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MU

Micron

$41.30

-1.06 (-2.50%)

, INTC

Intel

$44.98

-0.92 (-2.00%)

16:31
10/18/18
10/18
16:31
10/18/18
16:31

Micron intends to acquire remaining interest in IM Flash JV for about $1.5B

Micron (MU) announced that the company intends to exercise its right to call Intel's (INTC) interest in the parties' joint venture, IM Flash Technologies, LLC. Micron can exercise the call option starting Jan. 1, 2019. The timeline to close the transaction is between six and twelve months after the date Micron exercises the call. The IM Flash joint venture is already consolidated in Micron's reported financial statements. Micron anticipates no meaningful impact to overall financial results or changes to its Fiscal 2019 capital expenditures and long-term capital expenditure target. At the time of close, Micron expects to pay approximately $1.5B in cash for the transaction, dissolving Intel's non-controlling interest in IM Flash as well as IM Flash member debt, which was approximately $1B as of Aug. 30, 2018.

MU

Micron

$41.30

-1.06 (-2.50%)

INTC

Intel

$44.98

-0.92 (-2.00%)

  • 22

    Oct

  • 25

    Oct

MU Micron
$41.30

-1.06 (-2.50%)

10/11/18
COWN
10/11/18
NO CHANGE
Target $62
COWN
Outperform
Micron at the forefront of machine learning enablement, says Cowen
Cowen analyst Karl Ackerman attended the Micron Insight event and came away incrementally more optimistic on the growing importance of DRAM in artificial intelligence workloads. He said Micron remains at the forefront of machine learning enablement, giving its portfolio sustainability, profitability, and cash generation relative to past memory cycles. Ackerman reiterated his Outperform rating and $62 price target on Micron shares.
10/11/18
JPMS
10/11/18
NO CHANGE
Target $75
JPMS
Overweight
Micron well positioned to benefit from growth in AI, says JPMorgan
After attending Micron Technology's inaugural Insight event that focused on artificial intelligence, JPMorgan analyst Harlan Sur reiterates an Overweight rating on the shares with a $75 price target. The chipmaker closed yesterday down 66c to $41.61. Artificial intelligence is "truly at its early stages with a long runway for growth," Sur tells investors in a research note. He expects the demand for memory and storage to accelerate as AI workloads proliferate. Further, Micron itself is benefiting from the use of AI in its own factories which is helping improve yield ramps and increasing factory output, Sur contends. The analyst believes investors are overlooking Micron's "strong demand drivers," such as AI, cloud and data center. Micron is the only memory company that has core building blocks of DRAM, NAND and 3D XPoint, says Sur.
10/11/18
RBCM
10/11/18
NO CHANGE
RBCM
RBC Capital sees opportunities for Micron in AI, auto, and consumer categories
RBC Capital analyst Amit Daryanani is keeping his Outperform rating on Micron after attending its Insight event, saying the discussions of artificial intelligence technology being deployed in consumer, business, and automotive environments are a positive for the company's memory products. The analyst states that eventually more devices will need to have built-in memory as edge computing becomes more pervasive. Daryanani also notes that the deployment of 5G technology will "drive the need for connected devices", which will require more memory and computation power than exists in traditional analog devices today. The analyst further points to AI being more rapidly adopted in Automotive for infotainment, voice assistants, control functions, and productivity in automobiles.
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.
INTC Intel
$44.98

-0.92 (-2.00%)

10/18/18
GSCO
10/18/18
UPGRADE
Target $305
GSCO
Conviction Buy
Semi re-stack puts Nvidia on Goldman Conviction List with 25% upside
Goldman Sachs analyst Toshiya Hari this morning added Buy-rated Nvidia (NVDA) to his firm's Conviction List while lowering his price target for the shares to $305 from $324. The stock in morning trading is up 85c to $243.91. Following a "significant correction" in the stock's valuation, the analyst expects Nvidia's "idiosyncratic growth drivers," like its product cycle in Gaming and potential share gains in Data Center, to drive share outperformance. While lowering his January quarter earnings per share estimate to $1.90 from $2.28 to reflect potential volume and average selling price weakness in the Gaming business, Hari recommends investors to buy the stock at current levels with his long-term thesis intact. He sees potential upside of 25% for Nvidia shares. Positive earnings revisions post the Q3 earnings report should serve as a positive catalyst for the stock, contends the analyst. Putting Nvidia on his firm's Conviction List was part of Hari's rating re-stack in the Semiconductors sector. Also this morning, the analyst downgraded both Analog Devices (ADI) and Maxim Integrated Products (MXIM) to Sell from Neutral, downgraded Teradyne (TER) to Neutral from Buy, upgraded both Keysight Technologies (KEYS) and NXP Semiconductors (NXPI) to Buy from Neutral, and upgraded Texas Instruments (TXN) to Neutral from Sell. Hari also maintained a Conviction List Buy rating on Xilinx (XLNX) and a Sell rating on Intel (INTC).
10/18/18
COWN
10/18/18
NO CHANGE
Target $33
COWN
Outperform
AMD price target raised to $33 from $30 at Cowen
Cowen analyst Matthew Ramsay raised his price target on AMD (AMD) to $33 from $30 as he believes fundamentals remain in place to keep the company on a path of sustainable market share gains across the CPU franchise. The analyst also feels AMD is well positioned to pounce on the consequences of Intel's (INTC) recent missteps. Ramsay reiterated his Outperform rating on AMD shares.
10/15/18
DADA
10/15/18
NO CHANGE
Target $225
DADA
Buy
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".
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.

TODAY'S FREE FLY STORIES

NOC

Northrop Grumman

$269.40

-3.14 (-1.15%)

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SAIC

$68.30

-2.18 (-3.09%)

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Northrop Grumman, SAIC and others awarded $577.47M in Navy contracts »

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BAH

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IR

Ingersoll-Rand

$103.29

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17:12
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  • 27

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CARB

Carbonite

$25.89

-1.78 (-6.43%)

17:11
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Carbonite announces $50M stock repurchase program »

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PES

Pioneer Energy

$2.75

-0.01 (-0.36%)

17:11
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  • 26

    Nov

RNGR

Ranger Energy

$7.62

-0.53 (-6.50%)

17:10
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SERV

ServiceMaster

$41.84

-0.58 (-1.37%)

17:09
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Initiation
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  • 11

    Dec

KLIC

Kulicke & Soffa

$19.90

-0.96 (-4.60%)

17:06
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17:06
Earnings
Kulicke & Soffa sees Q1 revenue $150M-$160M, consensus $191.06M »

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KLIC

Kulicke & Soffa

$19.90

-0.96 (-4.60%)

17:04
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Earnings
Kulicke & Soffa reports Q4 EPS 45c versus 62c in Q4 last year »

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  • 19

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ENTG

Entegris

$26.20

-1.07 (-3.92%)

17:04
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Hot Stocks
Entegris announces additional $250M share repurchase authorization »

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  • 27

    Nov

SCI

Service Corp.

$44.69

-0.185 (-0.41%)

17:03
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17:03
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Hot Stocks
Service Corp. exec Sangalis sells 23,617 common shares »

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EEX

Emerald Expositions Events

$10.92

-0.63 (-5.45%)

17:02
11/19/18
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17:02
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Initiation
Emerald Expositions Events initiated  »

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CTAS

Cintas

$179.63

-3.47 (-1.90%)

16:58
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ARMK

Aramark

$35.81

-1.045 (-2.84%)

16:52
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ADT

ADT Inc.

$7.68

-0.39 (-4.83%)

, AMZN

Amazon.com

$1,511.67

-81.92 (-5.14%)

16:48
11/19/18
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Initiation
ADT Inc., Amazon.com initiated  »

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ADT

ADT Inc.

$7.68

-0.39 (-4.83%)

AMZN

Amazon.com

$1,511.67

-81.92 (-5.14%)

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NUAN

Nuance

$16.27

-0.61 (-3.61%)

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Nuance trades higher after quarterly report, plans to spin off Nuance Auto »

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  • 19

    Nov

ORPN

Bio Blast Pharma

$1.19

-0.02 (-1.65%)

16:48
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Conference/Events
Bio Blast Pharma to host conference call »

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PSTG

Pure Storage

$17.56

-1.56 (-8.16%)

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Pure Storage up 6.4% after Q3 results beat estimates, FY19 guidance raised »

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Bio Blast Pharma

$1.19

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ADT

ADT Inc.

$7.68

-0.39 (-4.83%)

16:43
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  • 27

    Nov

ARMK

Aramark

$35.81

-1.045 (-2.84%)

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Initiation
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CTAS

Cintas

$179.63

-3.47 (-1.90%)

16:41
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Initiation
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BECN

Beacon Roofing

$27.74

0.12 (0.43%)

16:40
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Earnings
Beacon Roofing sees FY19 adjusted EPS $2.90-$3.35, consensus $3.79 »

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SERV

ServiceMaster

$41.84

-0.58 (-1.37%)

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  • 11

    Dec

EEX

Emerald Expositions Events

$10.92

-0.63 (-5.45%)

16:39
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PBIP

Prudential Bancorp

$17.32

-0.03 (-0.17%)

16:38
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Prudential Bancorp announces third stock repurchase program for 900,000 shares »

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