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T

AT&T

$31.66

-0.56 (-1.74%)

, INCY

Incyte

$69.66

-1.49 (-2.09%)

10:11
07/13/18
07/13
10:11
07/13/18
10:11

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AT&T (T) downgraded to Market Perform from Outperform at Raymond James with analyst Frank Louthan saying he views the Department of Justice appeal of the Time Warner case as a negative and said it is a "frustrating delay." Louthan expects the suit to be a "significant overhang" for an extended period of time, which will limit share appreciation, but remains confident AT&T will prevail. 2. Incyte (INCY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Matthew Harrison saying he believes key catalysts are unlikely until 2019 and he expects the stock to trade with the market in the meantime. 3. WisdomTree (WETF) was downgraded to Market Perform from Outperform at Keefe Bruyette and to Neutral from Buy at Citi. 4. Cedar Fair (FUN) downgraded to Neutral from Outperform at Macquarie. 5. Ingredion (INGR) downgraded to Sell from Neutral at Citi with analyst David Driscoll saying he expects the stock's valuation multiples to compress as investors sort through the number of issues that have come to light. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

T

AT&T

$31.66

-0.56 (-1.74%)

INCY

Incyte

$69.66

-1.49 (-2.09%)

WETF

WisdomTree

$9.00

-0.19 (-2.07%)

FUN

Cedar Fair

$59.47

0.58 (0.98%)

INGR

Ingredion

$100.05

-10.68 (-9.65%)

  • 24

    Jul

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    Jul

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    Jul

  • 01

    Aug

  • 02

    Aug

T AT&T
$31.66

-0.56 (-1.74%)

07/13/18
07/13/18
DOWNGRADE

Market Perform
AT&T downgraded to Market Perform following DOJ suit at Raymond James
As previously reported, Raymond James downgraded AT&T (T) to Market Perform from Outperform. Analyst Frank Louthan views the Department of Justice appeal of the Time Warner (TWX) case as a negative and said it is a "frustrating delay." Louthan expects the suit to be a "significant overhang" for an extended period of time, which will limit share appreciation, but remains confident AT&T will prevail.
07/13/18
RAJA
07/13/18
DOWNGRADE
RAJA
Market Perform
AT&T downgraded to Market Perform from Outperform at Raymond James
07/13/18
MSCO
07/13/18
NO CHANGE
Target $37
MSCO
Overweight
Market likely to place low odds on AT&T deal reversal, says Morgan Stanley
After the DOJ decided to appeal District Court Judge Leon's order approving AT&T's merger with Time Warner, Morgan Stanley analyst Simon Flannery said he believes the market is likely to heavily rely on Judge Leon's "strongly worded decision" and assign a fairly low probability on a possible reversal of the deal. Even if AT&T were forced to divest assets, it would be into a fairly healthy market, added Flannery, who keeps an Overweight rating and $37 price target on the stock.
07/13/18
JEFF
07/13/18
NO CHANGE
Target $35
JEFF
Hold
DOJ faces 'uphill battle' in AT&T appeal, says Jefferies
While the Department of Justice's appeal of the AT&T-Time Warner case creates some uncertainty, the agency "faces an uphill battle," Jefferies analyst John Janedis tells investors in a research note. The analyst notes that Judge Leon was very clear in his ruling that he believed the government did not meet its burden of proof in the case, and discouraged the DOJ from asking for a stay. Janedis believes it could take a year or more before a final decision is made. He keeps a Hold rating on AT&T with a $35 price target.
INCY Incyte
$69.66

-1.49 (-2.09%)

07/13/18
MSCO
07/13/18
DOWNGRADE
MSCO
Equal Weight
Incyte downgraded to Equal Weight from Overweight at Morgan Stanley
07/13/18
MSCO
07/13/18
DOWNGRADE
Target $76
MSCO
Equal Weight
Incyte downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Matthew Harrison downgraded Incyte to Equal Weight from Overweight as he believes key catalysts are unlikely until 2019 and he expects the stock to trade with the market in the meantime. However, Harrison said he is positive on the depth and diversity of the company's pipeline following the analyst day deep-dive and he thinks 2019 could be a pivotal year. He maintains a $76 price target on Incyte shares.
06/26/18
06/26/18
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. Intel (INTC) downgraded to Underperform from Market Perform at Bernstein with analyst Stacy Rasgon saying she sees the CEO change and leadership vacuum providing some protection from further upward revisions, EPS growth slowing into 2019 as compares get harder and structural issues build, and an increasingly competitive environment. 2. LendingTree (TREE) downgraded to Neutral from Buy at Compass Point with analyst Michael Tarkan citing mortgage deceleration and remaining long-term cycle risks. 3. AMC Networks (AMCX) downgraded to Neutral from Buy at Goldman Sachs with analyst Drew Borst saying slowing advertising growth due to rating headwinds from The Walking Dead franchise and affiliate fee growth challenges in the pay TV ecosystem are a risk to earnings estimates. 4. Square (SQ) downgraded to Equal Weight from Overweight at Stephens with analyst Brett Huff stating that after a "truly remarkable" stock price acceleration over the past two years, he thinks Square is a "special" company, but is taking a breather. 5. Incyte (INCY) downgraded to Sector Perform from Outperform at RBC Capital with analyst Brian Abrahams noting that as he previously suggested, the market overreacted to the setbacks suffered by the company's epacadostat and baricitini programs when he also forecasted a rally to reflect the "substantial Jakafi growth opportunity through its out-year patent cliff". This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/26/18
RBCM
06/26/18
DOWNGRADE
Target $74
RBCM
Sector Perform
Incyte downgraded to Sector Perform at RBC Capital on valuation
As reported earlier, RBC Capital analyst Brian Abrahams downgraded Incyte to Sector Perform from Outperform and lowered his price target to $74 from $76. The analyst notes that as he previously suggested, the market overreacted to the setbacks suffered by the company's epacadostat and baricitini programs when he also forecasted a rally to reflect the "substantial Jakafi growth opportunity through its out-year patent cliff". With the stock price up 23% from the bottom, Abrahams claims that his prediction has played out, keeping the stock price trading in line until greater visibility on new revenue opportunities emerges.
WETF WisdomTree
$9.00

-0.19 (-2.07%)

07/13/18
KBWI
07/13/18
DOWNGRADE
KBWI
Market Perform
WisdomTree downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Robert Lee downgraded WisdomTree to Neutral and cut his price target to $10 from $12.50. Lee said WisdomTree's improving in organic growth was due to the dominance of the currency-hedged strategies, which should fade over time, and sees limited relative return potential.
05/16/18
DBAB
05/16/18
DOWNGRADE
Target $12
DBAB
Hold
WisdomTree downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Brian Bedell downgraded WisdomTree Investments (WETF) to Hold with an unchanged price target of $12. The analyst believes now is the time to get more bullish on active managers. The pace of passive manager share gains has "slowed dramatically" in 2018 given the sustained alpha generation in many active mutual fund categories versus comparable exchange traded funds, Bedell tells investors in a research note. The analyst coupled the downgrade of WisdomTree with an upgrade of T. Rowe Price (TROW) to Buy.
06/13/18
JEFF
06/13/18
NO CHANGE
Target $13
JEFF
Buy
WisdomTree a 'desirable asset' for asset managers, says Jefferies
After spending time with management, Jefferies analyst Daniel Fannon raised his price target for WisdomTree Investments to $13 from $12.50 and keeps a Buy rating on the shares. While the hedged products remain a headwind to near term flows, flows across the remaining portion of the complex look solid, Fannon tells investors in a research note. The analyst sees continued diversity of flows and successful integration of the ETFS transaction as near term opportunities for WisdomTree. Further, following recent deals in the space, Fannon calls the company a "unique and desirable asset for larger traditional asset managers."
07/13/18
SBSH
07/13/18
DOWNGRADE
SBSH
Neutral
WisdomTree downgraded to Neutral from Buy at Citi
Citi analyst William Katz downgraded WisdomTree to Neutral from Buy ahead of Q2 earnings season for the broker and asset manager group in a note partially titled "Not Time For Hero Ball." The analyst, who introduced new estimates for the group, noted that he still prefers alternative managers.
FUN Cedar Fair
$59.47

0.58 (0.98%)

07/13/18
MACQ
07/13/18
DOWNGRADE
MACQ
Neutral
Cedar Fair downgraded to Neutral from Outperform at Macquarie
07/12/18
07/12/18
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. Netflix (NFLX) downgraded to Neutral from Buy at UBS with analyst Eric Sheridan saying the stock has appreciated 35% since the Q1 earnings report and 117% year-to-date. 2. Perrigo (PRGO) downgraded to Sell from Neutral at Goldman Sachs with analyst Jami Rubin saying she sees "no meaningful risk" to estimates but expects the "business to drift" due to a lack of meaningful new launches in the pipeline. 3. Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Andrew Rosivach citing significant share price outperformance and relative valuation. 4. Cedar Fair (FUN) downgraded to Neutral from Buy at Goldman Sachs with analyst Christopher Prykull citing the softer-than-expected mid-year revenue update. 5. Broadcom (AVGO) downgraded to In Line from Outperform at Evercore ISI, to Outperform from Top Pick at RBC Capital, to Neutral from Buy at B. Riley FBR, and to Neutral from Outperform at Macquarie. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/12/18
GSCO
07/12/18
DOWNGRADE
Target $63
GSCO
Neutral
Cedar Fair downgraded to Neutral from Buy at Goldman Sachs
Goldman analyst Christopher Prykull downgraded Cedar Fair to Neutral and lowered its price target to $63 from $79 following the softer-than-expected mid-year revenue update. Prykull said Cedar's fundamentals have disappointed relative to his initial expectations and have not benefited from the robust leisure spending backdrop.
02/15/18
HDLY
02/15/18
NO CHANGE
HDLY
Hilliard Lyons optimistic on Cedar Fair's prospects for 2018
Hilliard Lyons analyst Jeffrey Thomison called Cedar Fairs Q4 earnings results mixed, saying revenues were encouraging, but profit was disappointing. Thomison believes a combination of "effective capital spending at the parks, added hotel capacity, incremental sales opportunities, and relatively easy comparison to 2017" could produce considerably improved profits in 2018 that could please investors, and maintained a Long Term Buy and $77 price target on Cedar Fair shares.
INGR Ingredion
$100.05

-10.68 (-9.65%)

06/27/18
VERF
06/27/18
UPGRADE
VERF
Buy
Ingredion upgraded to Buy from Hold at Vertical Group
07/13/18
07/13/18
DOWNGRADE
Target $95

Sell
Ingredion downgraded to Sell after guidance cut at Citi
As previously reported, Citi analyst David Driscoll downgraded Ingredion to Sell from Neutral after the company lowered its Q2 and 2018 EPS forecast, stating that he expects the stock's valuation multiples to compress as investors sort through the number of issues that have come to light. He set a $95 price target on Ingredion shares.
07/13/18
SBSH
07/13/18
DOWNGRADE
SBSH
Sell
Ingredion downgraded to Sell from Neutral at Citi
07/13/18
07/13/18
NO CHANGE
Target $145

Buy
Ingredion long-term thesis remains intact, says Jefferies
Jefferies analyst Akshay Jagdale says the long-term thesis on Ingredion remains intact despite the company's "disappointing" Q2 preannouncement. HFCS is a fairly small portion of Ingredion's overall portfolio and been in secular decline for some time, Jagdale tells investors in a research note. The analyst's long-term thesis is predicated more on Specialty business growth, which he says remains on track. Further, he believes the newly announced cost savings program should accelerate margin expansion. Jagdale reiterates a Buy rating on Ingredion with a $145 price target.

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$145.02

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Global Payments

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HD

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Grainger

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Office Depot

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$69.83

0.59 (0.85%)

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PE

Parsley Energy

$29.70

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