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WAB

Wabtec

$98.21

-13.89 (-12.39%)

, GE

General Electric

$12.69

0.1 (0.79%)

18:13
09/14/18
09/14
18:13
09/14/18
18:13

Wabtec sees GE Transportation deal to be completed by early 2019

Wabtec Corporation (WAB) issued the following statement regarding its planned merger with GE Transportation (GE): "The company continues to make progress in its planned merger with GE Transportation, including today the successful execution and settlement of $500M of three-year Floating Rate Notes and $2B of five-year and 10-year Senior Notes to fund a majority of the cash requirements for the transaction. Wabtec expects the transaction to be completed by early 2019. The company affirms the material financial aspects of the transaction announced in May, including GE Transportation's estimated adjusted EBITDA growing to between $900M and $1B in 2019. Upon completion of the merger, we believe we will be poised to drive strong growth in 2019 and beyond and well-positioned to serve customers as industry demand continues to improve." On Monday, Sept. 17, Wabtec intends to file its amended proxy statement relating to the shareholders meeting to approve the transaction.

WAB

Wabtec

$98.21

-13.89 (-12.39%)

GE

General Electric

$12.69

0.1 (0.79%)

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WAB Wabtec
$98.21

-13.89 (-12.39%)

08/17/18
KEYB
08/17/18
DOWNGRADE
KEYB
Sector Weight
Wabtec downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Steve Barger downgraded Wabtec (WAB) to Sector Weight from Overweight, as shares recently exceeded his $113 price target. In a research note to investors, Barger says he believes that railcar and locomotive cycles are improving, which bodes well for its outlook, and thinks Wabtec is buying a "unique" asset in the GE Transport (GE) business, which has the potential to create substantial long-term value. Barger thinks risk/reward has become more balanced int he context of macro and forecasting risk, GET integration risk and forward valuation.
08/17/18
08/17/18
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. Dean Foods (DF) downgraded to Underweight from Neutral at JPMorgan with analyst Ken Goldman citing a "number of concerns," including a possible miss for Q3, higher raw milk costs, demand erosion for fluid milk, the risk of further customer attrition, and valuation. 2. Wabtec (WAB) downgraded to Sector Weight from Overweight at KeyBanc with analyst Steve Barger saying he thinks risk/reward has become more balanced in the context of macro and forecasting risk, GE Transport (GE) integration risk and forward valuation. 3. Yum China (YUMC) downgraded to Perform from Outperform at Oppenheimer with analyst Brian Bittner saying needed improving same-store sales could take several quarters as KFC headwinds do not appear transitory. 4. DSW (DSW) downgraded to Negative ahead of expected guidance cut at Susquehanna with analyst Sam Poser saying he expects margins to be challenged due to increased variable costs and gross margin pressure related to the new loyalty program. 5. Sun Communities (SUI) downgraded to In Line from Outperform at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/14/18
JPMS
09/14/18
NO CHANGE
JPMS
Underweight
JPMorgan's Tusa advises caution after reading GE, Wabtec deal proxies
A read of the General Electric (GE), Wabtec (WAB) transportation deal proxies suggests "caution is warranted" in taking the forecasts "to the bank," JPMorgan analyst Stephen Tusa tells investors in a research note. The situation "looks eerily similar" to GE's Baker Hughes (BHGE) deal, where management went from pitching $8B in future EBITDA several years forward to "slowly pulling annual guidance once public," with a consensus that is now at $5B, Tusa writes. For good measure, the analyst calls that deal's lowered guidance "still a stretch." He believes that as each of GE's Industrial businesses get broken out clearly with "clean GAAP" transparency, the less impressive the financials look. Tusa keeps an Underweight rating on General Electric.
09/14/18
09/14/18
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. WELLS SAYS 'MAY BE AS GOOD AS IT GETS' FOR COSTCO: Wells Fargo analyst Edward Kelly downgraded Costco Wholesale to Market Perform from Outperform with an unchanged price target of $235. While Costco remains one of the highest quality companies within consumer and its near-term results should be positive, "this may be as good as it gets," Kelly told investors. He believes the stock's 50% rally over the past year "has left it priced for perfection" and that Costco's comps "seem destined to slow in 2019" as it laps tough comparisons. JPMORGAN ADVISE CAUTION ON GE: A read of the proxies for the General Electric (GE) and Wabtec (WAB) transportation deal suggests "caution is warranted" in taking the forecasts "to the bank," JPMorgan analyst Stephen Tusa wrote in a research note. The situation "looks eerily similar" to GE's Baker Hughes (BHGE) deal, where management went from pitching $8B in future EBITDA several years forward to "slowly pulling annual guidance once public," with a consensus that is now at $5B, Tusa said. He believes that as each of GE's Industrial businesses get broken out clearly with "clean GAAP" transparency, the less impressive the financials look. Tusa keeps an Underweight rating on General Electric shares. CORNING UPGRADED ON OPTICAL DEMAND STRENGTH: Citi analyst Asiya Merchant upgraded Corning (GLW) to Buy from Neutral with a $40 price target, telling investors that the shares are "poised to continue to grind higher" in the next 12-18 months. The analyst expects Corning's earnings and margins growth will be driving by optical demand strength and better display pricing. JPMORGAN CUTS VALVOLINE TO UNDERWEIGHT ON NEW AMAZON COMPETITION: JPMorgan analyst Jeffrey Zekauskas downgraded Valvoline (VVV) to Underweight from Neutral and lowered his price target for the shares to $20 from $22. Industry trade publication National Oil and Lube New is reporting that Amazon (AMZN) has launched its first private label motor oil called AmazonBasics Full Synthetic Motor Oil, Zekauskas noted. While too early to gauge the effects of the Amazon entry on the Valvoline brand, the new competition from Amazon will likely reduce Valvoline's trading multiple "because the lubricant industry structure is probably weaker for its entry," Zekauskas contends. NVIDIA TARGET HIKED TO $350: Needham analyst Rajvindra Gill raised his price target on Nvidia to $350 from $325 after his investor meeting with its Data Center GM and Director of IR, saying the discussions about the company's AI/ML dominance reminded him of "Wintel" platform during the PC computing era. The analyst believes that Nvidia is "uniquely positioned" to capitalize on the next wave of computing, taking a larger inference market share with its new TensorRT Hyperscaler Platform.
GE General Electric
$12.69

0.1 (0.79%)

09/05/18
UBSW
09/05/18
NO CHANGE
Target $13
UBSW
Neutral
General Electric price target lowered to $13 from $16 at UBS
UBS analyst Steven Winoker lowered his price target for shares of General Electric to $13 from $16 and keeps a Neutral rating on the name. The stock closed yesterday down 27c to $12.67. There should be no argument that GE Power is struggling, Winoker tells investors in a research note. The analyst points out that GE Power sales fell 26% in Q2 as GE's overall revenue dropped 18%. While cost cuts in the segment remain a focus, end markets are "far from cooperative with regard to pricing, demand and competition," Winoker contends. He believes these market dynamics could require even more aggressive cost reductions, "forcing GE into a vicious cycle." The analyst sees an "even harder road ahead for GE Power."
09/05/18
09/05/18
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. DEUTSCHE RESUMES CATERPILLAR WITH A BUY: Deutsche Bank analyst Chad Dillard resumed coverage of Caterpillar (CAT) with a Buy rating and $177 price target. Since late cycle concerns took hold in April, the Machinery sector has underperformed the S&P 500 by 15% and is approaching valuation lows last seen during the 2015 energy and 2008 global financial crises, Dillard noted. MORGAN STANLEY UPGRADES ANTHEM TO OVERWEIGHT: Morgan Stanley analyst Zack Sopcak upgraded Anthem (ANTM) to Overweight from Equal Weight, contending that the disruption in the pharmacy benefits management landscape via M&A and government-led drug pricing reform positions Anthem for underappreciated share gain and accelerated profit growth. He raised his price target for Anthem shares to $368 from $273. BARCLAYS CUTS MYRIAD TO UNDERWEIGHT: Barclays analyst Jack Meehan downgraded Myriad Genetics (MYGN) to Underweight from Equal Weight and cut his price target for the shares to $30 from $38. With the stock near an 18-year high, several company risks create an unfavorable risk/reward profile, Meehan said. He sees "several risks" around the GeneSight Randomized Control Trial, which he thinks present risks for payor coverage. Further, the analyst is cautious around the sustainability of hereditary cancer testing pricing longer term. CITI STARTS UNIVERSAL DISPLAY WITH A BUY: Citi analyst Atif Malik started Universal Display (OLED) with a Buy rating and $153 price target. The analyst said that despite a 52% recovery in the stock price in the last two months after a sharp correction in 2018 on weak iPhone X demand, he sees "steady improvement" in OLED fundamentals and stock price through 2019. He believes Samsung Galaxy Note and two of the three upcoming iPhone models using OLED is a "strong indicator that adoption is headed in the right direction." UBS CUTS GE PRICE TARGET TO $13: UBS analyst Steven Winoker lowered his price target for shares of General Electric (GE) to $13 from $16 and kept a Neutral rating on the name. There should be no argument that GE Power is struggling, Winoker said. The analyst points out that GE Power sales fell 26% in Q2 as GE's overall revenue dropped 18%. While cost cuts in the segment remain a focus, end markets are "far from cooperative with regard to pricing, demand and competition," Winoker added. The analyst sees an "even harder road ahead for GE Power."

TODAY'S FREE FLY STORIES

NVS

Novartis

$85.28

-0.18 (-0.21%)

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FB

Facebook

$165.40

2.5 (1.53%)

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Alphabet

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7.17 (0.61%)

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Alphabet Class A

$1,179.78

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AMZN

Amazon.com

$1,934.50

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TWTR

Twitter

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AAPL

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$220.79

3.14 (1.44%)

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EUXTF

Euronext

$0.00

(0.00%)

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MYGN

Myriad Genetics

$46.91

0.64 (1.38%)

06:39
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Myriad Genetics management to meet with Stephens »

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MOGO

Mogo Finance

$3.04

-0.09 (-2.88%)

06:38
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Mogo Finance management to meet with Craig Hallum »

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HMNY

Helios and Matheson

$0.02

0.0038 (27.34%)

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NVDA

Nvidia

$265.72

2.28 (0.87%)

06:37
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GG

Goldcorp

$10.64

0.03 (0.28%)

06:36
09/25/18
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06:36
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06:36
Downgrade
Goldcorp rating change  »

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SIRI

Sirius XM

$6.25

-0.72 (-10.33%)

, P

Pandora

$8.98

-0.1 (-1.10%)

06:35
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06:35
Downgrade
Sirius XM, Pandora rating change  »

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SIRI

Sirius XM

$6.25

-0.72 (-10.33%)

P

Pandora

$8.98

-0.1 (-1.10%)

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WTI

W&T Offshore

$8.09

0.37 (4.79%)

06:35
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LPTH

LightPath

$2.01

-0.04 (-1.95%)

06:35
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Conference/Events
LightPath management to meet with B. Riley FBR »

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NICE

Nice Systems

$113.27

0.16 (0.14%)

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FB

Facebook

$165.40

2.5 (1.53%)

06:32
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Periodicals
Content moderater sues Facebook, says job gave her PTSD, Vice reports »

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TFX

Teleflex

$268.91

-0.84 (-0.31%)

06:32
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CNI

Canadian National

$86.82

-1.86 (-2.10%)

06:32
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CERC

Cerecor

$4.56

0.17 (3.87%)

06:31
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ABX

Barrick Gold

$11.03

0.55 (5.25%)

, GOLD

Randgold

$68.12

4.18 (6.54%)

06:31
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06:31
Upgrade
Barrick Gold, Randgold rating change  »

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ABX

Barrick Gold

$11.03

0.55 (5.25%)

GOLD

Randgold

$68.12

4.18 (6.54%)

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KIDS

OrthoPediatrics

$33.52

0.69 (2.10%)

06:29
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Conference/Events
OrthoPediatrics management to meet with William Blair »

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JLL

Jones Lang LaSalle

$146.77

1.4 (0.96%)

06:28
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Conference/Events
Jones Lang LaSalle management to meet with William Blair »

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NRE

Northstar Realty Europe

$12.87

0.14 (1.10%)

, CLNY

Colony Capital

$6.15

-0.04 (-0.65%)

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NRE

Northstar Realty Europe

$12.87

0.14 (1.10%)

CLNY

Colony Capital

$6.15

-0.04 (-0.65%)

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JACK

Jack in the Box

$84.93

0.81 (0.96%)

06:28
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Jack in the Box management to meet with Morgan Stanley »

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BTC

Bitcoin

$0.00

(0.00%)

, BITCOIN

Bitcoin

$0.00

(0.00%)

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JPMorgan widens blockchain payments to over 75 banks, FT reports »

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BTC

Bitcoin

$0.00

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BITCOIN

Bitcoin

$0.00

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SCGLY

Societe Generale

$0.00

(0.00%)

SAN

Banco Santander

$5.28

-0.1 (-1.86%)

JPM

JPMorgan

$116.72

-1.12 (-0.95%)

RY

Royal Bank of Canada

$80.54

-0.06 (-0.07%)

ANZBY

ANZ Banking

$0.00

(0.00%)

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INSW

International Seaways

$19.94

-0.23 (-1.14%)

06:26
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06:26
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International Seaways initiated  »

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FB

Facebook

$165.40

2.5 (1.53%)

, TWTR

Twitter

$28.59

0.09 (0.32%)

06:24
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Periodicals
DOJ to hold social media 'listening session,' Reuters reports »

The U.S. Justice…

FB

Facebook

$165.40

2.5 (1.53%)

TWTR

Twitter

$28.59

0.09 (0.32%)

GOOG

Alphabet

$1,173.38

7.17 (0.61%)

GOOGL

Alphabet Class A

$1,179.78

7.56 (0.64%)

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NTNX

Nutanix

$42.36

-4.19 (-9.00%)

06:23
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09/25
06:23
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06:23
Syndicate
Breaking Syndicate news story on Nutanix »

Nutanix files to sell…

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