2018-09-14 04:55:00 AMCX AMC Networks ![]() ![]()
Discovery ![]() ![]()
09/14/18 09/1404:55 09/14/1804:55 | Goldman Sachs to hold a conference27th Annual Communacopia Conference will be held in New York on September 12-14. AMC Networks ![]() ![]()
Discovery ![]() ![]()
AT&T ![]() ![]()
T-Mobile ![]() ![]()
CenturyLink ![]() ![]()
News Corp ![]() ![]()
Zayo Group ![]() ![]()
Cogent ![]() ![]()
Cinemark ![]() ![]()
Switch ![]() ![]()
Lamar Advertising ![]() ![]()
Sirius XM ![]() ![]()
QTS Realty Trust ![]() ![]()
Interpublic Group ![]() ![]()
|
|
---|---|---|
![]() ![]()
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. Intel (INTC) downgraded to Underperform from Market Perform at Bernstein with analyst Stacy Rasgon saying she sees the CEO change and leadership vacuum providing some protection from further upward revisions, EPS growth slowing into 2019 as compares get harder and structural issues build, and an increasingly competitive environment. 2. LendingTree (TREE) downgraded to Neutral from Buy at Compass Point with analyst Michael Tarkan citing mortgage deceleration and remaining long-term cycle risks. 3. AMC Networks (AMCX) downgraded to Neutral from Buy at Goldman Sachs with analyst Drew Borst saying slowing advertising growth due to rating headwinds from The Walking Dead franchise and affiliate fee growth challenges in the pay TV ecosystem are a risk to earnings estimates. 4. Square (SQ) downgraded to Equal Weight from Overweight at Stephens with analyst Brett Huff stating that after a "truly remarkable" stock price acceleration over the past two years, he thinks Square is a "special" company, but is taking a breather. 5. Incyte (INCY) downgraded to Sector Perform from Outperform at RBC Capital with analyst Brian Abrahams noting that as he previously suggested, the market overreacted to the setbacks suffered by the company's epacadostat and baricitini programs when he also forecasted a rally to reflect the "substantial Jakafi growth opportunity through its out-year patent cliff". This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
INITIATION IMPC In-Line AMC Networks initiated with an In-Line at Imperial Capital Imperial Capital analyst David Miller started AMC Networks with an In-Line rating and $65 price target. AMC is not really a "pure content provider," due to only four series currently on air that are actually owned by AMC Studios, the analyst tells investors in a research note. He's concerned about what will happen to AMCX's other networks such as Sundance, WE Network, and IFC, networks that are not considered "must have" as consumers migrate towards skinnier packages.
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. Nike (NKE) downgraded to Neutral from Buy at UBS with analyst Jay Sole saying Nike's "comeback after two relatively down years continues." 2. Infinera (INFN) downgraded to Neutral from Buy at Goldman Sachs with analyst Rod Hall assumed coverage from Doug Clark and downgrading the stock to Neutral from Buy while saying the company's success is dependent on the new products, while its "key higher TAM products are yet to fully hit the market." 3. AMC Networks (AMCX) downgraded to Underperform from Market Perform at Bernstein with analyst Todd Juenger saying he thinks it is unlikely the company will be acquired at a premium. 4. Catalyst Biosciences (CBIO) downgraded to Neutral from Buy at B. Riley FBR. 5. Noble Corp. (NE) downgraded to Hold from Buy at Jefferies with analyst Eduardo Royes saying the stock is up 18% year-to-date versus its four major peers rising only 2%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
DOWNGRADE Neutral AMC Networks downgraded to Neutral from Buy at Goldman Sachs Goldman Sachs analyst Drew Borst downgraded AMC Networks to Neutral and maintained a $70 price target. Borst said slowing advertising growth due to rating headwinds from The Walking Dead franchise and affiliate fee growth challenges in the pay TV ecosystem are a risk to earnings estimates.![]() ![]()
NO CHANGE IMPC Outperform Discovery target raised to $32 on improving ratings at Imperial Capital Imperial Capital analyst David Miller raised his price target for Discovery to $32 from $31 and maintains an Outperform rating on the shares. The company's anchor networks are seeing nice ratings improvements, Miller tells investors in a research note. He believes, however, that the company's improving ratings are being clouded by accounting and restructuring charges as well as currency moves. The analyst still expects Discovery to post $2.3B-plus of free cash flow generation in 2018.
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. JEFFERIES UPS DISCOVERY TO BUY: Jefferies analyst John Janedis upgraded Discovery (DISCA) to Buy from Hold and raised his price target for shares to $34 from $26, telling investors he sees "several" opportunities that could increase Discovery's free cash flow, including stronger U.S. distribution growth, upside to realized synergies and the potential for a re-introduction of a stock repurchase plan earlier than anticipated. Janedis said he believes the market is under-appreciating Discovery's relative stability and free cash flow generation. Discovery shares were higher by 3.4% in late morning trading. BOFA RAISES APPLE PRICE TARGET TO $250: BofA Merrill Lynch analyst Wamsi Mohan said his analysis of third-party data indicates that the relative contribution from games to App Store revenue is coming down and he views this diversifying away from gaming as bullish for Apple's (AAPL) Services business. The strong growth rate of non-gaming categories gives him increased confidence in the sustainability of strong App Store sales, leading the analyst to raise his Services revenue estimate and increase his price target on Apple shares to $250 from $230 with a Buy rating on the name. IMPERIAL STARTS MSG AT OUTPERFORM: Imperial Capital analyst David Miller initiated shares of Madison Square Garden (MSG) with an Outperform rating and $372 price target. Miller believes there is still "measurable upside" to full intrinsic value on a sum-of-the-parts basis. In addition, post the split-off from MSG Networks (MSGN) in October 2015, investors no longer have to worry about cord-cutting or any other secular concern affecting linear cable networks. Rather, MSG is focused completely on the "live" experience, with flagship assets that include the NY Knicks, the NY Rangers, and the real estate associated with iconic arenas such as the Forum in Los Angeles, Radio City Music Hall, the Chicago Theater, and the Garden itself. MORGAN STANLEY GOES RESTRICTED ON TESLA: Morgan Stanley is now restricted in terms of rating Tesla (TSLA), on which the firm previously had an Equal Weight rating. The Fly notes that on August 15, Goldman Sachs went to Not Rated on Tesla, with analyst David Tamberrino stating that the change was due to Goldman "acting as a financial advisor in connection with a matter that is fundamental to the reasonable analysis of the rating and price target for this stock." It may be that a similar situation is why Morgan Stanley is restricted in covering Tesla, though that has not been confirmed by the bank.
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. Symantec (SYMC) upgraded to Positive from Neutral at Susquehanna with analyst Anne Meisner saying that activist shareholder Starboard Value disclosing a 5.8% stake and nominating five directors to its board has introduced the potential for positive change. 2. Johnson Controls (JCI) upgraded to Buy from Hold at Argus with analyst John Eade citing the company's recent Q3 earnings beat along with the technical breakout in its stock price above the $38 resistance. 3. Discovery (DISCA) upgraded to Buy from Hold at Jefferies with analyst John Janedis saying he sees "several" opportunities that could increase Discovery's free cash flow, including stronger U.S. distribution growth, upside to realized synergies and the potential for a re-introduction of a repurchase earlier than anticipated. 4. Estee Lauder (EL) upgraded to Buy from Neutral at DA Davidson with analyst Linda Bolton Weiser saying the company's fundamentals are the "strongest seen in years," with a 21% rise in FY18 operating profit and an "achievable and potentially beatable" EPS growth outlook of 9%-11% for FY19. 5. Bayer (BAYRY) upgraded to Buy from Hold at Berenberg. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
UPGRADE JEFF Buy Discovery upgraded to Buy from Hold at Jefferies Jefferies analyst John Janedis upgraded Discovery to Buy from Hold and raised his price target for shares to $34 from $26, telling investors in a research note that he sees "several" opportunities that could increase Discovery's free cash flow, including stronger U.S. distribution growth, upside to realized synergies and the potential for a re-introduction of a repurchase earlier than anticipated. Janedis says he believes the market is under-appreciating Discovery's relative stability and free cash flow generation.![]() ![]()
NO CHANGE BARD Neutral RingCentral extension of AT&T partnership a net positive, says Baird Baird analyst William Power said the deal for AT&T (T) to sell a RingCentral-based UCaaS solution called AT&T [email protected] to its enterprise customers is a net positive for RingCentral (RNG) as it should serve as another point of distribution. AT&T's decision to return to RingCentral as a technology partner seemingly validates the company's strong product, though exact terms were not disclosed and revenue will likely take some time to build, noted Power. He keeps a Neutral rating and $90 price target on RingCentral shares.
DOWNGRADE LEHM Equal Weight Barclays downgrades Verizon to Equal Weight, prefers shares of T-Mobile Barclays analyst Kannan Venkateshwar downgraded Verizon Communications (VZ) to Equal Weight from Overweight and lowered his price target for the shares to $50 from $56. The analyst likes Verizon's near- and mid-term prospects, but believes the stock's valuation will cap upside potential from present levels. Venkateshwar likes T-Mobile (TMUS) "relatively more at this point despite growth second derivatives slowing, given that the valuation already reflects this to some extent." Further, if the Sprint (S) deal does not go through, T-Mobile could become an attractive partner for one of the cable providers, which should provide downside protection, the analyst tells investors in a research note. He keeps an Overweight rating on the shares. Venkateshwar also lowered his price target for AT&T (T) to $31 from $40 and keeps an Equal Weight rating on the name.
NO CHANGE JEFF Buy RingCentral price target raised to $105 from $97 at Jefferies Jefferies analyst John DiFucci raised his price target for RingCentral (RNG) to $105 after the announced a new non-exclusive partnership with AT&T (T). The analyst notes that previously AT&T had severed this relationship in favor of a BroadSoft, which is now owned by Cisco Systems (CSCO), powered solution. AT&T coming back validates that the unified communications market is moving to the cloud and that RingCentral is the "premier asset in this market," DiFucci tells investors in a research note. He keeps a Buy rating on RingCentral shares.
NO CHANGE MSCO Overweight AT&T to provide long-term guidance at November 29th event, says Morgan Stanley Morgan Stanley analyst Simon Flannery writes that AT&T's sell-side event on November 29th will be the first time that the company provides a detailed long-term financial and strategic outlook - including projections for earnings, free cash flow, leverage, and outlooks for each existing business - since it closed the Time Warner acquisition. The analyst assigns a base-case 50% probability that there would be "no negative surprises", compared to 30% probability of a "constructive" guidance and 20% chance of "negative estimate revisions", saying the event could prove to be a positive catalyst for the stock. Flannery keeps his Overweight rating and $37 price target on AT&T.![]() ![]()
NO CHANGE KEYB Overweight Possible upside to T-Mobile sub guidance from 600MHz inclusion in iPhone, says KeyBanc KeyBanc analyst Brandon Nispel notes that T-Mobile (TMUS) CEO John Legere tweeted that the new Apple (AAPL) iPhone models include 600 MHz spectrum, which he finds important given T-Mobile has aggressively built out its 600 MHz spectrum. This should improve the performance of the network, particularly from a coverage perspective, he contends, adding that T-Mobile should be incentivized to aggressively promote the new iPhones to get consumers with mobile devices capable of using the spectrum. Nispel believes an aggressive promotion period from T-Mobile could result in upside to the company's guidance for 3.0M-3.6M branded postpaid net additions. He reiterates an Overweight rating and $76 price target on T-Mobile's shares.
NO CHANGE Buy Verizon a beneficiary of improving Wireless trends, says Deutsche Bank Deutsche Bank analyst Matthew Niknam tells investors in a research note that two recent data points support his positive view on the U.S. wireless sector, saying that the recent VerizonFirst (VZ) and T-Mobile (TMUS) Uncarrier moves are aimed at further improving customer retention and do not disrupt industry pricing. Net net, the analyst continues to like Buy-rated Verizon as a beneficiary of improving Wireless industry trends, upside optionality via 5G launches, and discounted valuation.
INITIATION RILY Buy Shenandoah initiated with a Buy at B. Riley FBR B. Riley FBR analyst Zack Silver started Shenandoah Telecommunications (SHEN) with a Buy rating and $46 price target. The analyst sees the company benefiting from the merger between Sprint (S) and T-Mobile (TMUS).![]() ![]()
DOWNGRADE Market Perform Adtran downgraded to Market Perform after earnings at Northland As previously reported, Northland analyst Tim Savageaux downgraded Adtran (ADTN) to Market Perform from Outperform following the company's Q2 report and Q3 revenue guidance that met consensus, stating that he views the shares as fairly valued given that he believes the earnings power needed to support a higher share price is "still a ways off." While Adtran is "slowly but clearly diversifying away" from CenturyLink (CTL), Savageaux has lowered expectations for any snap-back at CenturyLink and sees slower than expected progress at other U.S. Tier 1 telecom companies, he tells investors. The analyst, who reduced his estimates for 2019, cut his price target on Adtran shares to $17 from $20.
DOWNGRADE MOFT Sell CenturyLink downgraded to Sell from Neutral at MoffettNathanson MoffettNathanson analyst Nicholas Del Deo downgraded CenturyLink to Sell with a $19 price target. The shares closed yesterday up 13c to $23.98.
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. Micron (MU) upgraded to Neutral from Sell at UBS with analyst Timothy Arcuri saying he sees major producers taking a more anticipatory approach to DRAM supply, which will help Micron avert the downside case he previously laid out. 2. CenturyLink (CTL) upgraded to Buy from Hold at Jefferies with analyst Scott Goldman citing relatively low consumer exposure, favorable operating trends, a sustainable dividend, and improving leverage. 3. At Home Group (HOME) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Simeon Gutman stating that its new stores are ramping quicker than initially anticipated and he has increased confidence in the company's ability to generate high teens sales growth. 4. Lam Research (LRCX) upgraded to Buy from Neutral at UBS with analyst Timothy Arcuri saying NAND shipments are already down roughly 50% and he now thinks the September bar is set so low that a favorable trend can develop into 2019. 5. MercadoLibre (MELI) upgraded to Overweight from Sector Weight at KeyBanc with analyst Brad Erickson stating that he is more bullish on the company's prospects in payments after visiting several companies in the FinTech/payments and e-commerce space in Latin America. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NO CHANGE RBCM Outperform CenturyLink price target raised to $27 from $22 at RBC Capital RBC Capital analyst Jonathan Atkin raised his price target on CenturyLink to $27 and kept his Outperform rating after its "solid" Q2 results and increased FY18 guidance on "stronger-than-expected synergy realization and benefits from portfolio rationalization". The analyst believes that the company's dividend yield is also safe and its operating expense synergy targets are "beatable". Atkin further notes that although CenturyLink's consumer business is "challenged", it only constitutes about 25% of its combined revenue, and its recent Level 3 Communications transaction helps its "pivot to the enterprise business" with "better underlying economics".![]() ![]()
UPGRADE Buy News Corp. upgraded to Buy from Hold at Loop Capital
DOWNGRADE Underweight News Corp. downgraded to Underweight on Foxtel OTT risks at Morgan Stanley As previously reported, Morgan Stanley analyst Andrew McLeod downgraded News Corp. to Underweight from Equal Weight, noting that its Australian payTV unit, Foxtel, will launch a new OTT sports service by the end of 2018, which presents the "obvious risk" that its existing subscriber base and high ARPU will come under pressure. While McLeod believes it's a risk that should be taken because "history says that if Foxtel doesn't disrupt itself, someone else will," he also cut his estimates and value for the unit. McLeod lowered his price target on News Corp. shares to $12.50 from $17.00.![]() ![]()
NO CHANGE Buy Zayo Group pullback brings attractive entry point, says Deutsche Bank Deutsche Bank analyst Matthew Niknam says the 7% pullback since Zayo Group's Q2 results last week creates a "very attractive entry point" in a stock with a "unique asset mix, and with multiple routes to value creation." The analyst sees the company's issues are shorter term in nature, and believes its underlying operating metrics and growth are likely to improve exiting 2018. Niknam views Zayo's risk/reward as favorable at current share levels and he keeps a Buy rating on the name.
INITIATION On The Fly: Top five analyst initiations Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Roku (ROKU) initiated with a Buy at Guggenheim. 2. Zayo Group (ZAYO) initiated with a Buy at Jefferies. 3. Amalgamated Bank (AMAL) initiated with an Overweight at JPMorgan, a Buy at Sandler O'Neill, a Market Perform at Keefe Bruyette, and a Neutral at Piper Jaffray. 4. Vaccinex (VCNX) initiated with an Outperform at Oppenheimer and a Buy at BTIG. 5. Skyline (SKY) initiated with a Hold at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
INITIATION JEFF Buy Jefferies sees 41% upside in Zayo Group, starts with Buy rating Jefferies analyst Scott Goldman initiated coverage of Zayo Group with a Buy rating and $49 price target. Given its fiber focus and network density, Zayo is well positioned to benefit from growing bandwidth needs of the digital economy, Goldman tells investors in a research note. He believes the company's investments in management and salesforce, along with improving churn, should drive better growth. Further, the expected REIT conversion in 2020 should "provide meaningful re-rating over the next 12+ months," Goldman tells investors in a research note. He sees 41% upside from current share levels.
INITIATION JEFF Buy Zayo Group initiated with a Buy at Jefferies Jefferies analyst Scott Goldman started Zayo Group with a Buy rating and $49 price target.![]() ![]()
NO CHANGE Deutsche closes short-term sell call on Cogent shares Deutsche Bank analyst Matthew Niknam closed his short-term sell call on Cogent Communications shares citing the stock's recent underperformance. The analyst believes incremental downside to Cogent shares may be limited from current levels.
DOWNGRADE RBCM Sector Perform Cogent downgraded to Sector Perform at RBC Capital on valuation As reported earlier, RBC Capital analyst Kenneth Lee downgraded Cogent to Sector Perform from Outperform but raised his price target to $51 from $46. The analyst says the move to the sidelines is warranted by the limited potential return for the stock based on his new pricing model as well as the company trading at a premium on a relative historical basis. Lee adds that there is a "lack of foreseeable catalysts" that may drive estimates higher.
DOWNGRADE Sector Perform Cogent downgraded to Sector Perform from Outperform at RBC Capital
NO CHANGE OPCO Outperform Cogent price target raised to $57 from $51 at Oppenheimer Oppenheimer analyst Timothy Horan raised his price target for Cogent to $57 from $51 as he believes the company benefits from better overall IP transit volumes from improved OTT and share gains. The analyst thinks Cogent will see volume growth above 40% this year and 50% next year, which could drive revenue growth above 10% and EBITDA margin expansion above 150 bps per year. Horan reiterates an Outperform rating on the shares.![]() ![]()
INITIATION On The Fly: Top five analyst initiations Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Alphabet (GOOGL, GOOG), Facebook (FB), and Spotify (SPOT) were initiated with a Buy at Nomura Instinet while Twitter (TWTR) was initiated with a Reduce. 2. AMC Entertainment (AMC) and Cinemark (CNK) were initiated with an Outperform at Imperial Capital. 3. Keurig Dr Pepper (KDP) initiated with a Hold at Stifel. 4. Myers Industries (MYE) initiated with a Neutral at Baird and JPMorgan. 5. TPG Pace Energy (TPGE) initiated with an Outperform at Northland. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
INITIATION IMPC Outperform Cinemark initiated with an Outperform at Imperial Capital Imperial Capital analyst David Miller started Cinemark Holdings with an Outperform rating and $46 price target. Cinemark is the "highest quality name in the exhibition sub-space," Miller tells investors in a research note. He believes the company offers "impressive" unit growth, "enviable" cost management, a "strong" balance sheet, industry-leading margins and a "robust" dividend, all at a value multiple.
UPGRADE Neutral Cinemark upgraded to Neutral from Sell at MoffettNathanson
UPGRADE Neutral Cinemark upgraded to Neutral at MoffettNathanson As previously reported, MoffettNathanson upgraded Cinemark to Neutral from Sell with a $35 price target. Analyst Robert Fishman said risk/reward is balanced following strong Q1 results.![]() ![]()
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. CREDIT SUISSE INITIATES CASINO STOCKS: Credit Suisse analyst Cameron McKnight initiated Gaming and Leisure Properties (GLPI), VICI Properties (VICI), and PlayAGS (AGS) with an Outperform, Las Vegas Sands (LVS), Wynn Resorts (WYNN), MGM Growth (MGP), and International Game (IGT) with a Neutral, as well as Scientific Games (SGMS) with an Underperform. MORGAN STANLEY RAISES SALESFORCE PRICE TARGET TO $178 FROM $153: Morgan Stanley analyst Keith Weiss raised his price target for Salesforce (CRM) shares to $178 from $153 and maintained an Overweight rating. Weiss noted that unlocking data trapped in legacy systems via MuleSoft brings the company to the forefront of driving digital transformation for its customers and added that consensus expectations likely underestimate its growth potential as well as its improved track record in M&A. JEFFRIES SAYS "SIGNIFICANT SHAREHOLDER VALUE TO BE UNLOCKED" AT NIELSEN: Even following yesterday's 12% rally, there is "significant shareholder value to be unlocked" at Nielsen Holdings (NLSN), Jefferies analyst Surinder Thind told investors in a research note. Nielsen was also upgraded to Outperform from Neutral at Macquarie and to Equal Weight from Underweight at Barclays. Morgan Stanley analyst Toni Kaplan reiterated an Overweight rating and $26 price target on the stock. NOMURA RAISES PRICE TARGET AFTER SQUARE CASH APP SURPASSED PAYPAL'S VENMO IN JULY: Nomura Instinet analyst Dan Dolev raised his price target for Square (SQ) to $86 from $82 after his firm's July payments app tracker showed cumulative Square Cash App downloads surpassed PayPal's (PYPL) Venmo for the first time. SWITCH DOWNGRADED AT MULTIPLE FIRMS: 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. Switch shares are down about 25% in morning trading.
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.
NO CHANGE BMOC Outperform Switch price target lowered to $14 from $20 at BMO Capital BMO Capital analyst Tim Long lowers his price target on Switch to $14 after its Q2 earnings miss and reduced FY18 outlook, saying that the lack of visibility is weighing on the stock. Long keeps his Outperform rating however, noting that Switch's total contract value remained "impressive". The analyst also states that its new valuation implies a 15% discount to the Data Center REIT average, which is too low after the company's expectations have been reset.
NO CHANGE JEFF Hold Switch price target lowered to $12 from $15 at Jefferies Jefferies analyst Scott Goldman lowered his price target for Switch to $12 saying the magnitude of the guidance cut is surprising, and implies virtually no incremental growth in the second half of 2018. The analyst is inclined to believe the outlook is conservative, but adds that "visibility is weak and the track record spotty." He maintains a Hold rating on shares of Switch.![]() ![]()
INITIATION On The Fly: Top five analyst initiations Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Weight Watchers (WTW) initiated with an Equal Weight at Morgan Stanley. 2. AMSC (AMSC) initiated with a Buy at Craig-Hallum. 3. AudioEye (AEYE) initiated with a Buy at B. Riley FBR. 4. Lamar Advertising (LAMR) initiated with an Outperform at Imperial Capital. 5. Dicerna (DRNA) initiated with a Buy at Citi. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
DOWNGRADE SBSH Sell Lamar Advertising downgraded to Sell from Neutral at Citi Citi analyst Jason Bazinet downgraded Lamar Advertising to Sell while raising his price target for the shares to $68 from $66. The company's valuation has reached record levels despite the outlook for outdoor advertising slowing from 6% annual growth in 2011 to 2% annual growth in 2017 to 2020, Bazinet tells investors in a research note.
INITIATION IMPC Outperform Lamar Advertising initiated with an Outperform at Imperial Capital Imperial Capital analyst David Miller started Lamar Advertising with an Outperform rating and $93 price target. The analyst views Lamar as an "under-the-radar opportunity" that can "achieve meaningful cumulative return." He believes the company is the highest quality name in the outdoor advertising space.
NO CHANGE MKMP Neutral Lamar Advertising price target raised to $75 from $69 at MKM Partners MKM Partners analyst Eric Handler raised his price target on Lamar Advertising to $75 after its Q2 earnings beat, saying the "solid quarter" with improving trends saw all business segments exceeding the management's organic growth plans. Handler adds that the signs of rising organic growth and margin expansion have materialized, but keeps a Neutral rating, noting that the "capital appreciation potential is insufficient to merit a more constructive view."![]() ![]()
UPGRADE BTIG Buy Live Nation upgraded to Buy at BTIG on outperforming growth and M&A As reported earlier, BTIG analyst Brandon Ross upgraded Live Nation (LYV) to Buy from Neutral with a $60 price target, saying he is now more convinced that the company will outperform expectations amid inflecting growth rate with an added possibility of M&A. Despite the tough comparisons, Ross notes that Live Nation should "handily" top operating income consensus in FY18 and going forward, having build an "insurmountable" competitive float in U.S. markets, and that its mid-teens EBITDA growth is "the new normal". The analyst further believes that a near-term combination between Live Nation and Sirius XM (SIRI) is "inevitable".
INITIATION FBCO Outperform Sirius XM initiated with an Outperform at Credit Suisse Credit Suisse analyst Doug Mitchelson initiated Sirius XM with an Outperform and $8.50 price target saying there are no negative catalysts on the horizon and expects a "powerful" buyback will drive valuation higher.
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. KB Home (KBH) upgraded to Buy from Underperform at BofA/Merrill with analyst John Lovallo saying KB Home's execution, margins and returns have exceeded his expectations for numerous quarters and expects solid homebuilding growth through 2020. 2. Sirius XM (SIRI) upgraded to Outperform from Market Perform at Barrington with analyst James Goss stating he is impressed with the longer-term story Sirius continues to offer and considers the recent downward move in the stock price as providing a buying opportunity. 3. Matador (MTDR) upgraded to Buy from Hold at KLR Group with analyst Gail Nicholson saying the company offers investors "solid" execution, a "strong" balance sheet and numerous catalysts which could unlock incremental value. 4. Duluth Holdings (DLTH) upgraded to Outperform from Market Perform at William Blair with analyst Dylan Carden stating he has greater conference that the direct channel will stabilize and even likely accelerate as new retail markets enter their second year. 5. American Express (AXP) upgraded to Buy from Neutral at Buckingham with analyst Chris Brendler citing the DOJ case being resolved and evidence of "compelling momentum" across its platform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NO CHANGE SPHN Overweight Live Nation price target raised to $60 from $50 at Stephens Stephens analyst Kyle Evans said he expects solid results from Live Nation (LYV) for the rest of 2018 and sees few fundamental risks. However, he notes he is becoming "increasingly valuation sensitive" given the recent 35% run-up in the stock, which he attributes to its solid results, suspicion that the company is "intentionally under-earning" and new speculation that the company could be acquired by Sirius XM (SIRI). Evans keeps an Overweight rating on Live Nation with an increased price target of $60.![]() ![]()
UPGRADE Neutral QTS Realty Trust upgraded to Neutral as data center demand steps up at Credit Suisse As previously reported, Credit Suisse analyst Sami Badri upgraded QTS Realty Trust to Neutral from Underperform and raised his price target on the shares to $42 from $30. The analyst finds increasing evidence, both through company earnings reports and his industry channel checks, that data center demand has materially stepped up year to date versus the prior three year period solely from a net megawatt absorption perspective and believes the company will benefit from this trend.
UPGRADE Neutral QTS Realty Trust upgraded to Neutral from Underperform at Credit Suisse
UPGRADE Market Perform QTS Realty Trust upgraded to Market Perform at Raymond James As previously reported, Raymond James upgraded QTS Realty Trust to Market Perform. Analyst Frank Louthan raised his rating following Q2 results saying the sales turnaround was less disruptive than feared.
UPGRADE Outperform QTS Realty Trust upgraded to Outperform from Market Perform at Raymond James ![]() ![]()
UPGRADE RBCM Outperform Interpublic Group upgraded to Outperform at RBC Capital on higher growth As reported earlier, RBC Capital analyst Steven Cahall upgraded Interpublic Group to Outperform from Sector Perform and raised his price target to $27 from $26. The analyst says the company is showing "credible" growth differentiation from its peers, which deserves a premium multiple. Cahall adds that this is an attractive entry point, considering that the stock has not rallied despite the strong Q2 earnings.
NO CHANGE WELS Outperform Acxiom price target raised to $41 from $33 at Wells Fargo Wells Fargo analyst William Warmington raised his price target for Acxiom (ACXM) to $41 from $33 after the company announced the sale of its Acxiom Marketing Solutions business to Interpublic Group (IPG) for $2.3B cash. The analyst reiterates an Outperform rating on Acxiom's shares.
UPGRADE Outperform Interpublic Group upgraded to Outperform from Sector Perform at RBC Capital
INITIATION Neutral Interpublic Group initiated with a Neutral at MoffettNathanson |
ELGX Endologix ![]() ![]()
02/21/19 02/2121:09 02/21/1921:09
Conference/Events
|
|
|
---|---|---|
XEC Cimarex Energy ![]() ![]()
Resolute Energy ![]() ![]()
02/21/19 02/2121:05 02/21/1921:05
Conference/Events
|
|
|
HRNNF Hydro One ![]() ![]()
02/21/19 02/2120:34 02/21/1920:34
Downgrade
|
| |
ES Eversource ![]() ![]()
02/21/19 02/2120:26 02/21/1920:26
Downgrade
|
|
|
RUTH Ruth's Hospitality ![]() ![]()
Wayfair ![]() ![]()
02/21/19 02/2120:25 02/21/1920:25
Earnings
|
|
|
DLR Digital Realty ![]() ![]()
02/21/19 02/2120:10 02/21/1920:10
Hot Stocks
|
|
|
---|---|---|
ARDM Aradigm ![]() ![]()
02/21/19 02/2120:08 02/21/1920:08
Hot Stocks
|
| |
SUN Sunoco ![]() ![]()
02/21/19 02/2120:03 02/21/1920:03
Recommendations
|
|
|
IMDZ Immune Design ![]() ![]()
02/21/19 02/2119:41 02/21/1919:41
Downgrade
|
| |
VIPS Vipshop ![]() ![]()
02/21/19 02/2119:40 02/21/1919:40
Downgrade
|
|
|
ADBE Adobe ![]() ![]()
02/21/19 02/2119:39 02/21/1919:39
Downgrade
|
|
|
---|---|---|
KL Kirkland Lake Gold ![]() ![]()
02/21/19 02/2119:37 02/21/1919:37
Earnings
|
|
|
MTN Vail Resorts ![]() ![]()
02/21/19 02/2119:34 02/21/1919:34
Hot Stocks
|
| |
SPX S&P 500 ![]() ![]()
SPDR S&P 500 ETF Trust ![]() ![]()
02/21/19 02/2119:23 02/21/1919:23
Periodicals
|
| |
GLD SPDR Gold Shares ![]() ![]()
02/21/19 02/2119:10 02/21/1919:10
Hot Stocks
|
|
XOG Extraction Oil & Gas ![]() ![]()
DMC Global ![]() ![]()
02/21/19 02/2119:05 02/21/1919:05
Hot Stocks
|
|
|
---|---|---|
GM General Motors ![]() ![]()
02/21/19 02/2118:54 02/21/1918:54
Periodicals
|
|
|
CXO Concho Resources ![]() ![]()
02/21/19 02/2118:37 02/21/1918:37
Recommendations
|
|
|
KHC Kraft Heinz ![]() ![]()
02/21/19 02/2118:37 02/21/1918:37
Hot Stocks
|
|
|
KHC Kraft Heinz ![]() ![]()
02/21/19 02/2118:32 02/21/1918:32
Hot Stocks
|
|
|
CZR Caesars ![]() ![]()
02/21/19 02/2118:25 02/21/1918:25
Hot Stocks
|
|
|
---|---|---|
RARE Ultragenyx ![]() ![]()
02/21/19 02/2118:20 02/21/1918:20
Initiation
|
| |
NSRGY Nestle ![]() ![]()
Campbell Soup ![]() ![]()
02/21/19 02/2118:13 02/21/1918:13
Periodicals
|
|
|
STMP Stamps.com ![]() ![]()
02/21/19 02/2118:11 02/21/1918:11
Hot Stocks
|
|
|
STMP Stamps.com ![]() ![]()
02/21/19 02/2118:09 02/21/1918:09
Hot Stocks
|
|
|