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JPM

JPMorgan

$106.88

-1.18 (-1.09%)

, WFC

Wells Fargo

$52.12

0.7 (1.36%)

16:18
10/12/18
10/12
16:18
10/12/18
16:18

Fly Intel: Wall Street's top stories for Friday

Stocks had a roller coaster session, which was a fitting end to a tumultuous week. The averages opened up sharply higher following two days of massive declines that saw the Dow lose about 1,400 points. The averages moved in a narrow range for most of the morning but by midday, the market was back in negative territory. Before losing too much ground the averages regrouped and went higher, with the Dow tacking on triple digit gains and the Nasdaq gaining roughly 2.3%. Despite today's gains, the market finished with its worst weekly performance since March. ECONOMIC EVENTS: In the U.S., import prices rose 0.5% in September, while export prices were flat, both of which were a little better than forecast. The preliminary October reading of the University of Michigan consumer sentiment index was down 1.1 points to 99.0 compared to the final 100.1 reading for September. In energy news, Baker Hughes reported that the U.S. rig count is up 11 rigs from last week to 1,063. COMPANY NEWS: Big banks kicked off the earnings season, with JPMorgan (JPM) reporting better than expected third quarter earnings per share and a 7% increase in assets under management for the quarter. Meanwhile, Wells Fargo (WFC) reported lower than expected Q3 earnings but reported revenue in-line with consensus estimates. Additionally, Citi (C) reported Q3 EPS that beat Wall Street expectations, though revenue was lower than the consensus estimate. CEO Michael Corbat noted, however, that the lender is "firmly on track" to deliver on its fiscal 2018 financial targets. PNC Financial (PNC) also reported better than expected quarterly results... General Electric (GE) moved the date of its Q3 earnings release and webcast to October 30 from October 25 to allow new chairman and CEO Larry Culp to complete his initial business reviews and site visits following his appointment on October 1, the conglomerate announced... Facebook (FB) said that of the 50M people whose access tokens the company believed were affected by a recent security breach, about 30M actually had their tokens stolen. MAJOR MOVERS: Among the noteworthy gainers was Iovance Biotherapeutics (IOVA), which rose 19.7% after the company reported results from an FDA end of Phase 2 meeting and provided a corporate update. Also higher was Snap (SNAP), which gained 5.4% after Pivotal Research analyst Brian Wieser upgraded the stock to Buy from Hold. Among the notable losers was Wabash (WNC), which fell 19.1% after it provided lower than expected guidance for Q3 and cut its FY18 earnings guidance. Also lower was Alder Biopharmaceuticals (ALDR), which slipped 1% after Mizuho analyst Difei Yang downgraded the stock to Neutral from Buy. INDEXES: The Dow rose 287.16, or 1.15%, to 25,339.99, the Nasdaq gained 167.83, or 2.29%, to 7,496.89, and the S&P 500 advanced 38.72, or 1.42%, to 2,767.09.

JPM

JPMorgan

$106.88

-1.18 (-1.09%)

WFC

Wells Fargo

$52.12

0.7 (1.36%)

C

Citi

$69.82

1.44 (2.11%)

PNC

PNC Financial

$124.15

-7.47 (-5.68%)

GE

General Electric

$12.29

-0.43 (-3.38%)

FB

Facebook

$153.76

0.4 (0.26%)

IOVA

Iovance Biotherapeutics

$11.94

1.97 (19.76%)

SNAP

Snap

$7.19

0.365 (5.35%)

WNC

Wabash

$13.54

-3.24 (-19.31%)

ALDR

Alder Biopharmaceuticals

$13.27

-0.13 (-0.97%)

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JPM JPMorgan
$106.88

-1.18 (-1.09%)

08/22/18
SBSH
08/22/18
NO CHANGE
SBSH
JPMorgan mobile trading platform 'another salvo' on online brokers, says Citi
JPMorgan's (JPM) reported zero cost mobile trading service to be launched next week is "another salvo" in the war on broker dealers' fundamentals, Citi analyst William Katz tells investors in a research note. JPMorgan's move further underscores the commoditization risk to pricing across the retail broker dealer complex, particularly online brokers, the analyst adds. Further, he believes the new product adds an additional degree of difficulty to pricing a potential E-Trade (ETFC) acquisition or other retail broker deals. The analyst's work suggests negative 3% and negative 1% earnings risk to TD Ameritrade (AMTD) and Charles Schwab (SCHW), respectively. However, Katz believes much of the negativity is already priced into Ameritrade following yesterday's selloff. For Schwab, he believes continued pressure on Investor Services presents further downside risk in the stock from here.
08/22/18
DBAB
08/22/18
NO CHANGE
DBAB
JPMorgan mobile launch a catalyst for industry consolidation, says Deutsche
Deutsche Bank analyst Brian Bedell believes JPMorgan's (JPM) reported rollout of online trading to its 47M customers next week should be a catalyst for online broker industry consolidation. The analyst believes the news supports his TD Ameritrade (AMTD), E-Trade (ETFC) merger scenario thesis. He points out that his model already includes "substantial" trade price compression.
10/03/18
BERN
10/03/18
NO CHANGE
BERN
Amazon to be accelerant of disruption coming for healthcare, says Bernstein
Bernstein analyst Lance Wilkes believes disruption is coming for healthcare and that Amazon (AMZN) will be an accelerant of this disruption. Further, the analyst sees a parallel with the fast changes in health insurance which took place in the 90's, when health insurance changed from 90% indemnity to 80% managed care within ten years. Wilkes thinks Amazon is developing a series of business strategies for entering healthcare market segments, namely directly entering online pharmacy, creating a disruptor in the employer healthcare space through its venture with Berkshire (BRK.A) and JPMorgan (JPM), and entering digital consumer healthcare spaces including using Alexa for consumer engagement and behavior modification.
09/25/18
WOLF
09/25/18
INITIATION
Target $140
WOLF
Outperform
JPMorgan initiated with an Outperform at Wolfe Research
Wolfe Research analyst Steven Chubak initiated JPMorgan with an Outperform and $140 price target.
WFC Wells Fargo
$52.12

0.7 (1.36%)

09/28/18
UBSW
09/28/18
NO CHANGE
Target $63
UBSW
Buy
Wells Fargo app download data suggests no momentum slowdown, says UBS
UBS analyst Saul Martinez reassessed Wells Fargo client engagement and employee sentiment and found that app download data was encouraging and showed no slowdown in momentum. Employee sentiment, however, showed a material weakening. The analyst said meaningful improvements in earnings power and profitability require revenue to stabilize and the recent share weakness may be due to concerns that business momentum and top line growth will continue to lag. Martinez maintained his Buy rating and $63 price target on Wells Fargo shares.
09/17/18
EDJN
09/17/18
UPGRADE
EDJN
Buy
Wells Fargo upgraded to Buy from Hold at Edward Jones (Friday)
09/25/18
WOLF
09/25/18
INITIATION
Target $71
WOLF
Outperform
Wells Fargo initiated with an Outperform at Wolfe Research
Wolfe Research analyst Steven Chubak initiated Wells Fargo with an Outperform and $71 price target.
09/12/18
JPMS
09/12/18
NO CHANGE
JPMS
Underweight
Reported OCC rejection would be negative for Wells, says JPMorgan
According to Reuters, Office of the Comptroller of the Currency regulators have rejected Wells Fargo's plan to repay its auto customers who were pushed to buy unnecessary auto insurance, JPMorgan analyst Vivek Juneja tells investors in a research note. This rejection would be a negative for Wells as it may be required to spend more and take more time to satisfy regulators, the analyst writes. He also views the news negatively overall for the bank's ongoing regulatory issues. Juneja reiterates an Underweight rating on shares of Wells Fargo.
C Citi
$69.82

1.44 (2.11%)

07/27/18
RHCO
07/27/18
NO CHANGE
Target $240
RHCO
Buy
MasterCard price target raised to $240 from $215 at SunTrust
SunTrust analyst Andrew Jeffrey raised his price target on MasterCard to $240 and kept his Buy rating, saying the company is demonstrating expansion of global market share while posting a 14% Q2 volume growth. The analyst adds that while MasterCard has a higher valuation than PayPal (PYPL) and Visa (V) - a 10% relative EBITDA premium - it is justified and may even be too narrow given its superior growth sustainability and margin upside.
09/25/18
WOLF
09/25/18
INITIATION
Target $91
WOLF
Outperform
Citi initiated with an Outperform at Wolfe Research
Wolfe Research analyst Steven Chubak initiated Citi with an Outperform and $91 price target.
09/19/18
OPCO
09/19/18
NO CHANGE
OPCO
Outperform
U.S. banks 'in very good shape,' says Oppenheimer, favorites include BofA, Citi
Oppenheimer analyst Chris Kotowski tells investors in a research note that the U.S. banking group is on solid footing with balance sheets less risky than at any time over the last 33 years the firm covered the group and says his favorite bank stocks are Outperform-rated Bank of America (BAC), Citi (C), CIT (CIT) and Goldman Sachs (GS). However, Kotowski notes that banks are trading at an average relative P/E of just ~66% relative to the S&P 500 and returning to a historical avg valuation of 73%-80% range would imply over a thousand basis points of outperformance by the group. In his view, the U.S. banks are, on the whole, in "very good" shape.
08/28/18
WELS
08/28/18
NO CHANGE
Target $100
WELS
Outperform
Citi to benefit from potential U.S.-Mexico trade deal, says Wells Fargo
Wells Fargo analyst Mike Mayo believes Citi could gain more than other large U.S. banks from a U.S.-Mexico trade deal given its ownership of the second largest bank in Mexico, Citibanamex. In his view, Citi's stock had been hurt on perceptions of the U.S. relationship with Mexico. At a minimum, any new trade deal could reflect the absence of a negative and, on the upside, new potential growth opportunities, he contends. Mayo reiterates an Outperform rating and $100 price target on the shares.
PNC PNC Financial
$124.15

-7.47 (-5.68%)

04/16/18
BARD
04/16/18
NO CHANGE
Target $153
BARD
Outperform
PNC Financial weakness overdone, says Baird
Baird analyst David George said PNC Financial posted a clean quarter and he would be a buyer of the shares on the post-earnings weakness. The analyst noted fees were down seasonally, but the bank posted good year-over-year growth. George maintained his Outperform rating and $153 price target on PNC Financial shares.
05/30/18
BARD
05/30/18
NO CHANGE
Target $153
BARD
Outperform
PNC Financial added as Fresh Pick at Baird
Baird analyst David George said the weakness in PNC Financial is a buying opportunity and said it screens as one of the better values among regional banks. The analyst likes the bank's competitive positioning, solid intermediate-term outlook, and its current valuation. George reiterated his Outperform rating and $153 price target on PNC Financial shares.
06/14/18
RBCM
06/14/18
NO CHANGE
Target $170
RBCM
Top Pick
PNC Financial EPS view cut at RBC Capital on reduced mortgage banking outlook
RBC Capital analyst Gerard Cassidy lowered his PNC Financial FY18 EPS view to $10.51 from $10.60 and FY19 view to $11.32 from $11.46 after the recent commentary by the management that its Q2 mortgage banking revenues are tracking to be 12% lower than in Q1. The analyst keeps his Top Pick rating and $170 price target however, saying the bank is well positioned for higher interest rates that would expand its net interest income and also has a high 42% of the total component for its non-interest income. Cassidy adds that the regulatory environment benefits could also exceed his expectations.
07/20/18
OPCO
07/20/18
NO CHANGE
OPCO
Perform
Wells Fargo's next few earnings reports likely to be 'choppy,' says Oppenheimer
Oppenheimer analyst Chris Kotowski maintained a Perform rating on Wells Fargo (WFC) after recent meetings with CFO John Shrewsberry. In a research note to investors, Kotowski says there was nothing that shakes his view that the next few quarterly earnings reports are likely to still be "choppy," and notes that Shewsberry "readily acknowledged" that there was much work to be done to get the consent order lifted. At the same time, the analyst contends that shares are not trading at much of a discount versus other high performing banks like JPMorgan (JPM) and PNC (PNC) and says he favors companies that have lower but rising ROTCEs that are trading near TBV, especially Citi (C), CIT (CIT) and Goldman (GS).
GE General Electric
$12.29

-0.43 (-3.38%)

10/12/18
GDHS
10/12/18
INITIATION
Target $11
GDHS
Underperform
General Electric initiated with an Underperform at Gordon Haskett
Gordon Haskett analyst John Inch started General Electric with an Underperform rating and $11 price target. GE is going to take a "very long time to turn around, no matter who is at the helm," Inch tells investors in a research note. He believes it is not clear that incremental value is being created by the company's actions to shrink and shuffle its debt. Further, he believes the Power business is facing negative secular pressures that are helping to constrict cash flow.
10/12/18
FBCO
10/12/18
INITIATION
FBCO
Outperform
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.
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."
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.
FB Facebook
$153.76

0.4 (0.26%)

10/11/18
NOMU
10/11/18
INITIATION
NOMU
Buy
Match Group initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Mark Kelley initiated Match Group (MTCH) with a Buy rating and $66 price target. Kelley sees Match remaining the clear leader in online dating, despite Tinder growth, the evolution of other brands such as OKCupid and PlentyOfFish, and Facebook's (FB) recent entry into dating -- which the analyst is not concerned about. Kelley estimates the global dating market, ex-China, will be $12B by 2020, and conservatively expects Match to comprise 20% of the market at that time.
10/05/18
RHCO
10/05/18
NO CHANGE
RHCO
Buy
AdExchanger data shows Facebook messenger activity 'booming', says SunTrust
SunTrust analyst Youssel Squali writes that the latest data from AdExchanger released on Wednesday suggests that over 10B messages have been exchanged between people and businesses every month, which is a 5-times increase in activity in less than two years. The analyst contends that the monetization of the Messenger platform is in its early days and represents a "massive opportunity" for Facebook. Squali has a Buy rating on Facebook stock, noting that its 10-times expected FY19 EBITDA multiple suggests that investors are pricing in "little-to-none in revenues/EBITDA from the Messenger platform".
10/08/18
FBCO
10/08/18
NO CHANGE
Target $210
FBCO
Outperform
Facebook price target lowered to $210 from $225 at Credit Suisse
Credit Suisse analyst Stephen Ju lowered his price target for Facebook to $210 from $225 as his checks with advertisers are indicating slower than expected ad budget growth as the hard cutoff date of 30 September for access to third party data on platform is negatively affecting eCPMs due to increased friction in the ad-buying process. As management has already offered Q3/Q4 guidance contemplating deceleration, this directionally should not be a surprise with the only remaining question around magnitude, he contends. Nonetheless, Ju notes that these headwinds are ultimately transitory. The analyst reiterates an Outperform rating on the shares.
10/12/18
MSCO
10/12/18
NO CHANGE
Target $175
MSCO
Overweight
Facebook price target lowered to $175 from $185 at Morgan Stanley
Morgan Stanley analyst Brian Nowak said his recent talks with advertisers about Facebook have been mixed and he believes its ad revenue growth is being negatively impacted by lackluster engagement on core Facebook, the reduction in data and targeting capabilities that is impacting advertisers' ROI and continued growth of lower-monetizing Instagram Stories engagement. He lowered his FY19 ad revenue estimate due to these headwinds and raised his 2019 operating expense view, leading Nowak to lower his price target on Facebook shares to $175 from $185. However, he keeps an Overweight rating on the stock, stating that while Facebook is going through challenges, the company has shown an ability to innovate and drive engagement and monetization.
IOVA Iovance Biotherapeutics
$11.94

1.97 (19.76%)

10/12/18
HCWC
10/12/18
NO CHANGE
HCWC
Iovance Biotherapeutics price target raised to $26 from $22 at H.C. Wainwright
H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Iovance Biotherapeutics and raised his price target on shares to $26 from $22, following the outcome of the end-of-Phase 2 meeting with the FDA regarding lead candidate LN-144. Pantginis called the interactions with the FDA "successful," and believes that Iovance will "further pursue its discussion with the agency in order to find the best path forward for LN-144 followed by assets across multiple indications." Additionally, the analyst reiterated his belief that Iovance is a compelling takeout candidate, and added that the company's cash resources provide strong leverage in any discussions.
10/12/18
OPCO
10/12/18
NO CHANGE
Target $25
OPCO
Outperform
Iovance Biotherapeutics price target raised to $25 from $22 at Oppenheimer
Oppenheimer analyst Mark Breidenbach reiterated an Outperform rating on Iovance Biotherapeutics and raised his price target to $25 from $22 citing recent positive clinical updates for its tumor infiltrating lymphocyte product for melanoma and the outcome of discussions with the FDA regarding the regulatory pathway forward.
09/13/18
JEFF
09/13/18
NO CHANGE
Target $31
JEFF
Buy
Feedback on Moffitt TIL study appears positive, says Jefferies
Jefferies analyst Biren Amin hosted a call with an oncologist at Moffitt Cancer Center to review the initial data from this first non-small cell lung cancer tumor infiltrating lymphocytes study. The doctor highlighted the large unmet need in NSCLC patients who failed to respond to anti-PD-1 therapy and feels the 100% disease control rate achieved in the first eight refractory patients to nivo is promising, Amin tells investors in a research note. Further, the oncologist believes the limited duration of response could improve in a second NSCLC study incorporating key "biomarkers," the analyst points out. Amin believes Iovance Biotherapeutics could incorporate some of these key learnings into its two Phase I/II NSCLC studies. The analyst keeps a Buy rating on Iovance with a $31 price target.
09/25/18
COWN
09/25/18
NO CHANGE
COWN
Outperform
Iovance Biotherapeutics weakness a buying opportunity, says Cowen
Cowen analyst Boris Peaker said the recent weakness in Iovance is a buying opportunity. The analyst noted the company's results from the Moffitt-run study of TILS in NSCLC were deemed mild and somewhat disappointing. He believes the data has no read-through to the ongoing melanoma trial, making the weakness an attractive entry point. Peaker reiterated his Outperform rating on Iovance shares.
SNAP Snap
$7.19

0.365 (5.35%)

10/12/18
PIVT
10/12/18
UPGRADE
Target $8
PIVT
Buy
Snap upgraded to Buy from Hold at Pivotal Research
Pivotal Research analyst Brian Wieser upgraded Snap to Buy from Hold while lowering his price target for the shares to $8 from $9. The stock closed yesterday up 22c to $6.81. The analyst says that despite declining usage and liquidity, the data he looks at is showing a "widening user base, although one which is collectively reducing its time on the platform." It is not too late for management to find ways to reverse recent usage trends and generally improve monetization regardless of those usage trends, Wieser tells investors in a research note. Further, the analyst believes Snap could become an attractive candidate to go private with the stock's price at current levels. Wieser views Snap's risk/reward as favorable following the recent selloff.
10/12/18
10/12/18
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. Microsoft (MSFT) upgraded to Outperform from Neutral at Macquarie with analyst Sarah Hindlian saying she is taking advantage of the pullback in shares. 2. Netflix (NFLX) upgraded to Buy from Neutral at Citi with analyst Mark May saying the valuation, following this week's selloff, has reached a level that warrants an "opportunistic" upgrade to Buy. 3. Square (SQ) upgraded to Buy from Hold at Canaccord with analyst Michael Graham saying the recent pullback in the shares creates a long-term opportunity in a "truly disruptive and well-run company." 4. Snap (SNAP) upgraded to Buy from Hold at Pivotal Research with analyst Brian Wieser saying despite declining usage and liquidity, the data he looks at is showing a "widening user base, although one which is collectively reducing its time on the platform." 5. Costco (COST) 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
10/12/18
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. MICROSOFT UPGRADED TO OUTPERFORM AFTER PULLBACK: Macquarie analyst Sarah Hindlian upgraded Microsoft (MSFT) to Outperform from Neutral and raised her price target on the shares to $121, saying she is taking advantage of the pullback in shares. Hindlian views Microsoft as a relatively defensive name with long-term earnings power and expects a strong start to FY19 following constructive field work. CITI UPGRADES NETFLIX TO BUY: Citi analyst Mark May upgraded Netflix (NFLX) to Buy from Neutral with an unchanged price target of $375. The valuation, following this week's selloff, has reached a level that warrants an "opportunistic" upgrade to Buy, May said. Netflix has a highly recurring subscription-based revenue business that delivers "significant value" to consumers, and its management team has a strong track record of execution, the analyst contended. Further, he believes the company's fundamentals remain strong and that is has opportunity to continue growing international subscribers. SQUARE UPGRADED TO BUY AFTER PULLBACK: Canaccord Genuity analyst Michael Graham upgraded Square (SQ) to Buy from Hold and raised his price target for the shares to $90 from $60. The recent pullback in the shares creates a long-term opportunity in a "truly disruptive and well-run company," Graham said. He believes the departure of CFO Sarah Friar is more about going to a promising company as CEO rather than walking away from a risk. PIVOTAL UPGRADES SNAP TO BUY: Pivotal Research analyst Brian Wieser upgraded Snap (SNAP) to Buy from Hold while lowering his price target for the shares to $8 from $9. The analyst said that despite declining usage and liquidity, the data he looks at is showing a "widening user base, although one which is collectively reducing its time on the platform." It is not too late for management to find ways to reverse recent usage trends and generally improve monetization regardless of those usage trends, Wieser added. Further, the analyst believes Snap could become an attractive candidate to go private with the stock's price at current levels. JPMORGAN DOWNGRADES ESTEE LAUDER TO NEUTRAL: JPMorgan analyst Andrea Teixeira downgraded Estee Lauder (EL) to Neutral and lowered her price target for the shares to $138 from $154. There may be a deceleration in the travel retail channel ahead now that Chinese customs agents are implementing tighter controls at the border, according to local source, Teixeira noted. Further, she believes the de-rating in luxury peers related to the group's "outsized exposure" to Chinese consumers will likely put a cap on Estee Lauder's valuation as well. The analyst also sees less opportunity for earnings beats on margins in the near term given tariff costs.
10/11/18
10/11/18
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. JPMORGAN UPGRADES LUMENTUM AFTER SELLOFF: JPMorgan analyst Samik Chatterjee upgraded Lumentum (LITE) to Overweight from Neutral with an unchanged price target of $80. The 19% stock decline from the highs in late August, driven by concerns relative to U.S.-China trade, over-appreciates the "modest risks" for Lumentum, Chatterjee said. He believes this creates an "attractive buying opportunity" to capitalize on the near-term improvement in the earnings outlook. GOLDMAN CUTS HUNTINGTON TO SELL: Goldman Sachs analyst Noah Poponak downgraded Huntington Ingalls Industries (HII) to Sell from Neutral and lowered his price target for the shares to $208 from $220. Poponak said Huntington is now the most expensive stock in his Defense coverage on economic, price-to-earnings and free cash flow yield. The analyst believes the stock could underperform Defense peers in the medium-term given the valuation. JEFFRIES STARTS HERBALIFE WITH A BUY: Jefferies analyst Akshay Jagdale started Herbalife Nutrition (HLF) with a Buy rating and $65 price target. After a period of "muted growth," Herbalife's sales looked poised to accelerate to a more normalized range of 5%-9%, Jagdale believes. He thinks the company should be able to grow at least in line with its total addressable market growth rate of 6%. This, coupled with margin expansion and accretive free cash flow usage, should drive "significant" earnings upside and support a "growth company valuation," Jagdale said. JPMORGAN RAISES PRICE TARGET ON NY TIMES: JPMorgan analyst Alexia Quadrani raised her price target for New York Times (NYT) to $32 and reiterated an Overweight rating on the shares ahead of the company's Q3 results. The analyst said that while quarterly subscriber growth may continue to be volatile, the company's longer-term trends are positive. She expects New York Times' growth to "remain at elevated levels for the foreseeable future." SNAP PRICE TARGET CUT AT GOLDMAN SACHS: Goldman Sachs analyst Heath Terry lowered his price target for Snap (SNAP) to $11 from $17, while reiterating a Buy rating on the shares. With Snap shares down 50% since the company reported Q2 results, beyond the broader weakness in social media, the analyst believes investors are clearly focused on the impact competition is having on the company's user growth, ability to monetize, and capital needs. Terry continues to believe that a Twitter-like (TWTR) turnaround is possible, particularly as the new Android app comes out of Alpha later this quarter. However, it is unlikely that Q3 results will show any signs of that as reported DAUs decline and engagement is negatively impacted by the redesign/competition, he said.
WNC Wabash
$13.54

-3.24 (-19.31%)

06/28/18
MZHO
06/28/18
INITIATION
MZHO
Neutral
Wabash initiated with a Neutral at Mizuho
06/29/18
MZHO
06/29/18
INITIATION
Target $24
MZHO
Neutral
Wabash initiated with a Neutral at Mizuho
Mizuho started Wabash with a Neutral rating and $24 price target.
10/01/18
LOOP
10/01/18
INITIATION
LOOP
Buy
Wabash initiated with a Buy at Loop Capital
Loop Capital analyst Jeffrey Kauffman initiated Wabash with a Buy rating and $27 price target. The analyst believes that trailer orders are currently at their cycle peak and likely to regress toward more normalized levels over the next two to three years, he does not view Wabash as a cyclical stock. Kauffman said he sees "growth initiatives the company has funded over the past cycle will lead to better-than-expected EPS growth through the normalization of the order cycle, leading to a higher valuation for the shares."
10/01/18
LOOP
10/01/18
INITIATION
LOOP
Buy
Wabash initiated with a Buy at Loop Capital
Loop Capital analyst Jeffrey Kauffman initiated Wabash with a Buy rating and $27 price target. The analyst believes that trailer orders are currently at their cycle peak and likely to regress toward more normalized levels over the next two to three years, he does not view Wabash as a cyclical stock. Kauffman said he sees "growth initiatives the company has funded over the past cycle will lead to better-than-expected EPS growth through the normalization of the order cycle, leading to a higher valuation for the shares."
ALDR Alder Biopharmaceuticals
$13.27

-0.13 (-0.97%)

09/10/18
MSCO
09/10/18
INITIATION
MSCO
Underweight
Alder Biopharmaceuticals initiated with an Underweight at Morgan Stanley
10/12/18
MZHO
10/12/18
DOWNGRADE
Target $15
MZHO
Neutral
Alder Biopharmaceuticals downgraded to Neutral from Buy at Mizuho
Mizuho analyst Difei Yang downgraded Alder Biopharmaceuticals to Neutral and lowered her price target for the shares to $15 from $29. The analyst sees limited catalysts between an anticipated biologics license application submission in Q1 of 2019 and commercial launch expected in 2020. Investors could remain on the sidelines and away from higher risk names given the current higher volatility in the market, Yang tells investors in a research note.
10/12/18
10/12/18
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. Molina Healthcare (MOH) downgraded to Hold from Buy at Jefferies with analyst David Windley citing valuation. 2. Genesee & Wyoming (GWR) downgraded to Neutral from Overweight at JPMorgan with analyst Brian Ossenbeck saying the stock is up 20% since the Q4 of 2017 earnings as management completed divesting the majority of the failed European acquisition and opportunistically repurchased 3% of the shares outstanding. 3. Oneok (OKE) downgraded to Equal Weight from Overweight at Barclays. 4. Alder Biopharmaceuticals (ALDR) downgraded to Neutral from Buy at Mizuho with analyst Difei Yang saying she sees limited catalysts between an anticipated biologics license application submission in Q1 of 2019 and commercial launch expected in 2020. 5. Veon (VEON) downgraded to Neutral from Buy at Goldman Sachs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/10/18
09/10/18
INITIATION
Target $19

Underweight
Morgan Stanley starts Alder at Underweight given crowded migraine market
As previously reported, Morgan Stanley analyst Jeffrey Hung started Alder Biopharmaceuticals with an Underweight rating, noting that the company's migraine drug will be the fourth to market of the same class. Alder's drug has a fast onset, but he views efficacy across these drugs as largely similar, Hung tells investors. The consensus estimate of $750M for Alder's drug by 2025 needs to come down, according to the analyst, who set a $19 price target on the stock.

TODAY'S FREE FLY STORIES

LLY

Eli Lilly

$111.91

-1.4 (-1.24%)

, INCY

Incyte

$66.09

1.66 (2.58%)

18:44
10/21/18
10/21
18:44
10/21/18
18:44
Hot Stocks
Eli Lilly, Incyte shares updated safety analysis of Olumiant in active RA »

Eli Lilly (LLY) and…

LLY

Eli Lilly

$111.91

-1.4 (-1.24%)

INCY

Incyte

$66.09

1.66 (2.58%)

03/08/13
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WAL

Western Alliance

$49.42

-4.11 (-7.68%)

18:36
10/21/18
10/21
18:36
10/21/18
18:36
Recommendations
Western Alliance analyst commentary  »

Western Alliance should…

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  • 07

    Nov

FFBC

First Financial Bancorp

$24.91

-2.51 (-9.15%)

18:32
10/21/18
10/21
18:32
10/21/18
18:32
Upgrade
First Financial Bancorp rating change  »

First Financial upgraded…

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  • 30

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    Oct

HRZN

Horizon Technology

$11.45

0.06 (0.53%)

18:29
10/21/18
10/21
18:29
10/21/18
18:29
Downgrade
Horizon Technology rating change  »

Horizon Technology…

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  • 31

    Oct

NCNA

NuCana

$18.90

1.9 (11.18%)

18:25
10/21/18
10/21
18:25
10/21/18
18:25
Recommendations
NuCana analyst commentary  »

NuCana updated Phase Ib…

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  • 21

    Oct

CBNK

Capital Bancorp

$12.75

(0.00%)

18:25
10/21/18
10/21
18:25
10/21/18
18:25
Initiation
Capital Bancorp initiated  »

Capital Bancorp initiated…

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ABX

Barrick Gold

$13.19

0.005 (0.04%)

, GOLD

Randgold

$81.91

0.23 (0.28%)

18:03
10/21/18
10/21
18:03
10/21/18
18:03
Hot Stocks
ISS recommends Barrick, Randgold shareholders vote in favor of merger »

Barrick Gold (ABX)…

ABX

Barrick Gold

$13.19

0.005 (0.04%)

GOLD

Randgold

$81.91

0.23 (0.28%)

03/08/13
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03/08/13
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03/06/13
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V

Visa

$140.06

0.74 (0.53%)

, IBM

IBM

$129.16

-1.36 (-1.04%)

17:45
10/21/18
10/21
17:45
10/21/18
17:45
Hot Stocks
Visa readies B2B Connect for market »

Visa (V) announced new…

V

Visa

$140.06

0.74 (0.53%)

IBM

IBM

$129.16

-1.36 (-1.04%)

03/08/13
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03/06/13
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03/06/13
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  • 21

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  • 24

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  • 28

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  • 13

    Nov

  • 13

    Nov

  • 26

    Nov

  • 29

    Jan

  • 03

    Mar

T

AT&T

$32.86

0.36 (1.11%)

, CMCSA

Comcast

$35.97

0.02 (0.06%)

17:42
10/21/18
10/21
17:42
10/21/18
17:42
Hot Stocks
Box Office Battle: 'Halloween' breaks records with scary $77.5M »

Comcast (CMCSA)…

T

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%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 21

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  • 25

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  • 25

    Oct

  • 06

    Nov

  • 08

    Nov

  • 12

    Nov

  • 14

    Nov

  • 14

    Nov

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
10/21/18
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%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 13

    Nov

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    Nov

  • 14

    Nov

VLKAY

Volkswagen

$0.00

(0.00%)

17:04
10/21/18
10/21
17:04
10/21/18
17:04
Periodicals
Audi electric SUV facing delay due to software bug, Reuters reports »

Audi's first…

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03/06/13
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BX

Blackstone

$34.66

-0.61 (-1.73%)

17:00
10/21/18
10/21
17:00
10/21/18
17:00
Periodicals
Blackstone to acquire Ulterra for $700M, Reuters reports »

Blackstone has agreed a…

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03/08/13
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03/06/13
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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
10/21/18
16:56
Periodicals
Fiat agrees to sell Magneti Marelli to KKR's Calsonic, Bloomberg says »

Fiat Chrysler (FCAU) has…

FCAU

Fiat Chrysler

$15.52

0.035 (0.23%)

KKR

KKR

$24.22

-0.45 (-1.82%)

03/08/13
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03/06/13
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  • 25

    Oct

  • 30

    Oct

MRK

Merck

$72.34

0.12 (0.17%)

, AZN

AstraZeneca

$39.21

0.25 (0.64%)

16:40
10/21/18
10/21
16:40
10/21/18
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%)

03/08/13
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  • 23

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    Feb

VAR

Varian Medical

$104.25

-1.575 (-1.49%)

16:31
10/21/18
10/21
16:31
10/21/18
16:31
Hot Stocks
Varian unveils new Bravos afterloader system for brachytherapy treatments »

Varian announced the…

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  • 23

    Oct

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 »

Meeting to be held in New…

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  • 22

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  • 07

    Nov

GTHX

G1 Therapeutics

$46.88

-0.07 (-0.15%)

14:13
10/21/18
10/21
14:13
10/21/18
14:13
Hot Stocks
G1 presents additional data from randomized Phase 2 trial in first-line SCLC »

G1 Therapeutics announced…

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  • 27

    Nov

NCNA

NuCana

$18.90

1.9 (11.18%)

14:09
10/21/18
10/21
14:09
10/21/18
14:09
Hot Stocks
NuCana reports additional data on NUC-1031 in advanced biliary tract cancer »

NuCana announced combined…

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  • 21

    Oct

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
10/21/18
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%)

03/08/13
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03/08/13
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  • 23

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    Feb

INCY

Incyte

$66.09

1.66 (2.58%)

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

Incyte announced updated…

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  • 22

    Oct

  • 30

    Oct

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

(0.00%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 21

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  • 27

    Nov

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%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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  • 21

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  • 27

    Nov

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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  • 21

    Oct

  • 22

    Oct

RHHBY

Roche

$0.00

(0.00%)

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

Genentech, a member of…

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  • 21

    Oct

  • 07

    Nov

  • 24

    Dec

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

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  • 24

    Oct

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  • 25

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  • 07

    Nov

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