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KMX

CarMax

$77.11

0.445 (0.58%)

, LAD

Lithia Motors

$88.00

0.01 (0.01%)

07:29
08/29/18
08/29
07:29
08/29/18
07:29

CarMax named top pick among U.S. auto dealers at Morgan Stanley

Morgan Stanley analyst Armintas Sinkevicius raised CarMax (KMX) to number one from number two in his ranking of U.S. auto dealers, bumping Lithia Motors (LAD) to the second spot. As reasons for the move in CarMax to top pick, Sinkevicius cites the company's market share opportunity, its track record of consistent operations and the fact that it is a pure play on the used car market, which is less volatile than the new car market. He maintains an Overweight rating and $89 price target on CarMax shares, listing Penske Automotive (PAG) as his third choice in the group and only other U.S. dealer on which he has an Overweight rating aside from CarMax and Lithia.

KMX

CarMax

$77.11

0.445 (0.58%)

LAD

Lithia Motors

$88.00

0.01 (0.01%)

PAG

Penske Automotive

$53.60

0.34 (0.64%)

  • 26

    Sep

  • 29

    Oct

  • 06

    Nov

KMX CarMax
$77.11

0.445 (0.58%)

06/25/18
FBCO
06/25/18
NO CHANGE
Target $87
FBCO
Outperform
CarMax price target raised to $87 from $81 at Credit Suisse
Credit Suisse analyst Seth Sigman raised his price target for CarMax to $87 from $81 as better Q1 results support his view that growth should accelerate through 2018, driving modest upside to EPS and multiple expansion as seen historically. The analyst reiterates an Outperform rating on the shares.
07/10/18
MSCO
07/10/18
UPGRADE
MSCO
Overweight
CarMax upgraded to Overweight from Underweight at Morgan Stanley
07/10/18
07/10/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. CarMax (KMX) upgraded two notches to Overweight from Underweight at Morgan Stanley with analyst Armintas Sinkevicius saying longer term, he is constructive on dealers, citing a belief that tech disruption could accelerate consolidation and set up a transition toward "megafleet managers." 2. Cummins (CMI) upgraded to Buy from Hold at Stifel with analyst Michael Baudendistel saying shares of truck equipment companies have been under pressure primarily on concerns that the cycle is at a peak. 3. Wynn Resorts (WYNN) upgraded to Buy from Hold at Stifel with analyst Steven Wieczynski saying he believes the pullback in the stock recently has created a compelling opportunity. 4. KB Home (KBH) upgraded to Positive from Neutral at Susquehanna with analyst Jack Micenko citing a "clear and visible path" to further gross margin expansion and re-acceleration in community count and order growth well into 2019 for the upgrade, adding that underlying housing trends are strong in many of the markets in which the company currently operates despite "cautious" macro sentiment. 5. Quest Diagnostics (DGX) upgraded to Outperform from In Line at Evercore ISI with analyst Ross Muken saying the company will likely be the beneficiary of improved volumes, stable pricing, heightened M&A, and fund flows amid the heightened volatility within the Rx supply chain. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/10/18
07/10/18
UPGRADE

Overweight
CarMax double upgraded to Overweight at Morgan Stanley as coverage transferred
As previously reported, Morgan Stanley analyst Armintas Sinkevicius upgraded CarMax (KMX) two notches, to Overweight from Underweight, as he took over coverage of the auto dealer stocks at the firm. Longer term, he is constructive on dealers, citing a belief that tech disruption could accelerate consolidation and set up a transition toward "megafleet managers." However, given that the market is over 9 years into the auto cycle, he sees limited potential for a re-rating of the multiples of auto dealer's stocks, Sinkevicius tells investors. In supporting his view of CarMax, the analyst also notes that the used car market is less volatile than the new car market. He also retained Overweight ratings on Lithia Motors (LAD) and Penske Automotive (PAG).
LAD Lithia Motors
$88.00

0.01 (0.01%)

04/16/18
GUGG
04/16/18
INITIATION
GUGG
Neutral
Lithia Motors initiated with a Neutral at Guggenheim
Guggenheim analyst Ali Faghri initiated Lithia Motors with a Neutral rating.
07/25/18
SPHN
07/25/18
DOWNGRADE
SPHN
Equal Weight
Lithia Motors downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Rick Nelson downgraded Lithia Motors to Equal Weight from Overweight after the company missed Q2 EPS expectations and cut its FY18 earnings view, stating that the company in his view has made disappointing progress on the $250M opportunity it has identified for revenue and cost management. He has placed his prior $134 price target on Lithia shares under review.
07/26/18
CHLM
07/26/18
NO CHANGE
Target $94
CHLM
Buy
Lithia Motors price target lowered to $94 from $120 at Craig-Hallum
Craig-Hallum analyst Steve Dyer lowered his price target for Lithia Motors to $94 from $120 as recent acquisitions weigh on near-term profitability. Nonetheless, the analyst believes long-term strategy and stock opportunity remain attractive. He reiterates a Buy rating on the shares.
PAG Penske Automotive
$53.60

0.34 (0.64%)

03/14/18
MSCO
03/14/18
NO CHANGE
MSCO
Morgan Stanley raises U.S. auto sales forecasts through 2021
Morgan Stanley analyst Adam Jonas raised his U.S. seasonally adjusted annual rate, or SAAR, forecast for automakers by an average of 850,000 units from 2018 through 2021, which represents slightly more than a 5% increase from his prior forecast. However, his average U.S. SAAR forecast is still well below last year's 17.3M units and 8% under the cyclical high of 17.6M units in 2016. Jonas points to U.S. tax reform and "relatively stable" recent trends in auto sales and credit as reasons for the hike, noting that while infrastructure action from the federal government could be a material positive, it is not explicitly in his new forecast. Adding that the higher view has a net positive impact on estimates and price targets for exposed auto Original Equipment Manufacturers, or OEMs, and suppliers, Jonas raised his price targets on General Motors (GM), Asbury Automotive (ABG), AutoNation (AN), Group 1 Automotive (GPI), Lithia Motors (LAD), Penske Automotive (PAH), Sonic Automotive (SAH) and Ford (F). He also double upgraded Ford, to Overweight from Underweight, this morning.
08/24/18
RHCO
08/24/18
INITIATION
Target $60
RHCO
Buy
Penske Automotive initiated with a Buy at SunTrust
SunTrust analyst Stephanie Benjamin initiated Penske Automotive with a Buy rating and a price target of $60. The analyst expects the company to outperform in the "difficult" auto dealer market thanks to its diversified business segments which include heavy duty truck retailing, brand mix with strong off-lease opportunities, and its used car expansion strategy. Benjamin adds that Penske Auto's 9-times forward earnings multiple is near the low end of its historical 8- to 13-times range.
04/16/18
GUGG
04/16/18
INITIATION
Target $50
GUGG
Buy
Penske Automotive initiated with a Buy at Guggenheim
Guggenheim analyst Ali Faghri initiated Penske Automotive with a Buy and $50 price target.

TODAY'S FREE FLY STORIES

GOOG

Alphabet

$1,248.36

-0.6 (-0.05%)

, GOOGL

Alphabet Class A

$1,253.24

-0.7 (-0.06%)

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GOOG

Alphabet

$1,248.36

-0.6 (-0.05%)

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Alphabet Class A

$1,253.24

-0.7 (-0.06%)

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ZTO

ZTO Express

$19.60

0.3 (1.55%)

09:51
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Conference/Events
ZTO Express management to meet with UBS »

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DOOO

BRP Inc.

$30.94

(0.00%)

09:50
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Conference/Events
BRP Inc. management to meet with UBS »

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  • 25

    Apr

09:50
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General news
FX Action: USD-JPY »

FX Action: USD-JPY topped…

MLI

Mueller Industries

$28.50

-2.7 (-8.65%)

09:47
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Hot Stocks
Mueller Industries falls -9.6% »

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  • 02

    May

JP

Jupai Holdings

$3.50

-0.47 (-11.84%)

09:47
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WAT

Waters

$200.02

-41.06 (-17.03%)

09:47
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04/23
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Hot Stocks
Waters falls -17.1% »

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KSS

Kohl's

$72.06

4.63 (6.87%)

09:47
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CE

Celanese

$112.78

8.28 (7.92%)

09:47
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Hot Stocks
Celanese rises 8.2% »

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  • 23

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TWTR

Twitter

$37.51

3.12 (9.07%)

09:47
04/23/19
04/23
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09:47
Hot Stocks
Twitter rises 9.5% »

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  • 23

    Apr

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09:45
04/23/19
04/23
09:45
04/23/19
09:45
General news
New Home Sales to be reported at 10:00 »

March New Home Sales will…

09:45
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04/23
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General news
Richmond Fed Manufacturing Index Level to be reported at 10:00 »

April Richmond Fed…

TPR

Tapestry

$30.68

(0.00%)

09:42
04/23/19
04/23
09:42
04/23/19
09:42
Downgrade
Tapestry rating change  »

Tapestry downgraded to…

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  • 29

    May

WPM

Wheaton Precious Metals

$21.79

(0.00%)

09:42
04/23/19
04/23
09:42
04/23/19
09:42
Downgrade
Wheaton Precious Metals rating change  »

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  • 09

    May

WHR

Whirlpool

$139.39

(0.00%)

, MAT

Mattel

$11.78

(0.00%)

09:40
04/23/19
04/23
09:40
04/23/19
09:40
Options
Unusually active option classes on open April 23rd »

Unusual total active…

WHR

Whirlpool

$139.39

(0.00%)

MAT

Mattel

$11.78

(0.00%)

KSS

Kohl's

$67.43

(0.00%)

LMT

Lockheed Martin

$315.24

(0.00%)

HOG

Harley-Davidson

$39.71

(0.00%)

TWTR

Twitter

$34.39

(0.00%)

PG

Procter & Gamble

$106.04

(0.00%)

TGT

Target

$82.00

(0.00%)

HAL

Halliburton

$31.09

(0.00%)

KO

Coca-Cola

$47.38

(0.00%)

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    May

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  • 05

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  • 13

    Nov

09:40
04/23/19
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General news
U.S. new home sales preview: »

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09:40
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09:40
General news
Treasury Action: yields are sliding and are down 1.3 to 2.5 bps »

Treasury Action: yields…

HOG

Harley-Davidson

$39.71

-1.2 (-2.93%)

09:39
04/23/19
04/23
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Hot Stocks
Harley-Davidson says nothing in Q1 changes outlook »

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  • 23

    Apr

  • 09

    May

DIS

Disney

09:37
04/23/19
04/23
09:37
04/23/19
09:37
Recommendations
Disney analyst commentary at BofA/Merrill »

Disney added to US 1 list…

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  • 08

    May

AEM

Agnico Eagle

$40.16

-0.235 (-0.58%)

09:37
04/23/19
04/23
09:37
04/23/19
09:37
Upgrade
Agnico Eagle rating change  »

Agnico Eagle upgraded to…

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  • 26

    Apr

BPOP

Popular

$55.94

-0.83 (-1.46%)

09:37
04/23/19
04/23
09:37
04/23/19
09:37
Recommendations
Popular analyst commentary  »

Popular price target…

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  • 08

    May

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    May

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    May

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    May

  • 11

    Jun

NFLX

Netflix

$377.43

17.21 (4.78%)

09:35
04/23/19
04/23
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09:35
Hot Stocks
Netflix announces proposed $2B offering of senior notes »

Netflix announced that it…

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  • 03

    Jun

LRCX

Lam Research

$195.15

0.4 (0.21%)

, AMAT

Applied Materials

$43.78

-0.16 (-0.36%)

09:34
04/23/19
04/23
09:34
04/23/19
09:34
Recommendations
Lam Research, Applied Materials analyst commentary at Needham »

Lam Research, Applied…

LRCX

Lam Research

$195.15

0.4 (0.21%)

AMAT

Applied Materials

$43.78

-0.16 (-0.36%)

03/08/13
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03/06/13
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  • 24

    Apr

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    May

TPR

Tapestry

$30.68

-1.85 (-5.69%)

09:32
04/23/19
04/23
09:32
04/23/19
09:32
Downgrade
Tapestry rating change  »

Tapestry downgraded to…

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03/06/13
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03/06/13
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  • 29

    May

FTS

Fortis

$37.19

-0.08 (-0.21%)

09:31
04/23/19
04/23
09:31
04/23/19
09:31
Downgrade
Fortis rating change  »

Fortis downgraded to…

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  • 01

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