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ALLE

Allegion

$82.82

-1.67 (-1.98%)

, ETN

Eaton

$79.52

-2.24 (-2.74%)

08:32
10/12/18
10/12
08:32
10/12/18
08:32

EE, MI Sector initiated with Opportunistic View at Credit Suisse

Credit Suisse analyst John Walsh initiated the U.S. Electrical Equipment and Multi-Industry Sector with an Opportunistic View, telling investors in a research note that he believes at this point in the cycle stock appreciation will be driven by earnings growth and capital allocation. He is most positive on energy-related and non-residential end markets while cautious on Fossil Power markets. Specifically, Walsh initiated Allegion (ALLE), Eaton (ETN), Ingersoll-Rand (IR), Lennox (LII), 3M (MMM) and Xylem (XYL) with Outperform ratings, Acuity Brands (AYI), Emerson (EMR), Flowserve (FLS), Fortiv (FTV), GE (GE), Honeywell (HON) and Johnson Controls (JCI) with Neutral ratings and Rockwell Automation (ROK) with an Underperform rating.

ALLE

Allegion

$82.82

-1.67 (-1.98%)

ETN

Eaton

$79.52

-2.24 (-2.74%)

IR

Ingersoll-Rand

$95.94

-1.83 (-1.87%)

LII

Lennox

$198.54

-5.76 (-2.82%)

MMM

3M

$196.73

-5.41 (-2.68%)

XYL

Xylem

$69.10

-3.05 (-4.23%)

AYI

Acuity Brands

$119.33

-1.9 (-1.57%)

EMR

Emerson

$71.21

-2.16 (-2.94%)

FLS

Flowserve

$49.42

-1.64 (-3.21%)

FTV

Fortive

$78.62

-1.75 (-2.18%)

GE

General Electric

$12.72

-0.58 (-4.36%)

HON

Honeywell

$153.70

-2.98 (-1.90%)

JCI

Johnson Controls

$33.73

-0.51 (-1.49%)

ROK

Rockwell Automation

$170.59

-5.59 (-3.17%)

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ALLE Allegion
$82.82

-1.67 (-1.98%)

05/02/18
BREN
05/02/18
DOWNGRADE
BREN
Hold
Allegion downgraded to Hold from Buy at Berenberg
10/12/18
FBCO
10/12/18
INITIATION
Target $96
FBCO
Outperform
Allegion initiated with an Outperform at Credit Suisse
Credit Suisse analyst John Walsh initiated Allegion with an Outperform rating and $96 price target, telling investors in a research note that he sees above-market growth of electronic locks in the U.S., deployment of free cash flow and the balance sheet, as well as Americas margin growth with incremental improvements in Europe and Asia.
08/20/18
MSCO
08/20/18
INITIATION
Target $88
MSCO
Equal Weight
Allegion initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated Allegion with an Equal Weight rating and a price target of $88.
02/21/18
WELS
02/21/18
NO CHANGE
Target $105
WELS
Outperform
Allegion price target raised to $105 from $100 at Wells Fargo
Wells Fargo analyst Rich Kwas raised his price target for Allegion to $105 from $100 after a "nice rebound" quarter and as he feels good about 2018 growth outlook. The analyst reiterates an Outperform rating on the shares.
ETN Eaton
$79.52

-2.24 (-2.74%)

09/21/18
UBSW
09/21/18
UPGRADE
Target $100
UBSW
Buy
Eaton upgraded to Buy from Neutral at UBS
UBS analyst Steven Winoker upgraded Eaton to Buy and raised his price target for the shares to $100 from $91. The analyst sees "growth momentum" adding to the company's "already strong margin and balance sheet story." Further, his firm's employee review analysis shows "material year on year improvement." After lagging peers, Eaton's growth has now improved to in-line or better, Winoker tells investors in a research note. The analyst also expects the company's margins to reach higher levels through the cycle.
10/12/18
FBCO
10/12/18
INITIATION
Target $91
FBCO
Outperform
Eaton initiated with an Outperform at Credit Suisse
Credit Suisse analyst John Walsh initiated Eaton with an Outperform rating and $91 price target, telling investors in a research note that he sees accelerating organic sales growth in the company's longer-cycle businesses and an "underappreciation" of the changes its management has made and is making to the business operations.
09/06/18
JPMS
09/06/18
NO CHANGE
JPMS
Class 8 truck orders set all-time record in August, says JPMorgan
Class 8 net orders in August were 53,100 units, up 150% year-over-year and up 1% month-over-month, setting a new all-time record, JPMorgan analyst Ann Duignan tells investors in a research note, citing ACT Research. Class 5-7 July net orders were 23,700 units, up 26% year-over-year and up 18% month-over-month, the analyst adds. She says truck orders have the largest incremental impact on Navistar (NAV), Paccar (PCAR), Cummins (CMI), Eaton (ETN) and Allison Transmission (ALSN).
08/20/18
MSCO
08/20/18
INITIATION
Target $86
MSCO
Equal Weight
Eaton initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated Eaton with an Equal Weight rating and a price target of $86. The analyst notes that while the company is well positioned in the near term with its persisting short-cycle strength in Electrical Products and Hydraulics, the bulls may be disappointed in 2019 as Eaton's restructuring savings taper off and its operating leverage returns to its "modest historical levels".
IR Ingersoll-Rand
$95.94

-1.83 (-1.87%)

10/12/18
FBCO
10/12/18
INITIATION
Target $108
FBCO
Outperform
Ingersoll-Rand initiated with an Outperform at Credit Suisse
Credit Suisse analyst John Walsh initiated Ingersoll-Rand with an Outperform rating and $108 price target, telling investors in a research note that he thinks the company can sustain double-digit earnings growth by focusing on the "3Ps" -- planet, people and profit -- and the "Triple Bottom Line" -- financial, social and environmental.
09/21/18
JPMS
09/21/18
UPGRADE
Target $118
JPMS
Overweight
Ingersoll-Rand upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Stephen Tusa upgraded Ingersoll-Rand to Overweight and raised his price target for the shares to $118 from $109. The analyst views the stock's discounted valuation relative to peers as unwarranted following the company's transformation.
09/21/18
09/21/18
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. Under Armour (UA, UAA) upgraded to Neutral from Underweight at JPMorgan with analyst Matthew Boss saying he views the stock's risk/reward as more balanced following the recent underperformance. 2. Acadia (ACAD) upgraded to Overweight from Neutral at Piper Jaffray with analyst Danielle Brill citing the FDA announcement of maintained support for Nuplazid after its review. 3. AT&T (T) upgraded to Buy from Neutral at UBS with analyst John Hodulik saying the stock is trading near all-time low valuations, and at its widest valuation gap to Verizon (VZ), given a mix of EBITDA declines, concerns over the debt load and secular issues impacting the space. 4. Diamond Offshore (DO) upgraded to Buy from Hold at HSBC. 5. Ingersoll-Rand (IR) upgraded to Overweight from Neutral at JPMorgan with analyst Stephen Tusa saying he views the stock's discounted valuation relative to peers as unwarranted following the company's transformation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/20/18
MSCO
08/20/18
INITIATION
Target $111
MSCO
Overweight
Ingersoll-Rand initiated with an Overweight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated Ingersoll-Rand with an Overweight rating and a price target of $111 as part of his broader research note on Electrical Equipment & Multi-Industry Industrial stocks. The analyst cites the company's "sound mix of value, lower cyclical volatility than investors appreciate, and upside optionality on margin execution". Pokrzywinski adds that the "visibility of commercial HVAC and favorable underlying industry dynamics of high replacement and strong pricing power" help the company offset some of the cyclical risk.
LII Lennox
$198.54

-5.76 (-2.82%)

08/20/18
MSCO
08/20/18
INITIATION
Target $201
MSCO
Underweight
Lennox initiated with an Underweight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated Lennox with an Underweight rating and a price target of $201 as part of his broader research note on Electrical Equipment & Multi-Industry Industrial stocks. The analyst contends that the risk-reward on the stock is less favorable based on its valuation being near relative highs and given the later stages of its end-markets' replacement cycle. The analyst adds that he sees "few imminent catalysts" for stock price downside outside of the extended valuation.
07/12/18
KEYB
07/12/18
NO CHANGE
KEYB
KeyBanc favors Ingersoll-Rand, more cautious on Watsco ahead of results
Following his quarterly channel checks, KeyBanc analyst Jeffrey Hammond views expectations for +MSD industry growth in Q2 as fully supported, and while share dynamics appear to be stabilizing, he still expects Lennox (LII) and Ingersoll-Rand (IR) to sustain outgrowth, but at a more moderate rate versus previous quarters. In addition, the analyst notes he received near-unanimous affirmation that midyear price increases are passing through without resistance, which signals positively for HVAC OEMs and distributors alike. Heading into quarterly results, Hammond favors Ingersoll-Rand, and is more cautious on Watsco (WSO) given concerns around its ability to deliver on margins versus raised expectations.
07/24/18
GHSC
07/24/18
DOWNGRADE
GHSC
Neutral
Lennox downgraded to Neutral on valuation at Seaport Global
Seaport Global analyst Walt Liptak downgraded Lennox to Neutral from Buy due to valuation and maintained a $220 price target on shares.
10/12/18
FBCO
10/12/18
INITIATION
Target $229
FBCO
Outperform
Lennox initiated with an Outperform at Credit Suisse
Credit Suisse analyst John Walsh initiated Lennox International with an Outperform rating and $229 price target, telling investors in a research note that he does not view the moderation of demand from the 2008 housing cycle as "cliff" event and that he agrees with Lennox about the concept of overlapping distribution curves centered on 15 years. He sees underlying margin growth across the portfolio driven by improving price and cost spread, and sees mid-single digit growth in U.S. residential HVAC markets and share gain/recapture.
MMM 3M
$196.73

-5.41 (-2.68%)

08/20/18
MSCO
08/20/18
INITIATION
Target $212
MSCO
Equal Weight
3M initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated 3M with an Equal Weight rating and a price target of $212. The analyst notes that the company has managed risks appropriately to prepare for a potential 2019 slowdown across the industrials, but adds that its valuation still puts it at only a modest peer group relative discount from the historical perspective, stating that there is little upside to valuation from the stock's current levels.
09/14/18
TIGR
09/14/18
NO CHANGE
TIGR
Buy
3M accelerating performance with organic growth, says Tigress Financial
Tigress Financial analyst Ivan Feinseth keeps his Buy rating on 3M, saying the company continues to accelerate its business performance with "organic growth across all business segments and geographic regions". He sees "strong demand" across the product lines and sound management of a vast portfolio. The analyst is also positive on the company's capital return program and its growth oriented M&A and R&D strategies.
10/12/18
FBCO
10/12/18
INITIATION
Target $228
FBCO
Outperform
3M initiated with an Outperform at Credit Suisse
Credit Suisse analyst John Walsh initiated 3M with an Outperform rating and $228 price target, telling investors in a research note that he sees incremental benefits beyond cost-out from business transformation investments, as well as stable global industrial production growth and at least 3M's historical ~1.5x multiplier.
10/11/18
LOOP
10/11/18
NO CHANGE
Target $124
LOOP
Buy
Loop Capital says industry checks suggest Avery Dennison performing wells
Loop Capital analyst Chris Kapsch kept his Buy rating and $124 price target on Avery Dennison (AVY), saying industry checks indicate that the company is "poised to perform relatively well" in spite of the negative preannouncements from companies like Fuller (FUL), RPM (RPM), Trinseo (TSE), 3M (MMM), and PPG (PPG). Based on the indications of "strong" domestic demand and pricing running ahead of inflationary costs, the analyst recommends that investors take advantage of the weakness ahead of what he expects to be "another decent quarter".
XYL Xylem
$69.10

-3.05 (-4.23%)

10/03/18
BREN
10/03/18
INITIATION
Target $65
BREN
Sell
Xylem initiated with a Sell at Berenberg
Berenberg analyst Andrew Buscaglia initiated Xylem with a Sell rating and $65 price target.
09/05/18
RAJA
09/05/18
INITIATION
Target $90
RAJA
Outperform
Xylem initiated with an Outperform at Raymond James
Raymond James analyst Pavel Molchanov initiated Xylem with an Outperform and $90 price target saying it is a standout blue chip in the water tech space, with large scale, and most diversified revenue mix.
10/12/18
FBCO
10/12/18
INITIATION
Target $86
FBCO
Outperform
Xylem initiated with an Outperform at Credit Suisse
Credit Suisse analyst John Walsh initiated Xylem with an Outperform rating and $86 price target, telling investors in a research note that Xylem is "hitting its stride." He forecasts a high-teens EPS growth CAGR through 2020, driven by mid-single digit organic growth, 40% contribution margin and redeployment of excess free cash flow for share repurchases, as well as bolt-on M&A.
10/08/18
VERT
10/08/18
DOWNGRADE
VERT
Sell
Xylem downgraded to Sell from Hold at Vertical Research
AYI Acuity Brands
$119.33

-1.9 (-1.57%)

09/25/18
WBLR
09/25/18
NO CHANGE
WBLR
Market Perform
Acuity Brands near-term setup has improved, says William Blair
William Blair analyst Ryan Merkel says his firm's latest lighting survey shows distributors saw 5.1% growth this quarter, which slowed from 6.1% last quarter. Manufacturers reported 5.5% growth, up from 4.7% last quarter, and qualitative feedback suggests that the lighting market is stable to slightly improving, Merkel tells investors in a research note. He believes the near-term setup for Acuity Brands has improved. Acuity could deliver a solid quarter and estimates could rise 5%-10%, Merkel contends. He keeps a Market Perform rating on the name.
10/12/18
FBCO
10/12/18
INITIATION
Target $135
FBCO
Neutral
Acuity Brands initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated Acuity Brands with a Neutral rating and $135 price target. In a research note to investors, the analyst cites organic sales growth acceleration driven by the reintroduction of the Contractor Select portfolio coupled with a gross margin trough in Q4 and the current below average valuation multiple being sustained.
10/04/18
JMPS
10/04/18
NO CHANGE
Target $170
JMPS
Outperform
Acuity Brands selloff a buying opportunity, says JMP Securities
JMP Securities analyst Joseph Osha said the $20 selloff in Acuity Brands shares presents investors with an opportunity to invest at an attractive valuation, noting that the gross margin erosion has been counteracted by the company's ability to hold down operating costs, at least for now. He also notes that the company has taken two price hikes since the summer and plans another 6-10% increase to be implemented in mid-October. Osha maintains an Outperform rating and $170 price target on Acuity shares.
10/04/18
WELS
10/04/18
NO CHANGE
Target $161
WELS
Outperform
Acuity Brands price target lowered to $161 from $187 at Wells Fargo
Wells Fargo analyst Richard Kwas lowered his price target for Acuity Brands to $161 from $187, while reiterating an Outperform rating on the stock. The analyst believes the correction in the shares was overdone and gross margin should get sequentially better starting this quarter and pick up steam through next spring.
EMR Emerson
$71.21

-2.16 (-2.94%)

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.
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.
10/12/18
FBCO
10/12/18
INITIATION
Target $78
FBCO
Neutral
Emerson initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated Emerson Electric with a Neutral rating and $78 price target, telling investors in a research note that he sees organic sales growth sustaining a high-single digit rate driven by Automation Solutions growth as well as the successful integration of recent acquisitions.
FLS Flowserve
$49.42

-1.64 (-3.21%)

08/20/18
MSCO
08/20/18
INITIATION
Target $50
MSCO
Equal Weight
Flowserve initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated Flowserve with an Equal Weight rating and a price target of $50.
09/13/18
NRCS
09/13/18
UPGRADE
NRCS
Buy
Flowserve upgraded to Buy from Neutral at Northcoast
09/13/18
09/13/18
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. Snap (SNAP) upgraded to Hold from Sell at Pivotal Research with analyst Brian Wieser saying risks are still present, especially in the near-term, but current trading levels balance those risks with the company' long-term potential. 2. DaVita (DVA) upgraded to Neutral from Underweight at JPMorgan with analyst Gary Taylor saying he now believes is it much more likely that California Governor Brown will veto the recently passed SB1156, which he notes would curtail the financial arbitrage that dialysis providers enjoy from charitable premium assistance. 3. Intel (INTC) upgraded to Market Perform from Underperform at Northland with analyst Auguste Richard saying the stock has corrected 23% from its 52-week high and is down 20% since mid-June. 4. Magna (MGA) upgraded to Outperformer from Neutral at CIBC. 5. Flowserve (FLS) upgraded to Buy from Neutral at Northcoast. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/12/18
FBCO
10/12/18
INITIATION
Target $55
FBCO
Neutral
Flowserve initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated Flowserve with a Neutral rating and $55 price target, telling investors in a research note that he believes Q3 orders growth can be a stock catalyst absent any operational issues in the EPD or IPD segments.
FTV Fortive
$78.62

-1.75 (-2.18%)

10/12/18
FBCO
10/12/18
INITIATION
Target $89
FBCO
Neutral
Fortive initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated Fortive with a Neutral rating and $89 price target.
10/02/18
MSCO
10/02/18
INITIATION
Target $90
MSCO
Equal Weight
Fortive resumed with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Sawyer Rice resumed coverage of Fortive with an Equal Weight rating and $90 price target following the closure of the A&S split-off transaction and the company's recent acquisitions of Gordian and Accruent. Expectations "are not low for Fortive" and the stock's current valuation is already baking in strong performance and capital allocation, Rice tells investors.
09/04/18
WOLF
09/04/18
DOWNGRADE
WOLF
Peer Perform
Fortive downgraded to Peer Perform from Outperform at Wolfe Research
09/13/18
ARGS
09/13/18
NO CHANGE
Target $94
ARGS
Buy
Fortive price target raised to $94 from $88 at Argus
Argus analyst John Eade raised his price target on Fortive to $94 and kept his Buy rating, saying the momentum that the stock has shown in the past 3 months is expected to continue. The analyst states that the company's business portfolio recalibration that offers shareholders the option to exchange some of their shares for stock in Stevens Holding Co, or NewCo, is promising based on the latter's stronger growth prospects. Eade believes that the possibility of double-digit earnings growth also justifies Fortive's premium valuation.
GE General Electric
$12.72

-0.58 (-4.36%)

10/10/18
JPMS
10/10/18
NO CHANGE
JPMS
Underweight
GE turbine user feedback suggests issues worse than thought, says JPMorgan
Recently published feedback from a General Electric H-frame user group event suggests more serious technology issues with the new flagship product, JPMorgan analyst Stephen Tusa tells investors in a research note. While most of the focus has been on the technology around the blades, the event indicates a "myriad of shortfalls in other parts of the turbine that we find hard not to consider 'technology flaws,'" Tusa writes in a research note partially titled "Turbine Users Feedback Suggests Depth of Technology Issues Worse Than Initially Thought." He feels the commentary is a reminder of the hurdles to a "fix" for a Power business that is already set to lose money on a GAAP basis. Further, the consensus "seemingly continues to ignore on-the-ground realities in exchange for hope around a new CEO, if the $23B goodwill charge, guide down, and CEO change," the analyst contends. Tusa keeps an Underweight rating on shares of General Electric.
10/10/18
10/10/18
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. MCDONALD'S UPGRADED TO BUY: Guggenheim analyst Matthew DiFrisco upgraded McDonald's (MCD) to Buy from Neutral with a $200 price target as he believes the shares valuation discount to large cap peers has widened to an "unjustifiable" level given his outlook for stable to improving same-store sales and greater free cash flow generation. DEUTSCHE CUTS CONSUMER STAPLES STOCKS TO SELL: Deutsche Bank analyst Steve Powers downgraded Clorox (CLX), Church & Dwight (CHD) and Kimberly-Clark (KMB) to Sell from Hold and lowered his price targets to $123, $51, and $99, respectively. While investor appetite for defensive names remains elevated, the fundamental challenges facing Consumer Packaged Goods companies are "somewhat underappreciated," Powers believes. The analyst believes currency and emerging market volatility will pressure numbers in the near-term, while structural competitive and retail pressures will challenge momentum longer-term. PIPER STARTS MICRON AT NEUTRAL: Piper Jaffray analyst Harsh Kumar initiated coverage of Micron Technology (MU) with a Neutral rating and $48 price target. The analyst awaits more clarity surrounding the mid-term dynamics of the memory cycle before getting more constructive on the shares. The memory market as a whole has experienced favorable trends over the last few years, Kumar said. However, given the cyclical nature of the memory market, the analyst prefers to remain on the sidelines until he has a better grasp of the cycle. JPMORGAN ADDS DROPBOX TO FOCUS LIST: JPMorgan analyst Mark Murphy added Dropbox (DBX) to his firm's Analyst Focus List while keeping an Overweight rating on the shares with a $35 price target. While not convinced the "seven-day-old growth tech selloff is over," the analyst sees an improving risk/reward on Dropbox shares and potential for 30%-50% outperformance. He believes investors are "underestimating the stability and consistency of the Dropbox engine," and are overlooking the launch and adoption of its Premium plans. JPMORGAN SAYS GE TURBINE ISSUES MAY BE WORSE THAN THOUGHT: Recently published feedback from a General Electric (GE) H-frame user group event suggests more serious technology issues with the new flagship product, JPMorgan analyst Stephen Tusa said. While most of the focus has been on the technology around the blades, the event indicates a "myriad of shortfalls in other parts of the turbine that we find hard not to consider 'technology flaws,'" Tusa said. Tusa kept an Underweight rating on shares of General Electric.
10/11/18
UBSW
10/11/18
NO CHANGE
Target $13
UBSW
Neutral
General Electric may see more downside before climbing, says UBS
UBS analyst Steven Winoker said GE Capital continues to weigh on the shares of General Electric, but he believes that new CEO Larry Culp will work toward closing the balance sheet gaps through a combination of a deeper dividend cut, possibly of over 90%, and possibly a one-time capital raise to add some cushion for future investment. The analyst said turning the company around will take years, but he has every confidence that Larry Culp is the leader for the job. He said based on his valuation metrics, he could see near-term downside in the share before they begin climbing. Winoker maintained his Neutral rating and $13 price target on General electric shares.
10/12/18
FBCO
10/12/18
INITIATION
Target $14
FBCO
Neutral
General Electric initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated General Electric with a Neutral rating and $14 price target, telling investors in a research note that new CEO Larry Culp continues to simplify GE and says Aviation, the largest source of future earnings, continues to hold margin despite the LEAP ramp. However, Walsh notes that there is no easy fix for Power, as natural gas power markets are "fundamentally challenged."
HON Honeywell
$153.70

-2.98 (-1.90%)

09/26/18
OPCO
09/26/18
NO CHANGE
Target $184
OPCO
Outperform
Honeywell price target raised to $184 from $172 at Oppenheimer
Oppenheimer analyst Christopher Glynn raised his price target for Honeywell to $184 from $172 and adjusted 2019E EPS for best estimate without the pending spinoffs of Garrett and Resideo. The analyst continues to view ongoing Honeywell as a premium asset, with excellent proven financial controls and planning. He reiterates an Outperform rating on the shares.
10/01/18
RBCM
10/01/18
INITIATION
Target $14
RBCM
Underperform
Garrett Motion initiated with an Underperform at RBC Capital
RBC Capital analyst Joseph Spak initiated Garrett Motion (GTX) with an Underperform rating and a price target of $14. The analyst says that while this pure-play company looks to "benefit from increased gasoline turbocharger penetration" after getting spun off from Honeywell (HON), he sees operational margin pressure from its diesel/gas mix shift. Spak adds that Garrett Motion is "positioned poorly" amid the long-term shift to battery electric vehicle technology, while also citing its high leverage and free cash flow pressure from its required asbestos liability payments to Honeywell.
10/02/18
HSBC
10/02/18
DOWNGRADE
HSBC
Hold
Honeywell downgraded to Hold from Buy at HSBC
10/12/18
FBCO
10/12/18
INITIATION
Target $170
FBCO
Neutral
Honeywell initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated Honeywell with a Neutral rating and $170 price target, telling investors in a research note that he sees "multiple levers" for margin expansion, though the gross margin is still well below peers. Looking ahead, Walsh sees sustained mid-single digit organic growth driven by long-cycle businesses, and expects margin to expand driven by manufacturing and logistics footprint consolidation and connected solutions.
JCI Johnson Controls
$33.73

-0.51 (-1.49%)

09/11/18
09/11/18
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. CBS (CBS) downgraded to Neutral from Buy at UBS with analyst John Hodulik saying uncertainty around the management transition limits upside in the shares and could last for an extended period. 2. Tesla (TSLA) downgraded to Neutral from Buy at Nomura Instinet with analyst Romit Shah expressing concern that the "erratic behavior" of CEO Elon Musk will taint the Tesla brand. 3. Johnson Controls (JCI) downgraded to Neutral from Buy at UBS with analyst Steven Winoker saying while the company's Buildings business is improving in 2018, the pace and magnitude of the progress is proving slower and lower than expectations. 4. Wingstop (WING) downgraded to Neutral from Buy at Goldman Sachs with analyst Karen Holthouse saying she continues to view the company's comps and unit growth fundamentals favorably but she recommends taking profits at current share levels. 5. AAR Corp. (AIR) downgraded to Hold from Buy at SunTrust with analyst Michael Ciarmoli saying he is maintaining a bullish view on the aero aftermarket with an opportunity for AAR Corp to exploit its position while also reaping benefits from its INL Global Aviation Support Services contract, but he also believes that the company's near-term growth will come under pressure from its maintenance, repair, and overhaul, or MRO, segment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/11/18
UBSW
09/11/18
DOWNGRADE
Target $40
UBSW
Neutral
Johnson Controls downgraded to Neutral from Buy at UBS
UBS analyst Steven Winoker downgraded Johnson Controls to Neutral and lowered his price target for the shares to $40 from $44. While the company's Buildings business is improving in 2018, the pace and magnitude of the progress is proving slower and lower than expectations, Winoker tells investors in a research note. As such, the analyst sees a more balanced risk/reward for shares of Johnson Controls and current levels.
09/21/18
JPMS
09/21/18
DOWNGRADE
Target $35
JPMS
Underweight
Johnson Controls downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Stephen Tusa downgraded Johnson Controls to Underweight with an unchanged price target of $35. The analyst thinks the company's margins could disappoint and does not see much room for the more focused Buildings portfolio to re-rate.
10/12/18
FBCO
10/12/18
INITIATION
Target $37
FBCO
Neutral
Johnson Controls initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated Johnson Controls with a Neutral rating and $37 price target, telling investors in a research note that Johnson once again finds itself between a rock and a hard place. He believes the current strategic review of Power Solutions will end with a sale or spin, sees Tyco synergies being realized and sees improvement in free cash flow metrics.
ROK Rockwell Automation
$170.59

-5.59 (-3.17%)

10/12/18
FBCO
10/12/18
INITIATION
Target $171
FBCO
Underperform
Rockwell Automation initiated with an Underperform at Credit Suisse
Credit Suisse analyst John Walsh initiated shares of Rockwell Automation with an Underperform rating and $171 price target. In a research note to investors, Walsh sees a deceleration, but not a decline, in organic sales growth, as well as a lower probability of upside surprise from incremental leverage at this point in the cycle, and the underlevered balance sheet being used for higher-multiple acquisitions or remaining broadly untapped.
08/20/18
MSCO
08/20/18
INITIATION
Target $163
MSCO
Underweight
Rockwell Automation assumed with an Underweight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski assumed Rockwell Automation with an Underweight rating and a price target of $163, compared to the firm's prior rating of Equal Weight and a price target of $192. The analyst states that the company's "automation end markets have lost some of their secular outgrowth potential", while the competition is limiting its growth in software verticals.
10/02/18
WELS
10/02/18
NO CHANGE
Target $210
WELS
Outperform
Rockwell Automation price target raised to $210 from $205 at Wells Fargo
Wells Fargo analyst Richard Kwas raised to $210 from $205 saying that his U.S. distributor channel check showed consistent strength. Overall, the analyst expects a "good quarter." He reiterates an Outperform rating on the shares.
07/16/18
07/16/18
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. Aptinyx (APTX) initiated with an Overweight at JPMorgan and an Outperform at BMO Capital as well as Aptinyx (APTX). 2. Magenta Therapeutics (MGTA) initiated with an Outperform at Wedbush, an Outperform at Cowen and JPMorgan, as well as a Buy at Goldman Sachs. 3. Wyndham Destinations (WYND) and Marriott Vacations (VAC) were initiated with a Buy at Jefferies while Hilton Grand Vacations (HGV) was initiated with a Hold. 4. AvroBio (AVRO) initiated with an Outperform at Wedbush, Cowen, and Wells Fargo, and an Overweight at Morgan Stanley. 5. Keurig Dr Pepper (KDP) resumed with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

V

Visa

$140.06

0.74 (0.53%)

, IBM

IBM

$129.16

-1.36 (-1.04%)

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Visa readies B2B Connect for market »

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Visa

$140.06

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IBM

IBM

$129.16

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T

AT&T

$32.86

0.36 (1.11%)

, CMCSA

Comcast

$35.97

0.02 (0.06%)

17:42
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Box Office Battle: 'Halloween' breaks records with scary $77.5M »

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AT&T

$32.86

0.36 (1.11%)

CMCSA

Comcast

$35.97

0.02 (0.06%)

CMCSK

Comcast

$0.00

(0.00%)

SNE

Sony

$55.66

-0.38 (-0.68%)

FOX

21st Century Fox

$45.51

0.05 (0.11%)

FOXA

21st Century Fox

$45.76

-0.05 (-0.11%)

LGF.A

Lionsgate

$22.20

(0.00%)

DIS

Disney

$118.81

2.55 (2.19%)

VIAB

Viacom

$33.24

-0.49 (-1.45%)

VIA

Viacom

$36.75

-0.48 (-1.29%)

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FOX

21st Century Fox

$45.51

0.05 (0.11%)

, FOXA

21st Century Fox

$45.76

-0.05 (-0.11%)

17:24
10/21/18
10/21
17:24
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17:24
Periodicals
AMC's Collier named next leader of Fox Network, NY Times reports »

Fox (FOXA) will turn to…

FOX

21st Century Fox

$45.51

0.05 (0.11%)

FOXA

21st Century Fox

$45.76

-0.05 (-0.11%)

AMC

AMC Entertainment

$19.81

0.18 (0.92%)

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VLKAY

Volkswagen

$0.00

(0.00%)

17:04
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Periodicals
Audi electric SUV facing delay due to software bug, Reuters reports »

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BX

Blackstone

$34.66

-0.61 (-1.73%)

17:00
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17:00
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17:00
Periodicals
Blackstone to acquire Ulterra for $700M, Reuters reports »

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FCAU

Fiat Chrysler

$15.52

0.035 (0.23%)

, KKR

KKR

$24.22

-0.45 (-1.82%)

16:56
10/21/18
10/21
16:56
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16:56
Periodicals
Fiat agrees to sell Magneti Marelli to KKR's Calsonic, Bloomberg says »

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FCAU

Fiat Chrysler

$15.52

0.035 (0.23%)

KKR

KKR

$24.22

-0.45 (-1.82%)

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MRK

Merck

$72.34

0.12 (0.17%)

, AZN

AstraZeneca

$39.21

0.25 (0.64%)

16:40
10/21/18
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16:40
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16:40
Hot Stocks
Merck, AstraZeneca announce detailed results from Phase 3 SOLO-1 trial »

AstraZeneca (AZN) and…

MRK

Merck

$72.34

0.12 (0.17%)

AZN

AstraZeneca

$39.21

0.25 (0.64%)

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VAR

Varian Medical

$104.25

-1.575 (-1.49%)

16:31
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16:31
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16:31
Hot Stocks
Varian unveils new Bravos afterloader system for brachytherapy treatments »

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NTGN

Neon Therapeutics

$8.88

0.56 (6.73%)

14:30
10/21/18
10/21
14:30
10/21/18
14:30
Conference/Events
Neon Therapeutics management to meet with Morgan Stanley »

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GTHX

G1 Therapeutics

$46.88

-0.07 (-0.15%)

14:13
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14:13
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14:13
Hot Stocks
G1 presents additional data from randomized Phase 2 trial in first-line SCLC »

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  • 27

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NCNA

NuCana

$18.90

1.9 (11.18%)

14:09
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14:09
Hot Stocks
NuCana reports additional data on NUC-1031 in advanced biliary tract cancer »

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  • 21

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LPTX

Leap Therapeutics

$6.44

-0.17 (-2.57%)

, MRK

Merck

$72.34

0.12 (0.17%)

14:05
10/21/18
10/21
14:05
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14:05
Hot Stocks
Leap Therapeutics presents esophagogastric cancer data »

Leap Therapeutics (LPTX)…

LPTX

Leap Therapeutics

$6.44

-0.17 (-2.57%)

MRK

Merck

$72.34

0.12 (0.17%)

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INCY

Incyte

$66.09

1.66 (2.58%)

14:02
10/21/18
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14:02
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Hot Stocks
Incyte announces positive interim data from Phase 2 trial of Pemigatinib »

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  • 22

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LOXO

Loxo Oncology

$160.01

-7.58 (-4.52%)

, BAYRY

Bayer

$0.00

(0.00%)

13:58
10/21/18
10/21
13:58
10/21/18
13:58
Hot Stocks
Loxo's larotrectinib delivers 81% ORR in expanded dataset of 109 TRK fusion cancer »

Bayer (BAYRY) and Loxo…

LOXO

Loxo Oncology

$160.01

-7.58 (-4.52%)

BAYRY

Bayer

$0.00

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LOXO

Loxo Oncology

$160.01

-7.58 (-4.52%)

, BAYRY

Bayer

$0.00

(0.00%)

13:53
10/21/18
10/21
13:53
10/21/18
13:53
Hot Stocks
Loxo announces larotrectinib clinical update in patients with TRK fusion cancers »

Loxo Oncology (LOXO)…

LOXO

Loxo Oncology

$160.01

-7.58 (-4.52%)

BAYRY

Bayer

$0.00

(0.00%)

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MRTX

Mirati Therapeutics

$40.04

-1.82 (-4.35%)

13:45
10/21/18
10/21
13:45
10/21/18
13:45
Hot Stocks
Mirati announces updated data from ongoing trial of single agent sitravatinib »

Mirati Therapeutics…

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RHHBY

Roche

$0.00

(0.00%)

13:39
10/21/18
10/21
13:39
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13:39
Hot Stocks
Entrectinib shrank tumors in people with NTRK fusion-positive solid tumors »

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GILD

Gilead

$73.27

-0.9 (-1.21%)

, GLPG

Galapagos NV

$107.66

2.29 (2.17%)

13:34
10/21/18
10/21
13:34
10/21/18
13:34
Hot Stocks
Gilead, Galapagos NV announced data from Phase 3 FINCH2 trial of filgotinib »

Gilead Sciences (GILD)…

GILD

Gilead

$73.27

-0.9 (-1.21%)

GLPG

Galapagos NV

$107.66

2.29 (2.17%)

03/08/13
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  • 24

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BLRX

BioLineRx

$0.98

-0.22 (-18.33%)

, MRK

Merck

$72.34

0.12 (0.17%)

13:27
10/21/18
10/21
13:27
10/21/18
13:27
Hot Stocks
BioLineRx discloses additional data from Phase 2a COMBAT/KEYNOTE-202 study »

BioLineRx (BLRX)…

BLRX

BioLineRx

$0.98

-0.22 (-18.33%)

MRK

Merck

$72.34

0.12 (0.17%)

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ADAP

Adaptimmune

$10.79

-0.09 (-0.83%)

13:22
10/21/18
10/21
13:22
10/21/18
13:22
Hot Stocks
Adaptimmune presents updated data from ongoing MAGE-A10, MAGE-A4 studies »

Adaptimmune Therapeutics…

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RHHBY

Roche

$0.00

(0.00%)

13:02
10/21/18
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13:02
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13:02
Hot Stocks
Genentech's Tecentriq, Abraxane combo demonstrates positive Phase III results »

Genentech, a member of…

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PFE

Pfizer

$44.50

0.48 (1.09%)

12:56
10/21/18
10/21
12:56
10/21/18
12:56
Hot Stocks
Pfizer presents overall survival data from PALOMA-3 trial of Ibrance »

Pfizer announced detailed…

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MRK

Merck

$72.34

0.12 (0.17%)

12:52
10/21/18
10/21
12:52
10/21/18
12:52
Hot Stocks
Merck presents early data for STING agonist in advanced solid tumors/lymphomas »

Merck announced the first…

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  • 23

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    Feb

DVAX

Dynavax

$10.90

-0.47 (-4.13%)

, MRK

Merck

$72.34

0.12 (0.17%)

12:47
10/21/18
10/21
12:47
10/21/18
12:47
Hot Stocks
Dynavax's SD-101, Keytruda combo still shows 70% ORR in Advanced Melanoma »

Dynavax (DVAX) presented…

DVAX

Dynavax

$10.90

-0.47 (-4.13%)

MRK

Merck

$72.34

0.12 (0.17%)

03/08/13
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  • 23

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EXEL

Exelixis

$16.27

-0.25 (-1.51%)

12:44
10/21/18
10/21
12:44
10/21/18
12:44
Hot Stocks
Exelixis announces results from data analysis of CABOSUN, METEOR trials »

Exelixis announced…

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