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AZN

AstraZeneca

$38.35

-0.1 (-0.26%)

, CX

Cemex

$6.80

0.005 (0.07%)

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

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AstraZeneca (AZN) downgraded to Hold from Buy at Jefferies with analyst Ian Hilliker citing valuation following the stock's outperformance since he upgraded it in March. 2. Cemex (CX) downgraded to Hold from Buy at HSBC with analyst Eduardo Altamirano saying Cemex's deleveraging remains intact, but the pace at which debt is converted to equity is slowing down due to weaker than expected pricing and volumes in most regions, combined with higher input costs. 3. Cenovus Energy (CVE) downgraded to Hold from Buy at Canaccord with analyst Dennis Fong saying cash flow valuation is in line versus the large-cap group, which he thinks is appropriate given the company's above-average heavy oil exposure, moderated production growth profile, and higher leverage. 4. Nanometrics (NANO) downgraded to Neutral from Buy at DA Davidson with analyst Thomas Diffely saying that after outperforming its peer group over the past few years, the stock now trades at a 40% premium to its peers. 5. Coty (COTY) downgraded to Underperform from Buy at BofA/Merrill with analyst Olivia Tong citing inconsistent execution and increasing disruption across the mass beauty segment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

AZN

AstraZeneca

$38.35

-0.1 (-0.26%)

CX

Cemex

$6.80

0.005 (0.07%)

CVE

Cenovus Energy

$8.97

0.015 (0.17%)

NANO

Nanometrics

$41.46

-3.74 (-8.27%)

COTY

Coty

$11.37

-0.06 (-0.52%)

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    Oct

AZN AstraZeneca
$38.35

-0.1 (-0.26%)

08/16/18
JEFF
08/16/18
DOWNGRADE
JEFF
Hold
AstraZeneca downgraded to Hold from Buy at Jefferies
08/08/18
HCWC
08/08/18
NO CHANGE
Target $43
HCWC
Buy
Insmed likely to be acquired after positive panel vote, says H.C. Wainwright
H.C. Wainwright analyst Andrew Fein raised his price target for Insmed (INSM) to $43 from $35 following yesterday's 12-2 FDA panel vote in favor of ALIS in refractory nontuberculous mycobacterial patients. Insmed is now likely to be acquired as ALIS "fits well within the pipeline of a number of larger companies," Fein tells investors in a research note. He expects the company's Q3 conference call "may well be its last." The analyst sees AstraZeneca (AZN), Gilead Sciences (GILD) and Vertex Pharmaceuticals (VRTX) as potential acquirers of Insmed. He reiterates a Buy rating on Insmed.
07/11/18
WELS
07/11/18
NO CHANGE
WELS
Drug stocks may not react favorably to Pfizer price rollback, Trump tweets, says Wells Fargo
Wells Fargo analyst David Maris notes that there was widespread media coverage of drug price increases taken recently by several large cap drug companies, with President Trump criticizing Pfizer (PFE) for taking these price increases. On Tuesday, Pfizer confirmed it was rolling back its July drug price increases following a conversation with President Trump, he adds. Maris believes that drug stocks will not react favorably to this news, given the chilling effect this will likely have on others looking to take price increases. Nonetheless, the analyst points out that the price increases taken in July are only a small number of increases taken over the past year or several years, so the impact of the rollback to the healthcare system is insignificant in the big picture. Other publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Roche (RHHBY) and Sanofi (SNY).
08/16/18
08/16/18
DOWNGRADE

Hold
AstraZeneca downgraded to Hold following outperformance at Jefferies
As previously reported, Jefferies analyst Ian Hilliker downgraded AstraZeneca (AZN) to Hold from Buy citing valuation following the stock's outperformance since he upgraded it in March. Hilliker has raised his price target on AstraZeneca to 6,200p, but notes that this only leaves about 8% of further upside. Following results for the Q2 period, Hilliker said Novartis (NVS) remains his top European Pharmaceuticals pick, followed by Roche (RHHBY) and GlaxoSmithKline (GSK) in third place.
CX Cemex
$6.80

0.005 (0.07%)

07/31/18
EXAN
07/31/18
DOWNGRADE
EXAN
Neutral
Cemex downgraded to Neutral from Outperform at Exane BNP Paribas
06/20/18
SANT
06/20/18
UPGRADE
SANT
Buy
Cemex upgraded to Buy from Hold at Santander
08/16/18
08/16/18
DOWNGRADE
Target $9

Hold
Cemex downgraded to Hold at HSBC
As previously reported, HSBC downgraded Cemex to Hold from Buy and lowered its price target to $7.70 from $9. Analyst Eduardo Altamirano said Cemex's deleveraging remains intact, but the pace at which debt is converted to equity is slowing down due to weaker than expected pricing and volumes in most regions, combined with higher input costs. Altamirano now sees near-term free cash flow equal for both equity and debt holders, limiting upside for equity holders.
08/16/18
HSBC
08/16/18
DOWNGRADE
HSBC
Hold
Cemex downgraded to Hold from Buy at HSBC
CVE Cenovus Energy
$8.97

0.015 (0.17%)

08/16/18
ADAM
08/16/18
DOWNGRADE
ADAM
Hold
Cenovus Energy downgraded to Hold at Canaccord
As reported previously, Canaccord analyst Dennis Fong downgraded Cenovus Energy to Hold from Buy. The analyst said cash flow valuation is in line versus the large-cap group, which he thinks is appropriate given the company's above-average heavy oil exposure, moderated production growth profile, and higher leverage. Fong lowered his price target to C$15 from C$18 on Cenovus Energy shares.
08/01/18
MACQ
08/01/18
UPGRADE
MACQ
Neutral
Cenovus Energy upgraded to Neutral from Underperform at Macquarie
08/14/18
TUDR
08/14/18
DOWNGRADE
TUDR
Hold
Cenovus Energy downgraded to Hold from Buy at Tudor Pickering
08/16/18
ADAM
08/16/18
DOWNGRADE
ADAM
Hold
Cenovus Energy downgraded to Hold from Buy at Canaccord
NANO Nanometrics
$41.46

-3.74 (-8.27%)

08/16/18
DADA
08/16/18
DOWNGRADE
DADA
Neutral
Nanometrics downgraded to Neutral from Buy at DA Davidson
08/16/18
DADA
08/16/18
DOWNGRADE
DADA
Neutral
Nanometrics downgraded to Neutral at DA Davidson on valuation
As reported earlier, DA Davidson analyst Thomas Diffely downgraded Nanometrics (NANO) to Neutral and kept his $44 price target, saying that after outperforming its peer group over the past few years, the stock now trades at a 40% premium to its peers. The analyst notes that the outperformance was warranted based on the company's strong leverage of its NAND producers, wins in the DRAM market, and exposure to emerging memory customers in China, with the company registering its 4th consecutive year of double digit growth in 2017. Despite this positive backdrop, Diffely believes that Nanometrics stock appreciation "recently outpaced fundamentals" and recommends that investors consider MKS Instruments (MKSI) and Rudolph Technologies (RTEC) for their "equally strong" growth drivers.
08/01/18
BNCH
08/01/18
NO CHANGE
Target $43
BNCH
Buy
Nanometrics price target raised to $43 from $36 at Benchmark
Benchmark analyst Mark Miller noted that Nanometrics reported "record" Q2 results and he believes that its push outs will lower second half sales but provide a boost to FY19. He raised his price target on the stock to $43 following the Q2 report and keeps a Buy rating on Nanometrics.
07/02/18
DADA
07/02/18
NO CHANGE
Target $42
DADA
Buy
Nanometrics price target raised to $42 from $35 at DA Davidson
DA Davidson analyst Thomas Diffely raised his price target on Nanometrics to $42 and kept his Buy rating, saying the 18% decline in the stock price over the past few weeks reflecting 3D NAND push out and CFO resignation present a buying opportunity. The analyst notes that the price reaction is "overdone", anticipating the company to be a "relative outperformer" over the next couple of quarters amid a "slug of business" by its new customer in China. Diffely also raises his FY19 EPS target on Nanometrics to $2.45 from $2.25.
COTY Coty
$11.37

-0.06 (-0.52%)

08/16/18
BOFA
08/16/18
DOWNGRADE
BOFA
Underperform
Coty downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill analyst Olivia Tong double downgraded Coty to Underperform from Buy and cut its price target to $10 from $16 citing inconsistent execution and increasing disruption across the mass beauty segment. 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. The analyst believes brand relaunches will not be sufficient to offset overall industry trends, and Coty's high leverage could keep it from deploying capital for M&A, buybacks, or dividends.
05/11/18
DBAB
05/11/18
DOWNGRADE
Target $13
DBAB
Hold
Coty downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Faiza Alwy downgraded Coty to Hold and lowered her price target for the shares to $13 from $21. The downgrade follows the company's Q1 results.
05/11/18
DADA
05/11/18
NO CHANGE
Target $15.5
DADA
Neutral
Coty price target lowered to $15.50 at DA Davidson on 'disappointing sales'
DA Davidson analyst Linda Bolton Weiser lowered her price target on Coty to $15.50 from $19.50 and kept her Neutral rating, citing "disappointing" sales and a "very weak cash flow performance" in Q3. Weiser also attributes the revenue beat to favorable FX and acquisition growth rather than organic growth, which also missed expectations of a 2% rate at "only 0.2%".
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.

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WOLWF

Woolworths Group

$0.00

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LLESY

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EFSC

Enterprise Financial

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17:56
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Earnings
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FB

Facebook

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1.77 (1.19%)

16:36
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Facebook planning to add 1,000 jobs in Ireland by year-end, Reuters says »

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FB

Facebook

$150.01

1.77 (1.19%)

16:33
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Facebook's WhatsApp limits users to five text forwards, Reuters reports »

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ENB

Enbridge

$36.10

0.425 (1.19%)

16:28
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Enbridge gas pipeline explosion creates fireball in Ohio, Reuters says »

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LIN

Linde plc

$160.76

3.48 (2.21%)

16:25
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16:25
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Linde Plc to launch $6B share buyback scheme, Reuters says »

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HENKY

Henkel

$0.00

(0.00%)

16:01
01/21/19
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16:01
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Henkel rating change at Goldman Sachs »

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CAG

Conagra Brands

$21.58

0.34 (1.60%)

14:06
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Conagra exploring alternatives for Italian-based frozen pasta business »

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    Jan

13:15
01/21/19
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13:15
General news
IMF trimmed global growth amid "no-deal" Brexit and trade war concerns »

IMF trimmed global growth…

UQM

UQM Technologies

$1.10

0.05 (4.76%)

13:05
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UQM Technologies acquired by Danfoss Power Solutions for $1.71 per share »

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SNY

Sanofi

$41.50

-0.54 (-1.28%)

12:37
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Sanofi granted U.K. marketing authorization for TIV High Dose »

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RTN

Raytheon

$165.11

2.285 (1.40%)

12:33
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IBCP

Independent Bank

$22.80

-0.11 (-0.48%)

11:26
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  • 29

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11:25
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General news
FX Update: The dollar majors have been directionally challenged »

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EDIT

Editas Medicine

$26.16

-0.01 (-0.04%)

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Editas Medicine announces publication of EDIT-101 data in Nature Medicine »

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GOOG

Alphabet

$1,098.25

6.96 (0.64%)

, GOOGL

Alphabet Class A

$1,106.92

7.52 (0.68%)

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$1,098.25

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LAD

Lithia Motors

$87.13

1.57 (1.84%)

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CYDY

CytoDyn

$0.00

(0.00%)

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Conference/Events
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ABT

Abbott

$71.43

0.9 (1.28%)

09:50
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SFUN

Fang Holdings

$1.88

-0.01 (-0.53%)

09:48
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TS

Tenaris

$24.32

0.64 (2.70%)

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PAAS

Pan American Silver

$14.17

-0.31 (-2.14%)

09:42
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CRWS

Crown Crafts

$5.68

(0.00%)

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AL

Air Lease

$37.50

0.6 (1.63%)

, BA

Boeing

$364.79

5.52 (1.54%)

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AL

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BA

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$364.79

5.52 (1.54%)

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