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P

Pandora

$9.70

0.21 (2.21%)

, SPOT

Spotify

$178.02

3.37 (1.93%)

11:01
09/18/18
09/18
11:01
09/18/18
11:01

Appeals court upholds Copyright Royalty Board rate determination

SoundExchange challenged the Copyright Royalty Board's most recent determination concerning the rates paid by webcasters to license copyrights in digital sound recordings. However, the U.S. Court of Appeals for the D.C. Circuit has sustained the Copyright Royalty Board's "determination in all respects," according to a court filing. The CRB sets rates for music webcasting services such as Pandora (P) and Spotify (SPOT).

P

Pandora

$9.70

0.21 (2.21%)

SPOT

Spotify

$178.02

3.37 (1.93%)

P Pandora
$9.70

0.21 (2.21%)

08/01/18
08/01/18
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. AutoZone (AZO) upgraded to Buy from Hold at Deutsche Bank with analyst Mike Baker saying Improving comps and fundamentals, coupled with a stock that has underperformed year-to-date, has brought a "compelling" valuation. 2. Pandora (P) upgraded to Outperform from Sector Perform at RBC Capital with analyst Mark Mahaney saying the company's double-digit organic revenue growth and declining EBITDA losses were driven by improving execution, adding that while the 2% active listener hours decline is a worry, the valuation on the stock is "undemanding" given its expected annualized revenue growth of about 10% over the next 3 years. 3. Papa John's (PZZA) upgraded to Buy from Hold at Jefferies with analyst Alexander Slagle saying the stock, down 50% from highs, now reflects the likelihood that fundamentals will get worse before improving. 4. Electronic Arts (EA) upgraded to Buy from Hold at Argus with analyst Joseph Bonner saying the latest pullback in the stock price after the company's recent Q1 earnings report offers a favorable entry point. 5. Sarepta (SRPT) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Matthew Harrison saying the stock is down about 34% since June 19 after having moved up by about 50% when its initial DMD gene therapy data was announced. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/02/18
MKMP
08/02/18
NO CHANGE
Target $8
MKMP
Neutral
Pandora price target raised to $8 at MKM Partners
MKM Partners analyst Rob Sanderson raised his price target on Pandora to $8 from $6.25 after its "modestly better than consensus" Q2 EBITDA loss and a revenue beat. The analyst keeps also his Neutral rating, noting that the company's user base continues to decline. Sanderson adds that there is little visibility into Pandora's outlook regarding subscription vs. ad-supported revenue mix, the impact of "marketing reallocation" with respect to its user growth, and the uncertainties around cost of content and minimum guarantees.
08/27/18
BMOC
08/27/18
NO CHANGE
Target $13
BMOC
Outperform
Pandora's 'self-serve platform' to be its next growth driver, says BMO Capital
BMO Capital analyst Daniel Salmon kept his Outperform rating and $13 price target on Pandora after his recent investor meeting with the company CFO and investor relations team. The analyst notes that he now has a "more robust" view of Pandora's vision of digital audio advertising platform, adding that the company's "next legs" of growth will come from a "self- serve platform" offering access to both Pandora and third party inventory. Salmon further cites the company's "new approach to podcast advertising that leverages data-driven targeting" and moves away from "host-read promotions".
09/12/18
NEED
09/12/18
NO CHANGE
Target $13
NEED
Buy
Pandora price target raised to $13 from $8 at Needham
Needham analyst Laura Martin raised her price target on Pandora to $13 and kept her Buy rating after meeting with its management. Based on the discussions, the analyst expects the company to drive upside to value through accelerated subscriber growth from its partnership focus and also derive revenue upside from podcasts and other non-music content. Martin also anticipates better relationships with music labels to help Pandora "lower minimum guarantee payments" as well as generate cost efficiencies.
SPOT Spotify
$178.02

3.37 (1.93%)

07/27/18
RILY
07/27/18
NO CHANGE
Target $200
RILY
Neutral
Spotify price target raised to $200 from $156 at B. Riley FBR
B. Riley FBR analyst Barton Crockett raised his price target for Spotify Technology to $200 after updating his estimates following the company's Q2 results. The analyst reiterates a Neutral rating on the shares.
07/30/18
BOFA
07/30/18
NO CHANGE
Target $230
BOFA
Buy
Spotify price target raised to $230 from $195 at BofA/Merrill
BofA/Merrill analyst Jessica Reif raised her price target on Spotify to $230 after the company's Q2 results that showed improving subscription gains offset in part by "softer" average revenue per user and "lighter" monthly active user count. The analyst is also positive on Spotify's stable geographic diversification of sales and a "high rate of programmatic and premium video advertising growth of 44% and 28%". Reif kept her Buy rating on Spotify, anticipating continued MAU growth driven by emerging markets expansion, Family Plan adoption, and growth in historically physical markets.
08/22/18
MKMP
08/22/18
NO CHANGE
Target $245
MKMP
Buy
Spotify price target raised to $245 from $200 at MKM Partners
MKM Partners analyst Rob Sanderson raised his price target on Spotify to $245 and kept his Buy rating, saying he is adding the expected EUR450M revenue in Data and other services into his long-term model. The analyst notes that as Spotify becomes the primary platform to connect music fans and artists, the company has "great potential" to monetize its data, analytical tools, tour marketing and support, ticketing, and merchandise sales services to help grow the industry. Sanderson adds that his model still excludes any potential value from from Tencent Music IPO expected later this year, but believes that Spotify's investment could yield as much as $15 per share in value.
08/27/18
RBCM
08/27/18
NO CHANGE
Target $225
RBCM
Outperform
Apple unlikely to be hit by apps' potential bypass of fees, says RBC Capital
RBC Capital analyst Amit Daryanani writes that Netflix (NFLX) is testing an "experimental feature" that would allow its users to bypass Apple (AAPL) signup fees in certain international markets - a tactic already used by Spotify (SPOT) - which could lead to Apple being cut out of its 30% initial /15% renewal cut of the fees. The analyst notes however that the AppStore prohitibs apps from implementing alternate payment mechanisms, and even if the apps bypass was successful, "most users of Netflix and other apps have already signed up in past through App Store and Apple would continue to collect payments on that large user base." Daryanani keeps his Outperform rating and $225 price target on Apple.

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Loews

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Equinix

$421.53

1.16 (0.28%)

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Nokia

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0.015 (0.24%)

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CVX

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XOM

Exxon Mobil

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MRO

Marathon Oil

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AMZN

Amazon.com

$1,608.88

-13.47 (-0.83%)

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ICE

IntercontinentalExchange

$75.49

-0.46 (-0.61%)

, NDAQ

Nasdaq

$87.74

0.56 (0.64%)

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ICE

IntercontinentalExchange

$75.49

-0.46 (-0.61%)

NDAQ

Nasdaq

$87.74

0.56 (0.64%)

CGC

Canopy Growth

$47.54

1.49 (3.24%)

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AMD

AMD

$23.68

0.55 (2.38%)

, INTC

Intel

$51.64

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AMD

AMD

$23.68

0.55 (2.38%)

INTC

Intel

$51.64

0.85 (1.67%)

MRVL

Marvell

$18.82

-0.37 (-1.93%)

MCHP

Microchip

$91.10

0.49 (0.54%)

MU

Micron

$41.99

-0.23 (-0.54%)

NVDA

Nvidia

$157.22

2.69 (1.74%)

QCOM

Qualcomm

$51.97

0.42 (0.81%)

TXN

Texas Instruments

$107.55

0.57 (0.53%)

TWTR

Twitter

$31.23

0.28 (0.90%)

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AMGN

Amgen

$188.31

1.6 (0.86%)

, ALPMY

Astellas Pharma

$0.00

(0.00%)

04:55
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04:55
Conference/Events
American Society of Clinical Oncology to hold a symposium »

2019 ASCO Genitourinary…

AMGN

Amgen

$188.31

1.6 (0.86%)

ALPMY

Astellas Pharma

$0.00

(0.00%)

AZN

AstraZeneca

$40.92

0.93 (2.33%)

BAYRY

Bayer

$0.00

(0.00%)

BMY

Bristol-Myers

$51.64

0.81 (1.59%)

CALA

Calithera Biosciences

$5.35

0.14 (2.69%)

CLVS

Clovis

$25.44

(0.00%)

DNA

Bought by RHHBY

$0.00

(0.00%)

ESALY

Eisai

$0.00

(0.00%)

EXEL

Exelixis

$22.26

-0.05 (-0.22%)

IMMU

Immunomedics

$14.23

0.225 (1.61%)

INO

Inovio

$3.70

0.01 (0.27%)

MRK

Merck

$79.84

0.9 (1.14%)

MYOV

Myovant Sciences

$21.48

0.1 (0.47%)

MYGN

Myriad Genetics

$31.41

0.53 (1.72%)

NH

NantHealth

$0.60

(0.00%)

NVS

Novartis

$89.89

0.865 (0.97%)

PFE

Pfizer

$42.41

0.45 (1.07%)

PGNX

Progenics

$4.87

0.13 (2.74%)

SGEN

Seattle Genetics

$71.48

2.92 (4.26%)

SNY

Sanofi

$42.51

0.94 (2.26%)

TYME

Tyme Technologies

$3.19

0.055 (1.76%)

AVEO

Aveo Pharmaceuticals

$0.62

0.0092 (1.51%)

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WES

Western Gas Partners

$49.52

0.38 (0.77%)

, WGP

Western Gas Equity

$32.38

0.2 (0.62%)

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Recommendations
Western Gas Partners, Western Gas Equity analyst commentary at MUFG »

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WES

Western Gas Partners

$49.52

0.38 (0.77%)

WGP

Western Gas Equity

$32.38

0.2 (0.62%)

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PXD

Pioneer Natural

$145.33

2.27 (1.59%)

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ZTS

Zoetis

$95.38

2.16 (2.32%)

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Hot Stocks
Zoetis CEO says: 'Diagnostics are more important in animals than humans' »

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JNJ

Johnson & Johnson

$136.40

2.13 (1.59%)

18:22
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Hot Stocks
Johnson & Johnson CEO: 'We ended 2018 with great results' »

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WIN

Windstream

$3.37

0.2 (6.31%)

, UNIT

Uniti Group

$20.00

0.53 (2.72%)

18:18
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Periodicals
Court says Windstream defaulted on bonds in 2015, Bloomberg says »

A court has ruled that…

WIN

Windstream

$3.37

0.2 (6.31%)

UNIT

Uniti Group

$20.00

0.53 (2.72%)

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BHVN

Biohaven Pharmaceutical

$45.32

1.36 (3.09%)

18:14
02/15/19
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Biohaven treatment of multiple system atrophy granted FDA orphan designation »

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AMGN

Amgen

$188.31

1.6 (0.86%)

18:11
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Hot Stocks
Amgen treatment of Acute Myeloid Leukemia granted FDA orphan designation »

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CE

Celanese

$100.19

1.19 (1.20%)

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Celanese announces Acetyl Intermediates price increases in China »

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WIN

Windstream

$3.37

0.2 (6.31%)

, UNIT

Uniti Group

$20.00

0.53 (2.72%)

17:58
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Periodicals
Court says Windstream defaulted on bonds in 2015, Bloomberg says »

A court has ruled that…

WIN

Windstream

$3.37

0.2 (6.31%)

UNIT

Uniti Group

$20.00

0.53 (2.72%)

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GLD

SPDR Gold Shares

$124.81

0.77 (0.62%)

17:41
02/15/19
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Hot Stocks
SPDR Gold Shares holdings fall to 793.03MT from 796.85MT »

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MDLZ

Mondelez

$48.17

0.84 (1.77%)

17:26
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Hot Stocks
Mondelez to transfer listing of debt securities to Nasdaq »

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FN

Fabrinet

$55.23

0.67 (1.23%)

17:25
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Fabrinet CFO sells 20K shares of common stock »

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UBER

Uber

$0.00

(0.00%)

17:24
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Uber sues NYC over move to cap number of ride-hailing drivers, Bloomberg says »

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$277.40

2.93 (1.07%)

17:19
02/15/19
02/15
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SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$277.40

2.93 (1.07%)

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ORCL

Oracle

$51.71

0.25 (0.49%)

17:11
02/15/19
02/15
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17:11
Hot Stocks
Oracle authorizes additional $12B stock buyback under existing program »

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SBLK

Star Bulk Carriers

$8.21

0.13 (1.61%)

17:03
02/15/19
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Hot Stocks
Star Bulk Carriers acquires 95,605 of its common shares »

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HOLI

Hollysys

$20.56

0.26 (1.28%)

17:02
02/15/19
02/15
17:02
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17:02
Earnings
Hollysys reports Q2 adjusted EPS 73c, consensus 59c »

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