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TEVA

Teva

$21.01

0.545 (2.66%)

, MYL

Mylan

$32.64

0.03 (0.09%)

10:33
10/12/18
10/12
10:33
10/12/18
10:33

Court upholds ruling that cancels Teva's Copaxone patents, Reuters reports

A U.S. appeals court has upheld a ruling that canceled patents owned by Teva (TEVA) on its Copaxone drug for multiple sclerosis, Reuters reports. A group of generic drug companies, including Mylan (MYL), had challenged the validity of Teva's patents in order to sell generic versions. Reference Link

TEVA

Teva

$21.01

0.545 (2.66%)

MYL

Mylan

$32.64

0.03 (0.09%)

  • 19

    Oct

  • 01

    Nov

  • 13

    Nov

TEVA Teva
$21.01

0.545 (2.66%)

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.
10/01/18
10/01/18
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. UPS (UPS) upgraded to Outperform from Market Perform at BMO Capital with analyst Fadi Chamoun saying his meetings with institutional investors give him a more constructive outlook as the company proceeds with efforts to "add capacity across its network, implement automation," and (perform) other cost efficiency initiatives with medium-term benefits. 2. LogMeln (LOGM) upgraded to Outperform from Perform at Oppenheimer analyst Shaul Eyal saying in light of a soft 1H18 performance, the analyst views the company's recent retention concerns as gradually stabilizing per his industry checks. 3. Noble Corp. (NE) upgraded to Neutral from Underweight at Piper Jaffray with analyst Ian Macpherson saying he views the stock's risk/reward as balanced at current share levels. 4. Biogen (BIIB) assumed with an Overweight from Neutral at Cantor Fitzgerald. 5. Teva (TEVA) upgraded to Conviction Buy from Buy at Goldman Sachs and to Market Perform from Underperform at Leerink. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/01/18
10/01/18
UPGRADE
Target $24

Market Perform
Teva upgraded to Market Perform on improving fundamentals at Leerink
As previously reported, Leerink analyst Ami Fadia upgraded Teva to Market Perform from Underperform due to improving business fundamentals as well as the improving multiples for the overall generics sector. The analyst believes the company's fundamentals have improved meaningfully over the last few months as management has defended the Copaxone franchise maintaining brand share of about 85% despite two generic entrants, continued to grow Austedo, obtained timely approval of Ajovy and continued to rationalize costs faster than planned, which has put Teva in a position to pay down $3.5B in debt by YE18. Fadia also raised his price target on the shares to $24 from $16.
10/01/18
GSCO
10/01/18
UPGRADE
Target $30
GSCO
Conviction Buy
Teva upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman Sachs analyst Jami Rubin added Teva Pharmaceuticals (TEVA) to Goldman's Conviction List with a Buy rating. The analyst calls the recent selloff in the shares a "head scratcher" and sees a buying opportunity at current levels. 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. The analyst sees "meaningful upside" in shares of Teva and has a $30 price target for the name.
MYL Mylan
$32.64

0.03 (0.09%)

10/12/18
WELS
10/12/18
NO CHANGE
WELS
Market Perform
Merck returning Lantus biosimilar rights negative for Mylan, says Wells Fargo
Wells Fargo analyst David Maris sees a negative read-through for Mylan regarding yesterday's news of Merck Sharp & Dohme Research returning the rights to biosimilar Lantus to Samsung Bioepis. While some view this as a positive, as there will likely be one fewer competitor in the market if Mylan-Biocon make it to the U.S. market, that is a "simplistic and optimistic" take, Maris tells investors in a research note. The more important factor to consider is the "why" Merck dropped out, rather than the number of competitors, the analyst writes. He believes Merck returned the rights to Samsung Bioepis due to the deteriorating pricing environment and pricing outlook for insulin and Lantus biosimilars. Lilly's and Sanofi's manufacturing capacity, along with aggressive discounting, has created a "severe pricing environment," Maris contends. He believes that if Samsung Bioepis and Merck can't make the economics work, than one should be skeptical of Mylan and Biocon having substantial success. Maris has a Market Perform rating on Mylan shares.
10/09/18
10/09/18
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. Exelon (EXC) downgraded to Neutral from Overweight at JPMorgan and to Neutral from Buy at Citi. 2. CommScope (COMM) downgraded to Neutral from Buy at Goldman Sachs with analyst Mark Delaney saying he views the company's fundamental environment as "mixed" and views the stock's valuation as fair at current levels. 3. Mylan (MYL) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst David Risinger saying recent generics trends leave him seeing downside risk to consensus forecasts and Mylan's 2018 guidance. 4. Blackbaud (BLKB) downgraded to Market Perform from Outperform at Raymond James and JMP Securities as well as to Hold from Buy at Benchmark. 5. Kroger (KR) downgraded to Sell from Hold at Deutsche Bank while Smart & Final Stores (SFS) was downgraded to Hold from Buy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/09/18
10/09/18
DOWNGRADE
Target $36

Equal Weight
Morgan Stanley downgrades Mylan to Equal Weight on generic, Epipen uncertainty
As previously reported, Morgan Stanley analyst David Risinger downgraded Mylan to Equal Weight from Overweight, stating that recent generics trends leave him seeing downside risk to consensus forecasts and Mylan's 2018 guidance. He also noted that Epipen earnings will likely gap down in 2019 due to the imminent generic launch by Teva (TEVA) and that Mylan's biosimilars and complex products strategy is facing greater commercial challenges. Risinger, who lowered his 2018-2020 EBITDA CAGR to 4% from 8%, cut his price target on Mylan shares to $36 from $46.
10/09/18
MSCO
10/09/18
DOWNGRADE
MSCO
Equal Weight
Mylan downgraded to Equal Weight from Overweight at Morgan Stanley

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VOLVY

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ASB

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AXP

American Express

$102.86

-1.53 (-1.47%)

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ECYT

Endocyte

$23.40

7.85 (50.48%)

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$86.24

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ECYT

Endocyte

$23.40

7.85 (50.48%)

NVS

Novartis

$86.24

0.9 (1.05%)

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AVXL

Anavex

$2.47

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HOG

Harley-Davidson

$40.37

-1.29 (-3.10%)

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  • 23

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WMT

Walmart

$96.19

-0.37 (-0.38%)

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CTSH

Cognizant

$73.60

-0.4 (-0.54%)

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QSR

Restaurant Brands

$57.16

0.08 (0.14%)

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IBKC

Iberiabank

$75.27

-2.65 (-3.40%)

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  • 19

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VLRX

Valeritas

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PGTI

PGT Innovations

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MYGN

Myriad Genetics

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KBAL

Kimball International

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  • 06

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VFC

VF Corp.

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  • 19

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PYPL

PayPal

$77.50

-2.61 (-3.26%)

, V

Visa

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V

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MA

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PG

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$80.31

-0.8628 (-1.06%)

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LIVX

LiveXLive Media

$2.95

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