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DIS

Disney

$112.61

1.44 (1.30%)

, FOXA

Fox Corp.

$45.36

0.23 (0.51%)

08:34
10/15/18
10/15
08:34
10/15/18
08:34

Disney shares appear 'compelling' at current levels, says Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne believes Disney (DIS) shares appear "compelling" at a current valuation of under 13x "core" FY20 pro forma EPS given the company's opportunity to maximize the potential of the acquired Fox (FOXA) assets and scale a direct-to-consumer business. He attributes investor reluctance to own Disney shares to uncertainty about its ability to simultaneously execute on a large acquisition, launch a global direct-to-consumer business and grow, but Swinburne sees this "complexity discount" as an opportunity, he tells investors. He maintains an Overweight rating on Disney shares with a $135 price target.

DIS

Disney

$112.61

1.44 (1.30%)

FOXA

Fox Corp.

$45.36

0.23 (0.51%)

FOX

Fox Corp.

$44.94

0.15 (0.33%)

  • 13

    Nov

DIS Disney
$112.61

1.44 (1.30%)

10/15/18
MSCO
10/15/18
INITIATION
Target $53
MSCO
Overweight
21st Century Fox resumed with an Overweight at Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne resumed coverage of 21st Century Fox (FOXA) with an Overweight rating and $53 price target, based on his valuation of $12 per share for "New Fox" and roughly $41 per share for "RemainCo." Swinburne said he expects New Fox's cable networks to deliver 7-8% annualized distribution fee growth through FY22, which he notes is higher growth than he projects for the U.S. TV assets it is selling to Disney (DIS). He projects roughly $2.1B of annual free cash flow generated on average for FY20-FY22, ramping up to nearly $2.5B in FY23, which he sees being used for dividends, buybacks and likely more M&A.
10/10/18
RBCM
10/10/18
NO CHANGE
Target $140
RBCM
Top Pick
RBC Capital nudges down its EPS view on Disney on higher park expense
RBC Capital analyst Steven Cahall lowered his Q4 EPS view on Disney (DIS) by 4% to $1.35 and FY19 EPS view by 2% to $7.04 to reflect the company's recent pay raises in its Parks segment as well as the losses at Hulu from its recent announcement of tendering Sky (SKYAY) shares and investing more heavily in content. The analyst also keeps his Top Pick rating and $140 price target, noting that his investment thesis remains intact as the stock generally trades on the sentiment around "direct to consumer", or DTC, success.
10/02/18
LOOP
10/02/18
NO CHANGE
Target $365
LOOP
Hold
Netflix to beat its subscriber forecasts in Q3, says Loop Capital
Loop Capital analyst Alan Gould kept his Hold rating and $365 price target on Netflix (NFLX) ahead of its Q3 results. The analyst expects the company to beat on subscriber adds domestically and internationally while also offering a "conservative" outlook for Q4 along with another debt offering likely to be offset by another $1 per month increase in rates. Gould adds that while the Street has consistently underestimated international subscriber additions at Netflix, he also warns that further detail from Disney (DIS) about its upcoming streaming services could weigh on Netflix shares.
09/24/18
BERN
09/24/18
NO CHANGE
BERN
Sky's bidding war outcome 'best possible result' for Disney, says Bernstein
Bernstein analyst Todd Juenger says this weekend's outcome of the bidding war for Sky (SKYAY) was "the best possible result" for Disney (DIS). The analyst argues that he never understood why Disney would want to operate a European DBS business, and never understood how Sky would contribute to Disney's DTC strategy. Rather than pay such a premium like Comcast (CMCSA), Disney can now get "paid" that premium, assuming Fox (FOXA) agrees to sell and deliver the proceeds to Disney in lieu of the shares they had promised, the analyst contends.
FOXA Fox Corp.
$45.36

0.23 (0.51%)

09/24/18
LOOP
09/24/18
NO CHANGE
Target $51
LOOP
Buy
21st Century Fox favored over Disney on on Comcast-Sky deal, says Loop Capital
Loop Capital analyst Alan Gould kept his Buy rating and $51 price target on 21st Century Fox (FOXA), saying that while Disney (DIS) should also rise on the latest news of Comcast (CMCSA) buy Sky (SKYAY), "asymmetrical returns" favor Fox as Disney stock price "approaches the high end of the collared range for the Fox transaction". The analyst notes that he is positive on Fox "as an attractive way to buy Disney and create shares in the spinoff New Fox". Gould adds that while missing on Sky "complicates Disney's direct-to-consumer" Europe strategy, he believes investors will reward its stronger balance sheet and its independent efforts of launching a global streaming business.
09/19/18
UBSW
09/19/18
DOWNGRADE
UBSW
Neutral
Sky downgraded to Neutral from Buy at UBS
UBS downgraded Sky (SKYAY) to Neutral while raising its price target for the shares to 1,600p from 1,500p. The firm cites valuation for the downgrade with the stock up over 70% in the last 12 months. Sky shares are pricing in high probability that Disney (DIS)/Fox (FOXA) will return with a higher offer, UBS says. It continues to believe the company is "strategically valuable" to both Disney/Fox and Comcast (CMCSA).
FOX Fox Corp.
$44.94

0.15 (0.33%)

08/09/18
08/09/18
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. GOLDMAN CUTS SEAGATE TO SELL: Goldman Sachs analyst Mark Delaney downgraded Seagate Technology (STX) to Sell from Neutral and lowered his price target for the shares to $44 from $50, representing 20% downside from current levels. While Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market," Delaney said. He believes Seagate's fundamentals will peak in the second half of 2018 and decline in 2019. RBC CUTS FOX TO SECTOR PERFORM ON VALUATION: RBC Capital analyst Steven Cahall downgraded 21st Century Fox (FOXA) to Sector Perform from Outperform, but raised his price target to $49 from $45. The analyst noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. Cahall adds that while the company is "undervalued", he awaits the separation to re-evaluate his stance. MORGAN STANLEY DOWNGRADES SEMI INDUSTRY: Morgan Stanley analyst Joseph Moore said he has become less constructive on semiconductor stocks through the year and he now believes elevated inventory levels and stretched lead times leave "no margin for error." Given his view that any lead time adjustment or demand slowdown could drive a "meaningful correction," Moore has downgraded his semiconductor industry view to Cautious from In-Line. He favors connector companies, like Amphenol (APH) and TE Connectivity (TEL) over analog/MCU at this point in the cycle, due to lower risk around lead time issues, Moore said. He also has a "strong preference" for high margin and more defensive models, such as Analog Devices (ADI) over lower margin and commodity exposed ones, like Cypress Semiconductor (CY) and ON Semiconductor (ON), he said. Despite his more cautious view on the space, Moore kept Overweight ratings on Nvidia (NVDA), Xilinx (XLNX) and Ambarella (AMBA), citing his view that they should benefit from secular growth in the area of AI, data center, and autonomous. SOUTHERN COMPANY GETS MULTIPLE DOWNGRADES AFTER Q2 REPORT: Barclays analyst Eric Beaumont downgraded Southern Company (SO) to Equal Weight and lowered his price target for the shares to $48 from $51. Credit Suisse analyst Michael Weinstein downgraded Southern Company to Underperform from Neutral and lowered his price target on the shares to $43 from $46. Guggenheim analyst Shahriar Pourreza downgraded Southern Company to Neutral from Buy and lowered his price target on the stock to $47 from $50. Evercore ISI analyst Greg Gordon downgraded Southern Company to Underperform from In Line and lowered his price target on Southern shares to $46 from $46.75.
08/09/18
08/09/18
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. Seagate (STX) downgraded to Sell from Neutral at Goldman Sachs by analyst Mark Delaney, who said that while Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market." 2. 21st Century Fox (FOXA) downgraded to Sector Perform from Outperform at RBC Capital by analyst Steven Cahall who noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. 3. e.l.f. Beauty (ELF) downgraded to Hold from Buy at Jefferies by analyst Stephanie Wissink, who said she is disappointed with the company's "sales fall off," which she says "seems more systemic than previously assumed." e.l.f.'s profit advancement will reverse in the second half of the year amid stepped up brand investment. Shares were also downgraded to Underweight from Neutral at Piper Jaffray, who said she sees a "growing risk of shelf-space cuts into 2019" if underlying sales trends do not improve, at Citi to Neutral from Buy and at DA Davidson to Neutral from Buy. 4. Southern Company (SO) downgraded to Underperform from In Line at Evercore ISI by analyst Greg Gordon, who said he believes the shares are still not discounting enough risk after the company announced a $790M after-tax charge related to an increase in the cost estimate for constructing Vogtle Nuclear Plants 3 and 4. Shares were also downgraded to Underperform from Neutral at Credit Suisse, to Equal Weight from Overweight at Barclays and to Neutral from Buy at Guggenheim. 5. Schneider National (SNDR) downgraded to Underperform from Buy at BofA/Merrill by analyst Ken Hoexter, who cited "stretched" relative valuation. The analyst also downgraded Genesee & Wyoming (GWR) to Neutral from Buy, saying recent strength in shares has led to a premium multiple and sees minimal upside. 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

DIS

Disney

$130.30

0.61 (0.47%)

, TCEHY

Tencent

$0.00

(0.00%)

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DIS

Disney

$130.30

0.61 (0.47%)

TCEHY

Tencent

$0.00

(0.00%)

GOOGL

Alphabet Class A

$1,242.12

24.51 (2.01%)

GOOG

Alphabet

$1,241.14

22.91 (1.88%)

AAPL

Apple

$235.75

-0.12 (-0.05%)

MSFT

Microsoft

$141.41

1.87 (1.34%)

SNE

Sony

$58.50

0.675 (1.17%)

NTDOY

Nintendo

$0.00

(0.00%)

KKR

KKR

$26.78

0.66 (2.53%)

TTWO

Take-Two

$122.75

1.63 (1.35%)

EA

Electronic Arts

$94.28

0.46 (0.49%)

ATVI

Activision Blizzard

$54.70

-0.3 (-0.55%)

UBSFY

Ubisoft

$0.00

(0.00%)

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BCS

Barclays

$8.31

0.41 (5.19%)

12:25
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Options
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JPM

JPMorgan

$121.20

4.81 (4.13%)

, WFC

Wells Fargo

$51.07

1.77 (3.59%)

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JPM

JPMorgan

$121.20

4.81 (4.13%)

WFC

Wells Fargo

$51.07

1.77 (3.59%)

C

Citi

$71.82

1.54 (2.19%)

GS

Goldman Sachs

$205.30

-0.51 (-0.25%)

JNJ

Johnson & Johnson

$133.31

2.64 (2.02%)

UNH

UnitedHealth

$236.83

16.51 (7.49%)

RETA

Reata Pharmaceuticals

$158.02

57.65 (57.44%)

APHA

Aphria

$5.43

1.1 (25.40%)

PAGS

PagSeguro Digital

$40.53

-5.72 (-12.37%)

WLL

Whiting Petroleum

$6.74

-0.515 (-7.10%)

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    Oct

TCEHY

Tencent

$0.00

(0.00%)

12:18
10/15/19
10/15
12:18
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12:18
Periodicals
Epic Games 'Fortnite' is back, featuring a new map, NYT says »

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12:17
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Conference/Events
Peterson Institute for International Economics to hold a discussion »

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
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10/15
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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
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USFD

US Foods

$40.43

-0.14 (-0.35%)

12:08
10/15/19
10/15
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US Foods announces resignation of chief supply chain officer Tim Connolly »

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AXP

American Express

$117.86

1.47 (1.26%)

12:05
10/15/19
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Hot Stocks
American Express reports September write-off rate 2.0% vs. 2.3% last month »

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General news
Treasury's $87 B 3- and 6-month bill offerings were mixed and polar opposites »

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UNH

UnitedHealth

$237.73

17.41 (7.90%)

12:00
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DS

Drive Shack

$4.08

0.35 (9.38%)

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APHA

Aphria

$5.30

0.965 (22.29%)

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  • 15

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ATGE

Adtalem Global Education

$35.63

-0.205 (-0.57%)

11:57
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AKAM

Akamai

$91.36

1.48 (1.65%)

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GD

General Dynamics

$179.33

0.16 (0.09%)

11:47
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Conference/Events
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QCOM

Qualcomm

$77.55

1.26 (1.65%)

, MSFT

Microsoft

$141.46

1.92 (1.38%)

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QCOM

Qualcomm

$77.55

1.26 (1.65%)

MSFT

Microsoft

$141.46

1.92 (1.38%)

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BC

Brunswick

$54.42

0.715 (1.33%)

11:45
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  • 24

    Oct

11:37
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11:37
General news
3-Month Bill Auction Total Amount data reported »

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11:37
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General news
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WFC

Wells Fargo

$49.76

0.46 (0.93%)

11:36
10/15/19
10/15
11:36
10/15/19
11:36
Earnings
Wells Fargo CFO sees FY20 NII down low to mid-single-digits »

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WMT

Walmart

$119.13

0.01 (0.01%)

11:36
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11:36
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Walmart InHome Delivery launches in Kansas City, Pittsburgh and Vero Beach »

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  • 13

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ATVI

Activision Blizzard

$54.66

-0.34 (-0.62%)

, NTDOY

Nintendo

$0.00

(0.00%)

11:32
10/15/19
10/15
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11:32
Hot Stocks
Blizzard cancels 'Overwatch' event at Nintendo store in NYC »

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ATVI

Activision Blizzard

$54.66

-0.34 (-0.62%)

NTDOY

Nintendo

$0.00

(0.00%)

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