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LULU

Lululemon

$127.75

1.27 (1.00%)

, KMB

Kimberly-Clark

$117.47

1 (0.86%)

10:12
08/16/18
08/16
10:12
08/16/18
10:12

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Lululemon (LULU) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's Q1 earnings beat and expectations of improved comps in Q2, along with its "substantial" growth opportunities to expand its brand overseas and particularly in China. 2. Kimberly-Clark (KMB) upgraded to Neutral from Underweight at JPMorgan analyst Andrea Teixeira saying while it remains to be seen if the company's recently announced price increases will "actually hold" given the intensely competitive U.S. market, she believes investors will give Kimberly-Clark shares the benefit of the doubt. 3. Embraer (ERJ) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Josh Milberg sayng the 29% selloff in the stock since its strategic partnership with Boeing (BA) was announced in early July has made the risk-reward attractive. 4. TechnipFMC (FTI) upgraded to Buy from Hold at Jefferies with analyst Mark Wilson saying same-year "book & turn" work and recent awards have lead him to raise his revenue forecasts through 2020. 5. Avalara (AVLR) upgraded to Buy from Neutral at Goldman Sachs with analyst Jesse Hulsing was saying the company has "significantly underperformed" his coverage over the past month following a post-IPO overshoot and created an opportunity for investors. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

LULU

Lululemon

$127.75

1.27 (1.00%)

KMB

Kimberly-Clark

$117.47

1 (0.86%)

ERJ

Embraer

$19.49

0.855 (4.59%)

FTI

TechnipFMC

$28.19

0.59 (2.14%)

AVLR

Avalara

$37.90

3.22 (9.28%)

  • 19

    Aug

  • 30

    Aug

  • 12

    Sep

LULU Lululemon
$127.75

1.27 (1.00%)

08/16/18
08/16/18
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. ARGUS SAYS BUY LULULEMON: Argus analyst John Staszak upgraded Lululemon (LULU) to Buy from Hold with a price target of $150, citing the company's Q1 earnings beat and expectations of improved comps in Q2, along with its "substantial" growth opportunities to expand its brand overseas and particularly in China. Staszak contends that Lululemon's growth prospects are "among the best in the apparel sector," with a transition to higher margin e-commerce sales seen expanding its operating margins in the coming several years. The analyst further notes that his implied price target valuation multiple of 44-times forward earnings is within the multiple range of companies like Nike (NKE), Under Armour (UA), and VF Corp. (VFC) and justified by its rapid e-commerce adoption and strong overall growth. KIMBERLY-CLARK RAISED AFTER PRICE HIKES: JPMorgan analyst Andrea Teixeira upgraded shares of Kimberly-Clark (KMB) to Neutral from Underweight and raised her price target to $114 from $90 following yesterday's announcement that the company will increase prices or reduce package counts on key products in North America. The analyst notes that while it remains to be seen if the price increases will "actually hold" given the intensely competitive U.S. market, she believes investors will give Kimberly-Clark shares the benefit of the doubt. Additionally, she tells investors that Procter & Gamble's (PG) commentary that it plans to raise prices on some of its premium paper products and diapers is "supportive" of Kimberly-Clark's ability to pass on higher prices. COTY CUT TWO NOTCHES AT MERRILL: BofA Merrill Lynch analyst Olivia Tong double downgraded Coty to Underperform from Buy and cut its price target to $10 from $16. Tong said Coty is now more exposed to the mass beauty market following its merger with 41 brands from PG Beauty and is seeing disruption from smaller, niche brands and newer distribution channels. ACTIVISION PULLBACK SEEN AS OPPORTUNITY: Jefferies analyst Timothy O'Shea said he views China having frozen mobile game approvals as a temporary problem and "mostly a non-issue" as only the monetization approval process has been frozen, not the content approval process, and he notes administrators are already implementing a fast-track approval process to alleviate the problem. Activision Blizzard (ATVI) has a pipeline of new mobile games coming that he would still expect to launch in China over time and O'Shea sees the 15% pullback in the game maker's shares in the last month as a buying opportunity, he tells investors. He maintains a Buy rating and $90 price target on Activision shares.
08/16/18
ARGS
08/16/18
UPGRADE
Target $150
ARGS
Buy
Lululemon upgraded to Buy at Argus on international growth opportunity
As reported earlier, Argus analyst John Staszak upgraded Lululemon (LULU) to Buy from Hold with a price target of $150 while also raising his FY19 EPS outlook to $3.40 from $3.21. The analyst cites the company's Q1 earnings beat and expectations of improved comps in Q2, along with its "substantial" growth opportunities to expand its brand overseas and particularly in China. Staszak contends that Lululemon's growth prospects are "among the best in the apparel sector", with transition to higher margin e-commerce sales expanding its operating margins in the coming several years. The analyst further notes that his implied price target valuation multiple of 44-times forward earnings is within the multiple range of companies like Nike (NKE), Under Armour (UA), and VF Corp (VFC) and justified by its rapid e-commerce adoption and strong overall growth.
08/16/18
ARGS
08/16/18
UPGRADE
ARGS
Buy
Lululemon upgraded to Buy from Hold at Argus
08/15/18
RILY
08/15/18
NO CHANGE
Target $128
RILY
Neutral
Lululemon price target raised to $128 from $112 at B. Riley FBR
B. Riley FBR analyst Susan Anderson reiterated a Neutral rating on Lululemon and raised her price target to $128 from $112, telling investors in a research note that she sees Q2 EPS of 49c, in line with the Street, with comps up 9%. Anderson says investors are likely to be focused on quarter-to-date same-store sales trends, guidance, margin outlook and an update on how the men's business and new materials are performing.
KMB Kimberly-Clark
$117.47

1 (0.86%)

08/15/18
08/15/18
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. Nielsen (NLSN) downgraded to Hold from Buy at Pivotal Research with analyst Brian Wieser citing recent share strength following news of Elliott Investment Management's 8% stake in the company and maintained a $27 price target. 2. Union Pacific (UNP) downgraded to Hold from Buy at Deutsche Bank. 3. Kimberly-Clark (KMB) downgraded to Hold from Buy at Societe Generale with analyst Mitul Girotra saying pulp and oil input costs have risen sharply and cut his FY18 earnings estimate in line with management guidance. 4. Western Digital (WDC) downgraded to Market Perform from Outperform at Cowen with analyst Karl Ackerman saying his recent supply chain field work pointed to "substantial, unabated competitive pricing tactics" by the company and Toshiba (TOSBF) to gain share of enterprise and client solid state drives. 5. Tesaro (TSRO) downgraded to Hold from Buy at Argus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/16/18
JPMS
08/16/18
UPGRADE
JPMS
Neutral
Kimberly-Clark upgraded to Neutral from Underweight at JPMorgan
08/16/18
JPMS
08/16/18
UPGRADE
Target $114
JPMS
Neutral
Kimberly-Clark upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Andrea Teixeira upgraded shares of Kimberly-Clark (KMB) to Neutral from Underweight and raised her price target to $114 from $90 following yesterday's announcement that the company will increase prices or reduce package counts on key products in North America. The analyst notes that while it remains to be seen if the price increases will "actually hold" given the intensely competitive U.S. market, she believes investors will give Kimberly-Clark shares the benefit of the doubt. Additionally, she tells investors that Procter & Gamble's (PG) commentary that it plans to raise prices on some of its premium paper products and diapers is "supportive" of Kimberly-Clark's ability to pass on higher prices.
ERJ Embraer
$19.49

0.855 (4.59%)

07/06/18
WBLR
07/06/18
NO CHANGE
WBLR
Market Perform
Embraer shares likely to remain in trading range, says William Blair
Embraer's (ERJ) shares are likely to remain in a trading range in the low-mid $20s pending completion of several critical steps for the commercial aviation joint venture with Boeing (BA) over the next several quarters, William Blair analyst Nicholas Heymann tells investors in a research note. The analyst, however, views the agreement as a strategic long-term positive for Embraer. After 20% projected taxes, Embraer will likely have about $3.05B to reduce its remaining debt, fund additional upgrades for its KC-390 light military transport and executive aviation, and provide a special dividend and/or share repurchase for shareholders, Heymann writes. He keeps a Market Perform rating on the shares.
08/15/18
UBSW
08/15/18
INITIATION
Target $20
UBSW
Neutral
Embraer initiated with a Neutral at UBS
UBS analyst Myles Walton initiated coverage of the Aerospace & Defense sector, starting Embraer with a Neutral rating and $20 price target.
08/16/18
MSCO
08/16/18
UPGRADE
MSCO
Overweight
Embraer upgraded to Overweight from Equal Weight at Morgan Stanley
08/16/18
08/16/18
UPGRADE
Target $23.5

Overweight
Embraer upgraded to Overweight after selloff since Boeing deal at Morgan Stanley
As previously reported, Morgan Stanley analyst Josh Milberg upgraded Embraer (ERJ) to Overweight from Equal Weight, stating that the 29% selloff in the stock since its strategic partnership with Boeing (BA) was announced in early July has made the risk-reward attractive. The upgrade is partly based on the selloff, but Milberg also said he thinks the market is now attributing too little value to Embraer's Executive/Defense Divisions and also potentially pricing in excess risk that the deal could be blocked, he added. Milberg raised his price target on Embraer shares to $23.50 from $20.90.
FTI TechnipFMC
$28.19

0.59 (2.14%)

07/02/18
SBSH
07/02/18
DOWNGRADE
Target $39
SBSH
Neutral
TechnipFMC downgraded to Neutral from Buy at Citi
Citi analyst Michael Alsford downgraded TechnipFMC to Neutral and lowered his price target for the shares to $39 from $43. The analyst cites valuation for the downgrade given the stock's "strong relative outperformance" since October 2017.
07/17/18
FBCO
07/17/18
INITIATION
Target $38.28
FBCO
Outperform
TechnipFMC assumed with an Outperform at Credit Suisse
Credit Suisse analyst Jim Wicklund assumed coverage of TechnipFMC with an Outperform rating and $38.28 price target.
08/16/18
JEFF
08/16/18
UPGRADE
JEFF
Buy
TechnipFMC upgraded to Buy from Hold at Jefferies
08/16/18
08/16/18
UPGRADE
Target $37

Buy
TechnipFMC upgraded to Buy on better winning percentage at Jefferies
As previously reported, Jefferies analyst Mark Wilson upgraded TechnipFMC to Buy from Hold as same-year "book & turn" work and recent awards have lead him to raise his revenue forecasts through 2020. He believes that the company is winning a greater proportion of available business and also that the overall industry pipeline remains robust, Wilson tells investors. He raised his price target on TechnipFMC shares to $37 from $30.
AVLR Avalara
$37.90

3.22 (9.28%)

08/15/18
GSCO
08/15/18
UPGRADE
Target $45
GSCO
Buy
Avalara upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Jesse Hulsing upgraded Avalara to Buy and kept his price target of $45, saying the company has "significantly underperformed" his coverage over the past month following a post-IPO overshoot and created an opportunity for investors. The analyst believes that Avalara will be the "category winner in the transaction tax compliance software market" and believes it is a compelling investment thanks to secular tailwind from ecommerce growth, lack of a competitive threat, and the catalyst of the recent South Dakota v. Wayfair Supreme Court ruling. Hulsing adds that a durable 20% or more growth for Avalara is likely, with upside for the stock from current levels after a 25% decline in price over the past two days.
07/16/18
JMPS
07/16/18
NO CHANGE
JMPS
Market Perform
Etsy comments hint at possible competitive moat for Avalara, says JMP Securities
After reviewing the South Dakota v. Wayfair Supreme Court opinion and some of the related Amicus Curiae briefs, JMP Securities analyst Patrick Walravens highlighted a comment from Etsy's (ETSY) brief that concluded that "given this complexity [of mapping thousands of tax codes to millions of unique products], it is doubtful that a software fix ever can be developed." Rather than doubting that a software solution can ever be developed, Walravens said he views the complexity referenced by Etsy as the market opportunity and potential competitive moat for Avalara, he tells investors. Still, Walravens believes Avalara is currently fairly valued and maintains his Market Perform rating on the shares.
07/10/18
KEYB
07/10/18
INITIATION
KEYB
Sector Weight
Avalara initiated with a Sector Weight at KeyBanc
KeyBanc analyst Brent Bracelin started Avalara with a Sector Weight rating on valuation given investor optimism has been reflected in a share price that has risen 98% since the IPO. Nonetheless, the analyst has a bullish medium- to long-term view on Avalara based on its leadership in cloud software for sales tax compliance, differentiated tax content and software integrations, large $8B addressable market with less than 2% penetration, and long runway to sustain 20%-plus annual growth for the next decade.
07/10/18
JMPS
07/10/18
INITIATION
JMPS
Market Perform
Avalara initiated with a Market Perform at JMP Securities
JMP Securities analyst Patrick Walravens started Avalara with a Market Perform rating, stating that the story includes a number of positive elements, but also noting that the stock is up 98% from its IPO price due to investor optimism about the U.S. Supreme Court decision on online sales tax collection. Given the run-up since the court decision, Walravens sees Avalara shares as fairly valued, he tells investors in his initiation note.

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