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IBM

IBM

$143.36

0.65 (0.46%)

, TLSYY

Telstra

$0.00

(0.00%)

04:55
08/15/18
08/15
04:55
08/15/18
04:55

IDG Communications to hold a symposium

The CIO 100 Symposium will be held in Rancho Palos Verdes, CA on August 13-15.

IBM

IBM

$143.36

0.65 (0.46%)

TLSYY

Telstra

$0.00

(0.00%)

CELG

Celgene

$92.69

0.72 (0.78%)

CZR

Caesars

$9.58

-0.225 (-2.30%)

OC

Owens Corning

$58.17

0.21 (0.36%)

ESRX

Express Scripts

$86.05

2.01 (2.39%)

DBX

Dropbox

$28.97

-0.16 (-0.55%)

CIGI

Colliers International

$78.55

0.7 (0.90%)

UIS

Unisys

$15.35

-0.05 (-0.32%)

MDR

McDermott

$19.09

-0.26 (-1.34%)

HSBC

HSBC

$46.02

0.03 (0.07%)

GM

General Motors

$36.20

0.06 (0.17%)

GOOG

Alphabet

$1,241.95

6.85 (0.55%)

RNG

RingCentral

$89.55

1.8 (2.05%)

BIIB

Biogen

$343.85

3.18 (0.93%)

COF

Capital One

$97.77

1.97 (2.06%)

DFS

Discover

$75.71

1.4 (1.88%)

JCI

Johnson Controls

$37.00

0.34 (0.93%)

GNW

Genworth

$4.60

0.045 (0.99%)

SAIC

SAIC

$87.29

1.26 (1.46%)

ARMK

Aramark

$40.50

0.47 (1.17%)

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IBM IBM
$143.36

0.65 (0.46%)

07/30/18
RILY
07/30/18
NO CHANGE
Target $6.3
RILY
Buy
Groupon has ample liquidity to cover IBM award, says B. Riley FBR
B. Riley FBR analyst Sameet Sinha says Groupon (GRPN) has ample liquidity to cover the $83.5M patent award to IBM (IBM). The company has $93M in net cash and an untapped $250M revolver, Sinha tells investors in a research note. He keeps a Buy rating on Groupon shares with a $6.30 price target.
07/27/18
MSCO
07/27/18
NO CHANGE
Target $185
MSCO
Overweight
IBM momentum in Strategic Imperatives continuing, says Morgan Stanley
Morgan Stanley analyst Katy Huberty noted that investors often associate incumbency with risk, but she believes IBM's (IBM) penetration of 70% of the world's business data as a competitive advantage as she sees signs to suggest its momentum in signing Strategic Imperative deals is continuing. Strategic Imperative growth accelerated 3 points year-over-year in Q2, while estimated Core declines have been relatively stable, noted Huberty. Further supporting her view is the fact that the firm's Q2 CIO survey suggested that IBM ranks ahead of traditional consulting vendors like Accenture (ACN) on digital transformation, Huberty said. She maintains an Overweight rating and $185 price target on IBM 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.
07/30/18
WELS
07/30/18
INITIATION
Target $155
WELS
Market Perform
IBM resumed with a Market Perform at Wells Fargo
Wells Fargo analyst Ed Caso resumed coverage of IBM with a Market Perform rating and $155 price target. While the company's overall revenue growth is "approaching positive territory again," the breadth and strength of the growth remains a "work-in-process and pretax margin has yet to show much improvement," Caso tells investors in a research note. The analyst sees limited share upside potential, but believes "downside risk protection seems solid." The "share bias is now up," Caso contends.
TLSYY Telstra
$0.00

(0.00%)

08/17/17
JPMS
08/17/17
DOWNGRADE
JPMS
Neutral
Telstra downgraded to Neutral from Overweight at JPMorgan
07/11/18
BERN
07/11/18
UPGRADE
BERN
Outperform
Telstra upgraded to Outperform from Market Perform at Bernstein
Bernstein analyst Chris Lane upgraded Telstra to Outperform from Market Perform after having digested the implications of the recently announced Telstra 2022 strategy. While earning in 2019 will weaken, the analyst now believes the near-term downside is known and more than fully priced in. Lane sees "tremendous value" in the stock and has confidence in the ability of the company to maintain the current 22c payout.
CELG Celgene
$92.69

0.72 (0.78%)

08/08/18
RBCM
08/08/18
NO CHANGE
Target $110
RBCM
Outperform
RBC Capital revisits idea of Celgene going private after Tesla proposal
Following yesterday's news that Tesla (TSLA) CEO Elon Musk would like to see his company go private, RBC analyst Brian Abrahams revisited his prior analysis of whether Celgene (CELG) should go private in order to better capture the medium-term value of future Revlimid cash flows not being appreciated by public markets and avoid volatility as it transitions to a post-Revlimid business model. Though acknowledging that the two companies are in completely different industries, he thinks the example of Musk shows that performing such a transaction on a large company "may not be completely unrealistic," Abrahams said. Such an LBO, or perhaps more likely an acquisition by a larger pharmaceutical company, could possibly help capture more value from Celgene's commercial and pipeline products, concludes Abrahams, who has an Outperform rating and $110 price target on Celgene shares.
07/24/18
JPMS
07/24/18
NO CHANGE
JPMS
Overweight
Celgene positive headline streak continues, says JPMorgan
Last night's positive topline data for Revlimid plus Rituxan in relapsed/refractory indolent lymphoma is a "clear win" at a time when Celgene "really needed a string of favorable events," JPMorgan analyst Cory Kasimov tells investors in a research note titled "Positive Headline Streak Continues with AUGMENT." The analyst sees this indication as a "meaningful" near-term sales opportunity for the franchise prior to loss of exclusivity, potentially $600M in the U.S. alone. He expects the positive data to "modestly bolster sentiment" into Celgene's Q2 results. Kasimov keeps an Overweight rating on the shares.
07/26/18
PIPR
07/26/18
NO CHANGE
Target $95
PIPR
Neutral
Longer term concerns remain despite 'impressive' Q2 for Celgene, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond reiterates a Neutral rating and $95 price target for Celgene despite a "solid" Q2 results. With an "impressive" $110M Revlimid beat this quarter and $200M guidance increase, Celgene continues its pattern of strong Q2 performance, he notes. But despite this commercial execution, Raymond's concerns with respect to the company's ability to diversify away from Revlimid remain and he continues to prefer the sidelines on this name.
07/30/18
RHCO
07/30/18
NO CHANGE
Target $101
RHCO
Hold
Celgene price target raised to $101 from $96 at SunTrust
SunTrust analyst Yatin Suneja raised his price target on Celgene to $101 after its Q2 results, saying the company saw "good performances from all core products except Otezla and Abraxan", while its updated FY18 outlook also reflects its larger than anticipated share buyback. Suneja further notes that Celgene's pipeline assets ozanimod, fedratinib, luspatercept and the CAR-T programs are all progressing towards filings, which may help the company diversify its pipeline away from Revlimid. The analyst also keeps his Hold rating, noting that any near-term contribution from its extensive pipeline are likely to be limited.
CZR Caesars
$9.58

-0.225 (-2.30%)

05/24/18
05/24/18
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. Broadcom (AVGO) initiated with an Outperform at Evercore ISI. 2. Caesars (CZR) initiated with an Overweight at JPMorgan. 3. e.l.f. Beauty (ELF) initiated with an Outperform at Oppenheimer. 4. uniQure (QURE) initiated with a Buy at SunTrust. 5. Marinus Pharmaceuticals (MRNS) initiated with an Outperform at Baird. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/23/18
BOFA
07/23/18
INITIATION
Target $14
BOFA
Buy
Caesars initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Shaun Kelley initiated Caesars with a Buy and $14 price target. Kelley is positive on Caesars internal growth opportunities, including room renovations and cost optimization, the favorable backdrop for both Vegas and regional gaming, and continued M&A in the sector.
06/19/18
OPCO
06/19/18
NO CHANGE
Target $15
OPCO
Outperform
Caesars runway for growth remains strong, says Oppenheimer
Oppenheimer analyst Ian Zaffino said Caesars management sees significant upside from the legalization of sports betting, though they note the ramp could be mild. Management also remains confident Caesars can deliver above-market RevPAR growth and near-industry-leading margins. Following his management meetings, Zaffino remains bullish on Caesars and maintains an Outperform rating and $15 price target on the shares.
05/24/18
JPMS
05/24/18
INITIATION
Target $16
JPMS
Overweight
Caesars initiated with an Overweight at JPMorgan
JPMorgan analyst Dan Politzer started Caesars Entertainment with an Overweight rating and $16 price target. The company's Las Vegas Strip renovations should boost the average daily rate and improve customer mix, Politzer tells investors in a research note. He also sees opportunity for Caesars to improve margins at regional properties. The analyst views the stock as attractively valued at current levels.
OC Owens Corning
$58.17

0.21 (0.36%)

07/26/18
07/26/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Outperform from Strong Buy at Raymond James and to Neutral from Buy at Nomura Instinet and UBS. 2. e.l.f. Beauty (ELF) downgraded to Perform from Outperform at Oppenheimer with analyst Rupesh Parikh saying the bull case is more uncertain from here. 3. 3D Systems (DDD) downgraded to Underweight from Neutral at Piper Jaffray with analyst Troy Jensen saying a survey of resellers found that system demand downticked sequentially for 3D Systems with more below plan responses versus above plan. 4. Owens Corning (OC) downgraded to Neutral from Buy at BofA/Merrill with analyst John Lovallo citing disappointing Q2 results. 5. Skechers (SKX) downgraded to Hold from Buy at Argus with analyst John Staszak citing the company's Q2 earnings miss, as well as its reduced revenue growth outlook, and "only a marginal" gross margin expansion in Q3. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/10/18
KEYB
08/10/18
DOWNGRADE
KEYB
Sector Weight
Owens Corning downgraded to Sector Weight from Overweight at KeyBanc
08/10/18
KEYB
08/10/18
DOWNGRADE
KEYB
Sector Weight
Beacon Roofing downgraded to Sector Weight from Overweight at KeyBanc
As previously reported, KeyBanc analyst Kenneth Zener downgraded Beacon Roofing (BECN) to Sector Weight, citing volatile demand that reduces earnings predictability, as well as valuation. The analyst also downgraded Owens Corning (OC) to Sector Weight.
08/10/18
KEYB
08/10/18
DOWNGRADE
KEYB
Sector Weight
Owens Corning downgraded to Sector Weight from Overweight at KeyBanc
As previously reported, KeyBanc analyst Kenneth Zener downgraded Owens Corning (OC) to Sector Weight from Overweight, telling investors in a research note that while the company benefits from rising Insulation prices, volatile Roofing demand and Composite margins warrant a cautious stance. The analyst also downgraded Beacon Roofing (BECN) to Sector Weight.
ESRX Express Scripts
$86.05

2.01 (2.39%)

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.
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".
08/07/18
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.
DBX Dropbox
$28.97

-0.16 (-0.55%)

08/10/18
JMPS
08/10/18
NO CHANGE
Target $37
JMPS
Outperform
Dropbox price target raised to $37 from $35 at JMP Securities
JMP Securities analyst Greg McDowell increased his price target on Dropbox shares to $37 from $35 after the company reported Q2 results that included revenue, earnings and billings that all topped consensus forecasts along with its "highest ARPU ever." Dropbox also added more net new paying users than expected, said McDowell, who raised his 2018, 2019 and 2020 EPS estimates following the report. He maintains an Outperform rating on Dropbox shares.
08/10/18
ADAM
08/10/18
NO CHANGE
Target $38
ADAM
Buy
Dropbox weakness a 'gift' to investors, says Canaccord
Canaccord analyst Richard Davis said Dropbox delivered solid Q2 results with a particularly nice beat on free cash flow. The analyst believes the COO retirement may have spooked people, but the stock movement was an overreaction. He said based on fundamentals, the pullback is a "gift" to investors and his bullish opinion is unchanged. Davis reiterated his Buy rating and raised his price target to $38 from $36 on Dropbox shares.
08/10/18
08/10/18
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. AMD (AMD) upgraded to Neutral from Sell at Goldman Sachs with analyst Toshiya Hari saying Intel's (INTC) struggles with 10nm process technology make it increasingly harder to argue for a bear thesis, even following the recent rally in the shares. 2. RBS (RBS) upgraded to Buy from Neutral at UBS with analyst Jason Napier saying the bank's capital strength is being undervalued by the market. 3. Dropbox (DBX) upgraded to Outperform from Sector Perform at RBC Capital with analyst Mark Mahaney citing "strong" Q2 results and above consensus guidance. 4. Sanofi (SNY) upgraded to Buy from Neutral at Citi. 5. Floor & Decor (FND) upgraded to Outperform from Market Perform at Wells Fargo with analyst Zachary Fadem saying he believes current share levels represent a "compelling long-term entry point for one of the best growth stories in all of retail." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/10/18
RBCM
08/10/18
UPGRADE
Target $36
RBCM
Outperform
Dropbox upgraded to Outperform at RBC Capital on 'robust' Q2
As reported earlier, RBC Capital analyst Mark Mahaney upgraded Dropbox to Outperform from Sector Perform with a price target of $36 after its "strong" Q2 results and above consensus guidance. The analyst notes the company's consistent revenue growth of 27%, in line with the last two quarters' rate of 28%, along with a "significant" EBITDA expansion and improved ARPU. Mahaney further sees Dropbox's lack of "material operating income raise" in its guidance as the company being conservative.
CIGI Colliers International
$78.55

0.7 (0.90%)

02/15/18
RBCM
02/15/18
NO CHANGE
Target $71
RBCM
Outperform
Colliers International price target raised to $71 from $66 at RBC Capital
RBC Capital analyst Michael Smith raised his price target on Colliers International to $71 and kept his Outperform rating following a Q4 result showing "broad strength in all regions". Smith points to the company benefiting from a global brand, a favorable industry backdrop, investment in recruiting, and structural tailwinds of increased outsourcing in the property sector.
02/02/18
WBLR
02/02/18
INITIATION
WBLR
Outperform
Colliers International assumed with an Outperform at William Blair
William Blair analyst Stephen Sheldon assumed coverage of Colliers International with an Outperform rating.
UIS Unisys
$15.35

-0.05 (-0.32%)

06/25/18
LOOP
06/25/18
NO CHANGE
Target $13
LOOP
Hold
Unisys price target raised to $13 from $11 at Loop Capital
Loop Capital analyst Joseph Vafi raised his price target on Unisys to $13, saying the company's large underfunded pension deficit could start to ream a benefit as interest rates rise and investment grade bonds begin to follow. Vafi estimates that every 25bp increase in discount rates produces up to $130M to the company's U.S. and international pension liability, while also noting an improvement in bookings over the past two quarters. The analyst keeps his Hold rating on Unisys "until a clearer picture emerges on cash generation versus cash requirements for upcoming pension obligations".
04/17/18
SIDC
04/17/18
INITIATION
Target $14
SIDC
Buy
Unisys reinitiated with a Buy at Sidoti
Sidoti reinitiated Unisys with a Buy and $14 price target.
02/12/18
SUSQ
02/12/18
DOWNGRADE
SUSQ
Neutral
Unisys downgraded to Neutral from Positive at Susquehanna
02/12/18
02/12/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. La Jolla (LJPC) downgraded to Underperform from Buy at Jefferies by analyst Eun Yang, who said her critical care physician and Pharmacy & Therapeutics committee member polls on Giapreza point to a "likely modest" sales opportunity relative to consensus expectations. In the absence of a potential buyout, downside risks in the stock are greater relative to upside potential in the next two-to-three years. 2. Natural Grocers (NGVC) downgraded to Underweight from Equal Weight at Barclays by analyst Karen Short, who believes upside can only be generated should comps rise to positive low single digits with stable margins, an activist emerges, or if the company were to be viewed as a potential takeout candidate. She believes these scenarios are unlikely, "at least for now." 3. EQT Midstream (EQM) and EQT GP (EQGP) downgraded to Sector Perform from Outperform at RBC Capital by analyst TJ Schultz, who derived his rating from his probability scale around the midstream business, assigning a 65% chance that EQT GP is the surviving entity post midstream simplification and a 30% chance that EQT Midstream Partners is the surviving entity. 4. Tallgrass Energy GP (TEGP) downgraded to Equal Weight from Overweight at Barclays by analyst Christine Cho, who said her analysis suggests a Tallgrass Energy GP acquisition of Tallgrass Energy Partners (TEP) is the most likely scenario. She valued Tallgrass Energy GP at $25 in this scenario. 5. Unisys (UIS) downgraded to Neutral from Positive at Susquehanna. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
MDR McDermott
$19.09

-0.26 (-1.34%)

04/23/18
SBSH
04/23/18
NO CHANGE
SBSH
McDermott bid would need to be closer to $10/share to break CB&I deal, says Citi
Citi said Subsea 7's hostile bid for McDermott (MDR) for $7 per share was an interesting and unexpected move, but the firm believes any proposal would have to be closer to $10 per share to disrupt the current terms of the deal with CB&I (CBI), which it notes is well down the road toward closing. Citi's "strong sense" is that McDermott, with the support of a majority of its board, is intent on staying the course in closing the deal with CB&I, adding that it thinks McDermott is buying CB&I at or near the bottom of a backlog cycle.
12/20/17
MSCO
12/20/17
NO CHANGE
MSCO
Underweight
McDermott may have hard time recognizing CB&I synergies, says Morgan Stanley
Morgan Stanley analyst Ole Slorer said he sees room for concern over McDermott's (MDR) deal to combine in an all-stock transaction with CB&I (CBI). McDermott's "pristine" balance sheet and improved execution could be hurt by CBI's recent execution challenges and "higher than optimal" debt, while synergies from the merger may be difficult to realize, contends Slorer, who keeps an Underweight rating on McDermott shares.
01/23/18
KEYB
01/23/18
UPGRADE
KEYB
Overweight
McDermott upgraded to Overweight from Sector Weight at KeyBanc
01/24/18
KEYB
01/24/18
UPGRADE
Target $14
KEYB
Overweight
McDermott upgraded to Overweight with $14 target at KeyBanc
KeyBanc analyst Tahira Afzal upgraded McDermott (MDR) to Overweight from Sector Weight with a $14 price target. The analyst expects a "step-up in execution" at CB&I (CBI) following the merger and has confidence in a sustained improvement in the energy macro environment. He believes the deal will create value.
HSBC HSBC
$46.02

0.03 (0.07%)

07/10/18
JPMS
07/10/18
UPGRADE
JPMS
Overweight
HSBC upgraded to Overweight from Neutral at JPMorgan
07/11/18
JPMS
07/11/18
UPGRADE
JPMS
Overweight
JPMorgan sees value in HSBC after pullback, upgrades to Overweight
JPMorgan analyst Katherine Lei last night upgraded HSBC to Overweight from Neutral and raised her price target for the shares to HKD 92 from HKD 88. Despite stable asset quality and an improving net interest margin outlook, HSBC's share price corrected 14% from the peak in January, Lei tells investors in a research note. The analyst sees value in the shares at current levels.
07/11/18
07/11/18
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. Myriad Genetics (MYGN) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Steve Beuchaw saying the core HCT business is showing more durability, with volumes returning to growth and price declines slowing, while the acquisitions of Assurex and Counsyl are diversifying the company into higher growth and improving average selling price testing markets. 2. HSBC (HSBC) upgraded to Overweight from Neutral at JPMorgan with analyst Katherine Lei saying despite stable asset quality and an improving net interest margin outlook, HSBC's share price corrected 14% from the peak in January. 3. Conn's (CONN) upgraded to Buy from Hold at Stifel with analyst John Baugh saying he left a recent meeting with management feeling confident that the recent indications of improvement in the credit segment should continue. 4. TripAdvisor (TRIP) upgraded to Overweight from Equal Weight at Barclays with analyst Deepak Mathivanan saying the company's fundamentals "are starting to turn around." 5. Imperial Oil (IMO) upgraded to Equal Weight from Underweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/07/18
LYON
05/07/18
UPGRADE
LYON
Buy
HSBC upgraded to Buy from Outperform at CLSA
GM General Motors
$36.20

0.06 (0.17%)

07/26/18
SBSH
07/26/18
NO CHANGE
Target $60
SBSH
Buy
General Motors price target lowered to $60 from $70 at Citi
Citi analyst Itay Michaeli lowered his price target for General Motors to $60 citing worse currency and commodity headwinds following yesterday's Q2 results. The analyst keeps a Buy rating on the shares. GM's guidance, while disappointing, doesn't signal a change to the core thesis around pickup truck and robotaxi networks, Michaeli tells investors in a research note.
07/24/18
PIPR
07/24/18
NO CHANGE
Target $57
PIPR
Overweight
General Motors outperforming Ford in China, says Piper Jaffray
While both would suffer in a trade war, it is clear that General Motors (GM) is outperforming Ford (F) in China, Piper Jaffray analyst Alexander Potter tells investors in a research note. The analyst views GM's China business as stable, with a growing presence in luxury. He thinks Cadillac represented 16.7% of GM's Q2 revenue in China, versus 13.6% in 2017, which should boost margins. Until its "new product blitz gains momentum, Ford's China business will likely continue bleeding," Potter contends. He notes the company's Ford's retail sales in China declined by 38% year-over-year in June. The analyst keeps an Overweight rating on GM and a Neutral rating on Ford.
07/20/18
JPMS
07/20/18
NO CHANGE
JPMS
Overweight
JPMorgan says buy GM, sell Tesla into Q2 earnings reports
JPMorgan analyst Ryan Brinkman forecasts lower than consensus Q2 earnings for Ford (F) and higher than Street earnings for General Motors (GM). Both companies are likely to be impacted by higher commodity costs during the quarter, although the decline in spot prices subsequent to the quarter should limit impact to the full year, Brinkman tells investors in a research note previewing the Q2 earnings for the automakers. The analyst is also concerned about the potential for a "large loss and accompanying large cash outflow" at Tesla in Q2 to "make the bridge" to GAAP profitability and positive cash generation in the second half of the year. Brinkman maintains Overweight ratings on GM and Ford, with a preference for GM shares. He also keeps his cautious Underweight rating on Tesla shares, seeing 44% downside to his $180 December 2018 price target.
07/20/18
07/20/18
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 YUM CHINA TO UNDERPERFORM: BofA Merrill Lynch analyst Chen Luo downgraded Yum China (YUMC) to Underperform from Neutral and cut its price target to $34 from $44.30. Luo said he expects Yum China to continue to underperform given a likely peak in KFC trends amid China's weakening macro environment, a likely prolonged turnaround at Pizza Hut combined with heavy costs, a slowdown in Chinese consumer consumption, and RMB depreciation. Yum China is down 4.8% in late morning trading. CREDIT SUISSE CUTS FIVE BELOW TO NEUTRAL: Credit Suisse analyst Judah Frommer downgraded Five Below (FIVE) to Neutral from Outperform, telling investors that he is moving to the sidelines as he sees risk/reward balanced at current levels given the stock's material outperformance and back-half comp acceleration that he believes is priced into shares. Frommer keeps his $110 price target and says Five Below remains one of the most differentiated concepts in retail. Five Below is down 4.4% in late morning trading. BAIRD MORE CAUTIOUS ON DRUG SUPPLY CHAIN: Baird analyst Eric Coldwell downgraded Express Scripts (ESRX), AmerisourceBergen (ABC), and McKesson (MCK), all to Neutral from Outperform, citing the heavy political attack in recent weeks against pharmacy benefit managers and members of the drug supply chain. Among them, he said AmerisourceBergen remains his preferred name, but he cannot justify putting new money to work in these names in the current environment. SUNTRUST STARTS VIKING WITH A BUY: SunTrust analyst Edward Nash initiated Viking Therapeutics (VKTX) with a Buy rating and a price target of $14, saying its VK2809 drug for lipid disorders "has the potential to become a promising treatment by addressing multiple metabolic issues" associated with the non-alcoholic steatohepatitis disease, or NASH. Viking is up 8.3% in late morning trading. JPMORGAN SAYS BUY GM, SELL TESLA INTO EARNINGS: JPMorgan analyst Ryan Brinkman forecast lower than consensus Q2 earnings for Ford (F) and higher than consensus earnings for General Motors (GM). The analyst is also concerned about the potential for a "large loss and accompanying large cash outflow" at Tesla (TSLA) in Q2 to "make the bridge" to GAAP profitability and positive cash generation in the second half of the year. Brinkman maintained Overweight ratings on GM and Ford, with a preference for GM shares. He also kept his cautious Underweight rating on Tesla shares, seeing 44% downside to his $180 December 2018 price target.
GOOG Alphabet
$1,241.95

6.85 (0.55%)

08/07/18
MSCO
08/07/18
NO CHANGE
Target $1325
MSCO
Overweight
Enterprise value of Alphabet's Waymo raised to $175B at Morgan Stanley
Morgan Stanley analyst Brian Nowak increased his enterprise value estimate for Alphabet's Waymo unit from $75B for ride sharing only to $175B given his analyses for two other emerging business models, namely 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. Partnerships with Walmart (WMT), DDR (DDR) and Peterbilt speak to Waymo's logistics focus, said Nowak, who sees the company potentially having a $90B logistics business. Additionally, he sees a roughly $7B licensing opportunity, pointing to the company's FCA (FCAU) relationship as a model of how companies could pay a license fee to Waymo for its autonomous technology. 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.
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.
08/09/18
STFL
08/09/18
DOWNGRADE
Target $2150
STFL
Hold
Booking Holdings downgraded to Hold on slowing growth at Stifel
As previously reported, Stifel analyst Scott Devitt downgraded Booking Holdings (BKNG) to Hold from Buy, citing the slowing growth at the company-formerly-known-as Priceline. Devitt lowered his core bookings growth expectations in 2018 and beyond following the company's Q2 earnings report and cut his price target on Booking shares to $2,150 from $2,332. He sees better large cap opportunities at company's with similar earnings multiples and better growth, such as Alibaba (BABA), Alphabet (GOOGL) and Facebook (FB), Devitt added.
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).
RNG RingCentral
$89.55

1.8 (2.05%)

08/07/18
JEFF
08/07/18
NO CHANGE
Target $97
JEFF
Buy
RingCentral target raised to $97 on 'strong' quarter at Jefferies
Jefferies analyst John DiFucci raised his price target for RingCentral to $97 from $95 saying the company posted "another strong quarter" in Q2. Subscription revenue growth of 32% kept the accelerated pace of the prior two quarters, DiFucci tells investors in a post-earnings research note. He believes RingCentral is seeing continued channel momentum and keeps a Buy rating on the shares.
08/07/18
JPMS
08/07/18
NO CHANGE
Target $90
JPMS
Neutral
RingCentral price target raised to $90 from $84 at JPMorgan
JPMorgan analyst Sterling Auty raised his price target for RingCentral to $90 saying the trends that have been driving the company's growth continued in Q2. Enterprise growth and increasing number of large deals is delivering the top-line results, Auty tells investors in a post-earnings research note. He sees support for the stock's "premium valuation" but keeps a Neutral rating on RingCentral.
08/07/18
RHCO
08/07/18
NO CHANGE
Target $100
RHCO
Buy
RingCentral price target raised to $100 from $90 at SunTrust
SunTrust analyst Terry Tillman raised his price target on RingCentral to $100 and kept his Buy rating, saying the company's Q2 earnings produced "some of the strongest absolute dollar upside in its history". The analyst cites a rise in direct sales representative productivity leading to 110% ARR increase in the quarter, along with a high-30% growth for the company's core subscription revenue in the first half of the year, accelerating from low 30% rate in the first half of 2018. Tillman expects RingCentral to sustain its positive momentum with upside surprises and modest operating margin expansion, supported by the reduced cost of customer acquisitions and increasing net retention rate.
08/07/18
CHLM
08/07/18
NO CHANGE
Target $95
CHLM
Buy
RingCentral price target raised to $95 from $84 at Craig-Hallum
Craig-Hallum analyst George Sutton raised his price target for RingCentral to $95 from $84 as the company continued its "stunning" combination of growth and predictability with Q2 results. The analyst reiterates a Buy rating on the shares.
BIIB Biogen
$343.85

3.18 (0.93%)

08/01/18
PIPR
08/01/18
NO CHANGE
Target $400
PIPR
Overweight
Piper recommends Biogen shares after meeting with management
After hosting investor meetings with Biogen investor relations this week, Piper Jaffray analyst Christopher Raymond continues to recommend purchase of the shares. The analyst came away feeling like the "all-important" high-dose APOE4 subset analysis of the BAN2401 results "may be provided sooner than later." If shown to have little impact on the overall placebo-adjusted ADCOMS benefit, this should be an important event, Raymond tells investors in a research note. Coupling this with "continued solid commercial momentum and a host of other value-enhancing catalysts," the analyst continues to like the risk/reward on shares of Biogen. He keeps an Overweight rating on the name with a $400 price target.
08/07/18
STFL
08/07/18
INITIATION
Target $394
STFL
Biogen resumed with a Buy at Stifel
Stifel analyst Paul Matteis resumed coverage of Biogen with a Buy rating and a $394 price target, citing his above consensus projections for Spinraza in Spinal Muscular Atrophy and his view that the odds of success for Aducanumab in Alzheimer's are "modestly better than 50/50." While there are real reasons to believe "this time is different" with Aducanumab, Matteis does worry that the floor value in a negative scenario for the Alzheimer's drug might be lower than some think, he tells investors.
08/07/18
STFL
08/07/18
INITIATION
Target $48
STFL
Hold
Ionis Pharmaceuticals transferred with a Hold at Stifel
Stifel transferred coverage of Ionis Pharmaceuticals (IONS) to analyst Paul Matteis, who set a Hold rating and $48 price target on the shares. The Biogen (BIIB) deal, while validating, limits some of the future upside for Ionis, Matteis tells investors. Also, despite his long-term bullishness on the TTR amyloidisis opportunity, he is below consensus for the first year of the launches for Tegsedi and Waylivra.
08/01/18
08/01/18
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. JEFFERIES UPGRADES DROPBOX TO BUY: Jefferies analyst John DiFucci upgraded Dropbox (DBX) to Buy from Hold with an unchanged price target of $32. The analyst is not making a call on the Q2 results, which come on August 9. Rather, the upgrade is based "entirely on valuation," he stated. Dropbox is up 4.7% in late morning trading. JEFFERIES UPGRADES PAPA JOHN'S: Jefferies analyst Alexander Slagle upgraded Papa John's (PZZA) to Buy from Hold and raised his price target for the shares to $58 from $52. The stock, down 50% from highs, now reflects the likelihood that fundamentals will get worse before improving, Slagle said. After reviewing the company's potential path to recovery and possible strategic actions that could create shareholder value, the analyst has a bull case of $75 per share. He thinks this outweighs the bear case, or downside risk, of $35 per share. SAREPTA UPGRADED AFTER PULLBACK: Morgan Stanley analyst Matthew Harrison upgraded Sarepta Therapeutics (SRPT) to Overweight from Equal Weight, noting that the stock has given up much of the gains it saw when its initial DMD gene therapy data was announced. He sees the pullback as an opportunity to own the stock near pre-DMD gene therapy levels without taking the binary risk. He doesn't think a major bear case has emerged on the prospects for the company's DMD gene therapy program and he sees major catalysts in the second half of this year that he believes the market is missing. Harrison has a $163 price target on Sarepta shares. PIPER CUTS SHOPIFY TO NEUTRAL: Piper Jaffray analyst Michael Olson downgraded Shopify (SHOP) to Neutral from Overweight and lowered his price target to $145 from $155, saying that Shopify's Q2 was "good, but not good enough" with monthly recurring revenue below investor expectations. While Olson said Shopify is performing well, he believes their performance is mostly reflected in the stock's current valuation. PIPER RECOMMENDS BIOGEN AFTER MANAGEMENT MEETING: After hosting investor meetings with Biogen (BIIB) investor relations this week, Piper Jaffray analyst Christopher Raymond came away feeling like the "all-important" high-dose APOE4 subset analysis of the BAN2401 results "may be provided sooner than later." If shown to have little impact on the overall placebo-adjusted ADCOMS benefit, this should be an important event, Raymond said. Coupling this with "continued solid commercial momentum and a host of other value-enhancing catalysts," the analyst continues to like the risk/reward on Biogen. He kept an Overweight rating on shares with a $400 price target.
COF Capital One
$97.77

1.97 (2.06%)

07/30/18
BARD
07/30/18
NO CHANGE
Target $102
BARD
Outperform
TSYS could have opportunity with new Walmart/Capital One deal, says Baird
Baird analyst David Koning noted Walmart (WMT) announced a deal with Capital One (COF) as the new issuer of its store credit card. The analyst said he sees a potential opportunity for TSYS (TSS) to provide the issuer processing services for this contract given its strong relationship with Capital One. He views TSYS as a good idea with its price likely to drift to roughly $100 per by year-end. Koning reiterated his Outperform rating and $102 price target on TSYS shares.
07/13/18
SPHN
07/13/18
NO CHANGE
Target $100
SPHN
Overweight
Stephens says Walmart move to Capital One cards would be opportunity for TSYS
After Bloomberg reported yesterday that Walmart (WMT) is considering moving its private-label and or co-brand card portfolios to Capital One (COF) from incumbent Synchrony (SYF), Stephens analyst Brett Huff called the potential switch an possible opportunity for TSYS (TSS), which he notes is the card issuer processor for Capital One. He estimates this move, if it happens, could represent about a $15M revenue opportunity for TSYS. Huff keeps an Overweight rating and $100 price target on TSYS shares.
07/27/18
JPMS
07/27/18
NO CHANGE
Target $39
JPMS
Overweight
Synchrony 'substantially oversold' on Walmart news, says JPMorgan
JPMorgan analyst Richard Shane believes Synchrony Financial (SYF) shares have been "substantially oversold" relative to the fundamental impact to the business from Walmart's (WMT) decision to go with Capital One (COF). The analyst reiterates an Overweight rating on Synchrony and recommends buying the stock at current levels. He estimates a $625M reduction of 2020 net income to common shareholders, or 17c per share in earnings. Shane lowered his price target for Synchrony to $39 from $41 as a result. He believes, however, that the stock will continue to trade at a discount to these levels until there is more clarity about a strategic outcome.
07/27/18
07/27/18
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. MATTEL UPGRADED ON TAKEOVER POSSIBILITY: DA Davidson analyst Linda Bolton Weiser upgraded Mattel (MAT) to Neutral from Underperform and raised her price target to $14 from $12. The analyst noted that while the company underperformed in Q2 as she expected, due to the hard 2017 comparisons driven by last year's Cars 3 release and the impact from the Toys R Us liquidation, investor belief that the company could be sold is supporting the stock. Weiser adds that as long as Ynon Kreiz is at the helm, Mattel's elevated valuation could persist. INTEL GETS MULTIPLE DOWNGRADES AFTER EARNINGS: Citi analyst Christopher Danely downgraded Intel (INTC) to Neutral from Buy and lowered his price target for the shares to $50 from $64. The analyst said he sees a "host of margin headwinds coming" and calls the company's rollout of 10 nanometer a "debacle." He believes Intel's valuation multiple will remain under pressure. BofA Merrill Lynch downgraded Intel to Neutral from Buy and lowered its price target to $56 from $62 following the Q2 report. Analyst Vivek Arya said shares will remain range bound given a deceleration in FY19 earnings growth, a competitive position that is becoming tougher with next-gen 10mn product delays, higher capex from insourcing memory, and potential gross margin declines. Intel is down 8.4% in late morning trading. JPMORGAN DEFENDS SYNCHRONY: JPMorgan analyst Richard Shane believes Synchrony Financial (SYF) shares have been "substantially oversold" relative to the fundamental impact to the business from Walmart's (WMT) decision to go with Capital One (COF). The analyst reiterated an Overweight rating on Synchrony and recommended buying the stock at current levels. He estimated a $625M reduction of 2020 net income to common shareholders, or 17c per share in earnings. Shane lowered his price target for Synchrony to $39 from $41 as a result. He believes, however, that the stock will continue to trade at a discount to these levels until there is more clarity about a strategic outcome. AMAZON PRICE TARGET RAISED AT MULTIPLE FIRMS: After reporting its Q2 results, Amazon (AMZN) saw its price target raised by multiple analysts, including by Deutsche Bank analyst Lloyd Walmsley, who raised his price target for Amazon.com to $2,300. He said last night's Q2 results beat his expectations "almost across the board," and added that Amazon remains his top pick among the large cap Internet names. The analyst kept a Buy rating on the shares. Amazon shares are 1.4% higher to about $1,834 in late morning trading.
DFS Discover
$75.71

1.4 (1.88%)

05/07/18
05/07/18
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. McDonald's (MCD) and AutoZone (AZO) were upgraded to Conviction Buy from Buy at Goldman Sachs. 2. Eaton (ETN), Deere (DE), and Terex (TEX) were upgraded to Outperform from In Line at Evercore ISI. 3. LendingTree (TREE) and Santander Consumer (SC) were upgraded to Buy from Neutral at UBS, while Discover (DFS) was upgraded to Neutral from Sell. 4. First Industrial Realty (FR) upgraded to Buy from Neutral at Mizuho with analyst Richard Anderson saying he sees a "path for outperformance from here" with the valuation at "floor" levels. 5. Illumina (ILMN) upgraded to Overweight from Equal Weight at Barclays with analyst Jack Meehan saying he believes his firm's NovaSeq customer survey indicates "substantial elasticity of demand." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/09/18
04/09/18
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. General Motors (GM) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Adam Jonas saying he sees room for positive earnings revisions for GM, Ford (F) and Fiat Chrysler (FCAU) as investors better understand the impact on U.S. pick-up truck sales from a potential passage of a U.S. infrastructure bill. 2. TD Ameritrade (AMTD) upgraded to Buy from Neutral at BofA/Merrill with analyst Michael Carrier saying he views TD Ameritrade's near-term outlook as attractive given healthy new net asset growth, higher interest rates, and strong DARTs. 3. Comerica (CMA) upgraded to Outperform from Neutral at Wedbush with analyst Peter Winter saying he sees several levers that should drive above average earnings per share growth over the next two years, including margin expansion, potential resumption of loan growth, and above average capital returns. 4. Agilent (A) upgraded to Buy from Neutral at Goldman Sachs with analyst Patrick Donnelly saying he sees an attractive fundamental backdrop across Tools. 5. Discover (DFS) and Ally Financial (ALLY) were upgraded to Equal Weight from Underweight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/07/18
UBSW
05/07/18
UPGRADE
UBSW
Neutral
Discover upgraded to Neutral from Sell at UBS
05/07/18
UBSW
05/07/18
UPGRADE
Target $72
UBSW
Neutral
Discover upgraded to Neutral at UBS
As previously reported, UBS analyst Eric Wasserstrom upgraded Discover to Neutral from Sell. He expects provision expense growth to remain elevated, though the earnings impact is mitigated by stronger interchange revenues than he had previously forecasted, said Wasserstrom, who raised his price target to $72 from $70 on Discover shares.
JCI Johnson Controls
$37.00

0.34 (0.93%)

06/27/18
WOLF
06/27/18
INITIATION
Target $37
WOLF
Peer Perform
Johnson Controls initiated with a Peer Perform at Wolfe Research
Wolfe Research initiated Johnson Controls with a Peer Perform and price target of $37.
04/05/18
RBCM
04/05/18
DOWNGRADE
Target $31
RBCM
Underperform
Johnson Controls downgraded to Underperform at RBC Capital on cash flow pressure
As reported earlier, RBC Capital analyst Deane Dray downgraded Johnson Controls to Underperform from Sector Perform and lowered his price target to $31 from $37. Dray cites the company's exposure to additional cash flow pressures in FY18, reduction in FY20 targets, and a market rotation toward "more defensive names". The analyst also does not anticipate the prospective Power Solutions divestiture by Johnson Controls to unlock any "compelling" upside for the stock.
04/05/18
04/05/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Hold from Buy at Stifel with analyst Kevin Cassidy citing the peaking server central processing unit cycle and valuation for the downgrade. 2. Johnson Controls (JCI) downgraded to Underperform from Sector Perform at RBC Capital with analyst Deane Dray citing the company's exposure to additional cash flow pressures in fiscal 2018, reduction in fiscal 2020 targets, and a market rotation toward "more defensive names." 3. Ryder (R) downgraded to Underweight from Neutral at JPMorgan with analyst Brian Ossenbeck saying he is making a "longer term call on 2019 expectations," which he believes are too high and embed "significant gains on residual values and used truck sales." 4. Ollie's Bargain Outlet (OLLI) downgraded to Neutral from Buy at BofA/Merrill with analyst Elizabeth Suzuki saying valuation is getting "richer," quarterly comps have been decelerating since 2015, and are now expected to be 1%-2% in 2018. 5. Biogen (BIIB), Pfizer (PFE), Biohaven (BHVN), and Myovant Sciences (MYOV) were downgraded to Equal Weight from Overweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/09/18
SBSH
04/09/18
NO CHANGE
SBSH
Citi recommends Multi-Industry stocks following year-to-date weakness
Citi analyst Andrew Kaplowitz tells investors to take advantage of the year-to-date weakness in Multi-Industry stocks ahead of the Q1 earnings season. U.S. tax reform, a still strong developing market environment and a slowly improving project-based environment should be catalysts for growth, Kaplowitz writes in a research note. The analyst prefers shares of Honeywell (HON), Gardner Denver (GDI), Ingersoll-Rand (IR), Johnson Controls (JCI), 3M (MMM) and Illinois Tool Works (ITW).
GNW Genworth
$4.60

0.045 (0.99%)

09/15/17
BTIG
09/15/17
NO CHANGE
BTIG
Genworth still faces long road, says BTIG
BTIG analyst Mark Palmer says that Virginia's decision to approve the sale of Genworth's insurance companies in the state to a Chinese company, China Oceanwide, is positive. However, the analyst says that Genworth still must obtain the approval of "several (other) entities" before its deal to sell the entire company to China Oceanwide can close. He believes that Genworth's stock could fall below $1 if the deal is not approved as such a development would "spark fears of an imminent bankruptcy filing," according to the analyst. He keeps a Neutral rating on the shares.
SAIC SAIC
$87.29

1.26 (1.46%)

06/13/18
DRXL
06/13/18
DOWNGRADE
DRXL
Hold
SAIC downgraded to Hold from Buy at Drexel Hamilton
05/25/18
STFL
05/25/18
INITIATION
Target $85
STFL
Hold
SAIC initiated with a Hold at Stifel
Stifel analyst Joseph DeNardi started SAIC with a Hold rating and $85 price target, saying he views the shares, which trade at a multiple above the group average, as fairly valued given the company's lower than average margins and the risk around its vehicle integration work.
05/25/18
05/25/18
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. Enanta (ENTA) initiated with an Outperform at Oppenheimer. 2. VistaGen Therapeutics (VTGN) initiated with an Outperform at Oppenheimer. 3. Engility (EGL) initiated with a Buy at Stifel. 4. ManTech (MANT) initiated with a Hold at Stifel. 5. SAIC (SAIC) initiated with a Hold at Stifel. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, Reference Link
06/13/18
06/13/18
DOWNGRADE

Hold
SAIC downgraded to Hold on valuation at Drexel Hamilton
As previously reported, Drexel Hamilton analyst Brian Ruttenbur downgraded SAIC to Hold from Buy, stating that while he believes the shares should trade at a premium to peers he also thinks they are fairly valued at current levels. He also lowered his FY19 and FY20 estimates after the company reported a mixed Q1 with stronger than anticipated revenues and EPS and weaker than expected EBITDA and bookings.
ARMK Aramark
$40.50

0.47 (1.17%)

08/10/18
FBCO
08/10/18
INITIATION
Target $52
FBCO
Outperform
Aramark initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kevin McVeigh initiated Aramark with an Outperform rating and $52 price target, telling investors in a research note that while he has been "underwhelmed" by the pace of organic growth in the past few years, he believes Q3 results and the stock discounting a slower rate of organic growth will be positive over the long-term. McVeigh views the December investor day as the next possible meaningful catalyst.
08/08/18
08/08/18
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. Aramark (ARMK) downgraded to Neutral from Outperform at Baird with analyst Andrew Wittmann saying the shares rallied following its results, which helped balance the risk/reward. 2. Hostess Brands (TWNK) downgraded to Sector Perform from Outperform at RBC Capital and to Hold from Buy at SunTrust. 3. Spark Therapeutics (ONCE) downgraded to Market Perform from Outperform at BMO Capital with analyst Matthew Luchini saying he believes that the company's latest SPK-8011 hemA data falls short of expectations, with totality of the data suggesting a "less competitive profile versus valrox" and reducing his confidence in the program. 4. Mallinckrodt (MNK) downgraded to Market Perform from Outperform at Raymond James with analyst Elliot WIlbur saying pipeline optionality remains high and is heavily discounted by valuation, and sees no "rational valuation framework" to support further upside. 5. Dentsply Sirona (XRAY) downgraded to Equal Weight from Overweight at Stephens and to Equal Weight from Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/08/18
BARD
08/08/18
DOWNGRADE
Target $44
BARD
Neutral
Aramark downgraded to Neutral after post-earnings rally at Baird
As reported previously, Baird analyst Andrew Wittmann downgraded Aramark to Neutral from Outperform. The analyst noted the shares rallied following its results, which helped balance the risk/reward. Wittmann, who sees no immediate catalysts on the horizon, maintained his $44 price target on Aramark shares.
08/10/18
08/10/18
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. Stitch Fix (SFIX) initiated with a Buy at SunTrust. 2. Perspecta (PRSP) initiated with a Hold at Loop Capital. 3. EverQuote (EVER) initiated with a Buy at Needham. 4. Sempra Energy (SRE) resumed with an Equal Weight at Morgan Stanley. 5. Aramark (ARMK) initiated with an Outperform at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

MAT

Mattel

07:31
12/12/18
12/12
07:31
12/12/18
07:31
Downgrade
Mattel rating change  »

Mattel downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 03

    Mar

AQUA

Evoqua Water

$10.23

0.06 (0.59%)

07:31
12/12/18
12/12
07:31
12/12/18
07:31
Initiation
Evoqua Water initiated  »

Evoqua Water initiated…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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PNTR

Pointer Telocation

$11.55

-0.25 (-2.12%)

07:30
12/12/18
12/12
07:30
12/12/18
07:30
Hot Stocks
Pointer Telocation and Pricol to form joint venture for telematics solution »

Pointer Telocation and…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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FRT

Federal Realty

$133.31

0.43 (0.32%)

07:30
12/12/18
12/12
07:30
12/12/18
07:30
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Federal Realty rating change  »

Federal Realty downgraded…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 14

    Feb

GE

General Electric

$6.77

-0.15 (-2.17%)

, F

Ford

$8.54

0.015 (0.18%)

07:30
12/12/18
12/12
07:30
12/12/18
07:30
Options
Unusual put flow in option market yesterday »

Notable put activity was…

GE

General Electric

$6.77

-0.15 (-2.17%)

F

Ford

$8.54

0.015 (0.18%)

SLB

Schlumberger

$41.24

-0.72 (-1.72%)

KO

Coca-Cola

$49.54

0.29 (0.59%)

ACB

Aurora Cannabis

$5.93

0.22 (3.85%)

FSLR

First Solar

$42.43

-0.79 (-1.83%)

UA

Under Armour

$20.87

-0.15 (-0.71%)

QSR

Restaurant Brands

$52.98

-0.81 (-1.51%)

GRMN

Garmin

$65.37

0.41 (0.63%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 12

    Dec

  • 13

    Dec

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    Dec

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    Dec

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    Dec

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    Dec

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    Jan

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    Jan

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    Mar

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    Apr

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    Jul

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    Oct

H

Hyatt

$67.43

-1.41 (-2.05%)

07:29
12/12/18
12/12
07:29
12/12/18
07:29
Downgrade
Hyatt rating change  »

Hyatt downgraded to…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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HST

Host Hotels

$17.97

-0.13 (-0.72%)

07:28
12/12/18
12/12
07:28
12/12/18
07:28
Downgrade
Host Hotels rating change  »

Host Hotels downgraded to…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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NEE

NextEra Energy

$183.05

0.33 (0.18%)

07:28
12/12/18
12/12
07:28
12/12/18
07:28
Recommendations
NextEra Energy analyst commentary  »

NextEra Energy price…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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NBIX

Neurocrine

$85.72

-0.14 (-0.16%)

07:25
12/12/18
12/12
07:25
12/12/18
07:25
Hot Stocks
Breaking Hot Stocks news story on Neurocrine »

Neurocrine trading…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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TSLA

Tesla

07:25
12/12/18
12/12
07:25
12/12/18
07:25
Recommendations
Tesla analyst commentary  »

Tesla poised to exceed…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

LULU

Lululemon

$116.67

1.66 (1.44%)

07:25
12/12/18
12/12
07:25
12/12/18
07:25
Upgrade
Lululemon rating change  »

Citi upgrades Lululemon…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 14

    Dec

UAA

Under Armour

$22.14

-0.25 (-1.12%)

07:25
12/12/18
12/12
07:25
12/12/18
07:25
Conference/Events
Under Armour to host investor day »

Investor Day to be held…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 12

    Dec

  • 14

    Dec

AIMT

Aimmune

$23.25

0.18 (0.78%)

07:25
12/12/18
12/12
07:25
12/12/18
07:25
Conference/Events
Aimmune to host analyst day »

Analyst Day to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 12

    Dec

UA

Under Armour

$20.87

-0.15 (-0.71%)

07:25
12/12/18
12/12
07:25
12/12/18
07:25
Conference/Events
Under Armour to host investor day »

Investor Day to be held…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 12

    Dec

  • 03

    Mar

EBAY

eBay

$29.05

0.07 (0.24%)

07:24
12/12/18
12/12
07:24
12/12/18
07:24
Downgrade
eBay rating change  »

Morgan Stanley admits to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 03

    Mar

AAPL

Apple

$168.66

-0.95 (-0.56%)

07:20
12/12/18
12/12
07:20
12/12/18
07:20
Periodicals
Apple mulls shifting iPhone production if tariffs hit 25%, Bloomberg reports »

Apple suppliers will mull…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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SHPG

Shire

$169.68

-0.44 (-0.26%)

, TKPYY

Takeda Pharmaceutical

$0.00

(0.00%)

07:20
12/12/18
12/12
07:20
12/12/18
07:20
Downgrade
Shire, Takeda Pharmaceutical rating change  »

Shire downgraded to Hold…

SHPG

Shire

$169.68

-0.44 (-0.26%)

TKPYY

Takeda Pharmaceutical

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

  • 21

    Dec

  • 11

    Jan

07:20
12/12/18
12/12
07:20
12/12/18
07:20
General news
FX Update: The dollar has been trading mixed-to-firmer »

FX Update: The dollar has…

07:17
12/12/18
12/12
07:17
12/12/18
07:17
General news
Futures higher following release of Huawei CFO »

Stock futures are…

CORT

Corcept Therapeutics

$17.16

4.18 (32.20%)

07:17
12/12/18
12/12
07:17
12/12/18
07:17
Upgrade
Corcept Therapeutics rating change  »

Cantor upgrades Corcept…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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DCO

Ducommun

$38.00

0.2 (0.53%)

07:13
12/12/18
12/12
07:13
12/12/18
07:13
Initiation
Ducommun initiated  »

Ducommun initiated with a…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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HSDT

Helius Medical

$9.94

-0.33 (-3.21%)

07:12
12/12/18
12/12
07:12
12/12/18
07:12
Hot Stocks
Helius Medical announces PoNS application for CE Mark »

Helius Medical announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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ITCI

Intra-Cellular

$15.50

0.16 (1.04%)

07:12
12/12/18
12/12
07:12
12/12/18
07:12
Recommendations
Intra-Cellular analyst commentary  »

Intra-Cellular's NDA…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 27

    Sep

MNGPY

Man Group

$0.00

(0.00%)

07:11
12/12/18
12/12
07:11
12/12/18
07:11
Downgrade
Man Group rating change  »

Man Group downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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ONCY

Oncolytics

$2.03

0.01 (0.50%)

, BMY

Bristol-Myers

$52.44

-0.15 (-0.29%)

07:10
12/12/18
12/12
07:10
12/12/18
07:10
Hot Stocks
Oncolytics treats first patient in pelareorep, carfilzomib with Opdivo trial »

Oncolytics (ONCY)…

ONCY

Oncolytics

$2.03

0.01 (0.50%)

BMY

Bristol-Myers

$52.44

-0.15 (-0.29%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 13

    Dec

  • 29

    Dec

  • 24

    Jan

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    May

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