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CMC

Commercial Metals

$22.26

0.46 (2.11%)

, NLSN

Nielsen

$25.83

1.21 (4.91%)

10:16
08/14/18
08/14
10:16
08/14/18
10:16

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1.Commercial Metals (CMC) upgraded to Neutral from Sell at Goldman Sachs with analyst Matthew Korn saying his prior initiation of the company at Sell in March was based on its "full valuation," but at its current price, the risk-reward on the company is more attractive. 2. Nielsen (NLSN) upgraded to Outperform from Neutral at Macquarie and to Equal Weight from Underweight at Barclays. 3. Alliance Data (ADS) upgraded to Overweight from Neutral at JPMorgan. 4. DCP Midstream (DCP) upgraded to Buy from Hold at Stifel with analyst Selman Akyol citing the company's Q2 results that were slightly above expectations. 5. JinkoSolar (JKS) upgraded to Neutral from Sell at Citi with the firm expecting the module outlook to improve in the second half of 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

CMC

Commercial Metals

$22.26

0.46 (2.11%)

NLSN

Nielsen

$25.83

1.21 (4.91%)

ADS

Alliance Data

$231.12

3.785 (1.66%)

DCP

DCP Midstream

$44.67

0.1 (0.22%)

JKS

JinkoSolar

$13.33

-0.57 (-4.10%)

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CMC Commercial Metals
$22.26

0.46 (2.11%)

08/13/18
GSCO
08/13/18
UPGRADE
Target $24
GSCO
Neutral
Commercial Metals upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Matthew Korn upgraded Commercial Metals to Neutral from Sell and kept his price target at $24. The analyst notes that his prior initiation of the company at Sell in March was based on its "full valuation", but at its current price, the risk-reward on the company is more attractive. Korn adds that there is upside to his estimates on Commercial Metals given the elevated rebar price - a market that is also "poised" for consolidation.
06/22/18
JPMS
06/22/18
NO CHANGE
JPMS
Overweight
Commercial Metals to benefit from limited rebar imports, says JPMorgan
JPMorgan analyst Michael Gambardella keeps an Overweight rating on shares of Commercial Metals and establishes a December 2019 price target of $30. Section 232 tariffs will limit imports of rebar from large exporters like Turkey while the company's pending acquisition of Gerdau's rebar assets will further consolidate the U.S. market, Gambardella tells investors in a research note. He remains positive on the shares.
06/19/18
BOFA
06/19/18
DOWNGRADE
Target $23
BOFA
Underperform
Commercial Metals downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Timna Tanners downgraded Commercial Metals to Underperform from Neutral and cut its price target to $23 from $24. The analyst said shares are pricing in better-than-normal earnings power, but he expects rebar imports and domestic to rise into Q4. Tanners believes the rebar markets remain oversupplied and expects new domestic capacity to pressure margins.
05/17/18
MACQ
05/17/18
UPGRADE
MACQ
Neutral
Commercial Metals upgraded to Neutral from Underperform at Macquarie
Macquarie analyst David Lipschitz upgraded Commercial Metals to Neutral from Underperform with a $24 price target. The analyst expects rebar prices to stay strong given improving construction activities, supporting earnings for the next few years.
NLSN Nielsen
$25.83

1.21 (4.91%)

08/14/18
LEHM
08/14/18
UPGRADE
Target $27
LEHM
Equal Weight
Nielsen upgraded to Equal Weight on possible deal scenarios at Barclays
Barclays analyst Manav Patnaik upgraded Nielsen Holdings to Equal Weight from Underweight and raised his price target for the shares to $27 from $21. The analyst, who still believes Nielsen's prospects as a stand-alone public company "remain grim," sees limited downside in the stock now that activist investor Elliott Management has acquired an 8% stake. The analyst's new price target assumes a 60% likelihood of outright sale for $32 per share, with lower scenarios for just a Buy sale. He sees downside to $15 per share if no action is taken.
08/14/18
BARD
08/14/18
NO CHANGE
Target $30
BARD
Outperform
Nielsen price target raised to $30 from $26 at Baird
Baird analyst Jeffrey Meuler raised his price target on Nielsen to $30 from $26 following the announcement Elliott Management of an 8.4% activist stake. The analyst sees multiple avenue to unlock value including the company's Watch and Buy segments which could be of interest of private equity. He also sees the potential for expense reduction and a more broader and urgent strategic review. Meuler reiterated his Outperform rating on Nielsen shares.
08/14/18
08/14/18
NO CHANGE
Target $29

Buy
Jefferies sees 'significant shareholder value to be unlocked' at Nielsen
Even following yesterday's 12% rally, there is "significant shareholder value to be unlocked" at Nielsen Holdings, Jefferies analyst Surinder Thind tells investors in a research note. A strategic review of the entire business is now in play with Elliot Management taking an activist stake, Thind contends. The analyst believes Nielsen's Watch segment could be worth more than all of the company currently. He estimates the Watch segment's value at $29-$33 per share. Further, Thind's "rough math" suggests a buyout for the entire company could be worth $30 per share. For any buyer, Nielsen's $8.3B of net debt is a "limiting factor on the price that can be paid," the analyst writes. He thinks the pool of potential acquirers is mainly financial in nature and not strategic. Thind keeps a Buy rating on Nielsen with a $29 price target.
08/14/18
MSCO
08/14/18
NO CHANGE
Target $26
MSCO
Overweight
Nielsen could conclude strategic review in next 3 months, says Morgan Stanley
Morgan Stanley analyst Toni Kaplan reiterated an Overweight rating and $26 price target for Nielsen Holdings, telling investors in a research note that she believes the company could conclude its planned strategic review with a sale of the Buy business or a sale of the entire company, and says the decision could occur in the next three months. She believes that, given the results that have been found in other strategic review processes as well as recent activist activity, no sale at all is potentially the least likely outcome.
ADS Alliance Data
$231.12

3.785 (1.66%)

08/14/18
JPMS
08/14/18
UPGRADE
Target $281
JPMS
Overweight
Alliance Data upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Reggie Smith upgraded Alliance Data System to Overweight and raised his price target for the shares to $281 from $270.
08/14/18
JPMS
08/14/18
NO CHANGE
JPMS
JPMorgan shuffles ratings in Payments & Processors, upgrades Alliance Data
JPMorgan analyst Tien-tsin Huang rebalanced his ratings in the Payments & Processors while establishing 2019 price targets. With payments "increasingly being consumed and distributed via technology," the analyst continues to favor the "more modern, digital players." He believes the shift towards integrated payments and digital banking is in the early stages. Analyst Reginald Smith upgraded Alliance Data Systems (ADS) to Overweight from Neutral and raised his price target for the shares to $281 from $270. Smith thinks stock sentiment is nearing an inflection point as delinquency trends stabilize. Huang downgraded Fiserv (FISV) and Paychex (PAYX) to Underweight from Neutral, saying the companies are below-average growers with below-average earnings upside risk.
08/07/18
08/07/18
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) reinstated with an Overweight at Barclays. 2. ObsEva (OBSV) initiated with an Outperform at Wedbush. 3. Deciphera (DCPH) initiated with a Buy at Canaccord. 4. Alliance Data (ADS) assumed with a Buy at Jefferies. 5. Hermes (HESAY) initiated with an Equal Weight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/18
JEFF
08/07/18
INITIATION
Target $280
JEFF
Buy
Alliance Data assumed with a Buy at Jefferies
Jefferies analyst Surinder Thind assumed coverage of Alliance Data with a Buy rating and $280 price target. The company's long-term business fundamentals are intact but are being masked by a number of transitory events, Thind tells investors in a research note. He expects the stock's forward price-to-earnings multiple to re-rate from 9 times currently to 11 times as the headwinds dissipate.
DCP DCP Midstream
$44.67

0.1 (0.22%)

06/26/18
GSCO
06/26/18
UPGRADE
Target $48
GSCO
Buy
DCP Midstream upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Jerren Holder upgraded DCP Midstream to Buy from Neutral and raised his price target to $48 from $42. The analyst notes that increasing commodity prices will act as a catalyst for the company's better than expected earnings, while higher output of oil in the U.S. will support longer term growth. Holder also sees DCP Midstream stock trading at an attractive valuation of 10% discount relative to peer group average on Enterprise Value to EBITDA multiple basis.
06/12/18
LEHM
06/12/18
DOWNGRADE
Target $39
LEHM
Underweight
DCP Midstream downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Christine Cho downgraded DCP Midstream Partners LP to Underweight and lowered her price target for the shares to $39 from $46. The analyst expects continued Permian volume declines as well as further declines on some of the company's legacy assets.
08/13/18
STFL
08/13/18
UPGRADE
STFL
Buy
DCP Midstream upgraded to Buy from Hold at Stifel
08/14/18
STFL
08/14/18
UPGRADE
Target $51
STFL
Buy
DCP Midstream upgraded to Buy from Hold at Stifel
Stifel analyst Selman Akyol upgraded DCP Midstream to Buy from Hold and raised his price target for shares to $51 from $42 following the company's Q2 results that were slightly above expectations. In a research note to investors, Akyol said that while he recently downgraded DCP, he believes units continue to trend higher on the backs "solid" fundamentals, growth projects consistently entering service through 2019 and improving financial metrics. Additionally, he notes that management recently announced growth projects that extend DCP's value chain and growth into 2020. Akyol expects DCP to produce one of the highest growth rates in 2019 within his coverage universe.
JKS JinkoSolar
$13.33

-0.57 (-4.10%)

08/13/18
ROTH
08/13/18
NO CHANGE
Target $14
ROTH
Neutral
JinkoSolar likely to stay in range after Q2 miss, says Roth Capital
JinkoSolar Holdings this morning posted a Q2 miss and provided a weak Q3 shipment guide, but reiterated its 2018 shipment guidance, Roth Capital analyst Philip Shen tells investors in a research note. The analyst sees limited visibility into the company's margins and earnings beyond 2018 and keeps a Neutral rating on the shares. He believes the stock may continue to trade in a range while oversupply concerns remain. Shen reduced his price target for JinkoSolar to $14 from $15.
08/14/18
SBSH
08/14/18
UPGRADE
Target $14.5
SBSH
Neutral
JinkoSolar upgraded to Neutral on improving module outlook at Citi
Citi upgraded JinkoSolar to Neutral from Sell while lowering its price target for the shares to $14.50 from $15 following yesterday's Q2 results. The firm expects the module outlook to improve in the second half of 2018.
07/18/18
GSCO
07/18/18
DOWNGRADE
Target $15
GSCO
Neutral
Sunrun downgraded to Neutral at Goldman Sachs on valuation
As reported earlier, Goldman Sachs analyst Brian Lee downgraded Sunrun to Neutral from Buy as part of his broader research note on the solar sector and also kept his price target at $15 citing valuation on the stock. The analyst states that Sunrun has already run up 160% year to date and also cites the shift in China's solar policy in late May along with the ensuing price collapse across the supply chain toward quarter-end, which raises the risk of margin misses and weaker Q3 guidance. Lee adds that China-levered names like Jinko Solar (JKS) and Canadian Solar (CSIQ) thus face particularly challenging demand outlooks. The analyst has the most constructive view on the U.S. residential installer Vivint Solar (VSLR), which stands to "benefit from lower module costs and what we expect could close the valuation gap relative to peers.
08/14/18
SBSH
08/14/18
UPGRADE
SBSH
Neutral
JinkoSolar upgraded to Neutral from Sell at Citi

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