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LRCX

Lam Research

$143.65

6.03 (4.38%)

, INTC

Intel

$44.86

0.63 (1.42%)

08:30
10/15/18
10/15
08:30
10/15/18
08:30

Lam Research price target lowered to $225 from $275 at DA Davidson

DA Davidson analyst Thomas Diffely lowered his price target on Lam Research (LRCX) to $225 and also lowered his FY19 EPS view to $14.75 from $16.15 ahead of its earnings tomorrow, saying the company's call will "set the tone" for the rest of the "semicap" earnings season. The analyst notes that prior expectations called for a trough in Q3 and some modest recovery in Q4, but now anticipates the sluggishness to continue into Q4. Diffely keeps his Buy rating on Lam Research however, urging investors to be "aggressive buyers" on any weakness from softer Q4 guidance. He states that the semiconductor recovery should begin in early 2019 and ramp throughout the year with "key drivers already in place for the delayed projects to resume". The analyst further notes that the "pushouts" from Intel (INTC) and TSMC (TSM) were likely the "function of yield optimization and timing related issues" rather than "diminishing long term industry fundamentals".

LRCX

Lam Research

$143.65

6.03 (4.38%)

INTC

Intel

$44.86

0.63 (1.42%)

TSM

TSMC

$39.69

0.75 (1.93%)

  • 16

    Oct

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    Oct

  • 22

    Oct

LRCX Lam Research
$143.65

6.03 (4.38%)

10/10/18
GSCO
10/10/18
NO CHANGE
GSCO
Goldman Sachs cuts estimates for Semi Capital Equipment makers after checks
Goldman Sachs analyst Toshiya Hari lowered his estimates for Semiconductor Capital Equipment makers Applied Materials (AMAT), Lam Research (LRCX) and KLA-Tencor (KLAC) as his recent industry checks lead him to believe that the market could be underestimating the magnitude of a cyclical downturn driven by weakness in memory. Hari lowered his EPS estimates for Applied, Lam and KLA-Tencor by an average of 11% and 4%, respectively, for calendar 2019 and 2020. The analyst also cut his price target Lam to $156 from $180 and lowered his target for Applied to $40 from $47 and keeps Neutral ratings on both.
10/01/18
DBAB
10/01/18
DOWNGRADE
Target $170
DBAB
Hold
Lam Research downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Sidney Ho downgraded Lam Research (LRCX) to Hold and lowered his price target for the shares to $170 from $230. Semicap Equipment stocks are not expensive but lack positive catalysts, Ho tells investors in a research note. 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. With this setup, the analyst prefers companies with a defensive business model like Entegris (ENTG) or stocks that look mispriced like MKS Instruments (MKSI) over broad-based names Applied Materials (AMAT), Lam Research and KLA-Tencor (KLAC).
10/01/18
DBAB
10/01/18
UPGRADE
Target $38
DBAB
Buy
Entegris upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Sidney Ho upgraded Entegris (ENTG) to Buy while lowering his price target for the shares to $38 from $40. The analyst prefers the "defensive business model" of Entegris amid the uncertainty in the Semicap equipment sector. He coupled the upgrade with a downgrade of both Applied Materials (AMAT) and Lam Research (LRCX). Ho also kept a Buy rating on MKS Instruments (MKSI) while lowering his price target for the shares to $38 from $40.
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.
INTC Intel
$44.86

0.63 (1.42%)

10/08/18
MSCO
10/08/18
NO CHANGE
Target $50
MSCO
Equal Weight
Intel investors should ask tough questions of new CEO, says Morgan Stanley
Morgan Stanley analyst Joseph Moore said "sell-side analysts are not qualified to be CEOs, as much as it is fun to pretend" and that he is "not arrogant enough to believe that [he has] the definitive right answer" to the tough questions that will face the new CEO at Intel. Those include which of Intel's core competencies should the company build around; how to balance a focus on the core processor business and adjacencies versus expanding the scope of the business; what is the right path for Mobileye; what is the right path for Altera; and what is the right level of R&D and capital spending? However, he thinks that investors should be asking those tough questions about Intel's recent pursuit of a strategy of driving growth outside of the core business and Moore believes there is substantial opportunity to unlock value. The analyst, who said he is generally more optimistic than consensus about the long-term impact of the 10 nm delay on the core business, keeps an Equal Weight rating on Intel shares.
10/02/18
RBCM
10/02/18
NO CHANGE
Target $29
RBCM
Outperform
HP's PSG FY19 revenue seen 'flat to slightly positive', says RBC Capital
RBC Capital analyst Amit Daryanani kept his Outperform rating and $29 price target on HP Inc (HPQ) ahead of its Analyst Day tomorrow. The analyst expects the company to guide is FY19 revenue for Personal Systems Group to be "flat to slightly positive" despite the unit moderation related to Intel (INTC) CPU shortage constraints. Daryanani also anticipates the Printing group outlook to be slightly higher on supplies stabilization sustaining into FY19 and the overall free cash flow outlook in the $3.5B-$4.0B range - in line with the expected $3.7B in FY18.
10/05/18
BOFA
10/05/18
NO CHANGE
BOFA
Buy
AMD lead over Intel within 7nm server remains intact, says BofA/Merrill
BofA Merrill Lynch analyst Vivek Arya noted that AMD (AMD) shares have underperformed Intel's (INTC) by about 28 percentage points since September 12 amid media reports that the latter is accelerating purchases of 10nm equipment. Intel's recent backing of its 2018 outlook also threw cold water on some bullish expectations for AMD to capture share in current-generation technology, add Arya. However, while Intel can slightly improve launch timing for next-gen 10nm-based PC processors, the launch of the more critical server parts is still unlikely before mid-2020, at-best, Arya believes. Also, AMD's 6 to 9 month lead with its 7nm server chips, which are already sampling, remains intact, said the analyst, who keeps a Buy rating on AMD and Neutral rating on Intel shares.
TSM TSMC
$39.69

0.75 (1.93%)

08/28/18
FBCO
08/28/18
NO CHANGE
Target $13.5
FBCO
Neutral
AMD shares 'more fully valued than cheap,' says Credit Suisse
While the transition to TSMC (TSM) for all 7nm products is a positive for AMD (AMD) given TSMC's "successful record of leading-edge manufacturing," AMD does not expect the transition to impact its long-term financial model, Credit Suisse analyst John Pitzer told investors last night in a research note. Further, the transition could have a dampening near-term financial impact as AMD has pre-negotiated annual purchase targets with GF thru 2020 that requires AMD to make quarterly payments based on the volume of wafers purchased from other foundries, the analyst adds. He notes that the departure of Jim Anderson, who is leaving AMD to become the CEO of Lattice Semiconductor (LSCC), is the latest executive departure at the company. While AMD's intellectual property is "extremely valuable" and investors continue to underestimate accelerating compute demand across all architectures, the stock appears "more fully valued than cheap" at current levels, Pitzer writes. The analyst maintains a Neutral rating on AMD with a $13.50 price target. The chipmaker in early trading is up 41c to $25.67.
08/29/18
MKMP
08/29/18
NO CHANGE
Target $20
MKMP
Neutral
Advanced Micro Devices price target raised to $20 from $13.50 at MKM Partners
MKM Partners analyst Ruben Roy raised his price target on Advanced Micro Devices (AMD) to $20, citing continued strength of the PC and data center end markets as well as his underestimated "new product momentum". The analyst also sees this week's expected announcement regarding a shift in 7nm production to TSMC (TSM) to benefit its long-term margin structure. Roy keeps his Neutral rating on AMD however, noting that its valuation of 38-times his expected forward earnings already reflects the high expectations.
09/18/18
MSCO
09/18/18
UPGRADE
MSCO
Overweight
TSMC upgraded to Overweight from Equal Weight at Morgan Stanley
09/19/18
09/19/18
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. Transocean (RIG) upgraded to Outperform from Market Perform at Wells Fargo with analyst Judson Bailey saying he "significantly" increased his EBITDA and net asset value estimates across the offshore drilling space to reflect increasing demand combined with tightening availability for high spec ultra-deepwater rigs. 2. TSMC (TSM) upgraded to Overweight from Equal Weight at Morgan Stanley. 3. Mechel (MTL) upgraded to Neutral from Sell at Citi. 4. Juniper (JNPR) upgraded to Buy from Neutral at Nomura Instinet with analyst Jeffrey Kvaal saying he believes Juniper "will finally be able to catch the webscale capex growth tailwind in 2019." 5. E-Trade (ETFC) upgraded to Buy from Hold at Jefferies with analyst Daniel Fannon saying the stock's current valuation is attractive for the core business while the financial and strategic benefits as a takeout candidate remain intact. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

SENS

Senseonics

$0.83

-0.021 (-2.46%)

16:09
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Senseonics announces HCSC now provides coverage for Eversense CGM System »

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RETA

Reata Pharmaceuticals

$100.74

4.94 (5.16%)

16:07
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Reata Pharmaceuticals Part 2 MOXIe trial of omaveloxolone meets primary endpoint »

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SANM

Sanmina

$30.31

-0.11 (-0.36%)

16:07
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Sanmina names Kurt Adzema as CFO, succeeding David Anderson »

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QGEN

Qiagen

$27.29

0.21 (0.78%)

16:07
10/14/19
10/14
16:07
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Hot Stocks
Qiagen launches new QIAseq FastSelect Solutions »

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RPAY

Repay Holdings

$13.18

-0.1 (-0.75%)

16:06
10/14/19
10/14
16:06
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16:06
Hot Stocks
Repay Holdings to acquire APS Payments for $60M »

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  • 18

    Nov

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    Nov

AKS

AK Steel

$2.44

-0.07 (-2.79%)

, MT

ArcelorMittal

$14.34

-0.415 (-2.81%)

16:01
10/14/19
10/14
16:01
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16:01
General news
Trump says steel tariffs on Turkey to be raised back up to 50% »

President Trump announced…

AKS

AK Steel

$2.44

-0.07 (-2.79%)

MT

ArcelorMittal

$14.34

-0.415 (-2.81%)

NUE

Nucor

$51.61

-1.08 (-2.05%)

STLD

Steel Dynamics

$29.55

-0.82 (-2.70%)

X

U.S. Steel

$11.14

-0.2 (-1.76%)

TMST

TimkenSteel

$5.71

-0.115 (-1.98%)

03/08/13
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  • 17

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RETA

Reata Pharmaceuticals

$101.70

5.9 (6.16%)

16:00
10/14/19
10/14
16:00
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16:00
Hot Stocks
Breaking Hot Stocks news story on Reata Pharmaceuticals »

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RPAY

Repay Holdings

$13.18

-0.1 (-0.75%)

16:00
10/14/19
10/14
16:00
10/14/19
16:00
Hot Stocks
Breaking Hot Stocks news story on Repay Holdings »

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  • 18

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AEMD

Aethlon Medical

$0.26

0.0016 (0.63%)

15:56
10/14/19
10/14
15:56
10/14/19
15:56
Hot Stocks
Aethlon Medical announces 1-for-15 reverse stock split »

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  • 14

    Oct

AYTU

Aytu BioScience

$1.22

0.01 (0.83%)

15:55
10/14/19
10/14
15:55
10/14/19
15:55
Conference/Events
Aytu BioScience to host conference call »

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  • 14

    Oct

JNJ

Johnson & Johnson

$130.78

-0.57 (-0.43%)

15:53
10/14/19
10/14
15:53
10/14/19
15:53
Earnings
Fly Intel: What to watch in Johnson & Johnson earnings report »

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  • 15

    Oct

RGSE

RGS Energy

$0.00

(0.00%)

15:50
10/14/19
10/14
15:50
10/14/19
15:50
Conference/Events
RGS Energy to host business news update conference call »

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TGNA

Tegna

$15.21

0.05 (0.33%)

15:50
10/14/19
10/14
15:50
10/14/19
15:50
Periodicals
Tegna investor Standard General considering proxy fight, Bloomberg says »

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  • 07

    Nov

15:33
10/14/19
10/14
15:33
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15:33
Conference/Events
Wolfe Research utilities analyst to hold a group luncheon »

Utilities Analysts…

RCUS

Arcus Biosciences

$8.12

-0.075 (-0.92%)

15:26
10/14/19
10/14
15:26
10/14/19
15:26
Conference/Events
Arcus Biosciences management to meet with SVB Leerink »

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  • 21

    Oct

MLND

Millendo Therapeutics

$7.09

-0.15 (-2.07%)

15:24
10/14/19
10/14
15:24
10/14/19
15:24
Conference/Events
Millendo Therapeutics management to meet with SVB Leerink »

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  • 15

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MREO

Mereo BioPharma

$3.40

-0.15 (-4.23%)

15:22
10/14/19
10/14
15:22
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15:22
Conference/Events
Mereo BioPharma management to meet with SVB Leerink »

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  • 15

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  • 16

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

15:17
10/14/19
10/14
15:17
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15:17
Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

15:16
10/14/19
10/14
15:16
10/14/19
15:16
Technical Analysis
NYSE market internals summary »

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FAST

Fastenal

$35.48

-0.885 (-2.43%)

15:11
10/14/19
10/14
15:11
10/14/19
15:11
Downgrade
Fastenal rating change  »

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  • 23

    Oct

PE

Parsley Energy

$15.27

-1.71 (-10.07%)

, JAG

Jagged Peak Energy

$6.76

-0.055 (-0.81%)

15:00
10/14/19
10/14
15:00
10/14/19
15:00
Recommendations
Parsley Energy, Jagged Peak Energy analyst commentary  »

Parsley Energy deal to…

PE

Parsley Energy

$15.27

-1.71 (-10.07%)

JAG

Jagged Peak Energy

$6.76

-0.055 (-0.81%)

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  • 14

    Oct

  • 06

    Nov

CURO

Curo Group

$12.76

-0.1 (-0.78%)

, GOOG

Alphabet

$1,220.44

6.58 (0.54%)

15:00
10/14/19
10/14
15:00
10/14/19
15:00
Recommendations
Curo Group, Alphabet, Alphabet Class A, Elevate Credit, Enova International, Apple analyst commentary  »

Google App Store ban…

CURO

Curo Group

$12.76

-0.1 (-0.78%)

GOOG

Alphabet

$1,220.44

6.58 (0.54%)

GOOGL

Alphabet Class A

$1,220.24

5.62 (0.46%)

ELVT

Elevate Credit

$4.42

-0.03 (-0.67%)

ENVA

Enova International

$19.99

0.03 (0.15%)

AAPL

Apple

$236.16

-0.05 (-0.02%)

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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  • 24

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  • 13

    Nov

ZUO

Zuora

$14.37

-0.29 (-1.98%)

14:55
10/14/19
10/14
14:55
10/14/19
14:55
Options
Zuora put volume heavy and directionally bearish »

Bearish flow noted in…

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BAC

Bank of America

$29.06

0.155 (0.54%)

, GS

Goldman Sachs

$205.68

0.98 (0.48%)

14:54
10/14/19
10/14
14:54
10/14/19
14:54
Earnings
Fly Intel: What to watch in next round of big banks' earnings reports »

Goldman Sachs (GS), Bank…

BAC

Bank of America

$29.06

0.155 (0.54%)

GS

Goldman Sachs

$205.68

0.98 (0.48%)

MS

Morgan Stanley

$42.19

0.25 (0.60%)

BABA

Alibaba

$171.95

-1.015 (-0.59%)

FDC

First Data

$0.00

(0.00%)

03/08/13
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  • 15

    Oct

  • 16

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  • 17

    Oct

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    Oct

  • 10

    Nov

  • 12

    Nov

  • 19

    Nov

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

14:17
10/14/19
10/14
14:17
10/14/19
14:17
Technical Analysis
NASDAQ market internals summary »

Volume is below average…

03/08/13
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