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TRCO

Tribune Media

$34.82

1.125 (3.34%)

, SBGI

Sinclair Broadcast

$26.18

-0.975 (-3.59%)

12:10
08/09/18
08/09
12:10
08/09/18
12:10

Fly Intel: Wall Street's top stories at midday

Stocks opened little changed and have drifted throughout the morning. After moving in narrow range for most of the morning, some weakness in the Dow has followed the close of the European markets. The averages are now mixed, with the Nasdaq higher, the Dow lower and the S&P virtually unchanged. ECONOMIC EVENTS: In the U.S., the Producer Prices Index was flat in July, with the core rate 0.1% higher, which was a little softer than forecast. Initial jobless claims dropped 6k to 213k in the week ended August 4. Wholesale inventories rose 0.1% in June, with sales falling 0.1%. COMPANY NEWS: Tribune Media (TRCO) announced that it has terminated its merger agreement with Sinclair Broadcast Group (SBGI) and filed a lawsuit in the Delaware Chancery Court against Sinclair for breach of contract, with Bloomberg reporting that Tribune is seeking $1B in damages from Sinclair. Tribune CEO Peter Kern said that "notwithstanding our disappointment regarding the outcome of the transaction," the company was "extremely pleased" with its second quarter results, which were also reported this morning. Following the news, Tribune shares are up 3.5% while Sinclair shares have fallen about 3.5%... In other M&A news, Rite Aid (RAD) announced that it has mutually agreed with Albertsons Companies to terminate their previously announced merger agreement. Shares of the pharmacy chain owner are down about 11% following the announcement. Also, Dun & Bradstreet (DNB) shares have jumped 16% after the company agreed to be acquired by a group of private equity investors for $145 per share in cash in a deal valued at $6.9B including the assumption of debt and pension obligations... Last night, 21st Century Fox (FOXA) reported better than expected revenue and earnings in its fiscal fourth quarter, aided by the success of "Deadpool 2." Executive Chairmen Rupert and Lachlan Murdoch said they are "convinced that the paths we are creating for our iconic businesses will drive enduring and growing value for our shareholders" as the company moves closer to combining its businesses with Disney (DIS) and establishing "new Fox." MAJOR MOVERS: Among the noteworthy gainers was Belmond (BEL), which surged 40% after announcing that its board has initiated a comprehensive review of strategic alternatives to enhance shareholder value and after reporting quarterly results. Also higher after reporting quarterly results were Yelp (YELP) and Roku (ROKU), which gained a respective 28% and 22%. Among the notable losers was Perrigo (PRGO), which dropped 9% after it reported quarterly results and announced plans to separate its Prescription Pharmaceuticals business. Also lower after reporting quarterly results were e.l.f. Beauty (ELF) and La Jolla (LJPC), which fell 29% and 23%, respectively. INDEXES: Near midday, the Dow was down 34.50, or 0.13%, to 25,549.25, the Nasdaq was up 20.53, or 0.26%, to 7,908.86, and the S&P 500 was flat at 2,857.67.

TRCO

Tribune Media

$34.82

1.125 (3.34%)

SBGI

Sinclair Broadcast

$26.18

-0.975 (-3.59%)

RAD

Rite Aid

$1.56

-0.19 (-10.89%)

DNB

Dun & Bradstreet

$142.58

19.78 (16.11%)

FOXA

21st Century Fox

$45.69

0.22 (0.48%)

DIS

Disney

$114.19

0.2 (0.18%)

BEL

Belmond

$15.40

4.3 (38.74%)

YELP

Yelp

$48.40

10.305 (27.05%)

ROKU

Roku

$57.78

10.52 (22.26%)

PRGO

Perrigo

$70.37

-7.93 (-10.13%)

ELF

e.l.f. Beauty

$10.67

-4.23 (-28.39%)

LJPC

La Jolla

$25.67

-7.15 (-21.79%)

FOX

21st Century Fox

$45.13

0.18 (0.40%)

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TRCO Tribune Media
$34.82

1.125 (3.34%)

07/31/18
EVER
07/31/18
INITIATION
Target $40
EVER
Outperform
Tribune Media initiated with an Outperform at Evercore ISI
Evercore ISI analyst David Joyce initiated Tribune Media with an Outperform and $40 price target.
07/19/18
SPHN
07/19/18
DOWNGRADE
Target $37
SPHN
Equal Weight
Tribune Media downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Kyle Evans downgraded Tribune Media (TRCO) to Equal Weight from Overweight after the FCC announced last night that it has adopt a Hearing Designation Order for the Sinclair Broadcast (SBGI) deal. He had hoped the revised divestiture plan would eliminate the need for an HDO, but now that it has been adopted he is more worried that there could be character issues standing in the way of the deal being closed. Evans lowered his price target on Tribune shares to $37 from $41.
07/27/18
WELS
07/27/18
NO CHANGE
WELS
DOJ broadcast investigation unlikely to be material, says Wells Fargo
Wells Fargo analyst Marci Ryvicker says her conversions with industry contacts indicate the Department of Justice investigation into various television groups for alleged ad-rate collusion is unlikely to be material. The investigation likely stemmed from the DOJ's review of the Sinclair Broadcast (SBGI), Tribune Media merger, Ryvicker tells investors in a research note. She believes high levels of conversations about business likely drove the investigation and that it will be tough to prove that this lead to price fixing.
07/27/18
SPHN
07/27/18
NO CHANGE
SPHN
Reported DOJ investigation likely to pressure broadcaster stocks, says Stephens
After The Wall Street Journal reported yesterday that the Department of Justice is investigating whether TV station owners violated antitrust law in ways that inflated local ad prices, Stephens analyst Kyle Evans said that the negative news is likely to further pressure a group that he sees being "hard to own in any quarter." Evans added that, in his view, any miss within the group seems to drag them all down. Publicly traded broadcasters include Sinclair (SBGI), Tribune Media (TRCO), Gray Television (GTN), Nexstar (NXST) and Tegna (TGNA).
SBGI Sinclair Broadcast
$26.18

-0.975 (-3.59%)

07/31/18
EVER
07/31/18
INITIATION
Target $34
EVER
In Line
Sinclair Broadcast initiated with an In Line at Evercore ISI
Evercore ISI analyst David Joyce initiated Sinclair Broadcast with an In Line and $34 price target.
RAD Rite Aid
$1.56

-0.19 (-10.89%)

06/28/18
JPMS
06/28/18
NO CHANGE
JPMS
Amazon deal creates significant overhang on Rx channel sentiment, says JPMorgan
JPMorgan Analyst Lisa Gill said Amazon's (AMZN) agreement to acquire PillPack is expected to drive a "significant overhang" on sentiment across the prescription channel, even though she doesn't expect PillPack to capture a material share of the market in the near term. While the deal establishes an initial foothold for Amazon in the mail pharmacy space, she thinks it will take time to scale up and she does not believe PillPack's unit dose packaging technology is unique. Gill also noted that Express Scripts (ESRX) said it would remove PillPack from its pharmacy network in 2016 on allegations it had misrepresented itself as a retail pharmacy and not a mail pharmacy, though within weeks PillPack was added back by the PBM. Shares of retail pharmacy operators CVS Health (CVS), Walgreens (WBA) and Rite Aid (RAD) have all been pressured by the news of Amazon's deal, as have the shares of drug distributors AmerisourceBergen (ABC), Cardinal Health (CAH) and McKesson (MCK). Diplomat Pharmacy (DPLO), an operator of a specialty pharmacy, is also sharply lower following the announcement from Amazon.
08/09/18
DADA
08/09/18
DOWNGRADE
Target $12.25
DADA
Neutral
e.l.f. Beauty downgraded to Neutral from Buy at DA Davidson
DA Davidson analyst Linda Bolton Weiser downgraded e.l.f. Beauty (ELF) to Neutral from Buy and lowered her price target to $12.25 from $23, saying that its expectations of lower growth warrants a lower target multiple. The analyst also cites her growing concerns about the company's brand health that is likely losing market share. Weiser adds that while e.l.f. Beauty added new retail customers such as Ride Aid (RAD), the shifting trends in the point-of-sale could "jeopardize shelf space with existing retailers", while noting increasing threat to mass cosmetics from consumers moving to more upscale brands.
06/28/18
BARD
06/28/18
NO CHANGE
BARD
Outperform
Amazon creates another competitive advantage with PillPack, says Baird
Baird analyst Colin Sebastian believes Amazon.com's (AMZN) acquisition of PillPack creates a formidable competitor to brick-and-mortar pharmacy peers. Shares of CVS Health (CVS), Walgreens Boots Alliance (WBA) and Rite Aid (RAD) are trading lower following the news. PillPack provides a full-service online pharmacy experience and delivers medication in pre-sorted dose packaging for customers across the U.S., Sebastian tells investors in a research note. The deal creates another competitive advantage over competing e-commerce platforms as Amazon seeks to integrate its pharmacy business with other verticals with high purchase frequency like grocery, the analyst adds. Amazon this morning also announced the expansion of Delivery Partners, a service enabling individuals to build small parcel delivery businesses in support of Amazon's e-commerce growth. Sebastian thinks the delivery service partner initiative represents an important step in last-mile delivery, particularly as customer demand for two-hour delivery increases with the increasing adoption of Prime Now. The analyst has an Outperform rating on Amazon.com with a $1,800 price target.
04/30/18
LOOP
04/30/18
NO CHANGE
Target $4
LOOP
Hold
Fred's CEO resignation 'fire but no sale,' says Loop Capital
In a research note titled "CEO resigns - Fire but no sale," Loop Capital analyst Andrew Wolf notes that Fred's (FRED) has announced the resignation of Chief Executive Officer Michael Bloom, effective as of April 24, 2018. Joseph Anto, Fred's Executive Vice President and Chief Financial Officer, will serve as Interim Chief Executive Officer. Additionally, the analyst points out that Alden Capital owns 24% of Fred's shares and its President, Heath Freeman, is now Chairman of the Board of Fred's. According to Freeman in a press release, "After the Company was not able to purchase certain assets from the Rite Aid Corporation (RAD)...the timing was right, both for Mike [Bloom] and the Company, for him to step down." Wolf reiterates a Hold rating and $4 price target on Fred's shares.
DNB Dun & Bradstreet
$142.58

19.78 (16.11%)

05/11/18
BARD
05/11/18
NO CHANGE
Target $135
BARD
Outperform
Dun & Bradstreet may be open to acquirers, says Baird
Baird analyst Jeffrey Meuler said his investment view of Dun & Bradstreet is materially unchanged following mixed Q1 results. The analyst continues to believe the risk/reward is attractive considering its differentiated valuable data and attractive competitive position. He believes a catalyst could be a strategic evaluation and its openness to a potential acquirer. Meuler reiterated his Outperform rating and $135 price target on Dun & Bradstreet shares.
06/18/18
BARD
06/18/18
DOWNGRADE
Target $135
BARD
Neutral
Dun & Bradstreet downgraded to Neutral at Baird
As reported previously, Baird analyst Jeffrey Meuler downgraded Dun & Bradstreet to Neutral from Outperform. The analyst believes any potential take-out is already priced into the shares, the current valuation seems to limit potential upside, and the business requires more substantial changes to return it to sustainable organic growth. Meuler has a $135 price target on Dun & Bradstreet shares.
06/18/18
BARD
06/18/18
DOWNGRADE
BARD
Neutral
Dun & Bradstreet downgraded to Neutral from Outperform at Baird
06/18/18
06/18/18
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. Redfin (RDFN) was downgraded to Sell from Neutral at Goldman Sachs while Zillow (Z, ZG) was downgraded to Neutral from Buy. 2. Dun & Bradstreet (DNB) downgraded to Neutral from Outperform at Baird with analyst Jeffrey Meuler saying he believes any potential take-out is already priced into the shares, the current valuation seems to limit potential upside, and the business requires more substantial changes to return it to sustainable organic growth. 3. Hibbett Sports (HIBB) downgraded to Underperform from Buy at BofA/Merrill analyst Rafe Jadrosich saying he expects negative same-store-sales declines in Q4 and continuing through 2020 as Hibbett laps the ecommerce launch and excess inventory clearance. 4. Cheesecake Factory (CAKE) downgraded to Neutral on valuation at BTIG with analyst Peter Saleh citing recent share strength. 5. Intel (INTC) downgraded to Underperform from Market Perform at Northland. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FOXA 21st Century Fox
$45.69

0.22 (0.48%)

08/09/18
08/09/18
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. GOLDMAN CUTS SEAGATE TO SELL: Goldman Sachs analyst Mark Delaney downgraded Seagate Technology (STX) to Sell from Neutral and lowered his price target for the shares to $44 from $50, representing 20% downside from current levels. While Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market," Delaney said. He believes Seagate's fundamentals will peak in the second half of 2018 and decline in 2019. RBC CUTS FOX TO SECTOR PERFORM ON VALUATION: RBC Capital analyst Steven Cahall downgraded 21st Century Fox (FOXA) to Sector Perform from Outperform, but raised his price target to $49 from $45. The analyst noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. Cahall adds that while the company is "undervalued", he awaits the separation to re-evaluate his stance. MORGAN STANLEY DOWNGRADES SEMI INDUSTRY: Morgan Stanley analyst Joseph Moore said he has become less constructive on semiconductor stocks through the year and he now believes elevated inventory levels and stretched lead times leave "no margin for error." Given his view that any lead time adjustment or demand slowdown could drive a "meaningful correction," Moore has downgraded his semiconductor industry view to Cautious from In-Line. He favors connector companies, like Amphenol (APH) and TE Connectivity (TEL) over analog/MCU at this point in the cycle, due to lower risk around lead time issues, Moore said. He also has a "strong preference" for high margin and more defensive models, such as Analog Devices (ADI) over lower margin and commodity exposed ones, like Cypress Semiconductor (CY) and ON Semiconductor (ON), he said. Despite his more cautious view on the space, Moore kept Overweight ratings on Nvidia (NVDA), Xilinx (XLNX) and Ambarella (AMBA), citing his view that they should benefit from secular growth in the area of AI, data center, and autonomous. SOUTHERN COMPANY GETS MULTIPLE DOWNGRADES AFTER Q2 REPORT: Barclays analyst Eric Beaumont downgraded Southern Company (SO) to Equal Weight and lowered his price target for the shares to $48 from $51. Credit Suisse analyst Michael Weinstein downgraded Southern Company to Underperform from Neutral and lowered his price target on the shares to $43 from $46. Guggenheim analyst Shahriar Pourreza downgraded Southern Company to Neutral from Buy and lowered his price target on the stock to $47 from $50. Evercore ISI analyst Greg Gordon downgraded Southern Company to Underperform from In Line and lowered his price target on Southern shares to $46 from $46.75.
08/09/18
RBCM
08/09/18
DOWNGRADE
Target $49
RBCM
Sector Perform
21st Century Fox downgraded to Sector Perform at RBC Capital on valuation
As reported earlier, RBC Capital analyst Steven Cahall downgraded 21st Century Fox to Sector Perform from Outperform but raised his price target to $49 from $45. The analyst notes that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. Cahall adds that while the company is "undervalued", he awaits the separation to re-evaluate his stance.
08/09/18
08/09/18
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. Seagate (STX) downgraded to Sell from Neutral at Goldman Sachs by analyst Mark Delaney, who said that while Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market." 2. 21st Century Fox (FOXA) downgraded to Sector Perform from Outperform at RBC Capital by analyst Steven Cahall who noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. 3. e.l.f. Beauty (ELF) downgraded to Hold from Buy at Jefferies by analyst Stephanie Wissink, who said she is disappointed with the company's "sales fall off," which she says "seems more systemic than previously assumed." e.l.f.'s profit advancement will reverse in the second half of the year amid stepped up brand investment. Shares were also downgraded to Underweight from Neutral at Piper Jaffray, who said she sees a "growing risk of shelf-space cuts into 2019" if underlying sales trends do not improve, at Citi to Neutral from Buy and at DA Davidson to Neutral from Buy. 4. Southern Company (SO) downgraded to Underperform from In Line at Evercore ISI by analyst Greg Gordon, who said he believes the shares are still not discounting enough risk after the company announced a $790M after-tax charge related to an increase in the cost estimate for constructing Vogtle Nuclear Plants 3 and 4. Shares were also downgraded to Underperform from Neutral at Credit Suisse, to Equal Weight from Overweight at Barclays and to Neutral from Buy at Guggenheim. 5. Schneider National (SNDR) downgraded to Underperform from Buy at BofA/Merrill by analyst Ken Hoexter, who cited "stretched" relative valuation. The analyst also downgraded Genesee & Wyoming (GWR) to Neutral from Buy, saying recent strength in shares has led to a premium multiple and sees minimal upside. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/18
RBCM
08/09/18
DOWNGRADE
RBCM
Sector Perform
21st Century Fox downgraded to Sector Perform from Outperform at RBC Capital
DIS Disney
$114.19

0.2 (0.18%)

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.
07/20/18
UBSW
07/20/18
DOWNGRADE
Target $50
UBSW
Neutral
21st Century Fox downgraded to Neutral from Buy at UBS
UBS analyst John Hodulik downgraded 21st Century Fox (FOXA) after Comcast (CMCSA) conceded to Disney (DIS) regarding an acquisition. Hodulik raised his price target to $50 from $48 on 21st Century Fox shares.
08/08/18
BMOC
08/08/18
NO CHANGE
Target $110
BMOC
Market Perform
Disney price target raised to $110 from $100 at BMO Capital
BMO Capital analyst Daniel Salmon raised his price target on Disney (DIS) to $110 after its Q3 results, saying the company offered some positive updates on its direct-to-consumer products which "could be bundled together eventually". The analyst adds that the stock could continue to drift higher if its 21st Century Fox (FOXA) deal remains on track, but prefers a neutral stance, citing the halted buyback program and potential volatility in the TV/film licensing revenue. Salmon also believes that Disney's Consumer Licensing and Retail segments face headwinds.
08/08/18
JEFF
08/08/18
NO CHANGE
Target $112
JEFF
Hold
Disney quarter better than headlines suggest, says Jefferies
Jefferies analyst John Janedis says that while not as good as hoped, Disney's Q3 results are better than the headlines suggest. The he narrative around direct-to-consumer remains positive even with the launch still over 12 months away, Janedis tells investors in a research note. He believes there was probably enough in the quarter to keep Disney shares from moving meaningfully lower. However, the analyst does not expect upwards earnings revisions in the near-term. Janedis keeps a Hold rating on Disney with a $112 price target.
BEL Belmond
$15.40

4.3 (38.74%)

07/03/18
07/03/18
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. United Continental (UAL), American Airlines (AAL), and Delta Airlines (DAL) downgraded to Hold from Buy at Deutsche Bank with analyst Michael Linenberg saying in a world of "heightened" macroeconomic and geopolitical risks, economically-sensitive, high beta stocks such as airlines typically underperform the broader market. 2. Belmond (BEL) downgraded to Underweight from Overweight at Barclays with analyst Felicia Hendrix citing an analysis of the company's progress on its growth targets announced back in June 2016. 3. PSEG (PEG) downgraded to Hold from Buy at Deutsche Bank with analyst Jonathan Arnold saying The Federal Energy Regulatory Commission order raised new questions over New Jersey zero-emission credits. 4. PepsiCo (PEP) downgraded to Hold from Buy at Deutsche Bank with analyst Stephen Powers viewing the current valuation as a "bit bubbly." 5. Watsco (WSO), Fastenal (FAST), and Grainger (GWW) downgraded to Neutral from Outperform at Baird with analyst David Manthey saying he thinks the cycle and individual company results could remain solid for quarters or years to come, but he believes the cycle is in its later stages, thereby elevating risks to gross margins, rising labor costs, and earnings deceleration in 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/18
JEFF
08/09/18
NO CHANGE
Target $13
JEFF
Hold
Belmond should rally 'sharply' on strategic review, says Jefferies
Jefferies analyst David Katz expects Belmond shares "to be up sharply" on news that the company will explore strategic alternatives. The analyst reiterates his view that the market value of Belmond's underlying assets is considerably higher than that which the earnings potential of the company could support. He keeps a Hold rating on the stock with a $13 price target. Belmond in premarket trading is up 26% to $14.05.
07/03/18
LEHM
07/03/18
DOWNGRADE
Target $11
LEHM
Underweight
Belmond downgraded to Underweight from Overweight at Barclays
Barclays analyst Felicia Hendrix double downgraded Belmond to Underweight from Overweight and lowered her price target for the shares to $11 from $14. The analyst's downgrade follows an analysis of the company's progress on its growth targets announced back in June 2016. She views the targets as ambitious and believes investor patience is limited.
07/03/18
LEHM
07/03/18
DOWNGRADE
Target $11
LEHM
Underweight
Barclays double downgrades Belmond after assessing progress on targets
Barclays analyst Felicia Hendrix double downgraded Belmond to Underweight from Overweight and cut her price target for the shares to $11 from $14 after assessing the company's progress against the "ambitious" growth targets announced at its June 2016 investor day. Belmond is behind schedule on its goal to double its EBITDA by 2020, and, more concerning, the acquisition portion of the plan has been "notably more expensive than guided," Hendrix tells investors in a research note. The analyst says the investors she talks to seem to be growing "increasingly discontent" with the cost of the plan and with Belmond's corporate governance. As such, she believes the shares will continue to trail the lodging coverage universe until progress accelerates significantly or other changes are made.
YELP Yelp
$48.40

10.305 (27.05%)

08/08/18
DBAB
08/08/18
NO CHANGE
Target $61
DBAB
Buy
Deutsche Bank likes Yelp's risk/reward into Q2 results
Deutsche Bank analyst Lloyd Walmsley likes the risk/reward on Yelp shares into the company's Q2 results. The analyst sees "depressed" investor sentiment, an "attractive" valuation and improving ad product. He believes expectations are low into the print and sees upside to estimates. Walmsley maintains a Buy rating on the stock with a $61 price target.
06/21/18
BARD
06/21/18
NO CHANGE
Target $44
BARD
Neutral
Yelp possibly benefiting from Facebook news feed changes, says Baird
Baird analyst Colin Sebastian said in a research note earlier today that his firm's latest consumer survey around local service preferences suggests either Yelp's (YELP) pace of product development is driving share gains, or that the company is benefiting from Facebook's (FB) recent de-emphasis of organic News Feed business posts. Baird's latest survey of 500 consumers showed an uptick in respondents selecting Yelp and Google (GOOG, GOOGL) as a preferred source for local services and information. The recent uptick coincides with a decline in Facebook's response rate, which could reflect changes to its News Feed algorithm de-emphasizing organic business posts in favor of user-generated content, Sebastian wrote. The analyst believes that while some confusion remains around the impact of Yelp's non-term contracts, the added flexibility will create an opportunity to cross-sell more attributable services over time. He keeps a Neutral rating on Yelp with a $44 price target. The stock in late morning trading is down 46c to $41.66.
08/09/18
JPMS
08/09/18
NO CHANGE
Target $57
JPMS
Overweight
Yelp price target raised to $57 from $53 at JPMorgan
JPMorgan analyst Doug Anmuth raised his price target for Yelp to $57 citing the company's "strong" Q2 results. Non-term contracts are working and drove record net new paying advertising accounts of 17,000 in the quarter, Anmuth tells investors in a post-earnings research note. The analyst believes Yelp has a "significant opportunity ahead" in thegrowing local ad market. The stock remains one of Anmuth's top SMID-cap ideas with an Overweight rating.
06/18/18
MKMP
06/18/18
NO CHANGE
Target $56
MKMP
Buy
Concern with Yelp shift to non-term contracts misplaced, says MKM Partners
MKM Partners analyst Rob Sanderson keeps his Buy rating and $56 price target on Yelp. The analyst notes that the stock price is down 14% since reporting a "strong" Q1, and believes that investors' concern with a shift to non-term contracts as misplaced, calling it a "dinosaur in digital marketing world". He anticipates improving growth dynamics for local advertising leading to a catch-up rally in this stock that has not participated in the recent surge for Internet shares. Sanderson further contends that a rising churn rate is not a concern if user participation is on the rise.
ROKU Roku
$57.78

10.52 (22.26%)

08/09/18
KEYB
08/09/18
NO CHANGE
Target $67
KEYB
Overweight
Roku price target raised to $67 from $54 at KeyBanc
KeyBanc analyst Evan Wingren raised his price target for Roku to $67 from $54, citing Q2 results and 2H guidance that were above expectations, driven by momentum of the Roku platform. TRC expanding has the potential to drive a large TAM expansion for the platform business that is likely not captured in Roku's valuation from here, he adds. The analyst reiterates an Overweight rating on the shares.
08/09/18
RBCM
08/09/18
NO CHANGE
Target $48
RBCM
Sector Perform
Roku price target raised to $48 from $45 at RBC Capital
RBC Capital analyst Mark Mahaney raised his price target on Roku to $48 after its Q2 earnings beat driven by improvements in the Player and Platform segments. The analyst keeps his Sector Perform rating on Roku citing valuation.
08/09/18
OPCO
08/09/18
NO CHANGE
Target $59
OPCO
Outperform
Roku price target raised to $59 from $50 at Oppenheimer
Oppenheimer analyst Jason Helfstein raised his price target for Roku to $59 from $50 following better than expected Q2 results, FY guidance and the launch of The Roku Channel off platform. The analyst reiterates an Outperform rating on the shares.
08/09/18
WBLR
08/09/18
NO CHANGE
WBLR
Outperform
Roku shares have additional 20% upside, says William Blair
William Blair analyst Ralph Schackart says that at the post-earnings share price of $51, Roku shares have additional upside around 20%. As the traditional TV ad market transitions in favor of over-the-top and streamed video, Roku is well positioned to take advantage, Schackart tells investors in a post-earnings research note. He believes the Roku Channel is making "significant progress" and keeps an Outperform rating on the shares.
PRGO Perrigo
$70.37

-7.93 (-10.13%)

07/30/18
ARGS
07/30/18
DOWNGRADE
ARGS
Hold
Perrigo downgraded to Hold at Argus on price erosion and lower margins
As reported earlier, Argus analyst Jasper Hellweg downgraded Perrigo to Hold from Buy to reflect the challenges faced by the company around the "industry-wide price erosion, a legal investigation, and a reduction in FDA approvals". The analyst also lowered his FY18 EPS estimate to $5.28 from $5.43 as a result of reduced margins driven by higher spending on research and development. Hellweg believes that these challenges justify Perrigo's discount valuation of 14.7-times expected FY18 earnings multiple relative to its 5-year historical average as well as the peer average of 17.6-times.
07/30/18
07/30/18
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. Colgate-Palmolive (CL) downgraded to Neutral from Outperform at Macquarie with analyst Caroline Levy saying she does not expect growth to accelerate over the next several quarters and lowered her FY18 organic sales estimate to 0.5% from 1% and FY19 to 2.2% from 3.2%. 2. Alaska Air (ALK) downgraded to Neutral from Outperform at Macquarie. 3. Perrigo (PRGO) downgraded to Hold from Buy at Argus with analyst Jasper Hellweg citing the challenges faced by the company around the "industry-wide price erosion, a legal investigation, and a reduction in FDA approvals." 4. Synchronoss (SNCR) downgraded to Sell from Hold at Stifel with analyst Tom Roderick saying recent filings reveal that liquidity issues loom, the company is "out of levers, and time is not on their side." 5. Synchrony (SYF) downgraded to Equal Weight from Overweight at Barclays with analyst Mark Devries saying the loss of the Walmart (WMT) credit card business heightens contract renewal risk and caps upside in the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/30/18
ARGS
07/30/18
DOWNGRADE
ARGS
Hold
Perrigo downgraded to Hold from Buy at Argus
08/09/18
WELS
08/09/18
NO CHANGE
Target $84
WELS
Market Perform
Perrigo quarter disappointing on 'several fronts,' says Wells Fargo
Wells Fargo analyst David Maris says that while he's not recommending shares of Perrigo, the company's Q2 results are still disappointing on "several fronts," especially segment operating margins and Rx Segment revenues. Perrigo missed Q2 estimates and lowered its outlook for 2018, Maris tells investors in a post-earnings research note. He keeps a Market Perform rating on the shares with an $84 price target. The stock in morning trading is down 8%, or $6.37, to $71.93.
ELF e.l.f. Beauty
$10.67

-4.23 (-28.39%)

08/09/18
BMOC
08/09/18
NO CHANGE
Target $13
BMOC
Market Perform
e.l.f. Beauty price target lowered to $13 from $19 at BMO Capital
BMO Capital analyst Shannon Coyne lowered her price target on e.l.f. Beauty to $13 after the company lowered its FY18 guidance due to expectations of "sharp deterioration of trends at tracked channels" in the second half of the year. The analyst also lowers her FY18 EPS view to 57c from 60c and FY19 view to 56c from 71c amid the "continuing headwinds from intensifying competition leading to market share losses". Coyne also keeps her Market Perform rating on e.l.f. Beauty, stating that its risk-reward is balanced in the near term.
08/09/18
DADA
08/09/18
DOWNGRADE
DADA
Neutral
e.l.f. Beauty downgraded to Neutral from Buy at DA Davidson
LJPC La Jolla
$25.67

-7.15 (-21.79%)

07/27/18
HCWC
07/27/18
NO CHANGE
Target $53
HCWC
Buy
La Jolla price target lowered to $53 from $72 at H.C. Wainwright
H.C. Wainwright analyst Edward White lowered his price target for La Jolla Pharmaceutical to $53 as he moves Giapreza out of pipeline estimates and utilizes a sum-of-the-parts analysis. The analyst keeps a Buy rating on the shares.
08/09/18
RHCO
08/09/18
NO CHANGE
Target $45
RHCO
Buy
La Jolla price target lowered to $45 from $57 at SunTrust
SunTrust analyst Yatin Suneja lowered his price target on La Jolla to $45 after its Q2 sales of Giapreza came in "significantly" below expectations, reflecting the "hurdles of navigating complex hospital adoption". Longer term, the analyst keeps his Buy rating on the shares given his view of Giapreza as a " true value-add in the treatment of septic shock".
05/11/18
COWN
05/11/18
NO CHANGE
Target $50
COWN
Outperform
La Jolla remains undervalued, says Cowen
Cowen analyst Phil Nadeau noted La Jolla reported Q1 results and announced a $125M royalty agreement with HealthCare Royalty Partners. Giapreza entered the market in March and recorded over $800,000 in revenues, and he said it could address a $500M+ opportunity. Nadeau continues to believes La Jolla is undervalued and he reiterated his Outperform rating, though he lowered his price target to $50 from $55 per share.
05/11/18
HCWC
05/11/18
NO CHANGE
Target $72
HCWC
Buy
La Jolla price target lowered to $72 from $83 at H.C. Wainwright
H.C. Wainwright analyst Edward White lowered his price target for La Jolla Pharmaceutical to $72 after the company announced a $125M royalty financing agreement with HealthCare Royalty Partners. The analyst, however, thinks the deal should give investors more confidence in Giapreza's success. He keeps a Buy rating on La Jolla.
FOX 21st Century Fox
$45.13

0.18 (0.40%)

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.

TODAY'S FREE FLY STORIES

FB

Facebook

$142.07

0.2 (0.14%)

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FLR

Fluor

$33.82

-1.89 (-5.29%)

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NFX

Newfield Exploration

$15.59

-0.03 (-0.19%)

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PXD

Pioneer Natural

$138.63

-2.01 (-1.43%)

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  • 14

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IBM

IBM

$120.88

-0.25 (-0.21%)

, ORCL

Oracle

$46.47

-0.21 (-0.45%)

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ORCL

Oracle

$46.47

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AMZN

Amazon.com

$1,643.50

3.13 (0.19%)

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  • 17

    Dec

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  • 03

    Mar

O

Realty Income

$66.30

0.58 (0.88%)

06:40
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FRT

Federal Realty

$133.31

0.43 (0.32%)

06:40
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12/12
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Federal Realty rating change  »

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  • 14

    Feb

MAR

Marriott

$110.04

-0.78 (-0.70%)

06:39
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12/12
06:39
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06:39
Downgrade
Marriott rating change  »

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HTHIY

Hitachi

$0.00

(0.00%)

, ABB

ABB

$18.87

-0.08 (-0.42%)

06:39
12/12/18
12/12
06:39
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06:39
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Hitachi in final stages of preparing bid for ABB unit, Nikkei reports »

Hitachi (HTHIY) is in the…

HTHIY

Hitachi

$0.00

(0.00%)

ABB

ABB

$18.87

-0.08 (-0.42%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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  • 23

    May

H

Hyatt

$67.43

-1.41 (-2.05%)

06:39
12/12/18
12/12
06:39
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06:39
Downgrade
Hyatt rating change  »

Hyatt downgraded to…

03/08/13
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03/08/13
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HST

Host Hotels

$17.97

-0.13 (-0.72%)

06:39
12/12/18
12/12
06:39
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06:39
Downgrade
Host Hotels rating change  »

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03/08/13
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USDP

USD Partners

$10.27

-0.23 (-2.19%)

06:38
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USD Partners enters into new Casper Terminal pipeline construction contract »

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NDLS

Noodles & Company

$7.31

-0.12 (-1.62%)

06:38
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Conference/Events
Noodles & Company management to meet with Piper Jaffray »

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  • 12

    Dec

RNSDF

Renault

$0.00

(0.00%)

, NSANY

Nissan

$0.00

(0.00%)

06:36
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Periodicals
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RNSDF

Renault

$0.00

(0.00%)

NSANY

Nissan

$0.00

(0.00%)

03/08/13
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  • 07

    Jan

UIS

Unisys

$12.72

-0.32 (-2.45%)

06:36
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ACIU

AC Immune

$11.58

0.63 (5.75%)

, LLY

Eli Lilly

$114.49

0.38 (0.33%)

06:32
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AC Immune

$11.58

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LLY

Eli Lilly

$114.49

0.38 (0.33%)

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  • 19

    Dec

OMI

Owens & Minor

$7.11

-0.19 (-2.60%)

06:32
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BKH

Black Hills

$67.28

0.06 (0.09%)

06:31
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12/12
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06:31
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EMR

Emerson

$62.30

-0.28 (-0.45%)

06:30
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12/12
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06:30
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ES

Eversource

$70.18

0.53 (0.76%)

06:30
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12/12
06:30
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06:30
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Eversource rating change  »

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  • 13

    Dec

GOOG

Alphabet

$1,051.82

11.8 (1.13%)

, GOOGL

Alphabet Class A

$1,061.32

8.52 (0.81%)

06:29
12/12/18
12/12
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06:29
Periodicals
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Google CEO Sundar Pichai…

GOOG

Alphabet

$1,051.82

11.8 (1.13%)

GOOGL

Alphabet Class A

$1,061.32

8.52 (0.81%)

03/08/13
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03/06/13
Citigroup
03/06/13
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  • 03

    Mar

CS

Credit Suisse

$10.92

-0.09 (-0.82%)

06:27
12/12/18
12/12
06:27
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06:27
Hot Stocks
Credit Suisse sees FY18 reported pre-tax income CHF3.2B-CHF3.4B »

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CS

Credit Suisse

$10.92

-0.09 (-0.82%)

06:25
12/12/18
12/12
06:25
12/12/18
06:25
Hot Stocks
Credit Suisse board approves buyback of up to CHF1.5B »

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MAR

Marriott

$110.04

-0.78 (-0.70%)

06:22
12/12/18
12/12
06:22
12/12/18
06:22
Periodicals
Chinese hackers behind Marriott data breach, NY Times reports »

The cyberattack on the…

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