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INFN

Infinera

$6.17

-1.125 (-15.42%)

, CTL

CenturyLink

$21.44

0.24 (1.13%)

07:51
10/02/18
10/02
07:51
10/02/18
07:51

Morgan Stanley sees opportunity in Infinera amid CenturyLink uncertainty

After a fellow analyst said that Infinera (INFN) had lost an RFP with CenturyLink (CTL) and the company rebutted that CenturyLink confirmed that a final decision has not been made, Morgan Stanley analyst Meta Marshall said she has no knowledge of the outcome beyond Infinera's assertion that the matter has not been decided. While the potential customer loss would not be a positive, Marshall noted that her base case did not assume share gains at CenturyLink, but merely that revenue could improve by CenturyLink resuming spending at the completion of its RFP process. The analyst, who sees positive potential catalysts including Coriant synergy targets being more specifically outlined at the upcoming analyst day, Infinera meeting revenue expectations in Q3 and CenturyLink potentially resolving their RFP by year end, sees an opportunity in Infinera shares at current levels and keeps an Overweight rating and $9.50 price target on the stock.

INFN

Infinera

$6.17

-1.125 (-15.42%)

CTL

CenturyLink

$21.44

0.24 (1.13%)

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INFN Infinera
$6.17

-1.125 (-15.42%)

09/25/18
MSCO
09/25/18
INITIATION
Target $9.5
MSCO
Overweight
Infinera reinstated with an Overweight at Morgan Stanley
Morgan Stanley analyst Meta Marshall reinstated coverage of Infinera with an Overweight rating and $9.50 price target, placing it at the top of her Optical Scorecard as she believe the company's Coriant acquisition could help it generate upwards of $2 of long term earnings power if it is successful. Access to Coriant's Tier 1 customers can help Infinera's revenues and greater leverage of their fab and vertical integration can help its profits, Marshall tells investors.
10/01/18
MKMP
10/01/18
DOWNGRADE
MKMP
Sell
Infinera downgraded to Sell from Neutral at MKM Partners
10/01/18
MKMP
10/01/18
DOWNGRADE
Target $5.5
MKMP
Sell
Infinera downgraded to Sell at MKM Partners on CenturyLink client loss
As reported earlier, MKM Partners analyst Michael Genovese downgraded Infinera (INFN) to Sell from Neutral and lowered his price target to $5.50 from $10. The analyst says that his checks suggest the company's loss of its biggest customer CenturyLink (CTL) to Ciena (CIEN) amid concerns with its ability to produce "new leading edge digital signal processors every 18-30 months". Genovese expects Infinera's upcoming guidance for Q4 and FY19 to be disappointing on revenues and margins, while his price target that assumes a valuation multiple of 0.8-times enterprise value to expected FY19 sales "reflects increasing concerns about the long-term competitiveness of the company".
10/01/18
10/01/18
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. OPCO CUTS CHIPOTLE TO UNDERPERFORM: Oppenheimer analyst Brian Bittner downgraded Chipotle Mexican Grill (CMG) to Underperform from Perform with a $400 price target. Since its new CEO announcement in February, Chipotle is up 82% and has been upgraded 10 different times by the Street, Bittner noted. The company's "high-flying" valuation has "priced in" persistent mid-single same-store-sales and a path to at least $20 of earnings per share versus $8-$9 this year, the analyst added. His work suggests this earnings path is too optimistic, even when assuming "healthy sales." INTEL CUT TO UNDERWEIGHT BY BARCLAYS: Barclays analyst Blayne Curtis downgraded Intel (INTC) to Underweight from Equal Weight and lowered his price target for the shares to $38 from $53. End-market tailwinds that propelled the run in shares, namely PC shortages and the slowing of server growth, are likely to reverse, Curtis believes. Further, the analyst expects Intel will see increased competition from AMD (AMD) and declining free cash flow returns. In addition, the names that have been floated in the CEO search "have yet to yield any disruptive potential candidates to take on all of these challenges," Curtis said. By squandering its manufacturing lead, the company now faces a "costly battle to retain share amidst a near-term slowing of its end markets," concluded the analyst. MKM CUTS INFINERA TO SELL: MKM Partners analyst Michael Genovese downgraded Infinera (INFN) to Sell from Neutral and lowered his price target to $5.50 from $10. The analyst said his checks suggest the company's loss of its biggest customer CenturyLink (CTL) to Ciena (CIEN) amid concerns with its ability to produce "new leading edge digital signal processors every 18-30 months". Genovese expects Infinera's upcoming guidance for Q4 and FY19 to be disappointing on revenues and margins, while his price target that assumes a valuation multiple of 0.8-times enterprise value to expected FY19 sales "reflects increasing concerns about the long-term competitiveness of the company." TEVA UPGRADED AT LEERINK, GOLDMAN: Leerink analyst Ami Fadia upgraded Teva (TEVA) to Market Perform from Underperform due to improving business fundamentals as well as the improving multiples for the overall generics sector. The analyst, who believes the company's fundamentals have improved meaningfully and put Teva in a position to pay down $3.5B in debt by YE18, raised his price target on the shares to $24 from $16. Meanwhile, Goldman Sachs analyst Jami Rubin added Teva to Goldman's Conviction List with a Buy rating, calling the recent selloff in the shares a "head scratcher." Recent concerns raised in the marketplace regarding second half of 2018 headwinds and Eli Lilly's (LLY) galcenuzemab approval were already expected and well understood, Rubin tells investors in a research note. DEUTSCHE CUTS LAM RESEARCH, APPLIED MATERIALS TO HOLD: Deutsche Bank analyst Sidney Ho downgraded Lam Research (LRCX) to Hold and lowered his price target for the shares to $170 from $230, and downgraded Applied Materials (AMAT) to Hold and lowered his price target for the shares to $43 from $58. Semicap Equipment stocks are not expensive but lack positive catalysts, Ho said. The analyst believes investor fears over that the industry has reached a cyclical peak will remain as long as the memory market stays weak. Further, he sees risk is for additional capex push-outs, especially in the first half of 2019.
CTL CenturyLink
$21.44

0.24 (1.13%)

08/22/18
MOFT
08/22/18
DOWNGRADE
Target $19
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.
09/25/18
OPCO
09/25/18
NO CHANGE
Target $24
OPCO
Outperform
CenturyLink CFO departure raises concerns, says Oppenheimer
Oppenheimer analyst Timothy Horan notes CenturyLink (CTL) has announced that CFO Sunit Patel will depart as of September 28th to join T-Mobile (TMUS) to lead the Sprint (S)/T-Mobile merger and integration efforts. The analyst expects weakness in CenturyLink's stock, as investors will likely be concerned with synergy realization after Patel's departure. While Horan says his departure is disappointing, he believes CenturyLink has a deep management bench, and Jeff Storey, CEO, will continue to be the driving force behind restructuring and expense reductions at the company. He reiterates an Outperform rating and $24 price target on the shares.

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FDC

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$20.45

2.9 (16.52%)

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Fiserv

$69.31

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JWN

Nordstrom

$44.53

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GS

Goldman Sachs

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EEM

iShares MSCI Emerging Markets ETF

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