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TSLA

Tesla

$379.44

37.47 (10.96%)

, CI

Cigna

$188.10

0.24 (0.13%)

16:49
08/07/18
08/07
16:49
08/07/18
16:49

Fly Intel: Wall Street's top stories for Tuesday

Stocks opened with nice gains on the heels of positive sentiment for equities in Europe and Asia. The market has been creeping toward its all-time highs and moved closer today with solid gains. The Dow was the leader throughout the session with a triple digit gain as earnings continue to move the market higher, though investors remain wary about trade war headlines. ECONOMIC EVENTS: In the U.S., the JOLTS report showed job openings edged up slightly to 6.66M openings in June. COMPANY NEWS: Shares of Tesla (TSLA) were halted for trading after founder and chief executive officer Elon Musk tweeted that he is considering taking the car maker private at $420 per share and has "funding secured." Musk continued on Twitter, saying that he doesn't have a controlling vote now and "wouldn't expect any shareholder to have one if we go private. I won't be selling in either scenario." The tweets came after the Financial Times reported that Saudi Arabia's Public Investment Fund has built a stake of 3%-5% in Tesla, which is below the 5% threshold that requires public disclosure. Late in the session, an email that was sent to Tesla employees today by Musk explaining his rationale for why he thinks it would be best if Tesla went private was disclosed by the company on its blog. Tesla finished with a gain of 11% at $379.57 per share... Meanwhile, in an open letter to investors, Carl Icahn urged shareholders to vote against Cigna's (CI) $54B deal for Express Scripts (ESRX), arguing that the former is "dramatically overpaying" for a company "facing existential risks on several fronts." The billionaire investor went on to say that "opposition to the highly flawed rebate system will likely lower Express Scripts' profitability dramatically" and that competitive risk from Amazon (AMZN), "arguably the strongest competitor in the world," will possibly challenge the "very existence" of PBMs like Express Scripts. MAJOR MOVERS: Among the noteworthy gainers was Etsy (ETSY), which rose 3% after it reported quarterly results and raised its fiscal 2018 guidance for revenue and GMS. Also higher after reporting quarterly results were Hertz (HTZ) and Twilio (TWLO), which gained a respective 25% and 19%. Among the notable losers was Spark Therapeutics (ONCE), which dropped 28% after the company announced preliminary Phase 1/2 data for its investigational gene therapy candidate SPK-8011 for hemophilia A. Also lower were Zillow (ZG) and Dean Foods (DF), which fell 16% and 15%, respectively, after reporting quarterly results. INDEXES: The Dow rose 126.73, or 0.50%, to 25,628.91, the Nasdaq gained 23.99, or 0.31%, to 7,883.66, and the S&P 500 advanced 8.05, or 0.28%, to 2,858.45.

TSLA

Tesla

$379.44

37.47 (10.96%)

CI

Cigna

$188.10

0.24 (0.13%)

ESRX

Express Scripts

$78.92

2.085 (2.71%)

AMZN

Amazon.com

$1,861.87

14.12 (0.76%)

ETSY

Etsy

$43.83

1.38 (3.25%)

HTZ

Hertz

$19.53

3.87 (24.71%)

TWLO

Twilio

$75.05

11.79 (18.64%)

ONCE

Spark Therapeutics

$55.93

-21.7 (-27.95%)

Z

Zillow

$49.56

-8.62 (-14.82%)

ZG

Zillow

$49.38

-9.66 (-16.36%)

DF

Dean Foods

$8.04

-1.415 (-14.97%)

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TSLA Tesla
$379.44

37.47 (10.96%)

08/06/18
MSCO
08/06/18
NO CHANGE
MSCO
Boeing, Tesla, Nvidia make Morgan Stanley 'key man risk' list
Morgan Stanley equity strategist Mark Savino noted that about 12% of CEO jobs among S&P 500 companies turned over in 2017, noting that this was the highest level of CEO departures since before the financial crisis. The 59 stocks of S&P 500 companies that had CEOs depart in 2017 underperformed the market by 11% over the next 12 months, or since the departure for instances that were less than 12 months ago, noted Savino. In cooperation with the firm's U.S. analysts, Savino and his team identified the companies in each sector they believe face the greatest level of "key man risk," which includes: Boeing (BA), Tesla (TSLA), ADT Inc. (ADT), Moody's (MCO), TransUnion (TRU), Arista Networks (ANET), Church & Dwight (CHD), Coca-Cola (KO), Monster Beverage (MNST), Coupa Software (COUP), Salesforce (CRM), FireEye (FEYE), MongoDB (MDB), Microsoft (MSFT), New Relic (NEWR), XPO Logistics (XPO), Hilton (HLT), Las Vegas Sands (LVS), Best Buy (BBY), Ulta (ULTA), Aflac (AFL), Athene Holding (ATH), Lincoln National (LNC), Arthur J. Gallagher (AJG), Chubb (CB), Amazon.com (AMZN), Activision Blizzard (ATVI), Facebook (FB), Alphabet (GOOGL), Apple (AAPL), Terex (TEX), Cleveland-Cliffs (CLF), Freeport McMoRan (FCX), FleetCor (FLT), Global Payments (GPN), Square (SQ), Jazz Pharmaceuticals (JAZZ), Cheesecake Factory (CAKE), Broadcom (AVGO), Nvidia (NVDA), Chegg (CHGG), DXC Technology (DXC), Medidata (MDSO), Pluralsight (PS), RealPage (RP), Shopify (SHOP) and T-Mobile (TMUS).
08/03/18
08/03/18
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. ALLERGAN UPGRADED TO BUY: Mizuho analyst Irina Koffler upgraded Allergan (AGN) to Buy from Neutral and raised her price target for the shares to $210 from $194. The analyst views Allergan's risk/reward more favorably following the company's "strong" beat and raise quarter and the delayed introduction of Restasis generics. Allergan is up 1.2% in late morning trading. NEEDHAM UPS TRIPADVISOR TO HOLD: Needham analyst Laura Martin upgraded TripAdvisor (TRIP) to Hold from Underperform, saying that while the company's pivot to competing as an online travel agent has failed, its focus to grow its non-hotel businesses is a "higher ROI idea". FLOOR & DECOR DOWNGRADED AT JPMORGAN, PIPER: JPMorgan analyst Christopher Horvers downgraded Floor & Decor (FND) to Neutral from Overweight and lowered his price target for the shares to $45 from $59. The "story shift" taking place is likely to keep the shares in "purgatory," Horvers said following the company's Q2 results. Piper Jaffray analyst Peter Keith also downgraded Floor & Decor to Neutral and lowered his price target for the shares to $39 from $58. The analyst admitted his June upgrade of the stock was wrong following Floor & Decor's Q2 miss and guide down. Floor & Decor is down 6.4% in late morning trading. LUNA CUT TO MARKET PERFORM AT NORTHLAND: Northland analyst Tim Savageaux downgraded Luna Innovations (LUNA) to Market Perform from Outperform as he sees the shares reflecting the value of the "well executed" sale of the Opto Solutions unit at current levels. CANACCORD INITIATES TESLA WITH A HOLD: Canaccord analyst Jed Dorsheimer initiated Tesla (TSLA) with a Hold rating as he sees several risks around the company's financing, cash burn, and general maturity in the industry. Catalysts that could de-risk the shares include shifts in corporate governance, consistent production, and "a CEO who is not working 120 hours per week to hold things together," said Dorsheimer, who set a $336 price target on Tesla shares. BWS SAYS ARLO IPO ESTABLISHES VALUATION CASE FOR NETGEAR: BWS Financial analyst Hamed Khorsand said the pricing of Arlo Technologies' (ARLO) IPO establishes a valuation case for Netgear (NTGR). The analyst believes the IPO pricing gives some context to what Netgear's stake is worth and affirms his sum-of-parts reasoning for owning Netgear shares. He kept a Buy rating on the stock with a $64.50 price target.
08/03/18
08/03/18
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. Tesla (TSLA) initiated with a Hold at Canaccord. 2. Universal Forest (UFPI) initiated with a Buy at Seaport Global. 3. Zafgen (ZFGN) initiated with an Outperform at Wedbush. 4. Entera Bio (ENTX) initiated with a Buy at Maxim. 5. Huya initiated with a Neutral at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/18
MSCO
08/07/18
NO CHANGE
Target $291
MSCO
Equal Weight
Morgan Stanley questions if time to 'fade the bounce' in Tesla
Morgan Stanley analyst Adam Jonas raised his Q3 Model 3 delivery volume forecast to the low end of Tesla's guidance, up from 33,600 to 50,400, which he notes represents a 50% hike. For 2019, he raised his Model 3 delivery forecast to 312,000 from 260,000 as he now assumes 6,000 per week for the year. However, he thinks the stock may struggle to sustain the "sharply higher" expectations following Tesla's stronger than expected Q2 report. Despite his adjustments, Jonas left his price target unchanged at $291 and reiterates his Equal Weight rating in a note to investors titled "Expectations High Again: Time to Fade the Bounce?"
CI Cigna
$188.10

0.24 (0.13%)

08/07/18
LEHM
08/07/18
NO CHANGE
LEHM
Overweight
Cigna shares have upside with deal or no deal, says Barclays
Barclays analyst Steve Valiquette sees upside in shares of Cigna (CI) no matter the outcome of the shareholder vote on August 24 relating to its proposed acquisition of Express Scripts (ESRX). Under a deal break scenario, Cigna should trade at a multiple relatively in-line to diversified peer Anthem (ANTM), implying a fair value of $215, Valiquette tells investors in a research note. If the deal is approved, the analyst sees Cigna shares falling to $180 in the near term. However, his sum-of-the-parts analysis yields a current fair value of $213 per share. As such, the analyst sees upside potential on Cigna in both merger vote scenarios. Valiquette keeps an Overweight rating on the shares.
08/02/18
JPMS
08/02/18
NO CHANGE
JPMS
Overweight
Cigna holders unlikely to vote down Express Scripts deal, says JPMorgan
While Cigna (CI) shares have underperformed peers since the deal for Express Scripts (ESRX) was announced in March, shareholders are unlikely to vote down the transaction, JPMorgan analyst Gary Taylor tells investors in a research note after the Wall Street Journal reported that Carl Icahn has built a stake and will push for voting against the deal. The analyst admits the market is taking a more negative view, as Express Scripts' 16% spread to offer value widened to 25% yesterday. Taylor believes few shareholders have questioned the strategic rational of the merger. He believes, however, that some of Icahn's points could resonate with bears in the near-term. The analyst keeps an Overweight rating on Cigna.
08/03/18
RHCO
08/03/18
NO CHANGE
Target $244
RHCO
Buy
Cigna price target raised to $244 from $220 at SunTrust
SunTrust analyst David MacDonald raised his price target on Cigna (CI) to $244 and kept his Buy rating after its "strong" Q2 results showed a "sizable" earnings beat across its business lines and lower expected medical cost trends. The analyst also maintains his bullish view on the pending Express Scripts (ESRX) deal, stating that the potential benefits of the combination are underappreciated give the strong momentum of the latter heading into 2019. MacDonald contends that investors' merger related concerns are "misplaced" and also sees Cigna valuation as "compelling".
08/02/18
SBSH
08/02/18
NO CHANGE
SBSH
Vote against Express Scripts deal 'somewhat shortsighted,' says Citi
Citi analyst Ralph Giacobbe believes a vote against Cigna's (CI) proposed acquisition of Express Scripts (ESRX), which the Wall Street Journal reported that activist Carl Icahn will push for, could prove "somewhat shortsighted given the changing and evolving healthcare landscape and the integrated offering and cash flow that a combined entity would generate to compete more effectively." The analyst says that regardless of the outcome, he remains positive on Cigna shares. The company's model should continue to drive growth without Express Scripts, and potentially enhance growth with the deal, Giacobbe tells investors in a research note. He keeps a Buy rating on Cigna.
ESRX Express Scripts
$78.92

2.085 (2.71%)

AMZN Amazon.com
$1,861.87

14.12 (0.76%)

08/06/18
STFL
08/06/18
NO CHANGE
Target $202
STFL
Buy
Facebook added to Stifel Select List, Amazon removed
Stifel analyst Scott Devitt replaced Amazon (AMZN) with Facebook (FB) on the Stifel Select List, citing the strong year-to-date performance of Amazon shares, which he still likes and keeps a Buy rating upon. He believes Facebook expectations, and the shares, are appropriately set to allow for longer-term outperformance given the material reset that followed the company's "painful" Q2 update, Devitt tells investors. He maintains a Buy rating and $202 price target on Facebook.
08/03/18
BARD
08/03/18
NO CHANGE
Target $2100
BARD
Outperform
Amazon summit highlights long cloud growth runway, says Baird
After having attended the AWS Summit in Chicago this week, Baird analyst Colin Sebastian said his talks with several enterprise IT decision makers highlight Amazon's "clear advantage" in product breadth and go-to-market capabilities despite the fact that cloud services competition is "undoubtedly intensifying" from Microsoft's (MSFT) Azure and Alphabet's (GOOGL) Google Cloud Platform. Most large-scale enterprises are still in the early days of cloud migration, which bodes well for the long-term growth outlook for AWS along with Azure and Google Cloud, Sebastian concluded. He keeps an Outperform rating and $2,100 price target on Amazon shares.
08/06/18
LOOP
08/06/18
NO CHANGE
Target $55
LOOP
Buy
Etsy price target raised to $55 from $50 at Loop Capital
Loop Capital analyst Laura Champine raised her price target on Etsy (ETSY) to $55 and kept her Buy rating after its Q2 earnings beat and raised guidance. The analyst notes that while the stock price has already doubled year-to-date, its positive momentum is likely to continue after another update forecasting continued revenue growth. Champine also believes that her revenue growth forecasts may prove to be conservative, as Etsy's holiday promotional activity later this year is likely to increase seller count. The analyst contends that Etsy's seller fees at 5% are also an "excellent value" relative to eBay's (EBAY) 10% and Amazon's (AMZN) 15%.
ETSY Etsy
$43.83

1.38 (3.25%)

07/16/18
JMPS
07/16/18
NO CHANGE
JMPS
Market Perform
Etsy comments hint at possible competitive moat for Avalara, says JMP Securities
After reviewing the South Dakota v. Wayfair Supreme Court opinion and some of the related Amicus Curiae briefs, JMP Securities analyst Patrick Walravens highlighted a comment from Etsy's (ETSY) brief that concluded that "given this complexity [of mapping thousands of tax codes to millions of unique products], it is doubtful that a software fix ever can be developed." Rather than doubting that a software solution can ever be developed, Walravens said he views the complexity referenced by Etsy as the market opportunity and potential competitive moat for Avalara, he tells investors. Still, Walravens believes Avalara is currently fairly valued and maintains his Market Perform rating on the shares.
08/07/18
IFSG
08/07/18
NO CHANGE
Target $55
IFSG
Outperform
Etsy price target raised to $55 from $50 at IFS Securities
IFS Securities analyst Ronald Bookbinder raised his price target for Etsy to $55 citing the company's "strong" Q2 results. With a focus on driving revenue and cutting costs to expand operating margins, profitability should continue to accelerate at Etsy, Bookbinder tells investors in a post-earnings research note. Hee believes the company has improved merchandising and keeps an Outperform rating on the shares.
08/07/18
DADA
08/07/18
NO CHANGE
Target $53
DADA
Buy
Etsy price target raised to $53 at DA Davidson after 'impressive' Q2
DA Davidson analyst Tom Forte raised his price target on Etsy to $53 from $51 and "enthusiastically" kept his Buy rating after its Q2 revenue and EBITDA came in "well above expectations". The analyst contends that the overall impact from the state online sales tax collection changes will be small and historically only impacts transactions involving big ticket items. Forte is also positive on the management's execution and the company's launch of subscription plans, which could produce an upside to his adjusted EBITDA margin forecast of 33%.
HTZ Hertz
$19.53

3.87 (24.71%)

01/18/18
01/18/18
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. Walmart (WMT) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Matthew Fassler saying selling consumables to middle-income consumers in small markets remains a compelling strategic position. 2. Hertz (HTZ) upgraded to Outperform from Neutral at Macquarie with analyst Hamzah Mazari saying he is more bullish on 2018 rental car pricing given fleet cutting by Enterprise, the positive impact on corporate travel from tax reform, and the potential US infrastructure bill creating excess demand. For Hertz specifically. 3. Alarm.com (ALRM) upgraded to Buy from Hold at Jefferies analyst John DiFucci saying Alarm.com is at the forefront of the trend towards connected homes and devices. 4. PPL Corp. (PPL) upgraded to Buy from Hold at Deutsche Bank with analyst Jonathan Arnold saying the current valuation is "too cheap to ignore," and U.K. energy regulator Ofgem failing to implement a mid-period review of RIIO-ED1 offers "decent prospects for a near-term re-rating catalyst." 5. Fluor (FLR) upgraded to Outperform from Neutral at Credit Suisse with analyst Jamie Cook saying investors will gravitate back to Engineering & Construction stocks as fundamentals for the group are improving. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/28/18
MSCO
02/28/18
NO CHANGE
MSCO
Underweight
Hertz lack of 2018 guidance shouldn't be a surprise, says Morgan Stanley
Morgan Stanley analyst Adam Jonas said the fact that Hertz management did not provide financial guidance for 2018 should not be a surprise as the car rental industry "doesn't grow" and the company has total debt "far greater" than its total revenue. He believes management commentary on 2018 suggests elevated turnaround and transition expenses will continue before an improvement in 2019. Jonas, who still thinks Hertz may need to consider significant structural changes given the challenges facing the traditional car rental business model, keeps an Underweight rating on Hertz shares.
06/26/18
MSCO
06/26/18
INITIATION
Target $30
MSCO
Underweight
Avis Budget resumed with an Underweight at Morgan Stanley
Morgan Stanley analyst Adam Jonas resumed coverage of Avis Budget (CAR) with an Underweight rating and $30 price target, as he believes the company, and the U.S. car rental industry, may have a hard time raising prices sufficiently to offset rising vehicle depreciation costs. Both Avis and Hertz (HTZ) are "heavily dependent" on the used car market and credit environment, said Jonas, who also reiterated an Underweight rating on Hertz, though he increased his price target on its shares to $15 from $13.
08/07/18
MSCO
08/07/18
NO CHANGE
MSCO
Underweight
Morgan Stanley doesn't expect lower fleet cost to last at Hertz
Morgan Stanley analyst Adam Jonas said lower fleet cost "saved the quarter" for Hertz, but he does not expect that to last. The analyst, who notes there is still no guidance from the company, remains cautious on the transportation network company business and still sees Hertz having a secularly challenged business model, exposure to rising rates, and high leverage. He keeps an Underweight rating on Hertz shares.
TWLO Twilio
$75.05

11.79 (18.64%)

08/07/18
BARD
08/07/18
NO CHANGE
Target $82
BARD
Outperform
Twilio price target raised to $82 from $50 at Baird
Baird analyst William Power raised his price target on Twilio to $82 from $50 following the company's "blow-out" Q2 results. The analyst also noted the raised guidance on the heels of its stronger than expected quarter and he sees multiple drivers supporting it in the second half of the year. Power reiterated his Outperform rating on Twilio shares.
06/28/18
06/28/18
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. Air Transport Services (ATSG) upgraded to Buy from Hold at Stifel with analyst David Ross saying shares are attractive at current levels given long-term growth prospects. 2. T-Mobile (TMUS) upgraded to Outperform from Market Perform at Wells Fargo with analyst Jennifer Fritzsche stating that recent conversations with some of his DC contacts have made him more optimistic that a deal to merge with Sprint (S) could be approved. 3. Talend (TLND) upgraded to Buy from Neutral at with analyst Tyler Radke saying a survey of Chief Data Officers shows "strong spending signals" while the company's competitive backdrop is favorable amid "increasing cloud tailwinds". 4. Regions Financial (RF) upgraded to Neutral from Underperform at Baird with analyst David George citing the recent pullback, which he thinks has made the valuation more reasonable. 5. Twilio (TWLO) upgraded to Buy from Hold at Argus with analyst Jim Kelleher saying the pullback in the stock price has created a more favorable entry point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/18
ADAM
08/07/18
NO CHANGE
Target $80
ADAM
Buy
Twilio price target raised to $80 from $52 at Canaccord
Canaccord analyst Richard Davis raised his price target on Twilio to $80 from $52 following Q2 results that showed upside on every metric he tracks. He noted the company turned profitable one quarter earlier than expected, guidance was very strong, and its Flex program continues to show early traction. Davis reiterated his Buy rating on Twilio shares.
08/07/18
JPMS
08/07/18
NO CHANGE
Target $75
JPMS
Overweight
Twilio price target raised to $75 from $60 at JPMorgan
JPMorgan analyst Mark Murphy raised his price target for Twilio to $75 saying the company last night posted an "outstanding" Q2 with "substantial improvement in its growth-plus-margin profile, cementing its performance in the top echelon of the software industry." Total revenue accelerated to 54% year-over-year growth and was 13% above consensus, Murphy tells investors in a post-earnings research note. The analyst reaffirms Twilio as a top SMID-cap pick and keeps an Overweight rating on the shares.
ONCE Spark Therapeutics
$55.93

-21.7 (-27.95%)

08/07/18
SBSH
08/07/18
UPGRADE
SBSH
Buy
Citi upgrades Spark Therapeutics to Buy with shares down nearly 30%
Citi analyst Mohit Bansal upgraded Spark Therapeutics to Buy from Neutral amid today's post-earnings selloff. The analyst maintains an $85 price target for the shares. The company's update this morning on its hemophilia A gene therapy was "incrementally positive and better than our expectations," Bansal tells investors in a research note. The analyst feels investors should not be too concerned about the immune flare in two patients as he thinks these patients could be managed with prophylactic use of steroids. Other gene therapy players are using prophylactic steroids and it was a bit surprising that Spark did not use prophylactic steroid in the first place, the analyst writes. He views today's selloff as a buying opportunity saying the data in five of seven patients are better than his expectations. Bansal notes that Spark will employ a prophy strategy going forward. The analyst also views the company as a potential takeover candidate. He pegs Spark's buyout valuation at $130 per share. The stock in midday trading is down 29%, or $22.49, to $55.12.
08/07/18
LEER
08/07/18
NO CHANGE
Target $55
LEER
Market Perform
Spark Therapeutics price target lowered to $55 from $74 at Leerink
08/07/18
LEER
08/07/18
NO CHANGE
Target $55
LEER
Market Perform
Spark Therapeutics price target lowered to $55 from $74 at Leerink
Leerink analyst Joseph Schwartz lowered his price target for Spark Therapeutics to $55 from $74 based on a reduction in his PoS for SPK-8011 to 15% from 25% previously. The analyst notes that SPK-8011 in hemophilia A continues to miss its target product profile of consistent factor VIII expression above 12% of normal levels, confirming his concerns about immunogenicity to the SPK-100 vector which arose after the first SPK-8011 data update at ASH 2017. Schwartz reiterates a Market Perform rating on the shares.
08/07/18
FBCO
08/07/18
DOWNGRADE
FBCO
Underperform
Spark Therapeutics downgraded to Underperform from Outperform at Credit Suisse
Credit Suisse downgraded Spark Therapeutics to Underperform from Outperform and cut its price target to $48 from $98.
Z Zillow
$49.56

-8.62 (-14.82%)

08/07/18
SPHN
08/07/18
NO CHANGE
Target $62
SPHN
Overweight
Zillow 'hiccups' provide buying opportunity, says Stephens
Stephens analyst John Campbell said Zillow's (ZG) core business continues to perform nicely despite the early growing pains seen in its new Homes business. He sees "some hiccups" triggering the guidance decrease and remains highly upbeat on Zillow over the long-term, recommending that investors use the weakness as a buying opportunity. He lowered his price target on the stock to $62 from $64 but maintains an Overweight rating on Zillow, whose Class A shares are down $9.50, or 16%, to $49.50 in pre-market trading.
08/07/18
BWSF
08/07/18
NO CHANGE
Target $194
BWSF
Sell
Zillow acquisition a risk for LendingTree, says BWS Financial
The acquisition of Mortgage Lenders of America by Zillow Group (ZG) is further risk to LendingTree's (TREE) business, BWS Financial analyst Hamed Khorsand tells investors in a research note. LendingTree is already facing a price ceiling on referral rates, the analyst contends. He believes Zillow buying one of the company's customers "emphasizes some of the headwinds that could persist for a while." Further consolidation among mortgage lenders could further deteriorate the ability for LendingTree to retain current level of referral rates, Khorsand contends. He keeps a Sell rating on the shares with a $194 price target.
08/07/18
08/07/18
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. Zillow (Z, ZG) downgraded to Neutral from Buy at BofA/Merrill with analyst Nat Schindler saying the quarter indicated Zillow is taking longer than expected to ramp up the Homes business, Rentals revenue missed and the outlook cut, and other revenue also missed, indicating new construction opportunity is also taking longer to materialize. 2. CBS (CBS) downgraded to Hold from Buy at Argus with analyst Joseph Bonner citing significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIAB) merger. 3. Extraction Oil & Gas (XOG) downgraded to Neutral from Outperform at Macquarie with analyst Paul Grigel citing increased risk from Colorado Initiative 97. 4. Wynn Resorts (WYNN) downgraded to Hold from Buy at Argus with analyst John Staszak citing its Q2 earnings miss, saying the gross gaming revenue in Macau has now missed consensus forecasts for the months of June and July. 5. Dentsply Sirona (XRAY) downgraded to Neutral from Outperform at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/18
08/07/18
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. BOFA CUTS ZILLOW TO NEUTRAL: BofA Merrill Lynch analyst Nat Schindler downgraded Zillow (Z, ZG) to Neutral from Buy and cut its price target to $60 from $70 following the Q2 report and reduction in guidance. Schindler said the quarter indicated Zillow is taking longer than expected to ramp up the Homes business, Rentals revenue missed and the outlook was cut, and other revenue also missed, indicating the new construction opportunity is also taking longer to materialize. Zillow Class A shares are down about 17% in late morning trading. MORGAN STANLEY SAYS WAYMO COULD BE WORTH $175B: Morgan Stanley analyst Brian Nowak increased his enterprise value estimate for Alphabet's (GOOG, GOOGL) Waymo unit from $75B for ride sharing only to $175B given his analyses for two other emerging business models, logistics and licensing. He believes Waymo remains on track to launch an autonomous ride hailing service in Phoenix this year and believes this business could be worth about $80B over the long-term. Given his view of Waymo being a key part of Alphabet's long-term value, Nowak raised his sum of the parts valuation to $1,550 from $1,400. He has an Overweight rating and $1,325 price target on Alphabet shares. GOLDMAN RAISES NVIDIA TARGET AHEAD OF EARNINGS: Goldman Sachs analyst Toshiya Hari raised his price target for Nvidia (NVDA) to $324 from $310 ahead of quarterly results. Unlike the past 10 quarters where the company handily beat Street estimates and raised guidance, the analyst expects a "noisy" quarter with the focal points being the upcoming product transition in Gaming, the current product transition in Datacenter, weakness in cryptocurrency mining, and potential disruption from the virus attack at TSMC (TSM). That said, Hari noted that his long-term bull thesis on Nvidia remains intact and reiterated a Buy rating on the shares. ARGUS CUTS CBS TO HOLD: Argus analyst Joseph Bonner downgraded CBS (CBS) to Hold from Buy, noting significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIA, VIAB) merger. Bonner noted that if the Moonves allegations are proven true, he would be immediately dismissed, which could end the board's bid to remain independent and thereby inflict damage on the shareholders.
ZG Zillow
$49.38

-9.66 (-16.36%)

08/07/18
CHLM
08/07/18
NO CHANGE
Target $45
CHLM
Hold
Zillow price target lowered to $45 from $50 at Craig-Hallum
Craig-Hallum analyst Bradley Berning lowered his price target for Zillow to $45 for $50 following quarterly results. The analyst reiterates a Hold rating on the stock as he remains cautious on the impact of new business to the earnings volatility, capital intensity and valuation.
DF Dean Foods
$8.04

-1.415 (-14.97%)

05/14/18
05/14/18
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. Dean Foods (DF) downgraded to Sell from Hold at Deutsche Bank analyst Rob Dickerson saying he still sees four fundamental challenges facing the company: continued declines in U.S. dairy milk consumption, its low-margin structured business, increasing vertical category integration by retailers, and what he views as low odds of transformative acquisitions. 2. Owens Corning (OC) downgraded to Market Perform from Outperform at Wells Fargo with analyst Stephen East saying his outlook for Roofing and Composites has weakened and extremely weak year to date 2018 hail/storm activity is likely an incremental headwind to 2H18 Shingle Volumes while inflationary cost pressures are more intense than originally expected. 3. Xerox (XRX) downgraded to Neutral from Overweight at JPMorgan and to Hold from Buy at Cross Research. 4. Jeld-Wen (JELD) downgraded to Neutral from Buy at BofA/Merrill with analyst John Lovallo saying he believes the company will face challenges from the CEO search, Steves & Sons litigation, wood windows, and believes a margin recovery could take longer than expected. 5. Hostess Brands (TWNK) downgraded to Hold from Buy at Deutsche Bank with analyst Rob Dickerson saying he is less certain on the base business' potential margin and profitability progression over the next twelve months following the company's recent earnings report. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/14/18
DBAB
05/14/18
DOWNGRADE
DBAB
Sell
Dean Foods downgraded to Sell from Hold at Deutsche Bank
05/14/18
05/14/18
DOWNGRADE
Target $9

Sell
Dean Foods downgraded to Sell following rally at Deutsche Bank
As previously reported, Deutsche Bank analyst Rob Dickerson downgraded Dean Foods to Sell from Hold after the stock rallied 25% since the company's Q1 earnings report about a week ago, saying he still sees four fundamental challenges facing the company - continued declines in U.S. dairy milk consumption; its low-margin structured business; increasing vertical category integration by retailers; and what he views as low odds of transformative acquisitions. Dickerson raised his price target on Dean Foods shares to $9 from $8.
08/07/18
VERF
08/07/18
DOWNGRADE
Target $9
VERF
Hold
Dean Foods downgraded to Hold from Buy at Vertical Group

TODAY'S FREE FLY STORIES

INFY

Infosys

$9.39

0.06 (0.64%)

12:58
11/13/18
11/13
12:58
11/13/18
12:58
Hot Stocks
Infosys to open technology and innovation hub in Texas, hire 500 workers by 2020 »

Infosys announced that it…

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  • 02

    Dec

SNE

Sony

$51.64

0.09 (0.17%)

, MSFT

Microsoft

$107.45

0.56 (0.52%)

12:56
11/13/18
11/13
12:56
11/13/18
12:56
OnTheFly
Game On: Take-Two says 'Red Dead 2' has outsold first 'RDR' in just eight days »

Welcome to "Game On," The…

SNE

Sony

$51.64

0.09 (0.17%)

MSFT

Microsoft

$107.45

0.56 (0.52%)

T

AT&T

$30.63

-0.17 (-0.55%)

NTDOY

Nintendo

$0.00

(0.00%)

ATVI

Activision Blizzard

$52.93

-0.97 (-1.80%)

TTWO

Take-Two

$108.52

-0.51 (-0.47%)

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    Mar

VOYA

Voya Financial

$46.38

1.795 (4.03%)

12:55
11/13/18
11/13
12:55
11/13/18
12:55
Hot Stocks
Breaking Hot Stocks news story on Voya Financial »

Voya Financial trading…

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  • 13

    Nov

M

Macy's

$36.27

-0.77 (-2.08%)

, APRN

Blue Apron

$1.17

-0.08 (-6.40%)

12:47
11/13/18
11/13
12:47
11/13/18
12:47
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

M

Macy's

$36.27

-0.77 (-2.08%)

APRN

Blue Apron

$1.17

-0.08 (-6.40%)

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  • 14

    Nov

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    Nov

WIX

Wix.com

$91.01

2.54 (2.87%)

, REZI

Resideo

$21.90

0.56 (2.62%)

12:47
11/13/18
11/13
12:47
11/13/18
12:47
Earnings
Notable companies reporting after market close »

Notable companies…

WIX

Wix.com

$91.01

2.54 (2.87%)

REZI

Resideo

$21.90

0.56 (2.62%)

SWCH

Switch

$9.16

-0.18 (-1.93%)

03/08/13
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03/06/13
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03/06/13
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  • 13

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    Nov

SIRI

Sirius XM

$6.26

0.15 (2.46%)

12:47
11/13/18
11/13
12:47
11/13/18
12:47
Conference/Events
Sirius XM management to meet with B. Riley FBR »

Meeting to be held in…

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  • 15

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OESX

Orion Energy

$0.80

-0.0501 (-5.89%)

12:44
11/13/18
11/13
12:44
11/13/18
12:44
Recommendations
Orion Energy analyst commentary  »

Orion Energy price target…

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  • 13

    Nov

SBUX

Starbucks

$68.05

0.14 (0.21%)

12:41
11/13/18
11/13
12:41
11/13/18
12:41
Periodicals
Starbucks lays off 5%, or 350, corporate employees, Seattle Times reports »

As part of its…

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  • 13

    Dec

MET

MetLife

$46.01

1.29 (2.88%)

12:40
11/13/18
11/13
12:40
11/13/18
12:40
Options
8.2K Metlife Jan 47.5 - 50 call spreads bought for 82c »

8.2K Metlife Jan 47.5 -…

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  • 14

    Nov

CKPT

Checkpoint Therapeutics

$2.37

0.19 (8.72%)

12:38
11/13/18
11/13
12:38
11/13/18
12:38
Hot Stocks
Checkpoint Therapeutics director Lindsay Rosenwald buys 100K shares of stock »

Checkpoint Therapeutics…

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HEAR

Turtle Beach

$15.81

0.56 (3.67%)

12:35
11/13/18
11/13
12:35
11/13/18
12:35
Options
Turtle Beach put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 15

    Nov

KORS

Michael Kors

$49.26

1.51 (3.16%)

12:34
11/13/18
11/13
12:34
11/13/18
12:34
Hot Stocks
Michael Kors CEO sees double digit revenue growth in 2020 »

Michael Kors Chairman and…

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  • 13

    Nov

SBUX

Starbucks

$68.02

0.11 (0.16%)

12:32
11/13/18
11/13
12:32
11/13/18
12:32
Periodicals
Starbucks to lay off 5% of corporate workforce, Dow Jones says »

The layoffs, which total…

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  • 13

    Dec

VOYA

Voya Financial

$46.22

1.635 (3.67%)

12:29
11/13/18
11/13
12:29
11/13/18
12:29
Hot Stocks
Breaking Hot Stocks news story on Voya Financial »

Voya Financial trading…

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  • 13

    Nov

NIO

NIO Inc.

$6.77

0.12 (1.80%)

12:25
11/13/18
11/13
12:25
11/13/18
12:25
Options
NIO Inc call volume above normal and directionally bullish »

Bullish option flow…

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12:25
11/13/18
11/13
12:25
11/13/18
12:25
Conference/Events
William Blair specialty finance analyst holds a group luncheon »

Specialty Finance Analyst…

DVMT

Dell Technologies

$103.00

4.58 (4.65%)

, VMW

VMware

$151.32

3.16 (2.13%)

12:24
11/13/18
11/13
12:24
11/13/18
12:24
Periodicals
Dell considering raising bid for DVMT tracking stock, Reuters says »

Dell Technologies (DVMT)…

DVMT

Dell Technologies

$103.00

4.58 (4.65%)

VMW

VMware

$151.32

3.16 (2.13%)

03/08/13
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  • 06

    Dec

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    Dec

AKRX

Akorn

$6.74

0.02 (0.30%)

, TEVA

Teva

$23.78

0.09 (0.38%)

12:18
11/13/18
11/13
12:18
11/13/18
12:18
Periodicals
Court rules Allergan's patents on Restasis are invalid, Bloomberg reports »

The U.S. Court of Appeals…

AKRX

Akorn

$6.74

0.02 (0.30%)

TEVA

Teva

$23.78

0.09 (0.38%)

AGN

Allergan

$163.97

0.15 (0.09%)

MYL

Mylan

$36.19

0.25 (0.70%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
11/13/18
11/13
12:17
11/13/18
12:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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SPY

SPDR S&P 500 ETF Trust

$274.51

1.92 (0.70%)

, SPX

S&P 500

$0.00

(0.00%)

12:16
11/13/18
11/13
12:16
11/13/18
12:16
Periodicals
John Kelly may soon depart Trump administration, NBC News reports »

Chief of Staff John Kelly…

SPY

SPDR S&P 500 ETF Trust

$274.51

1.92 (0.70%)

SPX

S&P 500

$0.00

(0.00%)

03/08/13
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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
11/13/18
11/13
12:16
11/13/18
12:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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ETSY

Etsy

$47.77

-2.87 (-5.67%)

12:15
11/13/18
11/13
12:15
11/13/18
12:15
Options
Etsy put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 13

    Nov

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$274.18

1.59 (0.58%)

12:13
11/13/18
11/13
12:13
11/13/18
12:13
General news
Trump says New York Times story on North Korea missile bases 'inaccurate' »

President Donald Trump…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$274.18

1.59 (0.58%)

NYT

New York Times

$26.21

-0.135 (-0.51%)

03/08/13
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SUM

Summit Materials

$13.58

0.33 (2.49%)

12:11
11/13/18
11/13
12:11
11/13/18
12:11
Hot Stocks
Breaking Hot Stocks news story on Summit Materials »

Southeastern Asset…

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AMZN

Amazon.com

$1,659.40

22.7 (1.39%)

, HD

Home Depot

$176.79

-2.72 (-1.52%)

12:08
11/13/18
11/13
12:08
11/13/18
12:08
OnTheFly
Fly Intel: Wall Street's top stories at midday »

Stocks have endured a…

AMZN

Amazon.com

$1,659.40

22.7 (1.39%)

HD

Home Depot

$176.79

-2.72 (-1.52%)

AAPL

Apple

$195.05

0.895 (0.46%)

QRVO

Qorvo

$63.65

-0.15 (-0.24%)

GE

General Electric

$8.53

0.55 (6.89%)

BHGE

Baker Hughes

$24.40

0.77 (3.26%)

LITE

Lumentum

$39.86

2.355 (6.28%)

JCI

Johnson Controls

$35.65

1.47 (4.30%)

BBU

Brookfield Business Partners

$37.95

1.1 (2.99%)

NVDA

Nvidia

$202.02

12.65 (6.68%)

AAP

Advance Auto Parts

$182.72

15.78 (9.45%)

JKHY

Jack Henry

$139.74

-1.57 (-1.11%)

TSN

Tyson Foods

$58.10

-3.41 (-5.54%)

EPC

Edgewell Personal Care

$43.11

-3.13 (-6.77%)

03/08/13
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03/06/13
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