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CMCSA

Comcast

$34.91

0.88 (2.59%)

, FOXA

Fox Corp.

$46.55

-0.14 (-0.30%)

16:25
07/19/18
07/19
16:25
07/19/18
16:25

Fly Intel: Wall Street's top stories for Thursday

Stocks opened lower and remained there throughout the day. The weakness was attributed to global trade war concerns and the lack of impressiveness in the latest round of corporate earnings. All eyes are on Microsoft (MSFT) after the close as reports and will have to impress the Street after its recent run-up in shares. ECONOMIC EVENTS: In the U.S., initial jobless claims fell another 8,000 to 207,000 in the week ended July 14, which marked a new 48-year low. The Philly Fed manufacturing index bounced 5.8 points to 25.7 in July. The leading economic indicators rose to 109.8 in June from a revised reading of 109.3 in May. This June figure is another record high for the index, with data going back to 1995. In Federal Reserve news, U.S. President Donald Trump told CNBC's Joe Kernen in an interview that he's "not thrilled" about the rate increases by the Fed, noting that at the same time he's "letting them do what they feel is best." The White House later told CNBC that Trump "respects the independence of the Fed" and is "not interfering with Fed policy decisions." Meanwhile, the Wall Street Journal reported that Congress has agreed on the final text of a provision to bolster both the Committee on Foreign Investment in the U.S. and the U.S. export control system to block Chinese and other foreign transactions that could negatively affect national security. COMPANY NEWS: Comcast (CMCSA) shares rose 2.5% after the company said it no longer intends to further pursue an acquisition of the assets 21st Century Fox (FOXA) agreed to sell to Disney (DIS). Comcast said it will shift focus to its recommended offer for Sky (SKYAY)... On the earnings front, shares of Dow member IBM (IBM) gained 3% after the company reported better than expected operating earnings and revenue for the second quarter and reaffirmed its adjusted earnings view for fiscal 2018... Shares of American Express (AXP), also on the Dow 30, fell 3% after the company's quarterly report. Of note, the company reaffirmed its FY18 earnings per share view at the high end of the $6.90-$7.30... In addition, eBay (EBAY) shares fell 10% after the company reported Q2 results and gave lower than expected guidance for the third quarter. The e-retailer said that a strong U.S. dollar will negatively impact fiscal 2018 revenue and that there will be "significant product changes" scheduled for the second half of 2018... Meanwhile, Politico reported that Microsoft detected and helped block hacking attempts against three congressional candidates this year. Tom Burt, the company's vice president for security and trust, did not tell Politico the names of the targets nor did he specify whether the attempted cyber attacks originated from Russia. MAJOR MOVERS: Among the noteworthy gainers was Dominion Midstream (DM), which surged 23%, and TC Pipelines (TCP), which gained 27% after the Federal Energy Regulatory Commission announced last night that it finalized a gas pipeline tax law-related rule that modified a proposal from March. Among the notable losers was Mersana Therapeutics (MRSN), which dropped 31% after the FDA placed the Phase 1 study of XMT-1522 on partial clinical hold. Also lower was Alcoa (AA), which fell 13% after reporting quarterly results. INDEXES: The Dow fell 134.79, or 0.53%, to 25,064.50, the Nasdaq lost 29.15, or 0.37%, to 7,825.30, and the S&P 500 declined 11.13, or 0.40%, to 2,804.49.

CMCSA

Comcast

$34.91

0.88 (2.59%)

FOXA

Fox Corp.

$46.55

-0.14 (-0.30%)

DIS

Disney

$112.14

1.43 (1.29%)

CMCSK

Comcast

$0.00

(0.00%)

FOX

Fox Corp.

$46.19

-0.15 (-0.32%)

MSFT

Microsoft

$104.70

-0.38 (-0.36%)

SKYAY

Use CMCSA, CMCSK

$0.00

(0.00%)

IBM

IBM

$149.25

4.81 (3.33%)

AXP

American Express

$100.16

-2.82 (-2.74%)

EBAY

eBay

$34.11

-3.84 (-10.12%)

DM

Dominion Energy Midstream

$16.75

3.1 (22.71%)

TCP

TC PipeLines

$35.22

7.55 (27.29%)

MRSN

Mersana Therapeutics

$11.24

-5.275 (-31.95%)

AA

Alcoa

$41.68

-6.22 (-12.99%)

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CMCSA Comcast
$34.91

0.88 (2.59%)

07/19/18
RAJA
07/19/18
UPGRADE
RAJA
Outperform
Comcast upgraded to Outperform from Market Perform at Raymond James
07/13/18
LOOP
07/13/18
NO CHANGE
Target $125
LOOP
Buy
Disney price target lowered to $125 from $130 at Loop Capital
Loop Capital analyst Alan Gould lowered his price target on Disney (DIS) to $125, saying the bidding process for 21st Century Fox (FOXA) and Sky (SKYAY) could see another increase by the company to low $40s per share and up to GBP 15 per share respectively. Gould believes that Disney will end up acquiring both assets, with associated costs lowering its EPS by 18c per share. Longer term, the analyst keeps his Buy rating on Disney, noting that despite its premium valuation, it has "carried an even higher multiple on a similar mid-teens EPS growth rate".
07/13/18
07/13/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. VF CORP DOUBLE UPGRADE: BofA Merrill Lynch analyst Robert Ohmes upgraded VF Corp (VFC) to Buy from Underperform and raised his price objective to $96 from $65 ahead of the company's earnings report on July 20, telling investors in a research note that he believes Vans will be a "go-to-brand" for the back-to-school selling season. He said his channel checks indicate accelerating momentum in Vans, especially classic styles, and that the $50-$60 price point is attractive given consumers' shift to value. RAYMOND JAMES DOWNGRADES AT&T: Raymond James downgraded AT&T (T) to Market Perform from Outperform. Analyst Frank Louthan said 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. AT&T is lower by 2% in late morning trading. STIFEL STARTS GALMED WITH A BUY: Stifel analyst Adam Walsh initiated Galmed (GLMD) with a Buy rating and $35 price target, calling it a "legitimate late-stage NASH play" after Aramchol recently proved itself in a Phase 2 trial as a clearly active and "very safe" compound for treating NASH. Galmed is trading higher by over 17% in late morning trading. MORGAN STANLEY HIKES WWE TARGET TO $100: Morgan Stanley analyst Benjamin Swinburne said that WWE (WWE), by securing rights fees in its new five-year agreements with NBC (CMCSA, CMCSK) and Fox (FOX, FOXA) that are 3.6 times higher than its prior five-year broadcast agreement with NBC, has gained a "massive increase" in earnings power and "extremely high" visibility into the associated revenue. Given the recently announced deals, he raised his price target on WWE shares to $100 from $58 and kept an Overweight rating on the stock. WILLIAM BLAIR CALLS KEMPER PULLBACK 'BUYING OPPORTUNITY': William Blair analyst Adam Klauber said he views shares of Kemper (KMPR) as "even more attractive" after the recent pullback, which he attributes to selling pressures from Infinity Property shareholders receiving Kemper stock. Klauber said Kemper "continues to be our top conviction idea," and kept an Outpeform rating on the name. Kemper is higher by 4.8% in late morning trading.
07/13/18
BERN
07/13/18
NO CHANGE
BERN
Bernstein 'not so sure' Comcast will give up on Fox assets
Bernstein analyst Todd Juenger said that it appears that the market is starting to believe Comcast (CMCSA) will give up on its bid to buy assets from 21st Century Fox (FOXA) and focus on Sky (SKYAY), but he said he is "not so sure" that is the case after only one counter from Disney (DIS). He does not believe Comcast would put forth a $35 bid unless it was prepared to bid up to near $45 per share, Juenger tells investors. If Comcast ups its bid, it either wins Fox at a high price or Disney is forced to pay more, which both seem better than giving up to him, Juenger stated. In any case, the "winner" will be left with increased leverage on a cyclical business late in the cycle at a time when it needs to invest significantly to build its direct-to-consumer business, added Juenger.
FOXA Fox Corp.
$46.55

-0.14 (-0.30%)

07/10/18
FBCO
07/10/18
INITIATION
Target $57
FBCO
Outperform
21st Century Fox initiated with an Outperform at Credit Suisse
Credit Suisse analyst Doug Mitchelson initiated 21st Century Fox with an Overweight and $57 price target saying bidding cold go higher for Fox, and the New Fox is currently undervalued given its free cash flow and attractive assets.
DIS Disney
$112.14

1.43 (1.29%)

07/17/18
RHCO
07/17/18
NO CHANGE
Target $415
RHCO
Hold
Netflix facing risks of increasing competition, says SunTrust
SunTrust analyst Matthew Thornton keeps his Hold rating and $415 price target on Netflix (NFLX) after its Q2 subscriber growth miss while discussing some of the key risks faced by the company. The analyst notes that Netflix could struggle with raising its monthly rates in the environment increasing competition, as Disney (DIS) prepares to launch its own subscription video on demand, SVOD, service in 2019 amid the proliferation of bundles that also include high-demand live sports. Thornton further notes that given a bigger HBO budget under AT&T (T) and the launch/bundling of more video content at Apple (AAPL), the ability of Netflix to raise rates may be more challenging than in recent years.
07/12/18
MSCO
07/12/18
NO CHANGE
Target $80
MSCO
Overweight
Morgan Stanley calls Overwatch deal with Disney an 'important step' for esports
Morgan Stanley analyst Brian Nowak said Activision Blizzard's (ATVI) exclusive live television coverage deal with Disney (DIS) for the Overwatch League not only has the potential to drive higher licensing revenue for the company but its also an "important step" in continuing to establish esports as more of a mainstream event and towards his $100 per share "bull case" for Activision shares. Nowak maintains an Overweight rating and $80 price target on Activision Blizzard shares.
CMCSK Comcast
$0.00

(0.00%)

06/25/18
JEFF
06/25/18
NO CHANGE
Target $41
JEFF
Buy
Potential Fox deal 'largely priced' into Comcast shares, says Jefferies
Jefferies analyst John Janedis told investors in a research note that he has noted healthy ad demand this quarter, and combined with "decent" ratings at key cable networks like Bravo, USA and Oxygen, Comcast's (CMCSA) NBCUniversal appears to be performing well. Janedis, who has a Buy rating and $41 price target on Comcast shares, believes a potential Fox (FOXA) deal is "largely priced" into shares and that the stock will trade higher when the dust settles -- either way. Following Disney's (DIS) $38 per share offer for Fox assets, he thinks a competing offer from Comcast would need to be at least $42.50 per share to be viewed as superior, adding that Comcast likely has options for Fox that include more than a straight cash offer.
06/26/18
BUCK
06/26/18
INITIATION
BUCK
Neutral
Sky initiated with a Neutral at Buckingham
Earlier today, Buckingham analyst Michael Harrigan initiated Sky (SKYAY) with a Neutral rating and GBP14.50 price target with 3% upside, above Comcast's (CMCSA) GBP12.50 cash bid and a premium to 21st Century Fox's (FOXA) GBP10.75 bid to buy the 61% of Sky it does not already own. The analyst tells investors in a research note that a higher bid assessment could be triggered by the U.K. Takeover Panel exercising its authority to mandate a higher takeout bid if the price paid by Comcast or Disney (DIS) to buy the 21st Century Fox assets that are in play implies a higher bid.
FOX Fox Corp.
$46.19

-0.15 (-0.32%)

06/27/18
GUGG
06/27/18
NO CHANGE
Target $82
GUGG
Buy
WWE price target raised to $82 from $68 at Guggenheim
After WWE announced new five year deals for RAW and SmackDown yesterday evening, Guggenheim analyst Curry Baker raised his price target on the stock to $82 from $68, noting that the combined average annual value of the deals with Comcast's (CMCSA) USA Network and Fox Sports (FOXA) of $524M was ahead of his $500M a year forecast. Beyond the renewals, Baker sees a number of opportunities remaining for WWE, including renewals in the UK and India, incremental content deals, and WWE Network tiering. He keeps a Buy rating on WWE shares.
MSFT Microsoft
$104.70

-0.38 (-0.36%)

07/18/18
FBCO
07/18/18
NO CHANGE
Target $115
FBCO
Outperform
Credit Suisse remains positive on Microsoft heading into Q4 results
Credit Suisse analyst Brad Zelnick remains positive on Microsoft heading into Q4 results. The analyst highlights incremental U.S. dollar strength since the time of last guidance, but is constructive on fundamental business drivers. Zelnick expects continued momentum in commercial cloud, driven by Azure growth and Office 365 strength. He reiterates an Outperform rating and $115 price target on the shares.
07/18/18
KEYB
07/18/18
NO CHANGE
Target $110
KEYB
Overweight
Cyclical tailwinds could help lift Microsoft growth, says KeyBanc
KeyBanc analyst Brent Bracelin reiterates an Overweight rating and $110 price target for Microsoft as he believes it could benefit in the 2H from the combination of secular and cyclical tailwinds. The analyst sees Microsoft delivering double-digit revenue growth for the fourth consecutive quarter driven by healthy fundamentals across all three major segments and 40% secular growth in commercial cloud. While investor sentiment is mixed on moderating Azure growth, Bracelin thinks it this is misplaced given usage-based Azure growth could remain in the triple digits.
07/17/18
BOFA
07/17/18
NO CHANGE
Target $130
BOFA
Buy
Microsoft price target raised to $130 from $123 at BofA/Merrill
BofA/Merrill analyst Kash Rangan raised his price target for Microsoft to $130 from $123 as he expects a Q4 beat on revenues/EPS. His channel checks continue to suggest that potential upside opportunities exist long-term. The analyst believes E5 adoption could accelerate by end of CY2018 as market awareness of value proposition improves, while adoption trends should continue to be strong as feature sets good enough for enterprise wide deployments. Dynamics 365 is also seeing strong midmarket pull, he contends. Additionally, Rangan thinks gaming is underappreciated, but Fortnite could still be a tailwind. He reiterates a Buy rating on the shares.
07/18/18
SBSH
07/18/18
NO CHANGE
Target $300
SBSH
Buy
Nvidia can selloff near-term on graphics commentary, says Citi
Citi analyst Atif Malik says his recent supply chain checks indicate discrete graphics gaming demand is expected to remain sluggish thru the September quarter due to a "sharp decline" in mining related demand on falling cryptocurrency prices, channel distributors and partners waiting for Nvidia's (NVDA) new Turing gaming card launch in the October quarter, and weak gaming console sales at Microsoft (MSFT) offset by the Nintendo (NTDOY) Switch. The analyst lowered his July and October quarter estimates for Nvidia to bring them in-line with consensus. He thinks the stock can selloff in the near-term on weaker than expected graphics commentary from TSMC (TSM), who reports on July 19, and AMD (AMD), who reports on July 25. Malik, however, keeps a Buy rating on Nvidia with a $300 price target. He believes his long-term thesis on the shares remains intact.
SKYAY Use CMCSA, CMCSK
$0.00

(0.00%)

06/14/18
OPCO
06/14/18
NO CHANGE
Target $42
OPCO
Outperform
Disney likely to top bid for Fox entertainment assets, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that Comcast (CMCSA) has bid $65B for a cash offer for Fox's (FOXA) entertainment assets, a 19% premium to Disney's offer (DIS). The analyst believes it does make strategic/financial sense, and Comcast has a great track record on acquisitions. Further, Horan thinks a joint NBC/Fox would be a content powerhouse while expanding the company's presence in Europe with Sky (SKYAY), and slashing OTT video risk. Nonetheless, the analyst believes Disney is likely to top the bid. He reiterates an Outperform rating and $42 price target on Comcast's shares.
IBM IBM
$149.25

4.81 (3.33%)

07/19/18
DBAB
07/19/18
NO CHANGE
Target $150
DBAB
Hold
IBM price target lowered to $150 from $160 at Deutsche Bank
Deutsche Bank analyst Sherri Scribner lowered her price target for IBM to $150 and keeps a Hold rating on the shares. IBM last night reported Q2 sales and earnings numbers that came in slightly ahead of Street estimates, but the beat was primarily driven by the benefit of the mainframe cycle, Scribner tells investors in a research note. Performance in IBM's other three businesses were "more mixed," with sales ex-hardware not growing year-over-year in constant currency, the analyst adds. She views the stock's risk/reward as balanced at current levels.
07/19/18
STFL
07/19/18
NO CHANGE
Target $178
STFL
Buy
IBM report included reasons to be more optimistic, says Stifel
Stifel analyst David Grossman noted that IBM's Services revenue continued to improve in Q2 and he sees the turnaround in Services being the primary catalyst to drive IBM estimates and the stock's multiple higher over the next 12 months. While some have questioned the sustainability of revenue momentum and margin expansion, Grossman believes the market is overlooking tailwinds from restructuring actions he sees yielding about 150bp of margin tailwind in the second half and leverage from Services growth. He trimmed his price target to $178 from $182 and keeps a Buy rating on IBM shares.
07/19/18
MSCO
07/19/18
NO CHANGE
Target $185
MSCO
Overweight
IBM 'relatively clean' Q2 beat puts floor under valuation, says Morgan Stanley
Morgan Stanley analyst Katy Huberty said IBM's report of a "relatively clean" beat in Q2 builds hope that the company's transformation is playing out and helps put a floor under the stock's valuation. The quarter "wasn't without blemishes," said Huberty, who pointed to cognitive revenue declines and gross margins struggling to stabilize, but another clean quarter in September could help the stock re-rate more meaningfully, she believes. Based on recent peer multiple compression, Huberty lowered her multiple for IBM and cut her price target to $185 from $198, but she keeps an Overweight rating on the shares.
07/19/18
BMOC
07/19/18
NO CHANGE
Target $172
BMOC
IBM Q2 Cognitive segment results 'disappointing', says BMO Capital
BMO Capital analyst Keith Bachman lowered his price target on IBM to $172 from $175 and kept his Market Perform rating after its Q2 results. The analyst notes that while the company saw some progress on the services side and the Systems performance was better than expected, the Cognitive segment results were disappointing, particularly given that the business contains high-growth Watson and blockchain offerings. Bachman adds that the latest update on Cognitive segment is raising questions on whether IBM can sustain meaningful growth in operating income and free cash flows.
AXP American Express
$100.16

-2.82 (-2.74%)

07/19/18
BMOC
07/19/18
NO CHANGE
Target $106
BMOC
Market Perform
American Express price target raised to $106 at BMO Capital after small Q2 beat
BMO Capital analyst James Fotheringham nudged his price target on American Express to $106 from $103 following its marginal Q2 earnings beat, driven by its "better net interest income, costs, and credit". Longer term, the analyst keeps his Market Perform rating on the company given its "multiple growth headwinds", including the "discount rate decline, reinvestments, growth math, and net interest margin pressure."
06/29/18
06/29/18
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. KB Home (KBH) upgraded to Buy from Underperform at BofA/Merrill with analyst John Lovallo saying KB Home's execution, margins and returns have exceeded his expectations for numerous quarters and expects solid homebuilding growth through 2020. 2. Sirius XM (SIRI) upgraded to Outperform from Market Perform at Barrington with analyst James Goss stating he is impressed with the longer-term story Sirius continues to offer and considers the recent downward move in the stock price as providing a buying opportunity. 3. Matador (MTDR) upgraded to Buy from Hold at KLR Group with analyst Gail Nicholson saying the company offers investors "solid" execution, a "strong" balance sheet and numerous catalysts which could unlock incremental value. 4. Duluth Holdings (DLTH) upgraded to Outperform from Market Perform at William Blair with analyst Dylan Carden stating he has greater conference that the direct channel will stabilize and even likely accelerate as new retail markets enter their second year. 5. American Express (AXP) upgraded to Buy from Neutral at Buckingham with analyst Chris Brendler citing the DOJ case being resolved and evidence of "compelling momentum" across its platform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/19/18
UBSW
07/19/18
NO CHANGE
Target $115
UBSW
Buy
American Express Q2 results support buy thesis, says UBS
UBS analyst Eric Wasserstrom said the underlying Q2 results at American Express were strong and supported his thesis of sustained billed business growth. He said the billings growth offset regulatory-driven compression in GNS volume. Wassterstrom reiterated his Buy rating and $115 price target on American Express shares.
06/29/18
06/29/18
UPGRADE
Target $112

Buy
American Express upgraded to Buy after DOJ resolution at Buckingham
As previously reported, Buckingham analyst Chris Brendler upgraded American Express (AXP) to Buy from Neutral and raised his price target on the stock to $112 from $111, citing the DOJ case being resolved and evidence of "compelling momentum" across its platform. He has been surprised AmEx stock hasn't "worked" yet, but thinks investors just need more evidence that the Costco (COST) related competitive concerns are over, Brendler tells investors.
EBAY eBay
$34.11

-3.84 (-10.12%)

07/19/18
DADA
07/19/18
NO CHANGE
Target $50
DADA
Buy
eBay price target lowered to $50 from $55 at DA Davidson
DA Davidson analyst Tom Forte lowered his eBay price target to $50 after its second consecutive quarter of "lackluster results". The analyst kept his Buy rating however, saying the valuation remains attractive and his Bull Case is still intact for the company to generate sustainable double-digit revenue growth from multiple drivers, including rolling out its own payments efforts, optimizing its results on Google searches, guaranteeing "fast" shipping, improving the search experience on its platform, supporting higher mobile usage, and streamlining the StubHub's results.
07/19/18
STFL
07/19/18
UPGRADE
STFL
Buy
eBay upgraded to Buy from Hold at Stifel
07/19/18
RHCO
07/19/18
NO CHANGE
Target $38
RHCO
Hold
eBay Q2 growth below expectations, says SunTrust
SunTrust analyst Youssef Squali lowered his price target on eBay to $38 from $40 and kept his Hold rating after its Q2 results, saying that despite the company's efforts to re-invigorate sales through product changes, growth of new active users remained soft. The analyst adds that the adverse FX pressures are also causing gross merchandise volumes to lag expectations, and even though the stock is inexpensive, the lack of near-term catalysts and ongoing execution risks keep him with a neutral stance.
07/19/18
07/19/18
UPGRADE
Target $43

Buy
Stifel upgrades eBay to Buy, says post-earnings selloff overdone
As previously reported, Stifel analyst Scott Devitt upgraded eBay to Buy from Hold as he believes the selloff following the company's Q2 earnings report is overdone. Expectations are now reset to "achievable levels" and the valuation has become compelling, he tells investors. Devitt maintains his $43 price target on eBay shares.
DM Dominion Energy Midstream
$16.75

3.1 (22.71%)

04/30/18
GUGG
04/30/18
DOWNGRADE
GUGG
Neutral
Dominion Midstream downgraded to Neutral from Buy at Guggenheim
04/30/18
STFL
04/30/18
DOWNGRADE
STFL
Hold
Dominion Midstream downgraded to Hold from Buy at Stifel
04/30/18
04/30/18
DOWNGRADE
Target $13

Hold
Dominion Midstream downgraded to Hold on lack of Dominion support at Stifel
As previously reported, Stifel analyst Timothy Howard downgraded Dominion Midstream (DM) to Hold from Buy, stating that he had previously assumed Dominion Energy (D) would dropdown assets below 10x in an effort to support the partnership, though that no longer appears likely. While the partnership announced a restructuring of IDRs, Howard said that "is hard to define as support without additional help." He ultimately believes Dominion will acquire Dominion Midstream in a unit-for-share deal, but he thinks the economics remain unclear. Howard lowered his price target on Dominion Midstream units to $13 from $25.
04/30/18
SCOT
04/30/18
DOWNGRADE
SCOT
Sector Perform
Dominion Midstream downgraded to Sector Perform from Outperform at Scotiabank
TCP TC PipeLines
$35.22

7.55 (27.29%)

05/14/18
SBSH
05/14/18
DOWNGRADE
SBSH
Neutral
TC PipeLines downgraded to Neutral from Buy at Citi
Citi analyst Vikram Bagri downgraded TC PipeLines (TCP) to Neutral from Buy citing uncertainty from the recent FERC policy changes and his view that the company's proactive distribution cut could be followed by a further reduction. Given the lack of support from parent TransCanada (TRP), he sees better risk/reward opportunities elsewhere, Bagri tells investors.
03/23/18
MSCO
03/23/18
NO CHANGE
Target $37
MSCO
Underweight
TC PipeLines price target lowered to $37 from $56 at Morgan Stanley
Morgan Stanley analyst Tom Abrams lowered his price target on TC PipeLines to $37 from $56 to reflect lower growth expectations on the back of FERC's proposed regulations. In a research note to investors, Abrams said that its long-term strategy and viability remains "unknown."
05/03/18
RBCM
05/03/18
DOWNGRADE
Target $32
RBCM
Sector Perform
TC PipeLines downgraded to Sector Perform at RBC Capital on reduced growth
As reported earlier, RBC Capital analyst T.J. Schultz downgraded TC PipeLines to Sector Perform from Outperform and lowered his price target to $32 from $45. The analyst cites the company's dividend cut announced yesterday, adding that the conversion in its status to a C-Corp only "partially mitigates" its reduced cash flows. Schultz expects TC PipeLines to be in debt management mode for a while, with some time to pass until it can consider potential organic growth options.
05/03/18
RBCM
05/03/18
DOWNGRADE
RBCM
Sector Perform
TC PipeLines downgraded to Sector Perform from Outperform at RBC Capital
MRSN Mersana Therapeutics
$11.24

-5.275 (-31.95%)

03/19/18
JPMS
03/19/18
DOWNGRADE
Target $19
JPMS
Neutral
Mersana Therapeutics downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jessica Fye downgraded Mersana Therapeutics to Neutral and lowered her price target for the shares to $19 from $23. Dose escalation for XMT-1522 is taking longer than expected, which pushes out data from expansion cohorts to 2019 and a key catalyst for the stock, Fye tells investors in a research note. The analyst does not expect catalysts over 2018 to drive the stock meaningfully higher and sees better opportunities elsewhere.
05/07/18
BARD
05/07/18
INITIATION
Target $30
BARD
Outperform
Mersana Therapeutics initiated with an Outperform at Baird
Baird initiated Mersana Therapeutics with an Outperform and $30 price target.
05/08/18
05/08/18
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. Juniper (JNPR) initiated with a Neutral at Rosenblatt. 2. Nice Systems (NICE) initiated with an Equal Weight at Morgan Stanley. 3. Mersana Therapeutics (MRSN) initiated with an Outperform at Baird. 4. iQIYI (IQ) initiated with a Buy at Goldman Sachs. 5. Cubic (CUB) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/25/18
HCWC
04/25/18
NO CHANGE
Target $33
HCWC
Buy
ADC issues has no read-through to Mersana, says H.C. Wainwright
H.C. Wainwright analyst Debjit Chattopadhyay believes issues at private company ADC Therapeutics has no read-through to Mersana Therapeutics. ADC Therapeutics recently had two of its antibody drug conjugates programs potentially terminated based on updates on clinicaltrials.gov, Chattopadhyay tells investors in a research note. This includes ADCT-502, which is a HER2-targeted construct, and hence, of potential interest to Mersana investors, the analyst adds. He believes the problems with ADCT-502 are potentially related to the instability of the linker, and has no reflection on Mersana's platform. Chattopadhyay has a Buy rating on Mersana with a $33 price target.
AA Alcoa
$41.68

-6.22 (-12.99%)

07/19/18
JEFF
07/19/18
NO CHANGE
Target $65
JEFF
Buy
Alcoa shares look undervalued despite guidance cut, says Jefferies
Jefferies analyst Christopher LaFemina says Alcoa's guidance cut on lower commodity prices, higher energy costs and U.S. tariffs offset the company's "solid" Q2 results. Alcoa continues to reduce its pension liability and is positioned to return cash to shareholders in the second half of 2018, LaFemina tells investors in a research note. He recommends buying the stock on the post-earnings weakness and keeps a Buy rating on Alcoa with a $65 price target. The analyst thinks the shares look undervalued at current levels.
07/19/18
JPMS
07/19/18
NO CHANGE
Target $80
JPMS
Overweight
Alcoa shares reflect too step a drop in aluminum prices, says JPMorgan
JPMorgan analyst Michael Gambardella lowered his estimates for Alcoa to reflect the company's guidance around the impacts from operational headwinds, tariffs and energy costs. Even with these revisions following last night's Q2 results, the analyst still expects Aloca to post "solid" EBITDA levels this year. Further, the stock price is discounting too steep of a drop in alumina and aluminum prices, Gambardella tells investors in a research note. He lowered his price target for the shares to $80 from $86 and keeps an Overweight rating on Alcoa.
06/21/18
06/21/18
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 Neutral at B. Riley FBR while Century Aluminum (CENX) was initiated with a Buy. 2. Westlake Chemical (WLK) initiated with an Outperform at Bernstein while Westlake Chemical Partners (WLKP) was initiated with a Market Perform. 3. RealPage (RP) initiated with an Overweight at JPMorgan. 4. JBG Smith Properties (JBGS) initiated with a Sell at Stifel. 5. Kimberly-Clark (KMB) initiated with an Underweight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/19/18
BMOC
07/19/18
NO CHANGE
Target $75
BMOC
Outperform
Alcoa price target lowered to $75 from $80 at BMO Capital
BMO Capital analyst David Gagliano lowered his price target on Alcoa to $75 after its Q2 results, saying its adjusted EBITDA missed expectations in Q2 and the company also reduced the FY18 EBITDA guidance to reflect higher input costs. The analyst also kept his Outperform rating, noting that despite the lowered outlook, shares still trade at "only" 3.6-times his expected FY19 EBITDA on alumina/aluminum prices that are near global marginal cost. Gagliano adds that global deficit conditions in aluminum are still likely.

TODAY'S FREE FLY STORIES

RTLR

Rattler Midstream

$0.00

(0.00%)

17:19
05/22/19
05/22
17:19
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17:19
Syndicate
Rattler Midstream 38M share IPO priced at $17.50 »

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  • 23

    May

GILD

Gilead

$66.51

-0.01 (-0.02%)

17:19
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05/22
17:19
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17:19
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Gilead rating change  »

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    May

SERV

ServiceMaster

$54.18

-0.1 (-0.18%)

17:18
05/22/19
05/22
17:18
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17:18
Hot Stocks
ServiceMaster director sells 8.5K shares of common stock »

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AMGN

Amgen

$171.29

1.67 (0.98%)

17:18
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05/22
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Amgen rating change  »

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  • 31

    May

SBLK

Star Bulk Carriers

$8.13

-0.13 (-1.57%)

17:17
05/22/19
05/22
17:17
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17:17
Earnings
Star Bulk Carriers reports Q1 EPS (9c), consensus (4c) »

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  • 23

    May

IBM

IBM

$136.34

-0.12 (-0.09%)

17:14
05/22/19
05/22
17:14
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17:14
Hot Stocks
IBM awarded $275M DMEA contract »

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  • 22

    May

AVP

Avon Products

$3.49

0.295 (9.23%)

17:09
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17:09
Hot Stocks
Avon Products jumps another 16% after Natura confirms deal »

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HSBC

HSBC

$41.72

0.02 (0.05%)

17:05
05/22/19
05/22
17:05
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17:05
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HSBC rating change  »

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  • 03

    Jun

AVP

Avon Products

$3.49

0.295 (9.23%)

17:04
05/22/19
05/22
17:04
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17:04
Hot Stocks
Natura confirms Avon Products deal with combined group's enterprise value $11B »

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SITE

SiteOne Landscape

$64.36

-2.095 (-3.15%)

17:02
05/22/19
05/22
17:02
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17:02
Hot Stocks
SiteOne Landscape acquires Stone and Soil Depot in San Antonio »

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  • 05

    Jun

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    Jun

RJF

Raymond James

$85.16

-0.64 (-0.75%)

16:53
05/22/19
05/22
16:53
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16:53
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Breaking Hot Stocks news story on Raymond James »

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NTAP

NetApp

$67.08

-2.93 (-4.19%)

16:45
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05/22
16:45
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16:45
Hot Stocks
Breaking Hot Stocks news story on NetApp »

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  • 22

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YNDX

Yandex

$37.67

0.255 (0.68%)

16:43
05/22/19
05/22
16:43
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16:43
Hot Stocks
Yandex appoints Tigran Khudaverdyan Deputy CEO »

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PRTA

Prothena

$9.21

-0.31 (-3.26%)

16:39
05/22/19
05/22
16:39
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16:39
Syndicate
Breaking Syndicate news story on Prothena »

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LQDA

Liquidia Technologies

$10.34

0.28 (2.78%)

16:39
05/22/19
05/22
16:39
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16:39
Hot Stocks
Liquidia Technologies appoints Richard Katz CFO »

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WHR

Whirlpool

$131.06

-1.5 (-1.13%)

16:36
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05/22
16:36
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16:36
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Whirlpool reaffirms 2019 guidance, looks for ROIC of 12-14% in long-term »

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  • 23

    May

CPK

Chesapeake Utilities

$93.79

0.47 (0.50%)

16:36
05/22/19
05/22
16:36
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16:36
Hot Stocks
Chesapeake Utilities and TECO Peoples Gas partner on Callahan Pipeline, Florida »

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LB

L Brands

$21.50

-1.185 (-5.22%)

16:35
05/22/19
05/22
16:35
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16:35
Hot Stocks
Breaking Hot Stocks news story on L Brands »

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  • 23

    May

HTHT

Huazhu Group

$34.41

-0.47 (-1.35%)

16:35
05/22/19
05/22
16:35
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16:35
Earnings
Breaking Earnings news story on Huazhu Group »

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  • 22

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LB

L Brands

$21.50

-1.185 (-5.22%)

16:34
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16:34
Hot Stocks
Breaking Hot Stocks news story on L Brands »

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  • 23

    May

HTHT

Huazhu Group

$34.41

-0.47 (-1.35%)

16:33
05/22/19
05/22
16:33
05/22/19
16:33
Earnings
Huazhu Group reports Q1 adj. EPS 11c, consensus 15c »

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  • 22

    May

  • 23

    May

LB

L Brands

$21.50

-1.185 (-5.22%)

16:33
05/22/19
05/22
16:33
05/22/19
16:33
Earnings
L Brands narrows FY19 EPS view higher to $2.30-$2.60 from $2.20-$2.60 

Consensus $2.39

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  • 23

    May

QCOM

Qualcomm

$69.30

-8.48 (-10.90%)

, TGT

Target

$77.55

5.5 (7.63%)

16:33
05/22/19
05/22
16:33
05/22/19
16:33
On The Fly
Fly Intel: Wall Street's top stories for Wednesday »

Stocks began the day in…

QCOM

Qualcomm

$69.30

-8.48 (-10.90%)

TGT

Target

$77.55

5.5 (7.63%)

LOW

Lowe's

$97.95

-13.15 (-11.84%)

JWN

Nordstrom

$34.35

-3.53 (-9.32%)

AVP

Avon Products

$3.49

0.295 (9.23%)

ISCA

International Speedway

$45.14

1.02 (2.31%)

IPHI

Inphi

$43.12

2.16 (5.27%)

SE

Sea Limited

$31.45

6.065 (23.90%)

AMBA

Ambarella

$39.19

-5.04 (-11.40%)

PSTG

Pure Storage

$15.48

-5.12 (-24.85%)

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  • 22

    May

  • 22

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  • 22

    May

  • 22

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  • 23

    May

  • 23

    May

  • 28

    May

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    May

  • 04

    Jun

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    Jun

  • 06

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    Jun

  • 20

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  • 09

    Jul

  • 31

    Jul

IOVA

Iovance Biotherapeutics

$16.63

0.42 (2.59%)

16:32
05/22/19
05/22
16:32
05/22/19
16:32
Hot Stocks
Iovance Biotherapeutics: FDA grants Breakthrough Therapy designation for LN-145 »

Iovance Biotherapeutics…

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  • 31

    May

  • 10

    Jun

LB

L Brands

$21.50

-1.185 (-5.22%)

16:32
05/22/19
05/22
16:32
05/22/19
16:32
Earnings
Breaking Earnings news story on L Brands »

L Brands sees Q2 EPS…

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  • 23

    May

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