 price target.
06/15/18
06/15/18
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. PetMed Express (PETS) initiated with a Neutral at CL King. 2. Cloudera (CLDR) initiated with a Reduce at Nomura Instinet. 3. Sarepta (SRPT) initiated with a Buy at BTIG. 4. Delphi Technologies (DLPH) initiated with a Perform at Oppenheimer. 5. Enerplus (ERF) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
SLDB Solid Biosciences
$45.16

15.895 (54.31%)

04/02/18
LEER
04/02/18
NO CHANGE
Target $14
LEER
Outperform
Solid Biosciences price target lowered to $14 from $36 at Leerink
Leerink analyst Joseph Schwartz lowered his price target for Solid Biosciences to $14 from $36 saying that while it was able to withstand several initial concerns that were addressed when the company was going public - including preclinical safety, a board member resignation, manufacturing issues -, Solid Biosciences' recent clinical hold announcement was "the straw that broke the camel's back" resulting in a massive selloff. The analyst reiterates an Outperform rating on the shares.
05/10/18
LEER
05/10/18
NO CHANGE
Target $28
LEER
Outperform
Solid Biosciences price target raised to $28 from $14 at Leerink
Leerink analyst Joseph Schwartz raised his price target on Solid Biosciences to $28 from $14 after he updated his model to reflect Q1 results and increased his probability of success estimate for SGT-001 to 30% from 20%. His probability of success estimate for SB-001 is unchanged at 20%, he noted. Schwartz keeps an Outperform rating on Solid Biosciences 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.
FMI Foundation Medicine
$136.50

30 (28.17%)

02/15/18
02/15/18
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. Portland General Electric (POR) initiated with a Buy at Mizuho. 2. Arsanis (ASNS) initiated with an Overweight at Cantor Fitzgerald. 3. Cantor says PolarityTE (COOL) can revolutionize regenerative medicine. 4. Foundation Medicine (FMI) initiated with an Outperform at Cowen. 5. Box (BOX) initiated with a Buy at DA Davidson. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/15/18
COWN
02/15/18
INITIATION
Target $90
COWN
Outperform
Foundation Medicine initiated with an Outperform at Cowen
Cowen analyst Doug Schenkel started Foundation Medicine with an Outperform rating and $90 price target. The company is the "uniquely positioned" leader in comprehensive cancer profiling, Schenkel tells investors in a research note. He believes Foundation's clinical volumes are likely to accelerate following the recent CMS/FDA dual path approval.
01/29/18
GSCO
01/29/18
INITIATION
Target $73
GSCO
Neutral
Foundation Medicine initiated with a Neutral at Goldman Sachs
Goldman analyst Patrick Donnelly initiated Foundation Medicine with a Neutral and $73 price target.
RHHBY Roche
$0.00

(0.00%)

06/18/18
WBLR
06/18/18
UPGRADE
WBLR
Outperform
William Blair upgrades PTC Therapeutics to Outperform after SMA data
William Blair analyst Raju Prasad upgraded PTC Therapeutics (PTCT) to Outperform from Market Perform after the company and Roche (RHHBY) presented an update from the Firefish trial with risdiplam in type 1 muscular atrophy babies ages 1-7 months. The analyst now has increased confidence that the drug is achieving a clinical benefit. Wile Roche is responsible for commercialization, risdiplam could conservatively net about $150M in peak royalties to PTC as well as an additional $410M in remaining milestones, Prasad tells investors in a research note. The analyst expects further positive updates from risdiplam in 2018.
06/13/18
MSCO
06/13/18
NO CHANGE
MSCO
HHS 'smoke signals' worth noting for drugmakers, says Morgan Stanley
After HHS Secretary Alex Azar spoke at a two-hour Senate hearing, Morgan Stanley analyst David Risinger noted that Azar suggested that U.S. drug pricing needs to move to a system without rebates and said payments from drugmakers to PBMs should be eliminated. In listing four HHS actions that could hurt manufacturers, Risinger pointed out that Azar said he is interested in removing 100% cap on Medicaid rebates; he would like to adjust the Part D protected drug classes so that plans can extract rebates from manufacturers; HHS wants to require manufacturers to disclose drug list prices in TV ads; and HHS is focused on transitioning Part B to lower-priced private sector management. In summary, the analyst said that for drugmakers there was "no fire, but smoke signals worth noting." Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
06/18/18
MZHO
06/18/18
NO CHANGE
Target $423
MZHO
Buy
Biogen move downward on PTC data appears overdone, says Mizuho
Mizuho analyst Salim Syed estimates that the 6% move lower in Biogen (BIIB) shares following PTC (PTCT) and Roche's (RHHBY) data on their SMA candidate implies that the consensus Spinraza worldwide peak revenue estimate should decline from a current figure of $2.5B to about $1B, which he thinks is overdone as he would argue perhaps a $500M-$750M downward adjustment is more reasonable. While risdiplam's data is good, it has only been 6 months and 21 patients and there is no comparative data in the PTC trial, he tells investors. Additionally, Spinraza has the first mover advantage and by the time PTC's drug makes it to market, doctors may be reluctant to change, added Syed. He keeps a Buy rating and $423 price target on Biogen shares, which is down 5.7% to $287.73 in late day trading.
06/18/18
JEFF
06/18/18
NO CHANGE
Target $300
JEFF
Hold
PTC data add to Biogen's longer term uncertainty, says Jefferies
While the spinal muscular atrophy data from PTC Therapeutics (PTCT) and Roche (RHHBY) are early, they may add to the ongoing uncertainty about durability of Biogen's (BIIB) Spinraza past 2020, Jefferies analyst Michael Yee tells investors in a research note. The data reinforce a need for more visible Biogen growth drivers, the analyst adds. Yee admits, however, that Biogen "remains inexpensive" and has fairly low expectations. He keeps a Hold rating on the shares with a $300 price target. :theflyonthewal
COTV Cotiviti Holdings
$44.03

4.14 (10.38%)

06/19/18
WBLR
06/19/18
DOWNGRADE
WBLR
Market Perform
Cotiviti Holdings downgraded to Market Perform from Outperform at William Blair
William Blair analyst Ryan Daniels downgraded Cotiviti Holdings to Market Perform citing the takeover by Veritas Capital for $44.75 per share.
04/24/18
JPMS
04/24/18
DOWNGRADE
Target $37
JPMS
Neutral
Cotiviti Holdings assumed with a Neutral from Overweight at JPMorgan
JPMorgan analyst Anne Samuel downgraded Cotiviti Holdings to Neutral after assuming lead coverage of the name. The analyst lowered her price target for the shares to $37 from $41. The analyst says that despite the company's "consistent growth profile," her price target points to only 7% further upside.
02/23/18
BARD
02/23/18
NO CHANGE
Target $50
BARD
Outperform
Cotiviti Holdings valuation overly discounted relative to growth, says Baird
Baird analyst Matthew Gillmor said the highlights from the Cotiviti Q4 conference call were mostly positive, but he also believes there was a degree of conservatism with accruals. The analyst said the guidance details underscore the company's strong core growth. Gillmor believes the current discount is unsustainable and he reiterated his Outperform rating and $50 price target on Cotiviti Holdings shares.
06/06/18
BARD
06/06/18
NO CHANGE
Target $45
BARD
Outperform
Cotiviti Holdings could be worth $40-$45 in a sale, says Baird
Baird analyst Matthew Gillmor commented on the rumor that Cotiviti Holdings is exploring a sale and he believes the shares could be worth $40-$45 in a sale. The analyst said he was not surprised the company would consider a sale, so he suspects the report is legitimate. He believes the market underappreciates the company's free cash flow power, and still sees upside potential in the shares, but would not chase the stock here. Gillmor reiterated his Outperform rating and $45 price target on Cotiviti Holdings shares.
AAPL Apple
$184.96

-3.8 (-2.01%)

06/13/18
RSBL
06/13/18
NO CHANGE
RSBL
Power Integrations could see upside from Apple design win, says Rosenblatt
Rosenblatt analyst Jun Zhang said "recent noise" surrounding Apple (AAPL) cutting iPhone production seems inaccurate and noted that he forecasts year-over-year production growth in the second half of the year. Zhang also noted that he believes Power Integrations (POWI) could benefit from a potential design win for all iPhone and iPad fast charging solutions. In early trading, Power Integrations is up $2.10, or about 3%, to $79 per share.
06/18/18
RSBL
06/18/18
NO CHANGE
RSBL
Rosenblatt shifts view on mix of LCD, OLED iPhones produced in 2H
Rosenblatt analyst Jun Zhang still estimates a total of 110M iPhone units being produced in the second half of this year, but has raised his estimate for the LCD models to 75-80M units, up from 60M units, and lowered his OLED model estimate to 30-33M units from a prior view of 50M units. Zhang notes that his production estimate of 110M new iPhone model units is higher than his 85M unit shipment estimate.
06/18/18
06/18/18
DOWNGRADE
Target $17

Hold
Immersion downgraded to Hold at Craig-Hallum
As previously reported, Craig-Hallum analyst Anthony Stoss downgraded Immersion (IMMR) to Hold from Buy, with a $17 price target, following the run-up of shares post the Apple (AAPL) settlement agreement. The analyst believes Immersion's current price largely reflects deals that are still on the table.
06/15/18
UBSW
06/15/18
NO CHANGE
Target $35
UBSW
Buy
Jabil Circuit shares look attractively valued, says UBS
UBS analyst Steven Milunovich noted Jabil Circuit (JBL) reported surprisingly strong revenue growth, but only modest earnings upside due to cost overruns. He said growth is reducing free cash flow this year but an increased buyback was announced and Apple (AAPL) has not been the albatross as had been feared because of the company's diversification. Milunovich said Jabil Circuit is attractive at its current valuation and he reiterated his Buy rating and $35 price target on the shares.
FBNK First Connecticut
$31.00

4.95 (19.00%)

02/05/18
PIPR
02/05/18
UPGRADE
Target $29
PIPR
Overweight
First Connecticut upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Matthew Breese upgraded First Connecticut Bancorp to Overweight and raised his price target for the shares to $29 from $28.50. While the company reported a miss in Q4, its earnings had some "notable underlying positive trends," Breese tells investors in a research note. He thinks First Connecticut remains on the right long-term track and views the current valuation as reasonable.
PBCT People's United
$18.43

-0.31 (-1.65%)

04/19/18
SDLR
04/19/18
UPGRADE
Target $21
SDLR
Buy
People's United upgraded to Buy from Hold at Sandler O'Neill
Sandler O'Neill analyst Mark Fitzgibbon upgraded People's United Financial to Buy with a $21 price target following the company's Q1 results.
04/20/18
PIPR
04/20/18
UPGRADE
Target $18
PIPR
Neutral
People's United upgraded to Neutral from Underweight at Piper Jaffray
Piper Jaffray analyst Matthew Breese upgraded People's United Financial to Neutral with an unchanged price target of $18. The analyst believes the shares are nearing fair value following yesterday's post-earnings pullback. He no longer expects the stock to underperform over the next 12 months.
03/22/18
UBSW
03/22/18
INITIATION
Target $21
UBSW
Neutral
People's United initiated with a Neutral at UBS
UBS analyst Brock Vandervliet started People's United with a Neutral rating and $21 price target. The analyst rolled out coverage last night on the Mid-Cap Banks. He sees performance differentiation "playing out more starkly" than investors may expect with "increasingly advantaged and disadvantaged participants."
ACAD Acadia
$16.72

0.9 (5.69%)

11/06/17
LEER
11/06/17
NO CHANGE
Target $35
LEER
Market Perform
Data suggests Acadia pivotal DRP program is high risk, says Leerink
Following full data from Acadia's phase 2 study of pimavanserin in Alzheimer's Disease Psychosis patients at the Clinical Trials on Alzheimer's Disease, Leerink analyst Paul Matteis says his cautious view on the company's phase 3 dementia related psychosis program remains as the statistically significant benefit for pimavanserin seen at the primary endpoint of 6 weeks was in his view helped considerably by a temporary regression in placebo response, this dynamic was also the case in a featured, more severe subgroup, and dementia related psychosis is a chronic condition, and for any new medication a sustained clinical benefit will be important. He reiterates a Market Perform rating and $35 price target on the shares.
04/26/18
JPMS
04/26/18
NO CHANGE
JPMS
Overweight
JPMorgan still sees low risk of Acadia drug being pulled from market
JPMorgan analyst Cory Kasimov continues to see a low, "but not zero," risk of Acadia Pharmaceuticals' Nuplazid being pulled from the market. Yesterday's CNN report is "mostly noise" and "nothing new," Kasimov told investors last night in a research note. The analyst, however, says he can appreciate the impact of the FDA Commissioner indicating he would "take another look" at the drug's safety profile. Kasimov predicates his views on the formal FDA review and the agency's initial statement that Nuplazid's safety profile is consistent with the label, as well as additional commentary he received yesterday from management. The analyst views yesterday's pullback in shares of Acadia as "fundamentally unjustified based on current information." He kept an Overweight rating on the stock. Shares of Acadia are up 5% to $15.95 in early trading.
04/10/18
COWN
04/10/18
NO CHANGE
Target $50
COWN
Outperform
Acadia pimavanserin concerns a reason for caution, says Cowen
Cowen analyst Ritu Baral noted yesterday's media report concerning deaths in the Acadia pimavanserin FAERS log. The analyst said based on conversations with key opinion leaders who have major experience with pimavanserin, she thinks there is unlikely a safety signal. However, she does say the concerns keep her cautious on the stock. Baral maintained her Outperform rating and $50 price target on Acadia shares, which dropped 23% to close at $16.50 yesterday.
04/10/18
JPMS
04/10/18
NO CHANGE
Target $50
JPMS
Overweight
Acadia sees little impact from CNN article, says JPMorgan
JPMorgan analyst Cory Kasimov says Acadia Pharmaceuticals management stressed to him their confidence that yesterday's CNN article would have little impact on Nuplazid's commercial prospects. Kasimov says that while management believes the news changes nothing, he worries "that the already tenuous sentiment around the name could have a difficult time withstanding this latest development." It remains to be seen what extent, if any, the creased scrutiny on the safety profile of Nuplazid negatively impacts the product's commercial outlook, Kasimov tells investors in a research note. He believes Acadia'a Q1 earnings report now has even greater significance. The analyst keeps an Overweight rating on Acadia with a $50 price target.
SNAP Snap
$13.06

-0.995 (-7.08%)

06/19/18
COWN
06/19/18
NO CHANGE
Target $9
COWN
Underperform
Snap survey shows usage declining, says Cowen
Cowen analyst John Blackledge said his survey of Snap users shows usage is declining on both a monthly and year-over-year time period. The analyst trimmed his estimates and lowered his revenue/EBITDA forecasts following the survey. Blackledge reiterated his Underperform rating and lowered his price target to $9 from $10 on Snap shares.
06/06/18
DBAB
06/06/18
NO CHANGE
DBAB
Hold
Audience reach data show improving trends at Snap, says Deutsche Bank
Audience reach data show improving trends at Snap (SNAP) and stability at Facebook (FB) despite the General Data Protection Regulation rollout in Europe, Deutsche Bank analysts Lloyd Walmsley and Kunal Madhukar tells investors in a research note. The analysts "feel better" about Snap daily active user growth, and the shares, after looking at the latest trends in the Snapchat self-serve ad platform data. They reiterate a Buy rating on Facebook and Hold rating on Snap. On the latter, the analysts cite their below consensus estimates and the stock's "lack valuation support" for staying neutral on Snap.
05/21/18
05/21/18
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. Snap (SNAP) upgraded to Neutral from Sell at MoffettNathanson. 2. ProsHoldings (PROS) upgraded to Outperform from Market Perform at Northland with analyst Tim Klasell citing last week's annual user conference and analyst meetings. 3. Ctrip (CTRP) upgraded to Buy from Hold at TH Data Capital with analyst Tian Hou saying the company's business has "already stabilized and is on its way to recovery." 4. Sempra Energy (SRE) upgraded to Buy from Hold at Argus with analyst Jacob Kilstein citing anticipated earnings accretion from the recent purchase of a majority stake in Oncor, favorable regulations, and the growing base rate at its California utilities. 5. Dillard's (DDS) upgraded to Buy from Underperform at BofA/Merrill with analyst Heather Balsky saying she expects improved consumer sentiment, especially in the energy market, to support positive comps and drive multiple expansion. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/21/18
MOFT
05/21/18
UPGRADE
MOFT
Neutral
Snap upgraded to Neutral from Sell at MoffettNathanson
TSLA Tesla
$353.15

-17.63 (-4.75%)

06/13/18
BARD
06/13/18
NO CHANGE
Target $411
BARD
Outperform
Tesla reiterated as a Fresh Pick at Baird
Baird analyst Ben Kallo reiterated Tesla as a Fresh Pick following the company's announcement of plans to cut roughly 9% of its workforce as part of an effort to reduce costs. The analyst views the move as a step toward profitability and believes the negative reaction is incongruent to bear arguments about the company's lack of profitability. Kallo reiterated his Outperform rating and $411 price target on Tesla shares.
06/08/18
NOMU
06/08/18
NO CHANGE
Target $450
NOMU
Buy
Tesla price target raised to $450 from $420 at Nomura Instinet
Nomura Instinet analyst Romit Shah raised his price target for Tesla to $450 from $420 after meeting with the company at its Fremont facility and the shareholder meeting earlier in the week. Tesla closed yesterday down $3.41 to $316.09. The analyst now believes Model 3 average selling prices are coming in above forecast due to stronger than expected demand for all-wheel-drive and performance configurations. He now estimates blended Model 3 ASP's will approach $60,000 in the second half of 2018. Further, Shah also anticipates cost leverage as Tesla scales to higher levels of production. Tesla can lower per unit costs considerably in the coming months, driven by improved fixed cost absorption and higher labor efficiency, the analyst tells investors in a research note. Shah keeps a Buy rating on Tesla shares.
06/12/18
KEYB
06/12/18
NO CHANGE
KEYB
Sector Weight
KeyBanc raises Tesla Q2 Model 3 delivery estimate to 30K from 20K
KeyBanc analyst Brad Erickson said his checks with 20 Tesla sales centers across the U.S. indicate Model 3 volumes are showing a "meaningful ramp," with deliveries tracking about 50% higher than his prior estimates for the quarter. Following the positive checks, Erickson raised his Model 3 deliveries estimate for the second quarter to 30,000 from 20,000 and his 2018 estimate to 118,182 from 98,182. Erickson continues to expect gross margins on the Model 3 to turn positive in Q3 and thinks evidence to support the bear case that Model 3 demand is softening or that production isn't ramping is not likely to emerge in the near term. However, he keeps a Sector Weight rating on Tesla shares, citing his "core belief" there is a significant premium built into the stock.
06/14/18
VERF
06/14/18
NO CHANGE
Target $93
VERF
Sell
Tesla Model 3 reservation cancellation rate is 66%, says Vertical Group
Vertical Group analyst Gordon Johnson estimates a 66% cancellation rate for the day one Tesla Model 3 reservations of 140,000. When applying the figure to his estimate for 582,000 in gross reservations through mid-April, the analyst calculates sales in early Model 3 reservations of just 197,000. Either Model 3 cancellation rates have spiked from the "initial euphoria period" of March 31, 2016 to April 30, 2016, or new reservations have "virtually disappeared," Johnson tells investors in a research note. He believes Tesla will exhaust all pre-orders sometime in Q1 of 2019. Model 3 sales beyond Q1 of next year will be limited by demand versus supply while growth for Tesla will likely depend on new product introductions, the analyst contends. Johnson thinks investors, as a result, will be forced to question Tesla's "valuation as a growth stock imminently." He does, however, expect CEO Elon Musk "to use a lot of one-time items to try to achieve profitability" in Q3 and Q4 of 2018. Profitability will rest largely on Tesla's ability to sell a record number of zero emission vehicle credits, which may prove difficult, Johnson predicts. He keeps a Sell rating on shares of Tesla with a $93 price target. The stock closed yesterday up $2.01 to $344.78.

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10/22/18
14:32
OnTheFly
Piper's teen survey bodes well for Instagram, Prime as Apple remains dominant »

Piper Jaffray analyst…

FB

Facebook

$155.28

1.33 (0.86%)

SNAP

Snap

$6.79

-0.03 (-0.44%)

AAPL

Apple

$220.90

1.62 (0.74%)

AMZN

Amazon.com

$1,784.13

20.22 (1.15%)

WMT

Walmart

$97.13

-0.02 (-0.02%)

SSNLF

Samsung

$0.00

(0.00%)

ATVI

Activision Blizzard

$69.71

-0.04 (-0.06%)

EA

Electronic Arts

$102.05

-0.02 (-0.02%)

TTWO

Take-Two

$120.88

-1.62 (-1.32%)

GOOG

Alphabet

$1,103.00

6.59 (0.60%)

GOOGL

Alphabet Class A

$1,112.00

7.34 (0.66%)

ZNGA

Zynga

$4.02

0.01 (0.25%)

GLUU

Glu Mobile

$5.94

0.09 (1.54%)

VFC

VF Corp.

$77.53

-0.21 (-0.27%)

ADDYY

Adidas

$0.00

(0.00%)

LULU

Lululemon

$139.75

2.99 (2.19%)

CROX

Crocs

$19.81

1.32 (7.14%)

SBUX

Starbucks

$58.85

0.22 (0.38%)

CMG

Chipotle

$430.22

1.13 (0.26%)

03/08/13
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    Mar

FLXN

Flexion

$16.03

-2.93 (-15.45%)

14:29
10/22/18
10/22
14:29
10/22/18
14:29
Recommendations
Flexion analyst commentary  »

Flexion 'very…

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EEM

iShares MSCI Emerging Markets ETF

$40.06

0.37 (0.93%)

14:25
10/22/18
10/22
14:25
10/22/18
14:25
Technical Analysis
Technical Take: iShares MSCI Emerging Markets ETF has active bullish pattern »

There is an active double…

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PENN

Penn National

$27.02

-1.14 (-4.05%)

14:25
10/22/18
10/22
14:25
10/22/18
14:25
Options
Penn National call volume above normal and directionally bullish »

Bullish option flow…

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  • 01

    Nov

MCD

McDonald's

$166.85

-0.6 (-0.36%)

14:24
10/22/18
10/22
14:24
10/22/18
14:24
Earnings
Fly Intel: What to watch in McDonald's earnings report »

McDonald's (MCD) is…

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  • 23

    Oct

STZ

Constellation Brands

$221.76

-1.22 (-0.55%)

, STZ.B

Constellation Brands; also tag STZ

$225.00

-3.45 (-1.51%)

14:22
10/22/18
10/22
14:22
10/22/18
14:22
Periodicals
Constellation Brands looks to sell some U.S. wine brands, Reuters says »

Constellation Brands is…

STZ

Constellation Brands

$221.76

-1.22 (-0.55%)

STZ.B

Constellation Brands; also tag STZ

$225.00

-3.45 (-1.51%)

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  • 28

    Oct

BLMN

Bloomin' Brands

$19.85

0.28 (1.43%)

14:20
10/22/18
10/22
14:20
10/22/18
14:20
Hot Stocks
Bloomin' Brands says has had seven discussions with Barington since March 2017 »

Bloomin' Brands, in…

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  • 29

    Oct

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

14:17
10/22/18
10/22
14:17
10/22/18
14:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

14:16
10/22/18
10/22
14:16
10/22/18
14:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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14:15
10/22/18
10/22
14:15
10/22/18
14:15
Conference/Events
RBC Capital Israeli gas & energy analyst to hold group breakfast meeting »

Israeli Gas & Energy…

14:15
10/22/18
10/22
14:15
10/22/18
14:15
General news
Oil Action: NYMEX crude »

Oil Action: NYMEX crude…

STZ

Constellation Brands

$221.31

-1.67 (-0.75%)

, STZ.B

Constellation Brands; also tag STZ

$225.00

-3.45 (-1.51%)

14:07
10/22/18
10/22
14:07
10/22/18
14:07
Periodicals
Breaking Periodicals news story on Constellation Brands, Constellation Brands; also tag STZ »

Constellation Brands…

STZ

Constellation Brands

$221.31

-1.67 (-0.75%)

STZ.B

Constellation Brands; also tag STZ

$225.00

-3.45 (-1.51%)

03/08/13
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  • 28

    Oct

YNDX

Yandex

$27.71

0.29 (1.06%)

, GOOG

Alphabet

$1,102.24

5.83 (0.53%)

14:06
10/22/18
10/22
14:06
10/22/18
14:06
Periodicals
Russia proposes to limit foreign ownership in news aggregators, Reuters reports »

The government is…

YNDX

Yandex

$27.71

0.29 (1.06%)

GOOG

Alphabet

$1,102.24

5.83 (0.53%)

GOOGL

Alphabet Class A

$1,111.16

6.5 (0.59%)

03/08/13
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  • 23

    Oct

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    Oct

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    Oct

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    Nov

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    Mar

DB

Deutsche Bank

$10.74

-0.185 (-1.69%)

14:05
10/22/18
10/22
14:05
10/22/18
14:05
Options
Deutsche Bank call volume above normal and directionally bullish »

Bullish option flow…

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F

Ford

$8.44

0.085 (1.02%)

14:04
10/22/18
10/22
14:04
10/22/18
14:04
Hot Stocks
Ford expanding test of autonomous vehicles to Washington, D.C. »

In an opinion editorial…

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  • 24

    Oct

  • 13

    Dec

ZION

Zions Bancorp

$45.92

-1.05 (-2.24%)

13:55
10/22/18
10/22
13:55
10/22/18
13:55
Options
Zions Bancorp put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 22

    Oct

BHGE

Baker Hughes

$29.68

-0.25 (-0.84%)

13:45
10/22/18
10/22
13:45
10/22/18
13:45
Options
Baker Hughes call volume above normal and directionally bullish »

Bullish option flow…

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  • 30

    Oct

FB

Facebook

$155.36

1.41 (0.92%)

13:42
10/22/18
10/22
13:42
10/22/18
13:42
Hot Stocks
Oculus co-founder announces departure from Facebook »

Brendan Iribe, who was…

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  • 28

    Oct

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    Oct

  • 07

    Nov

13:40
10/22/18
10/22
13:40
10/22/18
13:40
General news
U.S. midterms are just 2 weeks +1 day away »

U.S. midterms are just 2…

RF

Regions Financial

$16.60

-0.29 (-1.72%)

13:35
10/22/18
10/22
13:35
10/22/18
13:35
Options
Regions Financial put volume heavy and directionally bearish »

Bearish flow noted in…

03/08/13
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  • 23

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    Nov

WFC

Wells Fargo

$51.97

-0.905 (-1.71%)

13:34
10/22/18
10/22
13:34
10/22/18
13:34
Hot Stocks
Wells Fargo 'pleased' to reach pact with NY Attorney General »

Wells Fargo & Company…

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  • 12

    Apr

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    Oct

KN

Knowles

$14.32

0.07 (0.49%)

13:26
10/22/18
10/22
13:26
10/22/18
13:26
Recommendations
Knowles analyst commentary  »

Knowles price target…

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  • 24

    Oct

CY

Cypress Semiconductor

$13.31

0.09 (0.68%)

13:25
10/22/18
10/22
13:25
10/22/18
13:25
Recommendations
Cypress Semiconductor analyst commentary  »

Cypress Semiconductor…

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  • 03

    Dec

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