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TJX

TJX

$105.92

4.24 (4.17%)

, KSS

Kohl's

$78.20

-0.66 (-0.84%)

11:59
08/21/18
08/21
11:59
08/21/18
11:59

Fly Intel: Wall Street's top stories at midday

Stocks opened higher and remained in positive territory throughout the morning. The averages drifted and extended their gains while moving closer to new all-time highs. The S&P is just slightly below its all-time highs reached back in January and the Dow is less than 1% from its own record. ECONOMIC EVENTS: In the U.S., no economic data of note was reported. COMPANY NEWS: Shares of two retailers are moving in opposite directions following their quarterly reports, as TJX (TJX) rises and Kohl's (KSS) slips. The parent of TJ Maxx and Marshalls reported a better than expected same-store sales increase of 6% and raised its full-year profit outlook. Kohl's also increased its full-year earnings view, but by an amount that was smaller than its second quarter earnings beat, which left some question about its assumptions for the second half of the year... Medical device maker Medtronic (MDT) is up 4% near noon after its quarterly results beat estimates and the company increased its organic revenue growth guidance for the fiscal year... Shares of several discount brokerage operators - including E-Trade (ETFC), TD Ameritrade (AMTD) and Charles Schwab (SCHW) - are lower this morning after CNBC reported that JPMorgan (JPM) plans to launch a new app next week that provides a portfolio building tool and at least 100 free trades in the first year. MAJOR MOVERS: Among the noteworthy gainers was Tilray (TLRY), which rose 10% after it signed an agreement to supply the province of Ontario with cannabis products in anticipation of the launch of the adult-use market. Also higher were Premier (PINC) and Toll Brothers (TOL), which gained a respective 14% and 12% after reporting quarterly results. Among the notable losers was HP Enterprise (HPE), which slipped 4% after Bernstein analyst A.M. Sacconaghi, Jr. downgraded the stock to Market Perform from Outperform and lowered his price target on the shares to $18 from $20. Despite a robust IT spending environment, the analyst does not see upside to near-term expectations. Also lower were Coty (COTY) and J. Jill (JILL), which fell a respective 9% and 7% after reporting quarterly results. INDEXES: Near midday, the Dow was up 86.73, or 0.34%, to 25,845.42, the Nasdaq was up 56.60, or 0.72%, to 7,877.60, and the S&P 500 was up 11.24, or 0.39%, to 2,868.29.

TJX

TJX

$105.92

4.24 (4.17%)

KSS

Kohl's

$78.20

-0.66 (-0.84%)

MDT

Medtronic

$93.85

3.79 (4.21%)

ETFC

E-Trade

$59.43

-1.81 (-2.96%)

AMTD

TD Ameritrade

$56.70

-3.46 (-5.75%)

SCHW

Charles Schwab

$50.40

-1.03 (-2.00%)

JPM

JPMorgan

$115.95

1.33 (1.16%)

TLRY

Tilray

$39.81

3.9 (10.86%)

PINC

Premier

$43.68

5.33 (13.90%)

TOL

Toll Brothers

$38.80

4.08 (11.75%)

HPE

HP Enterprise

$15.99

-0.72 (-4.31%)

COTY

Coty

$11.13

-1.285 (-10.35%)

JILL

J.Jill

$7.01

-0.61 (-8.01%)

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TJX TJX
$105.92

4.24 (4.17%)

06/26/18
ATLE
06/26/18
DOWNGRADE
ATLE
Neutral
TJX downgraded to Neutral from Overweight at Atlantic Equities
06/27/18
LOOP
06/27/18
NO CHANGE
Target $90
LOOP
Hold
TJX price target raised to $90 from $84 at Loop Capital
Loop Capital analyst Laura Champine raised her price target on TJX to $90 and maintained a Hold rating following a review of her financial model. In a research note to investors, Champine says she expects margin pressures including labor and transportation expenses to become an increasing drag on earnings power moving through the year, but believes her previous model was too conservative on SSS and new store productivity in 2H. Additionally, she believes upside to guidance is already baked into the stock with TJX up 24% year-to-date.
06/22/18
FBCO
06/22/18
NO CHANGE
Target $100
FBCO
Neutral
TJX price target raised to $100 from $90 at Credit Suisse
Credit Suisse analyst Michael Binetti raised his price target for TJX to $100 from $90, telling investors in a research note that he came away from recent meetings in Europe with the company with more conviction in CY18 SSS above TJX's +1-2% plan. Though he views TJX as a best-in-class operator in the off-price channel, which he calls "attractive" and "long-term share-gaining," he remains Neutral-rated given persistent margin headwinds.
08/20/18
DBAB
08/20/18
NO CHANGE
Target $175
DBAB
Buy
Deutsche Bank says 'sticking with' off-price, athletic brands in apparel space
Deutsche Bank analyst Paul Trussell previewed earnings for apparel companies, telling investors in a research note that he is "sticking with" off-price, the brands and athletic brands over specialty retailers and department stores. Trussell expects beats from Burlington Stores (BURL), Ross Stores (ROST), TJX (TJX), PVH (PVH), Foot Locker (FL) and Lululemon (LULU), along with American Eagle Outfitters (AEO) and Buckle (BKE) as the outliers in the specialty group and Kohl's (KSS), and says he is "a bit more cautious" for the frest of his apparel coverage given stretched valuations. Trussell raised his price target for Burlington Stores to $175 from $167, to $96 from $91 for Ross and to $105 from $100 fro TJX, but cut his price target to $171 from $176 for PVH.
KSS Kohl's
$78.20

-0.66 (-0.84%)

08/10/18
WEDB
08/10/18
INITIATION
Target $75
WEDB
Neutral
Kohl's initiated with a Neutral at Wedbush
Wedbush analyst Jen Redding initiated Kohl's (KSS) with a Neutral rating and $75 price target, telling investors that she views Kohl's as a compelling story and sees opportunities for improvement in categories like private label, active and women's, and says Kohl's Rewards and Amazon (AMZN) pilots as potential catalysts. Longer term, Redding favors the name and sees shares of U.S.-focused retailers like Kohl's, Dillard's (DDS), Burlington Stores (BURL) and American Eagle (AEO) as good options in a year of a strong dollar.
06/21/18
UBSW
06/21/18
INITIATION
Target $75
UBSW
Neutral
Kohl's initiated with a Neutral at UBS
UBS analyst Jay Sole started Kohl's with a Neutral rating and $75 price target.
06/27/18
CLVD
06/27/18
INITIATION
CLVD
Neutral
Kohl's assumed with a Neutral at Cleveland Research
Cleveland Research analyst Rusty Wilson assumed coverage on Kohl's with a Neutral saying the 2H 2018 outlook is leaning positive, offset by medium/long-term structural concerns.
MDT Medtronic
$93.85

3.79 (4.21%)

08/13/18
NEED
08/13/18
NO CHANGE
Target $150
NEED
Buy
Needham downgrades Zimmer to Buy, upgrades Medtronic to Strong Buy
Needham analyst Micheal Matson downgraded Zimmer Biomet (ZBH) to Buy from Strong with a price target of $150. The analyst also upgraded Medtronic (MDT) to Strong Buy from Buy and raised his price target for the shares to $119 from $103. On Zimmer, the analyst cites lower growth potential and valuation for taking his rating to Buy. For Medtronic, Matson expects a strong product cycle and sees potential upside to consensus estimates.
08/10/18
RHCO
08/10/18
NO CHANGE
Target $170
RHCO
Buy
Edwards Lifesciences price target lowered to $170 from $180 at SunTrust
SunTrust analyst Bruce Nudell lowered his price target on Edwards Lifesciences to $170 citing increased Transcatheter aortic valve replacement, or TAVR, competition. The analyst keeps his Buy rating on the shareshowever, expecting the company to show increased TAVR momentum in the U.S. in Q4 thanks to the "Partner 3 CAP program and the Centera U.S. IDE which will likely cannibalize CoreValve".
08/13/18
NEED
08/13/18
UPGRADE
Target $119
NEED
Strong Buy
Medtronic upgraded to Strong Buy with $119 price target at Needham
Needham analyst Mike Matson upgraded Medtronic to Strong Buy from Buy and raised his price target for the shares to $119 from $103. The company's product cycle remains robust and it has a number of major products in its pipeline, Matson tells investors in a research note. The analyst sees potential to upside to consensus in fiscal 2019 and finds the stock's current valuation as attractive. Further, Matson believes the new long-term financial targets given at Medtronic's investor day in June "seem more realistic."
08/13/18
NEED
08/13/18
UPGRADE
NEED
Strong Buy
Medtronic upgraded to Strong Buy from Buy at Needham
ETFC E-Trade
$59.43

-1.81 (-2.96%)

07/25/18
DBAB
07/25/18
NO CHANGE
Target $72
DBAB
Buy
Deutsche says Ameritrade, E-Trade merger 'becoming more compelling'
Deutsche Bank analyst Brian Bedell continues to see a merger between TD Ameritrade (AMTD) and E-Trade (ETFC) as making strategic and financial sense. With TD Ameritrade's integration of recently acquired Scottrade progressing better than expectations, a merger scenario with E-Trade is "becoming more compelling," Bedell tells investors in a research note. He updated his merger scenario model, raising his hypothetical merger scenario value of E-Trade from TD Ameritrade's perspective to $77 from $72, nearly a 30% premium to the current share price. Bedell raised his price target for TD Ameritrade to $77 from $72 and for E-Trade to $72 from $70. He keeps Buy ratings on both stocks.
06/04/18
COMP
06/04/18
INITIATION
Target $72
COMP
Buy
E-Trade initiated with a Buy at Compass Point
Compass Point initiated E-Trade with a Buy and $72 price target.
07/20/18
FBCO
07/20/18
NO CHANGE
Target $77
FBCO
Outperform
E-Trade's softer growth may imply higher chance of takeout, says Credit Suisse
Credit Suisse analyst Craig Siegenthaler reiterated an Outperform rating on E-Trade (ETFC) and cut his price target to $77 from $79, telling investors in a research note that he forecasts modest upside to long-term EPS. The analyst says that softer core growth may imply a higher probability of a takeout, and thinks there is a ~50% probability that the board will look to sell the firm within six months. If E-Trade is put up for sale in October, the analyst estimates 30%+ upside given sizeable expense redundancies with likely acquirers TD Ameritrade (AMTD) and Charles Schwab (SCHW), but estimates ~10% near-term downside if the board decides to stay independent.
07/25/18
07/25/18
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. VERTICAL GROUP RAISES SNAP RATING: Vertical Group analyst Phil Leggiere upgraded Snap (SNAP) to Mixed from Negative citing expectations for strong second half 2018 spending. Snap is higher by over 1% in late morning trading. PIVOTAL CUTS SPOTIFY TO HOLD: Pivotal Research analyst Jeffrey Wlodarczak downgraded Spotify (SPOT) to Hold from Buy with an unchanged price target of $200. The analyst cited valuation for the downgrade, given the "material rise" in the shares since his initiation report on May 29. Further, he increasingly views consensus 2018 premium monthly active user growth expectations as too aggressive. He lowered his Q2 premium subscriber MAU estimate from 6M to 5.5M, versus the consensus at 7M. Spotify's current valuation is fair and does not leave a lot of room for "operational/market hiccups," Wlodarczak told investors. DEUTSCHE SEES AMERITRADE/E-TRADE MERGER MAKING SENSE: Deutsche Bank analyst Brian Bedell continues to see a merger between TD Ameritrade (AMTD) and E-Trade (ETFC) as making strategic and financial sense. With TD Ameritrade's integration of recently acquired Scottrade progressing better than expectations, a merger scenario with E-Trade is "becoming more compelling," Bedell told investors. He updated his merger scenario model, raising his hypothetical merger scenario value of E-Trade from TD Ameritrade's perspective to $77 from $72, nearly a 30% premium to the current share price. Bedell raised his price target for TD Ameritrade to $77 from $72 and for E-Trade to $72 from $70. He kept Buy ratings on both stocks. GORDON HASKETT UPGRADES TARGET, DOWNGRADES WALMART: Gordon Haskett analyst Chuck Grom upgraded Target (TGT) to Accumulate from Hold and raised his price target on shares to $86 from 74 to reflect the recent acceleration in traffic. Grom said geolocation data and proprietary card data support his Q2 4.5% comp growth estimate. Grom also downgraded Walmart (WMT) to Hold from Accumulate and lowered its price target to $92 from $98. Grom thinks there are few near-term catalysts on the horizon and said the margin outlook is not as transparent following a period of improvement and stabilization. He expects Walmart shares to be range bound for the balance of the year.
AMTD TD Ameritrade
$56.70

-3.46 (-5.75%)

07/24/18
FBCO
07/24/18
UPGRADE
FBCO
Neutral
TD Ameritrade upgraded to Neutral from Underperform at Credit Suisse
07/25/18
07/25/18
UPGRADE
Target $63

Neutral
TD Ameritrade upgraded to Neutral on valuation at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler upgraded TD Ameritrade to Neutral as he believes its relative valuation no longer justifies an Underperform rating, and he estimates its organic growth will accelerate into 2019 given that Scottrade-related attrition peaked last quarter and is now improving. The analyst also raised his price target on the shares to $63 from $58.
SCHW Charles Schwab
$50.40

-1.03 (-2.00%)

04/11/18
FBCO
04/11/18
NO CHANGE
Target $60
FBCO
Outperform
Charles Schwab price target lowered to $60 from $69 at Credit Suisse
Credit Suisse analyst Craig Siegenthaler lowered his price target for Charles Schwab to $60 from $69 on valuation. The analyst reiterates an Outperform rating on the shares.
04/10/18
BERN
04/10/18
INITIATION
Target $52
BERN
Market Perform
Charles Schwab initiated with a Market Perform at Bernstein
As previously reported, Bernstein analyst Christian Bolu started Charles Schwab with a Market Perform rating and $52 price target, calling it a "well understood" balance sheet driven growth story.
07/16/18
JPMS
07/16/18
NO CHANGE
Target $59
JPMS
Overweight
Charles Schwab price target lowered to $59 from $66 at JPMorgan
JPMorgan analyst Kenneth Worthington lowered his price target for Charles Schwab to $59 saying the company's business model has increasingly become dependent on earnings generated on customer cash. While its transition from sweep money funds to the bank "remains robust," investors have been concerned about lack of average earning asset growth, Worthington tells investors in a research note. He believes Schwab will see growth trough in May with June data, with growth picking up seasonally June through the seasonally strong December. The analyst keeps an Overweight rating on the shares.
JPM JPMorgan
$115.95

1.33 (1.16%)

07/20/18
OPCO
07/20/18
NO CHANGE
OPCO
Perform
Wells Fargo's next few earnings reports likely to be 'choppy,' says Oppenheimer
Oppenheimer analyst Chris Kotowski maintained a Perform rating on Wells Fargo (WFC) after recent meetings with CFO John Shrewsberry. In a research note to investors, Kotowski says there was nothing that shakes his view that the next few quarterly earnings reports are likely to still be "choppy," and notes that Shewsberry "readily acknowledged" that there was much work to be done to get the consent order lifted. At the same time, the analyst contends that shares are not trading at much of a discount versus other high performing banks like JPMorgan (JPM) and PNC (PNC) and says he favors companies that have lower but rising ROTCEs that are trading near TBV, especially Citi (C), CIT (CIT) and Goldman (GS).
07/16/18
BMOC
07/16/18
NO CHANGE
Target $118
BMOC
Market Perform
JPMorgan price target raised to $118 from $110 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on JPMorgan to $118 and kept his Market Perform rating after its Q2 results, saying the earnings beat consensus on higher than expected capital markets-related revenues. The analyst notes that equities trading was especially strong, while provisions for loan losses at JPMorgan were also lower than previously modeled.
07/09/18
GSCO
07/09/18
NO CHANGE
GSCO
Bank of America, Morgan Stanley top ideas into Q2 earnings season, says Goldman Sachs
Goldman Sachs analyst Richard Ramsden expects Bank of America (BAC) and Morgan Stanley (MS) to beat consensus estimates in Q2. The analyst argues that both appear best positioned, while he sees risk for U.S. Bancorp (USB) and JPMorgan (JPM). Ramsden highlights Bank of America given the material valuation dislocation that looks to support the stock over time. Additionally, the analyst expects an expense and NII beat for Morgan Stanley.
07/19/18
DZBN
07/19/18
UPGRADE
DZBN
Buy
JPMorgan upgraded to Buy from Hold at DZ Bank
TLRY Tilray
$39.81

3.9 (10.86%)

08/13/18
COWN
08/13/18
INITIATION
COWN
Outperform
Tilray initiated with an Outperform at Cowen
08/14/18
ROTH
08/14/18
INITIATION
Target $35
ROTH
Buy
Tilray initiated with a Buy at Roth Capital
Roth Capital analyst Charles Finnie started Tilray with a Buy rating and $35 price target. Although not the largest player, the company's unsurpassed product quality and cultivation expertise compare favorably to the leading Canadian Licensed Producers, he contends. The analyst expects revenues to grow at 40% plus annual rate over the next three to five years, with earnings growing considerably faster with expected operating margin expansion.
PINC Premier
$43.68

5.33 (13.90%)

08/14/18
ADAM
08/14/18
DOWNGRADE
ADAM
Hold
Premier downgraded to Hold from Buy at Canaccord
08/14/18
ADAM
08/14/18
DOWNGRADE
Target $38
ADAM
Hold
Premier downgraded to Hold on valuation at Canaccord
As reported previously, Canaccord analyst Richard Close downgraded Premier to Hold form Buy. The analyst cited its quarter-to-date outperformance. He also believes the shares should trade at a discount to peers until a meaningful improvement in its Performance Services emerges. Close raised his price target to $38 from $37 on Premier shares.
08/14/18
08/14/18
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. Chubb (CB) downgraded to Sell from Hold at Deutsche Bank with analyst Joshua Shanker saying the company's recent quarterly results show that Chubb, post-merger, is unable to grow its business at the levels of its peers. 2. Switch (SWCH) was downgraded to Market Perform from Outperform at Raymond James, to Neutral from Overweight at JPMorgan, and to Neutral from Buy at BTIG. 3. Urban Outfitters (URBN) downgraded to Neutral from Outperform at Baird with analyst Mark Altschwager citing valuation. 4. Premier (PINC) downgraded to Hold from Buy at Canaccord with analyst Richard Close citing its quarter-to-date outperformance. 5. Parker-Hannifin (PH) downgraded to Hold from Buy at Argus with analyst John Eade saying that while the company's recent Q4 results topped expectations, management's outlook for FY19 was worse than expected. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/16/18
OPCO
07/16/18
NO CHANGE
OPCO
Tailwinds ahead for Cerner, Premier, says Oppenheimer
Oppenheimer analyst Mohan Naidu says his survey of 49 C-level executives in hospital systems shows a high inclination toward risk-based contracting. The current level of at-risk lives is expected to grow about 2.5 times to 33% in the next five years, he notes. While at-risk programs are led by managed Medicaid contracts today, the analyst sees upside for Medicare next-generation ACOs, given recent commentary from Washington around two-sided risk. Naidu believes the expectations of increasing mix of at-risk lives will be a tailwind for pop health solutions vendors such as Cerner (CERN), Evolent Health (EVH) and Premier (PINC).
TOL Toll Brothers
$38.80

4.08 (11.75%)

08/07/18
MZHO
08/07/18
DOWNGRADE
Target $31
MZHO
Neutral
PulteGroup downgraded to Neutral from Buy at Mizuho
Mizuho analyst Haendel St. Juste downgraded PulteGroup (PHM) to Neutral and lowered his price target for the shares to $31 from $36. The analyst sees an "imbalanced risk/reward" profile for the shares with a lack of near-term catalysts. PulteGroup's valuation is "richer" and its 2019 earnings slower relative to peers, St. Juste tells investors in a research note. The analyst remains constructive on housing/homebuilders and favors shares of Lennar (LEN) and Toll Brothers (TOL).
06/27/18
RBCM
06/27/18
INITIATION
Target $46
RBCM
Outperform
Toll Brothers assumed with an Outperform at RBC Capital
RBC Capital analyst Michael Dahl assumed Toll Brothers with an Outperform rating and a price target of $46, saying the pullback in the stock price after Q2 earnings, as well as the 27% year-to-date decline, is a buying opportunity. Dahl notes that the modest risk around gross margin expectations is priced in, anticipating sufficient revenue growth to keep operating margins stable and above-average levels. The analyst believes that underlying demand remains healthy and the slowing order growth in Q2 was due to declining community count rather than the impact of rising rates.
06/27/18
RBCM
06/27/18
INITIATION
RBCM
Outperform
Toll Brothers assumed with an Outperform at RBC Capital
06/19/18
SBSH
06/19/18
INITIATION
Target $42
SBSH
Neutral
Toll Brothers assumed with a Neutral at Citi
Citi analyst Scott Schrier assumed coverage of Toll Brothers with a Neutral rating and $42 price target. The analyst took over coverage of the Building Products, Construction Materials group.
HPE HP Enterprise
$15.99

-0.72 (-4.31%)

08/21/18
08/21/18
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. Tesla (TSLA) downgraded to Equal Weight from Overweight at Consumer Edge with the firm saying SEC issues and news headlines will leave shares "boxed-in" near-term. 2. HP Enterprise (HPE) downgraded to Market Perform from Outperform at Bernstein with analyst A.M. Sacconaghi, Jr. saying despite a robust IT spending environment, he does not see upside to near-term expectations, given tough comparisons, continuing share losses in servers, a headwind from currency, an expected higher tax rate, and lower other income. 3. Fabrinet (FN) downgraded to Buy from Strong Buy at Needham with analyst Alex Henderson citing valuation. 4. Hudson Pacific (HPP) downgraded to Neutral from Outperform at Baird with analyst David Rodgers saying he sees downside risk in consensus estimates during both 2019 and 2020 and as a result, he believes it will be difficult to outperform. 5. Brixmor (BRX) downgraded to Neutral from Buy at Mizuho with analyst Haendel St. Juste citing share strength since mid-February and the near-term dilutive impact of the company's strategy shift to ramp up 2018 dispositions to capitalize on better than expected asset pricing. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/28/18
NOMU
06/28/18
INITIATION
Target $160
NOMU
Buy
Nomura initates IBM with Buy, HP Enterprise with Neutral
Nomura Instinet analyst Jeffrey Kvaal initiated coverage of IBM (IBM) with a Buy rating and $160 price target and HP Enterprise (HPE) with a Neutral rating and $16 price target. IBM's push into cloud, security, and artificial intelligence appears to be more thorough than HP Enterprise's shift toward networking and hybrid cloud support, Kvaal tells investors in a research note. The analyst considers IBM's offerings in cloud, analytics and security to be differentiated. He thinks the potential 5% growth in analytics and 20% growth in cloud and security can be durable. IBM's growth is not reflected in current estimates or the multiple, Kvaal contends. On the other hand, he believes HP Enterprise may miss out on the rising percentage of IT spending without a full cloud strategy or a sizeable security story. He sees this as limiting the company's long-term revenue growth prospects.
08/21/18
BERN
08/21/18
DOWNGRADE
BERN
Market Perform
HP Enterprise downgraded to Market Perform from Outperform at Bernstein
08/21/18
08/21/18
DOWNGRADE
Target $18

Market Perform
HP Enterprise downgraded to Market Perform on balanced risk/reward at Bernstein
As previously reported, Bernstein analyst A.M. Sacconaghi, Jr. downgraded HP Enterprise to Market Perform from Outperform and lowered his price target on the shares to $18 from $20. Despite a robust IT spending environment, the analyst does not see upside to near-term expectations, given tough comparisons, continuing share losses in servers, a headwind from currency, an expected higher tax rate, and lower other income. Longer-term, Sacconaghi remains skeptical about whether HP Enterprise can sustainably grow revenues, given that the company remains an on-premise player in an increasingly off-premise world and has been a persistent share loser in servers, its most important business.
COTY Coty
$11.13

-1.285 (-10.35%)

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.
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.
08/17/18
RBCM
08/17/18
NO CHANGE
Target $23
RBCM
Outperform
Coty selloff is overdone, says RBC Capital
RBC Capital analyst Nik Modi kept his Outperform rating and $23 price target on Coty ahead of its earnings, saying that while his checks do not suggest a "blow out quarter", he believes the selloff in the stock price is overdone. The analyst states that the 45% year-to-date underperformance for Coty relative to the market has taken its valuation multiple to 15-times earnings, or a "10-turn discount to February highs". Given the early signs of improvement observed in his study of Cover Girl relaunch, Modi says the current levels suggest the risk/reward skew on Coty is positive.
08/16/18
08/16/18
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. 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.
JILL J.Jill
$7.01

-0.61 (-8.01%)

10/16/17
SBSH
10/16/17
DOWNGRADE
Target $8
SBSH
Neutral
Chico's downgraded to Neutral from Buy at Citi
Citi analyst Paul Lejuez downgraded Chico's FAS (CHS) to Neutral and cut his price target for the shares to $8 from $10. The first half of 2017 has been a "big disappointment" with "no turnaround in sight," Lejuez tells investors in a research note. He believes the "sudden sales slowdown" at competitor J.Jill (JILL) "casts a darker cloud on the women's segment as a whole."
10/12/17
MSCO
10/12/17
DOWNGRADE
MSCO
Equal Weight
J.Jill downgraded to Equal Weight from Overweight at Morgan Stanley
03/16/18
RHCO
03/16/18
NO CHANGE
Target $5
RHCO
Hold
J.Jill price target lowered to $5 from $9 at SunTrust
SunTrust analyst Pamela Quintiliano lowered her price target on J. Jill to $5 after the latest quarterly earnings, saying "problems re-emerged and became more prevalent in Q4". The analyst notes that there is limited response to product assortment, and that it may take some time for the new CEO to make an impact. Quintiliano keeps her Hold rating, also warning about potential margin dilution if the company's direct penetration offerings decline further while discounting becomes a "regular part of business".
10/12/17
BOFA
10/12/17
NO CHANGE
Target $7
BOFA
Buy
BofA/Merrill keeps Buy rating on J.Jill amid 51% selloff
BofA/Merrill analyst Lorraine Hutchinson lowered her price target for J.Jill to $7 from $17 and keeps a Buy rating on the name following the company's guidance cut and corresponding share selloff. The stock no longer deserves a premium multiple given the reduced sales expectations, but some of the issues are fixable, Hutchinson tells investors in a research note. The retailer in afternoon trading is down 51%, or $5.05, to $4.88.

TODAY'S FREE FLY STORIES

BLRX

BioLineRx

$0.98

-0.22 (-18.33%)

, MRK

Merck

$72.34

0.12 (0.17%)

13:27
10/21/18
10/21
13:27
10/21/18
13:27
Hot Stocks
BioLineRx discloses additional data from Phase 2a COMBAT/KEYNOTE-202 study »

BioLineRx (BLRX)…

BLRX

BioLineRx

$0.98

-0.22 (-18.33%)

MRK

Merck

$72.34

0.12 (0.17%)

03/08/13
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ADAP

Adaptimmune

$10.79

-0.09 (-0.83%)

13:22
10/21/18
10/21
13:22
10/21/18
13:22
Hot Stocks
Adaptimmune presents updated data from ongoing MAGE-A10, MAGE-A4 studies »

Adaptimmune Therapeutics…

03/08/13
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RHHBY

Roche

$0.00

(0.00%)

13:02
10/21/18
10/21
13:02
10/21/18
13:02
Hot Stocks
Genentech's Tecentriq, Abraxane combo demonstrates positive Phase III results »

Genentech, a member of…

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  • 21

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PFE

Pfizer

$44.50

0.48 (1.09%)

12:56
10/21/18
10/21
12:56
10/21/18
12:56
Hot Stocks
Pfizer presents overall survival data from PALOMA-3 trial of Ibrance »

Pfizer announced detailed…

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  • 22

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MRK

Merck

$72.34

0.12 (0.17%)

12:52
10/21/18
10/21
12:52
10/21/18
12:52
Hot Stocks
Merck presents early data for STING agonist in advanced solid tumors/lymphomas »

Merck announced the first…

03/08/13
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  • 23

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    Feb

DVAX

Dynavax

$10.90

-0.47 (-4.13%)

, MRK

Merck

$72.34

0.12 (0.17%)

12:47
10/21/18
10/21
12:47
10/21/18
12:47
Hot Stocks
Dynavax's SD-101, Keytruda combo still shows 70% ORR in Advanced Melanoma »

Dynavax (DVAX) presented…

DVAX

Dynavax

$10.90

-0.47 (-4.13%)

MRK

Merck

$72.34

0.12 (0.17%)

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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  • 23

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    Oct

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    Jan

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    Feb

EXEL

Exelixis

$16.27

-0.25 (-1.51%)

12:44
10/21/18
10/21
12:44
10/21/18
12:44
Hot Stocks
Exelixis announces results from data analysis of CABOSUN, METEOR trials »

Exelixis announced…

03/08/13
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  • 21

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  • 01

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    Jan

AGEN

Agenus

$1.97

-0.025 (-1.26%)

12:39
10/21/18
10/21
12:39
10/21/18
12:39
Hot Stocks
Agenus presents clinical data on PD-1, CTLA-4 at ESMO 2018 »

Agenus presented updated…

03/08/13
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03/06/13
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  • 07

    Nov

OMED

OncoMed

$2.47

-0.17 (-6.44%)

12:37
10/21/18
10/21
12:37
10/21/18
12:37
Hot Stocks
OncoMed announces interim phase 1b results for Navicixizumab, Paclitaxel combo »

OncoMed Pharmaceuticals…

03/08/13
Wedge Partners
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03/06/13
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03/06/13
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IMGN

ImmunoGen

$7.44

-0.355 (-4.56%)

, MRK

Merck

$72.34

0.12 (0.17%)

12:34
10/21/18
10/21
12:34
10/21/18
12:34
Hot Stocks
ImmunoGen presents initial data from FORWARD II expansion cohort »

ImmunoGen (IMGN)…

IMGN

ImmunoGen

$7.44

-0.355 (-4.56%)

MRK

Merck

$72.34

0.12 (0.17%)

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

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  • 23

    Oct

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  • 02

    Nov

  • 11

    Jan

  • 16

    Feb

BMY

Bristol-Myers

$54.31

-1.7 (-3.04%)

12:30
10/21/18
10/21
12:30
10/21/18
12:30
Hot Stocks
Opdivo, Yervoy combo shows promising results in advanced form of bladder cancer »

Bristol-Myers Squibb…

03/08/13
Wedge Partners
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  • 22

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  • 07

    Nov

MRK

Merck

$72.34

0.12 (0.17%)

12:26
10/21/18
10/21
12:26
10/21/18
12:26
Hot Stocks
Merck's Keytruda shows complete response rate of nearly 40% in high-risk NMIBC »

Merck announced the first…

03/08/13
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03/06/13
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  • 23

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    Feb

TSRO

Tesaro

$41.81

-1.19 (-2.77%)

12:18
10/21/18
10/21
12:18
10/21/18
12:18
Hot Stocks
Tesaro presents Phase 1 GARNET data of TSR-042 in MSI-H endometrial cancer »

Tesaro summarized updated…

03/08/13
Wedge Partners
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03/06/13
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03/06/13
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  • 01

    Nov

  • 07

    Nov

UDR

UDR, Inc.

09:37
10/21/18
10/21
09:37
10/21/18
09:37
Downgrade
UDR, Inc. rating change at Evercore ISI »

UDR, Inc. 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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  • 30

    Oct

  • 07

    Nov

AVB

AvalonBay

$178.01

1.725 (0.98%)

09:37
10/21/18
10/21
09:37
10/21/18
09:37
Downgrade
AvalonBay rating change  »

AvalonBay downgraded to…

03/08/13
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03/06/13
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03/06/13
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  • 30

    Oct

ABBV

AbbVie

$88.01

-1.93 (-2.15%)

, ALXN

Alexion

$125.96

-0.63 (-0.50%)

04:55
10/21/18
10/21
04:55
10/21/18
04:55
Conference/Events
The ACR and ARHP to hold annual meeting »

American College of…

ABBV

AbbVie

$88.01

-1.93 (-2.15%)

ALXN

Alexion

$125.96

-0.63 (-0.50%)

AMGN

Amgen

$201.75

-1.03 (-0.51%)

AUPH

Aurinia Pharmaceuticals

$5.56

-0.13 (-2.28%)

BMY

Bristol-Myers

$54.31

-1.7 (-3.04%)

CELG

Celgene

$82.42

-0.52 (-0.63%)

DGX

Quest Diagnostics

$102.49

0.12 (0.12%)

DNA

Bought by RHHBY

$0.00

(0.00%)

FLXN

Flexion

$18.96

0.33 (1.77%)

GILD

Gilead

$73.27

-0.9 (-1.21%)

GSK

GlaxoSmithKline

$40.87

1.25 (3.16%)

REGN

Regeneron

$389.94

-5.45 (-1.38%)

RARE

Ultragenyx

$63.33

-0.77 (-1.20%)

QDEL

Quidel

$64.68

-2.85 (-4.22%)

PFE

Pfizer

$44.50

0.48 (1.09%)

NVS

Novartis

$87.19

0.95 (1.10%)

MRK

Merck

$72.34

0.12 (0.17%)

MCK

McKesson

$132.36

-0.34 (-0.26%)

LLY

Eli Lilly

$111.91

-1.4 (-1.24%)

TMO

Thermo Fisher

$227.13

-2.51 (-1.09%)

TKPYY

Takeda Pharmaceutical

$0.00

(0.00%)

SELB

Selecta Biosciences

$13.80

-1.34 (-8.85%)

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

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  • 22

    Oct

  • 22

    Oct

  • 23

    Oct

  • 23

    Oct

  • 23

    Oct

  • 23

    Oct

  • 24

    Oct

  • 24

    Oct

  • 25

    Oct

  • 25

    Oct

  • 25

    Oct

  • 25

    Oct

  • 25

    Oct

  • 28

    Oct

  • 29

    Oct

  • 30

    Oct

  • 30

    Oct

  • 31

    Oct

  • 02

    Nov

  • 06

    Nov

  • 06

    Nov

  • 06

    Nov

  • 07

    Nov

  • 09

    Nov

  • 27

    Nov

  • 11

    Jan

  • 16

    Feb

  • 18

    Feb

  • 28

    Apr

  • 13

    May

ABBV

AbbVie

$88.01

-1.93 (-2.15%)

, DCPH

Deciphera

$22.22

-4.97 (-18.28%)

04:55
10/21/18
10/21
04:55
10/21/18
04:55
Conference/Events
European Society for Medical Oncology (ESMO) to hold a conference »

ESMO 2018 Congress to be…

ABBV

AbbVie

$88.01

-1.93 (-2.15%)

DCPH

Deciphera

$22.22

-4.97 (-18.28%)

TSRO

Tesaro

$41.81

-1.19 (-2.77%)

IMGN

ImmunoGen

$7.44

-0.355 (-4.56%)

REGN

Regeneron

$389.94

-5.45 (-1.38%)

CRSP

Crispr Therapeutics

$36.02

-1.18 (-3.17%)

CLVS

Clovis

$26.41

-3.54 (-11.82%)

MRTX

Mirati Therapeutics

$40.04

-1.82 (-4.35%)

LOXO

Loxo Oncology

$160.01

-7.58 (-4.52%)

RHHBY

Roche

$0.00

(0.00%)

NCNA

NuCana

$18.90

1.9 (11.18%)

CRVS

Corvus Pharmaceuticals

$8.01

-0.1 (-1.23%)

NTGN

Neon Therapeutics

$8.88

0.56 (6.73%)

NKTR

Nektar

$48.23

-1.33 (-2.68%)

EXEL

Exelixis

$16.27

-0.25 (-1.51%)

AVEO

Aveo Pharmaceuticals

$2.50

-0.03 (-1.19%)

KURA

Kura Oncology

$14.38

-1.18 (-7.58%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 21

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  • 22

    Oct

  • 22

    Oct

  • 24

    Oct

  • 28

    Oct

  • 30

    Oct

  • 01

    Nov

  • 01

    Nov

  • 02

    Nov

  • 02

    Nov

  • 06

    Nov

  • 07

    Nov

  • 10

    Nov

  • 26

    Nov

  • 27

    Nov

  • 24

    Dec

  • 14

    Jan

  • 28

    Apr

  • 13

    May

04:55
10/21/18
10/21
04:55
10/21/18
04:55
Conference/Events
Morgan Stanley China hardware analyst to hold analyst/industry conference call »

China Hardware Tech…

BIIB

Biogen

$319.85

-10.4 (-3.15%)

14:57
10/20/18
10/20
14:57
10/20/18
14:57
Conference/Events
Biogen to host conference call »

Chief Medical Officer…

03/08/13
Wedge Partners
03/08/13
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  • 22

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    Oct

SELB

Selecta Biosciences

$13.80

-1.34 (-8.85%)

14:13
10/20/18
10/20
14:13
10/20/18
14:13
Conference/Events
Selecta Biosciences to host conference call »

Management discusses the…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 23

    Oct

TROV

Trovagene

$1.12

-0.03 (-2.61%)

14:11
10/20/18
10/20
14:11
10/20/18
14:11
Conference/Events
Trovagene to host conference call »

Management provides an…

03/08/13
Wedge Partners
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03/06/13
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03/06/13
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SLS

Sellas Life Sciences

$1.56

-0.24 (-13.33%)

13:54
10/20/18
10/20
13:54
10/20/18
13:54
Conference/Events
Sellas Life Sciences to host conference call »

Management provides a…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 20

    Oct

  • 07

    Nov

NVS

Novartis

$87.19

0.95 (1.10%)

13:50
10/20/18
10/20
13:50
10/20/18
13:50
Conference/Events
Novartis to host conference call »

Management discusses the…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 22

    Oct

  • 07

    Nov

UA

Under Armour

$16.79

-0.365 (-2.13%)

, UAA

Under Armour

$18.20

-0.42 (-2.26%)

12:43
10/20/18
10/20
12:43
10/20/18
12:43
Periodicals
Under Armour stock could triple, Barron's says »

Under Armour has had a…

UA

Under Armour

$16.79

-0.365 (-2.13%)

UAA

Under Armour

$18.20

-0.42 (-2.26%)

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

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  • 30

    Oct

  • 30

    Oct

  • 27

    Nov

  • 03

    Mar

STZ

Constellation Brands

$222.98

-2.36 (-1.05%)

, CGC

Canopy Growth

$46.87

-1.99 (-4.07%)

12:37
10/20/18
10/20
12:37
10/20/18
12:37
Periodicals
Constellation Brands changing CEOs, not marijuana strategy, Barron's says »

Constellation Brands…

STZ

Constellation Brands

$222.98

-2.36 (-1.05%)

CGC

Canopy Growth

$46.87

-1.99 (-4.07%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 28

    Oct

  • 14

    Nov

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