Breaking News Instant updates and real-time market news.

GE

General Electric

$11.87

-0.22 (-1.82%)

, DHR

Danaher

$109.20

-0.08 (-0.07%)

10:42
10/02/18
10/02
10:42
10/02/18
10:42

RBC Capital, Wolfe Research say buy GE following CEO change

Both RBC Capital analyst Deane Dray and Wolfe Research analyst Nigel Coe upgraded General Electric (GE) to Outperform after the company announced that H. Lawrence Culp, Jr. was named chairman and CEO, replacing John Flannery. But not all were as bullish on the stock after the news, with Moody's Investors Service placing the ratings of General Electric and GE Capital Global on review for downgrade, and JPMorgan analyst Stephen Tusa saying that the CEO change is a "negative surprise" that raises questions as to whether there are "serious issues at play." BUY GE: Following the CEO change, RBC Capital's Dray upgraded General Electric to Outperform from Sector Perform and raised his price target on the stock to $15 from $13. While acknowledging that there is "still much to fix" and it will take time to assemble a team/triage the problems and put an imprint on the breakup plan, the analyst argued that a "floor has now been put in." Dray would not be surprised to see Culp try to persuade his longtime CFO at Danaher (DHR), Dan Comas, to join him at GE, and also anticipates seeing some senior-level departures at GE as part of this management shakeup. Meanwhile, Wolfe Research's Coe also upgraded General Electric to Outperform from Sector Perform and raised his price target on the stock to $16 from $15. The analyst noted that the appointment of Culp is a "game changer" in a number of respects, since it is a definitive signal of cultural change, performance accountability and that current problems are fixable. With Culp at the helm, the analyst told investors he "can have more confidence in strategic and tactical execution." Nonetheless, the analyst acknowledged that there are "still plenty of uncertainties." Also commenting on the news, Citi analyst Andrew Kaplowitz told investors in a research note of his own that he believes this is "a new beginning" for General Electric. While the Power business is "dramatically worse" than he thought, a "proven outside leader" can immediately accelerate the pace of change and execution, he contended. The analyst argued that the management change is bigger and more forward looking than the $23B non-cash impairment the company will take on its Power business. Kaplowitz reiterated a Buy rating on the shares. NEGATIVE SURPRISE: More bearish on the news, JPMorgan's Tusa said the timing and format of GE's CEO change announcement is a negative surprise that raises questions as to whether there are "serious issues at play." While the selection of ex-Danaher CEO Larry Culp is a positive for investor confidence and the change brings the company a step closer to a real reset, the details on how potentially bad things actually are have not been shared and Tusa sees a dividend cut and potential equity raise as likely. The analyst reiterated an Underweight rating and $10 price target on GE shares. Meanwhile, Moody's Investors Service placed the ratings of General Electric and GE Capital Global on review for downgrade, including the A2 senior unsecured debt rating and the P-1 short-term rating. A potential downgrade of the long-term ratings of GE and GE Capital may not be limited to one notch. This rating review was prompted by GE's announcement that it will fall short of its guidance for free cash flow and EPS for 2018 and that it expects to take a goodwill impairment charge related to the Power business that is likely to constitute substantially all of Power's current goodwill balance of approximately $23B. The change in GE's CEO and chairman was an additional consideration for the review. WHAT'S NOTABLE: Emerson (EMR) announced it has agreed to acquire Intelligent Platforms, a division of General Electric. Terms of the deal were not disclosed. The acquisition is expected to close in the first half of fiscal 2019, subject to regulatory approvals, GE's consultation with employee representatives where required and other customary closing conditions. PRICE ACTION: In morning trading, shares of GE have dropped almost 2% to $11.90.

GE

General Electric

$11.87

-0.22 (-1.82%)

DHR

Danaher

$109.20

-0.08 (-0.07%)

EMR

Emerson

$77.99

0.32 (0.41%)

  • 02

    Oct

  • 18

    Oct

GE General Electric
$11.87

-0.22 (-1.82%)

10/02/18
10/02/18
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. Discover (DFS) upgraded to Overweight from Neutral at JPMorgan with analyst Richard Shane saying the company appears on track to execute a "soft landing" as loan growth stabilizes. 2. At Home Group (HOME) upgraded to Buy from Neutral at Goldman Sachs with analyst Matthew Fassler saying recent sales misses, tariff concerns, and macro data have created investor concerns and a "steep discount" in the shares relative to other growth retailers. 3. Nestle (NSRGY) upgraded to Buy from Hold at Jefferies with analyst Martin Deboo saying he's more bullish on the new CEO and the shares into the second half of the year. 4. Urban Outfitters (URBN) upgraded to Buy from Neutral at B. Riley FBR with analyst Susan Anderson saying she expects high consumer confidence to support strong same-store-sales for Urban and she views the shares as undervalued. 5. General Electric (GE) upgraded to Outperform from Sector Perform at RBC Capital with analyst Deane Dray saying he believes a floor has been put in the shares following news of Larry Culp being named Chairman and CEO. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/02/18
WOLF
10/02/18
UPGRADE
WOLF
Outperform
General Electric upgraded to Outperform from Peer Perform at Wolfe Research
10/02/18
SBSH
10/02/18
NO CHANGE
SBSH
Buy
GE management change bigger than $23B impairment, says Citi
Yesterday's announcement of Larry Culp being named Chairman and CEO is a "new beginning" for General Electric, Citi analyst Andrew Kaplowitz tells investors in a research note. The analyst says that while the Power business is "dramatically worse" than he thought, a "proven outside leader" can immediately accelerate the pace of change and execution. Management change is bigger and more forward looking than the $23B non-cash impairment the company will take on its Power business, Kaplowitz contends. The analyst keeps a Buy rating on General Electric.
10/02/18
RBCM
10/02/18
UPGRADE
Target $15
RBCM
Outperform
General Electric upgraded to Outperform from Sector Perform at RBC Capital
RBC Capital analyst Deane Dray upgraded General Electric to Outperform and raised his price target for the shares to $15 from $13. The analyst believes a floor has been put in the shares following news of Larry Culp being named Chairman and CEO.
DHR Danaher
$109.20

-0.08 (-0.07%)

10/01/18
JPMS
10/01/18
NO CHANGE
JPMS
GE 'negative surprise' raises questions about serious issues, says JPMorgan
JPMorgan analyst Stephen Tusa said the timing and format of GE's (GE) CEO change announcement is a negative surprise that raises questions as to whether there are "serious issues at play." While the selection of ex-Danaher (DHR) CEO Larry Culp is a positive for investor confidence and the change brings the company a step closer to a real reset, the details on how potentially bad things actually are have not been shared and Tusa sees a dividend cut and potential equity raise as likely, he tells investors. The analyst maintains a $10 price target and Underweight rating on GE shares, which are up 97c, or 8.5%, to $12.26 in afternoon trading.
07/20/18
RBCM
07/20/18
NO CHANGE
Target $107
RBCM
Sector Perform
Danaher price target raised to $107 from $99 at RBC Capital
RBC Capital analyst Deane Dray raised his price target on Danaher to $107 after a "healthy" Q2 earnings beat, with "solid" organic growth across its portfolio. Dray notes that the announcement of a tax-free spin of the company's Dental unit by the second half of FY19 was a surprise but "makes sense" given the recovery of its organic growth and stabilization of channel destocking trends. The analyst keeps his Sector Perform rating on Danaher, stating that while the stock's sum-of-parts valuation is "not compelling", he is positive on the upside in the company's organic growth and capacity for more M&A.
07/20/18
MSCO
07/20/18
NO CHANGE
Target $122
MSCO
Overweight
Danaher creating value with Dental spin off, says Morgan Stanley
Morgan Stanley analyst Steve Beuchaw believes Danaher (DHR) is creating value with its Dental spin off, contending that the move will likely create a "RemainCo" with a faster growing top-line and higher margins, which should support multiple expansion. Investor feedback so far applies a Dentsply Sirona (XRAY) EBITDA multiple on Dental and a Tools industry multiple on the RemainCo, but Beuchaw believes this too conservative. Using his own free cash flow valuation, he could see the RemainCo plus Dental SpinCo being worth $120-$125 per share. Beuchaw raised his price target on Danaher to $122 from $120 and keeps an Overweight rating on the shares.
06/28/18
JPMS
06/28/18
DOWNGRADE
Target $105
JPMS
Underweight
JPMorgan downgrades Varian to Underweight following period of restriction
JPMorgan analyst Tycho Peterson downgraded Varian Medical Systems (VAR) to Underweight from Neutral following a period of restriction. Persistent order growth volatility, a "sluggish" end market and in the near-term and risk from the U.S.-China trade war weigh on the analyst's longer-term outlook for the stock. Varian has a dominant franchise but a mature industry and premium valuation are hard to overlook, Peterson tells investors in a research note. The analyst sees better risk/rewards in other parts of his coverage universe, including tool names Agilent (A), Danaher (DHR) and Thermo Fisher (TMO).
EMR Emerson
$77.99

0.32 (0.41%)

09/24/18
LEHM
09/24/18
NO CHANGE
Target $88
LEHM
Overweight
Emerson target raised to $88 after management meetings at Barclays
Barclays analyst Julian Mitchell raised his price target for Emerson Electric to $88 from $85 after hosting investor meetings with CEO David Farr. The analyst found the meetings encouraging in that the global pace of large project activity, particularly around LNG and petrochemical markets, is picking up. He keeps an Overweight rating on Emerson.
08/20/18
MSCO
08/20/18
INITIATION
Target $85
MSCO
Overweight
Emerson initiated with an Overweight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated Emerson with an Overweight rating and a price target of $85 as part of his broader research note on Electrical Equipment & Multi-Industry Industrial stocks. The analyst expects the company to derive an "outsized benefit from the productivity spending wave in process automation applications on top of cyclical momentum in oil & gas spending", further bolstered by IMO 2020 preparations related spending.
08/10/18
JPMS
08/10/18
NO CHANGE
Target $82
JPMS
Overweight
Emerson target raised to $82 after Q3 results at JPMorgan
JPMorgan analyst Stephen Tusa raised his price target for Emerson Electric to $82 from $79 following the company's Q3 results. The analyst says the quarter reinforced "what is shaping up to be the best end market leverage story" in his coverage for at least the next 18 months. Emerson has differentiated relative organic growth and fundamental earnings upside coupled with a "still robust" balance sheet, Tusa tells investors in a research note. He keeps an Overweight rating on the shares.
07/12/18
DBAB
07/12/18
UPGRADE
Target $81
DBAB
Buy
Emerson resumed with a Buy from Hold at Deutsche Bank
Deutsche Bank analyst Nicole DeBlase resumed coverage of Emerson with a Buy rating and $81 price target, an upgrade from her firm's prior Hold rating. The analyst prefers "late-cycle CapEx-driven exposure" given "strong prospects" for continued capital spending growth over the next several years.

TODAY'S FREE FLY STORIES

CSLT

Castlight Health

$2.62

0.04 (1.55%)

09:15
10/18/18
10/18
09:15
10/18/18
09:15
Recommendations
Castlight Health analyst commentary  »

William Blair sees…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 06

    Nov

  • 14

    Nov

DTRM

Determine

$0.58

-0.01 (-1.69%)

09:14
10/18/18
10/18
09:14
10/18/18
09:14
Hot Stocks
GTT choses Determine's procure-to-pay solution »

Determine announced that…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

PACW

PacWest Bancorp

$44.20

-0.14 (-0.32%)

09:13
10/18/18
10/18
09:13
10/18/18
09:13
Recommendations
PacWest Bancorp analyst commentary  »

PacWest Bancorp price…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 07

    Nov

PM

Philip Morris

$84.62

1.12 (1.34%)

09:13
10/18/18
10/18
09:13
10/18/18
09:13
Hot Stocks
Philip Morris says KFDA comments impacting those new to IQOS »

Says KFDA comments…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Oct

ATOM

Atomera

$4.65

(0.00%)

09:12
10/18/18
10/18
09:12
10/18/18
09:12
Initiation
Atomera initiated  »

Atomera initiated with a…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 01

    Nov

CGIX

Cancer Genetics

$0.82

0.01 (1.23%)

09:10
10/18/18
10/18
09:10
10/18/18
09:10
Hot Stocks
Cancer Genetics enters strategic partnership with Genecast Biotechnology »

Cancer Genetics announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

BL

BlackLine

$45.55

-0.01 (-0.02%)

, TRUE

TrueCar

$12.14

-0.1 (-0.82%)

09:10
10/18/18
10/18
09:10
10/18/18
09:10
Hot Stocks
BlackLine names Susan Otto as chief people officer »

BlackLine (BL) announced…

BL

BlackLine

$45.55

-0.01 (-0.02%)

TRUE

TrueCar

$12.14

-0.1 (-0.82%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 01

    Nov

  • 13

    Nov

CCB

Coastal Financial

$16.25

0.05 (0.31%)

09:10
10/18/18
10/18
09:10
10/18/18
09:10
Hot Stocks
Coastal Financial hires Erika Heer as CHRO »

Coastal Financial hired…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

09:10
10/18/18
10/18
09:10
10/18/18
09:10
General news
Fed dove Bullard said monetary policy is about right »

Fed dove Bullard said…

09:10
10/18/18
10/18
09:10
10/18/18
09:10
General news
The Philly Fed slipped to 22.2 »

The Philly Fed slipped to…

SPN

Superior Energy

$9.62

-0.25 (-2.53%)

09:09
10/18/18
10/18
09:09
10/18/18
09:09
Downgrade
Superior Energy rating change  »

Superior Energy…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 23

    Oct

PM

Philip Morris

$84.62

1.12 (1.34%)

09:09
10/18/18
10/18
09:09
10/18/18
09:09
Hot Stocks
Philip Morris sees Q4 net revenue down about 5%, reflecting difficult comps »

Says September YTD net…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Oct

IBM

IBM

$134.05

-10.97 (-7.56%)

, LNVGY

Lenovo

$0.00

(0.00%)

09:09
10/18/18
10/18
09:09
10/18/18
09:09
Hot Stocks
IBM signs $240M agreement with Lenovo for AI call center technology »

IBM (IBM) will supply…

IBM

IBM

$134.05

-10.97 (-7.56%)

LNVGY

Lenovo

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 21

    Oct

  • 22

    Oct

  • 13

    Nov

  • 03

    Mar

TMO

Thermo Fisher

$234.64

-0.59 (-0.25%)

09:09
10/18/18
10/18
09:09
10/18/18
09:09
Downgrade
Thermo Fisher rating change  »

Thermo Fisher downgraded…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 19

    Oct

  • 19

    Oct

  • 24

    Oct

HAL

Halliburton

$39.56

-0.52 (-1.30%)

09:09
10/18/18
10/18
09:09
10/18/18
09:09
Downgrade
Halliburton rating change  »

Halliburton downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 22

    Oct

STIM

Neuronetics

$22.50

-1.63 (-6.76%)

09:07
10/18/18
10/18
09:07
10/18/18
09:07
Recommendations
Neuronetics analyst commentary  »

Neuronetics fundamentals…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Nov

KEY

KeyCorp

$18.75

0.17 (0.91%)

09:07
10/18/18
10/18
09:07
10/18/18
09:07
Hot Stocks
KeyCorp sees Q4 average loans up low single digits »

Sees Q4 average deposits…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Oct

  • 30

    Oct

  • 16

    Nov

SAN

Banco Santander

$4.90

-0.085 (-1.71%)

09:07
10/18/18
10/18
09:07
10/18/18
09:07
Periodicals
German probe into share-swapping scheme spreads to Santander, FT reports »

Spain's Banco…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

AMGN

Amgen

$202.78

0.48 (0.24%)

09:05
10/18/18
10/18
09:05
10/18/18
09:05
Hot Stocks
Amgen invests $66M in Oxford Nanopore Technologies »

Amgen announced an equity…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 19

    Oct

  • 22

    Oct

  • 23

    Oct

  • 30

    Oct

  • 07

    Nov

  • 09

    Nov

FLS

Flowserve

$51.52

-0.29 (-0.56%)

09:04
10/18/18
10/18
09:04
10/18/18
09:04
Downgrade
Flowserve rating change  »

Flowserve downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

XYL

Xylem

$71.34

-0.4 (-0.56%)

09:04
10/18/18
10/18
09:04
10/18/18
09:04
Upgrade
Xylem rating change  »

Xylem upgraded to Hold…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 30

    Oct

PNFP

Pinnacle Financial

$56.63

1.43 (2.59%)

09:04
10/18/18
10/18
09:04
10/18/18
09:04
Recommendations
Pinnacle Financial analyst commentary  »

Pinnacle Financial price…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 05

    Nov

  • 26

    Nov

NUE

Nucor

$59.11

0.17 (0.29%)

09:04
10/18/18
10/18
09:04
10/18/18
09:04
Earnings
Breaking Earnings news story on Nucor »

Nucor reports Q3 adjusted…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Oct

NUE

Nucor

$59.11

0.17 (0.29%)

09:03
10/18/18
10/18
09:03
10/18/18
09:03
Hot Stocks
Nucor CEO: We are on pace for 2018 to be a record year for earnings »

"The strong…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Oct

NUE

Nucor

$59.11

0.17 (0.29%)

09:03
10/18/18
10/18
09:03
10/18/18
09:03
Earnings
Nucor expects Q4 earnings to 'decrease across all three operating segments' »

Q4 EPS consensus $2.08.…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Oct

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.