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TJX

TJX

$106.49

4.81 (4.73%)

, KSS

Kohl's

$80.20

1.34 (1.70%)

16:27
08/21/18
08/21
16:27
08/21/18
16:27

Fly Intel: Wall Street's top stories for Tuesday

Stocks opened in positive territory and remained there throughout the session. The averages crept higher during the morning but once they found a level, they drifted in a very narrow range. The S&P flirted with a new record for most of the day as it attempted to bypass the previous closing high set on January 26. The market picked up momentum last week when reports surfaced that the U.S. and China would begin low-level negotiations on trade. Despite the President saying he didn't believe anything would come out of talks this week, the averages remains at elevated levels amid the market's new-found trade optimism. ECONOMIC EVENTS: In the U.S., no economic data of note was reported. COMPANY NEWS: The parent of TJ Maxx and Marshalls, TJX (TJX), reported a better than expected same-store sales increase of 6% and raised its full-year profit outlook, sending its shares up about 5%. Fellow retailer Kohl's (KSS) 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. Kohl's shares finished about 2% higher following the report... Medical device maker Medtronic (MDT) gained nearly 6% 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) - fell 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... In addition, Microsoft (MSFT) was in focus after the software giant launched a new initiative called Microsoft AccountGuard with the intention of protecting the American election process. The company announced the initiative in response to its Digital Crimes Unit identifying hackers linked to the Russian military intelligence agency formerly known as the G.R.U. that attempted to attack conservative U.S. think tanks. Reuters later reported that Russia's foreign ministry called such accusations of cyber-targeting a "witch-hunt." MAJOR MOVERS: Among the noteworthy gainers was Tilray (TLRY), which rose 11% 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 15% and 14% after reporting quarterly results. Among the notable losers were Coty (COTY) and J. Jill (JILL), which fell a respective 7% and 10.5% after reporting quarterly results. INDEXES: The Dow advanced 63.60, or 0.25%, to 25,822.29, the Nasdaq gained 38.17, or 0.49%, to 7,859.17, and the S&P 500 rose 5.91, or 0.21%, to 2,862.96.

TJX

TJX

$106.49

4.81 (4.73%)

KSS

Kohl's

$80.20

1.34 (1.70%)

MDT

Medtronic

$95.15

5.09 (5.65%)

ETFC

E-Trade

$58.54

-2.7 (-4.41%)

AMTD

TD Ameritrade

$56.02

-4.14 (-6.88%)

SCHW

Charles Schwab

$50.17

-1.26 (-2.45%)

JPM

JPMorgan

$115.28

0.66 (0.58%)

MSFT

Microsoft

$105.95

-0.92 (-0.86%)

TLRY

Tilray

$39.90

3.99 (11.11%)

PINC

Premier

$44.02

5.67 (14.78%)

TOL

Toll Brothers

$39.52

4.8 (13.82%)

COTY

Coty

$11.51

-0.9 (-7.25%)

JILL

J.Jill

$6.85

-0.77 (-10.11%)

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TJX TJX
$106.49

4.81 (4.73%)

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.
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.
08/21/18
LOOP
08/21/18
NO CHANGE
Target $105
LOOP
Hold
TJX price target raised to $105 from $90 at Loop Capital
Loop Capital analyst Laura Champine maintained a Hold rating on TJX and raised her price target to $105 from $90 following a review of her financial model after the company's Q2 earnings report. In a research note to investors, Champine says she expects margin pressures, including labor and transportation expenses, to continue to drag on earnings power moving through the year, but believes TJX will continue to offset this with leverage on sales growth. Additionally, she believes her FY19 EPS estimate of $4.91, 3c above the high end of management's guidance range, is already baked into the stock with TJX up 38% year-to-date.
KSS Kohl's
$80.20

1.34 (1.70%)

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
$95.15

5.09 (5.65%)

08/13/18
NEED
08/13/18
UPGRADE
NEED
Strong Buy
Medtronic upgraded to Strong Buy from Buy at Needham
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.
08/13/18
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."
08/21/18
PIPR
08/21/18
NO CHANGE
Target $105
PIPR
Overweight
Medtronic momentum expected to continue in FY19, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien said Medtronic posted "a nice beat-and-raise quarter" to start FY19 and he believes "there is more to come" given the strong traction being seen in the diabetes business and the company's entrance into the $1B, stand-alone CGM market. He maintains an Overweight rating on Medtronic shares and raised his price target to $105 from $96.
ETFC E-Trade
$58.54

-2.7 (-4.41%)

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
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.
08/21/18
JEFF
08/21/18
NO CHANGE
JEFF
Jefferies says JPMorgan service could impact discount broker new account growth
Following news that JPMorgan (JPM) will soon be offering a digital brokerage service that offers 100 free trades, Jefferies analyst Daniel Fannon said he does not view this as much a threat to existing clients at TD Ameritrade (AMTD), E-Trade (ETFC) or Charles Schwab (SCHW), but he does think it may have an impact on new account growth over time. He thinks TD Ameritrade and E-Trade will take a "wait and see approach" and that Schwab is most likely to be looked to for a competitor response. Both TD Ameritrade and E-Trade are materially more dependent on trading as a percent of total revenue than Charles Schwab, added Fannon.
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
$56.02

-4.14 (-6.88%)

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
$50.17

-1.26 (-2.45%)

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.
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
$115.28

0.66 (0.58%)

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.
07/19/18
DZBN
07/19/18
UPGRADE
DZBN
Buy
JPMorgan upgraded to Buy from Hold at DZ Bank
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).
MSFT Microsoft
$105.95

-0.92 (-0.86%)

07/23/18
ARGS
07/23/18
NO CHANGE
Target $128
ARGS
Buy
Microsoft price target raised to $128 from $116 at Argus
Argus analyst Joseph Bonner raised his price target on Microsoft to $128 and kept his Buy rating after the company's "strong quarter" in Q4 and positive comments about FY19. The analyst believes the company is well positioned to grow its commercial revenue amid the accelerating digital transformation trend thanks to its "massive" user base and long-term relationships. Despite the run-up in the stock price, the analyst contends that Microsoft shares could move even higher as the company's commercial and public cloud business drive growth.
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).
08/03/18
BARD
08/03/18
NO CHANGE
Target $2100
BARD
Outperform
Amazon summit highlights long cloud growth runway, says Baird
After having attended the AWS Summit in Chicago this week, Baird analyst Colin Sebastian said his talks with several enterprise IT decision makers highlight Amazon's "clear advantage" in product breadth and go-to-market capabilities despite the fact that cloud services competition is "undoubtedly intensifying" from Microsoft's (MSFT) Azure and Alphabet's (GOOGL) Google Cloud Platform. Most large-scale enterprises are still in the early days of cloud migration, which bodes well for the long-term growth outlook for AWS along with Azure and Google Cloud, Sebastian concluded. He keeps an Outperform rating and $2,100 price target on Amazon shares.
07/27/18
OPCO
07/27/18
NO CHANGE
Target $120
OPCO
Outperform
Microsoft price target raised to $120 from $115 at Oppenheimer
Oppenheimer analyst Tim Horan raised his price target on Microsoft (MSFT) to $120 and maintained an Outperform rating, telling investors in a research note that he remains "bullish." With enterprises in the steepest part of the S-curve adoption cycle of cloud, over the next few quarters, he says he expects strong results from Azure which benefits from AWS (AMZN)/Google (GOOG, GOOGL) channel conflicts and also sees upside surprises in Gaming, Search, Dynamics, Hardware and strong operating leverage.
TLRY Tilray
$39.90

3.99 (11.11%)

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
$44.02

5.67 (14.78%)

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.
08/21/18
OPCO
08/21/18
NO CHANGE
Target $48
OPCO
Outperform
Premier price target raised to $48 from $40 at Oppenheimer
Oppenheimer analyst Mohan Naidu said Premier (PINC) reported "strong performance in all segments" in Q4, adding that the recovery in the Performance segment is a surprise "likely to appease investors." The quarterly performance and potential upside opportunities make him "excited" despite investor concern about the threat posed by Amazon (AMZN), said Naidu, who raised his price target on Premier shares to $48 and keeps an Outperform rating on the stock.
08/21/18
PIPR
08/21/18
NO CHANGE
Target $40
PIPR
Neutral
Premier price target raised to $40 from $32 at Piper Jaffray
Piper Jaffray analyst Sean Wieland maintained a Neutral rating on Premier, Inc but raised his price target for shares to $40 from $32 following the company's Q4 earnings report, telling investors in a research note that results reflected a stable outlook for the GPO segment and improved stability in performance services, with strong visibility on the outlook for FY19.
TOL Toll Brothers
$39.52

4.8 (13.82%)

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.
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
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.
COTY Coty
$11.51

-0.9 (-7.25%)

08/21/18
BMOC
08/21/18
DOWNGRADE
BMOC
Market Perform
Coty downgraded to Market Perform from Outperform at BMO Capital
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.
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.
JILL J.Jill
$6.85

-0.77 (-10.11%)

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
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.
08/21/18
COWN
08/21/18
DOWNGRADE
COWN
Market Perform
J.Jill downgraded to Market Perform from Outperform at Cowen
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".

TODAY'S FREE FLY STORIES

TFX

Teleflex

$249.10

0.64 (0.26%)

05:40
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05:40
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Teleflex signs license agreement with Arcis Biotechnology »

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FB

Facebook

$153.56

-0.2 (-0.13%)

05:39
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Periodicals
Users say harassment 'rampant' on Instagram, The Atlantic reports »

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SWIR

Sierra Wireless

$18.33

0.02 (0.11%)

05:39
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Sierra Wireless appoints Kent Thexton as CEO »

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I

Intelsat

$32.44

0.98 (3.12%)

05:38
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Intelsat announces strategic investment in AMN »

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UTX

United Technologies

$130.32

0.715 (0.55%)

05:35
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UTC Aerospace Systems selected by AMAC Aerospace to offer nacelle maintenance »

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  • 23

    Oct

NVS

Novartis

$83.14

0.37 (0.45%)

05:34
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05:34
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05:34
Hot Stocks
Novartis: 5-year Cosentyx studies data backs leadership in spondyloarthritis »

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REGN

Regeneron

$377.80

-6.4 (-1.67%)

, SNY

Sanofi

$43.45

0.56 (1.31%)

05:30
10/16/18
10/16
05:30
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05:30
Hot Stocks
Regeneron, Sanofi announce Phse 3 Dupixent trials met all endpoints »

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REGN

Regeneron

$377.80

-6.4 (-1.67%)

SNY

Sanofi

$43.45

0.56 (1.31%)

03/08/13
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PSX

Phillips 66

$107.21

-2.3 (-2.10%)

05:29
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05:29
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05:29
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Phillips 66 rating change  »

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  • 16

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OKE

Oneok

$64.82

-0.17 (-0.26%)

05:29
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10/16
05:29
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05:29
Upgrade
Oneok rating change  »

Oneok upgraded to Buy…

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  • 16

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    Oct

HFC

HollyFrontier

$64.72

-1.75 (-2.63%)

05:28
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HollyFrontier rating change  »

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  • 31

    Oct

PF

Pinnacle Foods

$66.23

0.38 (0.58%)

05:26
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10/16
05:26
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05:26
Downgrade
Pinnacle Foods rating change  »

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  • 23

    Oct

AMZN

Amazon.com

$1,760.99

-27.64 (-1.55%)

05:25
10/16/18
10/16
05:25
10/16/18
05:25
Hot Stocks
Amazon invests $10M in Closed Loop Fund to increase recycling rates in U.S. »

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  • 16

    Oct

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    Oct

SHZHY

Shenzhou

$0.00

(0.00%)

05:24
10/16/18
10/16
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Shenzhou rating change  »

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CRM

Salesforce

$141.95

-4.82 (-3.28%)

05:22
10/16/18
10/16
05:22
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05:22
Hot Stocks
Salesforce announces Salesforce Tower Atlanta, will create 600 new local jobs »

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  • 06

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AMGN

Amgen

$195.53

-1.82 (-0.92%)

05:21
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10/16
05:21
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05:21
Hot Stocks
Amgen launches Amgevita in markets across Europe »

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ADBE

Adobe

$238.05

-10.84 (-4.36%)

05:20
10/16/18
10/16
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05:20
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CME

CME Group

$173.86

-2.73 (-1.55%)

05:19
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05:19
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CME Group reports Q3 Asia Pacific ADV up 4% to 726,000 contracts »

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  • 05

    Nov

AAL

American Airlines

$31.78

0.87 (2.81%)

05:15
10/16/18
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05:15
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American Airlines analyst commentary  »

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  • 25

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UAL

United Continental

$81.34

1.18 (1.47%)

05:11
10/16/18
10/16
05:11
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05:11
Recommendations
United Continental analyst commentary  »

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  • 17

    Oct

HOLX

Hologic

$40.14

0.07 (0.17%)

05:08
10/16/18
10/16
05:08
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05:08
Recommendations
Hologic analyst commentary  »

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  • 07

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CNVVY

ConvaTec

$0.00

(0.00%)

05:01
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ConvaTec rating change  »

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CNVVY

ConvaTec

$0.00

(0.00%)

05:00
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05:00
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ConvaTec rating change  »

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FTCH

Farfetch

$23.17

-0.21 (-0.90%)

04:58
10/16/18
10/16
04:58
10/16/18
04:58
Initiation
Farfetch initiated  »

Farfetch initiated with a…

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  • 08

    Nov

ABUS

Arbutus Biopharma

$4.14

-0.17 (-3.94%)

04:55
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10/16
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04:55
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IFF

International Flavors

$131.66

0.71 (0.54%)

04:55
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10/16
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Upgrade
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  • 13

    Nov

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