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AMZN

Amazon.com

$1,771.45

-61.36 (-3.35%)

, AVGO

Broadcom

$227.72

-9.53 (-4.02%)

06:15
10/19/18
10/19
06:15
10/19/18
06:15

Piper Jaffray lists 'stocks to own' following tech sector sell-off

Piper Jaffray's tech analysts highlighted their "stocks to own" following the recent sell-off in the technology sector. The firm's top picks across each coverage universe include Amazon.com (AMZN), Broadcom (AVGO), Salesforce (CRM), Finisar (FNSR), Microchip (MCHP), Mellanox (MLNX), ServiceNow (NOW), Nutanix (NTNX), Proofpoint (PFPT), Impinj (PI), Take-Two (TTWO) and Twilio (TWLO).

AMZN

Amazon.com

$1,771.45

-61.36 (-3.35%)

AVGO

Broadcom

$227.72

-9.53 (-4.02%)

CRM

Salesforce

$142.89

-4.11 (-2.80%)

FNSR

Finisar

$17.57

-0.52 (-2.87%)

MCHP

Microchip

$67.54

-1.52 (-2.20%)

MLNX

Mellanox

$71.07

-1.67 (-2.30%)

NOW

ServiceNow

$185.10

-5.28 (-2.77%)

NTNX

Nutanix

$40.97

-1.31 (-3.10%)

PFPT

Proofpoint

$104.03

-3.11 (-2.90%)

PI

Impinj

$21.40

-0.71 (-3.21%)

TTWO

Take-Two

$126.82

-5.18 (-3.92%)

TWLO

Twilio

$71.71

-2.37 (-3.20%)

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AMZN Amazon.com
$1,771.45

-61.36 (-3.35%)

10/19/18
PIPR
10/19/18
NO CHANGE
Target $2100
PIPR
Overweight
Amazon search index points to retail upside in Q3, says Piper Jaffray
Piper Jaffray analyst Michael Olson says his reformulated Amazon search index points to currency neutral online retail revenue growing 26% year-over-year in Q3, above Street estimates calling for 18.1%, or a 19 point deceleration from 37.1% growth in Q2. The analyst raised his modeled online retail revenue growth number to 18.3% from 14.1%, and continues to expect moderate margin expansion due to ongoing strength in Web Services and advertising segments. He reiterates an Overweight rating on Amazon.com with a $2,100 price target.
10/17/18
BARD
10/17/18
NO CHANGE
Target $2100
BARD
Outperform
Baird recommends adding to Amazon positions on any earnings volatility
Baird analyst Colin Sebastian expects solid Q3 results from Amazon and recommends the shares on the recent weakness and to add to positions on any earnings related volatility. The analyst said it remains a top pick given momentum across high margin business segments. He said there is potential for noise around Q4 profit margins due to higher labor costs and the potential for USPS last mile rate increases. Sebastian reiterated his Outperform rating and $2,100 price target on Amazon shares.
10/17/18
LOOP
10/17/18
NO CHANGE
Target $385
LOOP
Hold
Netflix price target raised to $385 from $365 at Loop Capital
Loop Capital analyst Alan Gould raised his price target on Netflix (NFLX) to $385 from $365 after its reported strong subscription adds in Q3 and expectations of more adds in Q4. The analyst also points to the management's FY19 operating margin target of 13% - up from 10%-11% target for FY18 - and expectations of "peak" negative free cash flows in the next two years. Gould also keeps his Hold rating on Netflix given the ongoing risks around competition from Amazon (AMZN) and other content providers along with a strong USD weighing on international sales.
10/18/18
DADA
10/18/18
NO CHANGE
Target $2450
DADA
Buy
Impact from Amazon's minimum wage hike to come into focus, says DA Davidson
DA Davidson analyst Tom Forte kept his Buy rating and $2,450 price target on Amazon.com ahead of its Q3 results next Thursday, saying the company's "profit engines" - advertising, AWS, and 3rd party sales - will be in focus. The analyst also expects investors to pay particularly close attention to Amazon's Q4 outlook after the management's decision to boost its minimum wage to $15 per hour effective November 1st, adding that he would not be surprised if payroll expenses were forecast to rise by mid-single digits.
AVGO Broadcom
$227.72

-9.53 (-4.02%)

09/17/18
09/17/18
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. LULULEMON UPGRADED TO OUTPERFORM: Wells Fargo analyst Ike Boruchow upgraded Lululemon (LULU) to Outperform from Market Perform, stating that while the brand's current strength is "evident to essentially everyone," his recent meetings with management lead him to believe that its "industry leading" momentum is likely sustainable through the second half of this year and well into 2019. While admitting to being "late to the party," Boruchow said he sees meaningful outperformance and upward revisions being ahead for the athletic apparel company. He raised his price target on Lululemon shares to $200 from $144. In late morning trading, Lululemon shares are higher by 2.3%. NOMURA UPGRADES BROADCOM TO BUY: Nomura Instinet analyst Romit Shah upgraded Broadcom (AVGO) to Buy from Neutral and raised his price target for the shares to $300 from $225. The analyst says the "so many positive takeaways from earnings" have forced him to take a more constructive stance on the shares. GOLDMAN SWAPS CONVICTION BUY ON MASTERCARD, VISA: Goldman Sachs analyst James Schneider added MasterCard (MA) to his firm's Conviction List while maintaining a Buy rating on the shares. The analyst also upped his price target for the stock to $260 from $230. Goldman Sachs analyst James Schneider removed Visa (V) from his firm's Conviction List but maintains a Buy rating on the shares with an unchanged price target of $160. The analyst, who continues to see upside to Street estimates, cites the recent share outperformance for the removal. MORGAN STANLEY INITIATES CONSUMER STAPLES: Morgan Stanley analyst Dara Mohsenian assumed Kraft Heinz (KHC) with an Underweight and $52 price target, as he believes it topline growth will likely trail food peers. In late morning trading, Kraft Heinz shares were down almost 2%. The analyst also assumed coverage of Mondelez (MDLZ), General Mills (GIS), and Kellogg (K) with Equal Weight ratings. KEYBANC SEES CANNABIS AS DRIVER FOR SHOPIFY: KeyBanc analyst Monika Garb said she is a buyer of Shopify (SHOP), as the company has "ample" growth opportunities ahead, and she sees potential upside to her above-consensus estimates. She expects that recreational sales of cannabis in Canada could be a GMV and revenue driver and further benefit Shopify's business momentum. Garb maintained an Overweight rating and $182 price target on the shares.
10/04/18
KEYB
10/04/18
NO CHANGE
KEYB
Carrier survey indicates healthy start for Apple iPhone XS, says KeyBanc
KeyBanc analyst John Vinh says his initial round of carrier survey for the current Apple (AAPL) iPhone XS cycle indicates "solid" sell-through for the iPhone XS/Max as inventories are lean post launch. Demand for the iPhone XS Max has been the strongest, with the majority of stores being sold out, while inventories for the iPhone XS are very healthy, he adds. The analyst also notes that demand for the new models appear to be better compared to the iPhone 8/X launch last year, driven mainly by the adoption of a larger screen at iPhone XS Max. Additionally, Vinh is encouraged with the robust results despite limited promotional activity. His favorite Apple supply chain names are Broadcom (AVGO), Qorvo (QRVO), Skyworks (SWKS), and Synaptics (SYNA).
10/08/18
JPMS
10/08/18
NO CHANGE
JPMS
Broadcom custom chip business with Google could hit $1B, says JPMorgan
JPMorgan analyst Harlan Sur says that while there's been a lot of focus around Broadcom's (AVGO) "strong" mobile position at Apple (AAPL), he wants to remind investors of a diversification driver for the company and the "large opportunities" for its datacenter segment, which he notes is growing at a double-digits year-over-year growth rate. The analyst also believes that Google (GOOG, GOOGL) has also engaged with Broadcom on a number of other custom application-specific integrated circuit chip programs. Broadcom's custom ASIC chip business with Google could go from $50M-$75M in 2017 to $800M- $1B over the next 12-18 months and be as big or bigger than Broadcom's custom ASIC chip business at Apple, Sur tells investors in a research note. The analyst thinks the engagement with Google should help Broadcom's datacenter sub-segment sustain double-digit year-over-year growth over the coming years.
09/25/18
PIPR
09/25/18
NO CHANGE
Target $293
PIPR
Overweight
Broadcom screens cheap across several valuation metrics, says Piper Jaffray
Piper Jaffray analyst Harsh Kumar says he looked at Broadcom (AVGO) across several valuation metrics and the shares stood out as cheap in all earnings, free cash flow, and dividend valuation methods. The analyst believes the stand-alone company can raise its fiscal 2019 dividend to over $9.60. When including the impact of CA Technologies (CA), Kumar believes the dividend could be over $12.50 in fiscal 2020. Further, he believes Broadcom's fundamentals are healthy. The analyst reiterates an Overweight rating on the shares with a $293 price target.
CRM Salesforce
$142.89

-4.11 (-2.80%)

09/27/18
JMPS
09/27/18
NO CHANGE
JMPS
JMP says battle lines drawn with Salesforce on one side, Microsoft on other
After attending Salesforce's (CRM) analyst day hosted in conjunction with the Dreamforce user conference, Patrick Walravens noted that the event "happens to coincide" with Microsoft's (MSFT) Ignite conference in Orlando. He said the most interesting new development in the competitive landscape is the way the "battle lines are being drawn" between Salesforce, Google (GOOGL) and Amazon (AMZN), which announced new strategic relationships this week, and Microsoft, SAP (SAP) and Adobe (ADBE), who announced the Open Data Initiative on September 24, on the other side. In terms of product highlights from Dreamforce, Chief Product Officer Bret Taylor highlighted Customer 360 and Einstein Voice, said Walravens, who keeps an Outperform rating and $178 price target on Salesforce shares.
10/15/18
BMOC
10/15/18
NO CHANGE
Target $174
BMOC
Outperform
Salesforce price target raised to $174 from $165 at BMO Capital
BMO Capital analyst Keith Bachman raised his price target on Salesforce to $174 and kept his Outperform rating, saying the company's cloud portfolio is positioned to generate "durable growth" for the next few years. The analyst estimates that Salesforce revenue will sustain a 19% growth rate in FY21, unchanged from FY20, adding that while sales cloud could have a "modest deceleration", other solution categories like Mulesolft will see "solid growth levels and form a greater part of mix".
10/10/18
KEYB
10/10/18
NO CHANGE
KEYB
Shopify, Salesforce should be bought on October pullback, says KeyBanc
KeyBanc analyst Brent Bracelin notes that the 55 largest SaaS stocks had an incredible run through the end of Q3, as the group benefited from robust secular tailwinds and multiple expansion with forward EV/S levels increasing by two full turns above the five-year average. That said, the "Big Chill" has quickly set in during the first nine days of October as the group is down 11% this month and 21% from the highs, on average, he adds. The analyst has identified eight high-quality SaaS stocks that he would buy on the October pullback based on attractive risk-reward and growth profiles looking out into 2020, namely Shopify (SHOP), Salesforce (CRM), Twilio (TWLO), Wix.com (WIX), Zendesk (ZEN), BlackLine (BL), Avalara (AVLR), and Mindbody (MB).
09/28/18
PIPR
09/28/18
NO CHANGE
Target $190
PIPR
Overweight
Salesforce price target raised to $190 from $180 at Piper Jaffray
Piper Jaffray analyst Alex Zukin raised his price target for Salesforce to $190 saying his takeaways from Dreamforce and the company's analyst day is that Salesforce "is making all the right moves, at the right time, with the right people." Demand is up, tangible product innovation has increased, and breadth, depth, and scope of projects and products at the company and in the ecosystem are at an all-time high, Zukin tells investors in a research note. The analyst believes Salesforce is a "set it and forget it" stock. He keeps an Overweight rating on the name.
FNSR Finisar
$17.57

-0.52 (-2.87%)

10/10/18
BFIN
10/10/18
NO CHANGE
BFIN
BlueFin checks show Lumentum received increased orders from Apple
BlueFin analysts John Donovan and Steve Mullane say their firm's latest supply chain checks suggest "strong and stable" iPhone demand. While unit demand has not changed, the mix to higher storage models has increased, which should benefit Toshiba (TOSBF), Samsung (SSNLF), and Micron Technology (MU), Donovan and Mullane tell investors in a research note. Further, BlueFin's latest checks reveal Lumentum (LITE) has received increased orders recently while competitors II-VI (IIVI) and Finisar (FNSR) continue to focus on securing second-source positioning. The latest on the two latter companies is mixed, but overall "encouraging," the analysts contend. As far as the rumors that Apple is exploring internal VCSEL development, they believe this is "more of a negotiating tactic at this point." VCSEL demand "looks to be skyrocketing" and the frustration in developing a secure second-source has likely caused Apple to explore internal development, write Donovan and Mullane. They understand Apple has looked into fabs in Taiwan to see about VCSEL development but note the earliest this could materialize is 2020-2021. This is likely more of a "call to arms" by Apple for Finisar, II-VI, and Lumentum to increase production to meet the demand, "or else face the consequences."
09/28/18
PIPR
09/28/18
NO CHANGE
Target $29
PIPR
Neutral
Applied Optoelectronics price target lowered to $29 from $43 at Piper Jaffray
Piper Jaffray analyst Troy Jensen believes Applied Optoelectronics' (AAOI) negative pre-announcement was due to a company-specific quality issue and he sees potential share gains for Finisar (FNSR) in Q3. He continues to see the industry reaching a meaningful inflection in 100G Datacom transceivers and expects Applied's 2019 growth will be "impressive," but he keeps a Neutral rating on the stock and cut his price target to $29 given the Q3 disappointment, recent share loss and consistent pricing pressure.
09/13/18
09/13/18
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. MORGAN STANLEY CUTS FINISAR, CIENA TO EW: Morgan Stanley analyst Meta Marshall downgraded both Finisar (FNSR) and Ciena (CIEN) to Equal Weight from Overweight, as she adjusted her Optical Scorecard following the earnings reports from companies in the sector. The two stocks have closed the short-term valuation gaps that she previously believed existed with their respective moves up, Marshall said. The analyst added that she is being cautious ahead of Ciena's FY19 guidance, though she raised her price target on the stock to $32 from $30. Marshall, who kept a $20 price target on Finisar shares, said she thinks its catalysts don't come until calendar 2019. The analyst also noted that she is now Equal Weight on the space as a whole, as she also has Equal Weight ratings on Lumentum (LITE), II-VI (IIVI) and Acacia Communications (ACIA). BOFA CUTS WAYFAIR TO NEUTRAL: BofA Merrill Lynch analyst Askshay Bhatia downgraded Wayfair (W) to Neutral from Buy and raised its price target to $160 from $130. Bhatia believes growth is likely to decelerate ahead and sees increasing investments into 2019. Combining that with shares that are up 86% year-to-date leaves little room for further upside, the analyst added. SNAP UPPED TO HOLD FOLLOWING SELLOFF: Pivotal Research analyst Brian Wieser upgraded Snap (SNAP) to Hold from Sell with an unchanged price target of $9. Risks are still present, especially in the near-term, but current trading levels balance those risks with the company' long-term potential, Wieser said. Risks include "aggressive competition from much larger companies," a core user base that is "not growing by much and is only relatively elusive," and a "sub-optimal corporate structure," according to the analyst. BERNSTEIN STARTS NIO WITH UNDERPERFORM: Bernstein analyst Robin Zhu started coverage of NIO Inc. (NIO) with an Underperform rating and $4.20 price target. While the analyst is intrigued by many things, from its impressive branding to its massive volume ambitions, he is unconvinced NIO's shares represent a sound investment. Further, Zhu is skeptical the Chinese electric carmaker can achieve its volume targets. FBN STARTS AMD WITH OUTPERFORM: FBN Securities analyst Shelby Sayrafi initiated coverage of AMD (AMD) with an Outperform rating and $40 price target. AMD currently has a "strong" new product cycle driven by its Zen architecture, fifth generation graphics chips and EPYC processors for the enterprise server market that are "all ramping well currently," Sayrafi said. The analyst believes the EPYC server chip could help AMD penetrate the $16B server chip market.
09/13/18
09/13/18
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. Wayfair (W) downgraded to Neutral from Buy at BofA/Merrill with analyst Askshay Bhatia saying he believes growth is likely to decelerate ahead and sees increasing investments into 2019, combine with shares hat are up 86% year-to-date, leaving little room for further upside. 2. WageWorks (WAGE) downgraded to Market Perform from Outperform at JMP Securities with analyst David Scharf saying after the company disclosed the departure of Executive Chairman Joe Jackson and issued 2018 revenue guidance that fell "materially below" his expectations. 3. Finisar (FNSR) and Ciena (CIEN) were downgraded to Equal Weight from Overweight at Morgan Stanley. 4. Hologic (HOLX) downgraded to Neutral from Buy at BofA/Merrill with analyst Derik de Bruin citing last night's 8-K filing updating the impact from the Vitalia recall and now expects a $15M hit and lowered sales of MonaLisa Touch. 5. Wabco (WBC) downgraded to Neutral from Outperform at Baird with analyst David Leiker citing management's lowered guidance for the second half on accelerating declines in China and lower Russia/Turkey volumes due to geopolitical tensions. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
MCHP Microchip
$67.54

-1.52 (-2.20%)

10/16/18
MSCO
10/16/18
NO CHANGE
MSCO
Semi fundamentals look worse today than in 2015 down cycle, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach noted that the selloff in semiconductor stocks has been "swift and painful" and could be getting overdone near-term, though he worries the group is "by no means out of the woods" given his view that semi fundamentals today are worse than they were in the 2015 down cycle. Specifically, Hettenbach points to the degree of excess that built up in the supply chain this time, stating that the increase in lead times, double ordering, and inventory accumulation is markedly different to the period that preceded the last time there were broad-based semi estimate cuts in the second half of 2015. Semi sector estimates have only just recently started to come down and there are growing investor expectations that companies will guide Q4 revenue at least a few percent below the Street, added Hettenbach, who said the "upcoming earnings season will be the big test."
10/03/18
MSCO
10/03/18
NO CHANGE
MSCO
Morgan Stanley cuts semiconductor estimates ahead of earnings season
Morgan Stanley analysts Craig Hettenbach, Joseph Moore and Vinayak Rao cut their estimates for Q4 and 2019 for several seminconductor makers to reflect what they see as the start of an inventory correction that is likely to be most pronounced in autos and industrial applications. Sentiment in the semiconductor group has quickly turned negative, which could lead to trading bounces in stocks, but if estimates start to come down as they expect, it will be difficult for stocks "to work," the analysts tells investors. The analysts lowered their price targets on Amphenol (APH) to $100 from $102, on Analog Devices (ADI) to $108 from $110, on TE Connectivity (TEL) to $102 from $107, on Microchip (MCHP) to $95 from $98, on Maxim Integrated to $59 from $60, on Qorvo (QRVO) to $72 from $75 and on Skyworks (SWKS) to $79 from $80.
10/10/18
MSCO
10/10/18
NO CHANGE
Target $75
MSCO
Equal Weight
Microchip price target lowered to $75 from $95 at Morgan Stanley
Morgan Stanley analyst Craig Hettenbach said he has been fielding an increasing number of questions on Microchip as the stock makes new 52-week lows amid cycle concerns that are being compounded by its weak balance sheet. While he thinks the stock is starting to look oversold on a near-term basis, Hettenbach expects the company's high debt to result in shares continuing to trade with greater volatility than the group. While Hettenbach keeps an Equal Weight rating on the stock and lowered his price target to $75, he stresses that Microchip is a strong operator and he sees the company taking actions to help mitigate margin pressures.
09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Market Perform
Microchip downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Chris Caso downgraded Microchip to Market Perform from Outperform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso believes trends at Microchip have worsened since the August earnings call and are reflected in valuation, but is not sure about the magnitude or duration of this slowdown and prefers to move to the sideline.
MLNX Mellanox
$71.07

-1.67 (-2.30%)

08/31/18
STFL
08/31/18
NO CHANGE
Target $111
STFL
Buy
Mellanox CEO expressed confidence in operating margin targets, says Stifel
Stifel analyst Kevin Cassidy reported that Mellanox CEO Eyal Waldman expressed increasing confidence in the company's ability to at least meet the operating margin targets set with activist investor Starboard Value. Cassidy continues recommending the shares as new Ethernet network standards are adopted, stating that he thinks Mellanox can maintain its 65% market share in the +25G Ethernet NIC market at least though 2019. He keeps a Buy rating and $111 price target on Mellanox shares.
09/04/18
SUSQ
09/04/18
NO CHANGE
SUSQ
Positive
Integrated Device top semiconductor takeout candidate, says Susquehanna
Susquehanna analyst Christopher Rolland updated his "Accretion Index," which is a framework for identifying top M&A candidates in the semiconductor space, in response to reports Japanese chipmaker Renesas Electronics (RNECY) is considering buying Integrated Device Technology (IDTI) for $6B. After matching the quantitative accretion metrics with his qualitative assessment of strategic value, his top takeout candidate is Integrated Device, followed by Lattice Semiconductor (LSCC), Mellanox (MLNX) and Cypress Semiconductor (CY).
10/02/18
JEFF
10/02/18
INITIATION
Target $110
JEFF
Buy
Mellanox initiated with a Buy at Jefferies
Jefferies analyst George Notter started Mellanox Technologies with a Buy rating and $110 price target. The analyst sees a favorable risk/reward as he believes investor sentiment on the name is too negative. Mellanox is positioned to benefit from data center investments in interconnect, Notter tells investors in a research note.
10/10/18
BOFA
10/10/18
INITIATION
Target $105
BOFA
Buy
Mellanox initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Wills Miller initiated Mellanox with a Buy and $105 price target saying the company has leveraged its expertise in InfinlBand, used in high performance computing, and transformed into an emerging supplier of high-speed Ethernet solutions for data centers. Miller expects surging traffic in data centers to drive investments in high-single digit TAM growth and notes Mellanox is insulated from both direct tariffs and industry cyclicality.
NOW ServiceNow
$185.10

-5.28 (-2.77%)

09/11/18
WBLR
09/11/18
NO CHANGE
WBLR
HR service delivery market is accelerating, says William Blair
William Blair analyst Justin Furby spent time researching the human resource service delivery sector and believes the market "remains in the early innings of adoption." Spending on HR service delivery applications has significant growth potential over the next several years, Furby tells investors in a research note. He thinks that over the last 9 to 12 months, there appears to be a "clear acceleration" in activity levels in the HR service delivery market. He estimates the annual HR service delivery application opportunity is $1.4B in the U.S. and $2B-$3B globally. Both ServiceNow (NOW) and Ultimate Software (ULTI) appear well positioned to participate in the growth of HR service delivery applications, and though competitive dynamics "are likely to heat up over time," the market can support more than one growth story, contends Furby. Further, he expects expect Workday (WDAY) "to enter the discussion over time." The analyst has Outperform ratings on all three names.
10/01/18
JEFF
10/01/18
INITIATION
Target $240
JEFF
Buy
ServiceNow initiated with a Buy at Jefferies
Jefferies analyst Samad Samana started ServiceNow with a Buy rating and $240 price target. The analyst expects ServiceNow to join the "exclusive" $4B revenue and $45B market capitalization club in the next 18-24 months. He sees new enterprise customer wins driving greater than 30% subscription revenue growth through 2020, paired with "steady" margin expansion. Samana calls ServiceNow a top large-cap pick. The shares are not cheap, but the "rare size, growth and profitability combination should support a premium valuation," the analyst contends.
10/11/18
JPMS
10/11/18
NO CHANGE
JPMS
JPMorgan lists stand outs in Software Technology following recent selloff
The recent pullback in Software Technology stocks has not discriminated in terms of valuation, JPMorgan analyst Sterling Auty tells investors in a research note titled "Our Expected Pullback Finally Arrives." The analyst says he's seen similar selloffs in both his highest valuation stocks and even his lowest. Auty recommends "only nibbling" here and waiting for the next three to five trading sessions to see if it posts any big down days like we saw yesterday "to flush out any remaining volatility." Investors should not try to bottom pick stocks, but rather average into positions to smooth out some of the volatility, the analyst recommends. He views Adobe (ADBE), Ansys (ANSS), Aspen Technology (AZPN), DocuSign (DOCU), Guidewire (GWRE), Intuit (INTU), ServiceNow (NOW), Q2 Holdings (QTWO), Palo Alto Networks (PANW), VeriSign (VRSN) and Veeva (VEEV) as stand outs in Software Technology following the recent pullback.
10/12/18
MACQ
10/12/18
NO CHANGE
Target $210
MACQ
Outperform
ServiceNow Q3 to benefit from new logo and enterprise deployment, says Macquarie
Macquarie analyst Sarah Hindlian writes that she is positive on ServiceNow ahead of its Q3 earnings report, saying her channel checks have suggested "significant new logo and enterprise deployment of emerging products". The analyst keeps her Outperform rating and $210 price target on the shares.
NTNX Nutanix
$40.97

-1.31 (-3.10%)

10/11/18
PIPR
10/11/18
NO CHANGE
Target $66
PIPR
Overweight
Piper calls Nutanix top pick after management addressed stock concerns
Piper Jaffray analyst Andrew Nowinski says Nutanix (NTNX) is his top pick with an Overweight rating and $66 price target after hosting an investor call with management. Management addressed all of the primary concerns that have been pressuring the stock since the last earnings call on August 30, Nowinski tells investors in a research note. Management said they investigated the potential breach of components from Super Micro Computer (SMCI) months ago and found no evidence of tampering. Further, more than half of all applications running on Nutanix are classified as business-critical or tier one applications, suggesting Nutanix is now able to address the same, broad storage market demands as the all-flash vendors, the analyst adds. He continues to believe Nutanix is well positioned to generate 40%-plus revenue growth over the next few years.
09/24/18
09/24/18
DOWNGRADE

Negative
Nutanix downgraded to Negative from Neutral at Susquehanna
As previously reported, Susquehanna analyst Mehdi Hosseini downgraded Nutanix to Negative from Neutral and reduced his price target on shares to $33 from $55. The analyst believes Nutanix's OEM relationships are likely to become "less impactful over time," and also cited increasing competition as a headwind. Hosseini specifically said not to count out Microsoft (MSFT), noted that VMware (VMW) continues to add new features for vSAN while tightening integration with AWS, and expects an IPO from Dell in the coming months.
09/26/18
KEYB
09/26/18
NO CHANGE
Target $68
KEYB
Overweight
Nutanix recent pullback creates buying opportunity, says KeyBanc
KeyBanc analyst Alex Kurtz says that after a 29% decline since Q4 earnings, Nutanix shares have overcorrected to headline risk related to increased competition along with greater sales/opex investments. The analyst continues to see upside to estimates near-term driven by greater salesforce productivity rates and increased opportunities to bid on tier one applications and projects. Kurtz reiterates an Overweight rating and $68 price target on the stock.
09/24/18
09/24/18
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. Pinnacle Foods (PF) downgraded to Neutral from Overweight at Piper Jaffray with analyst Michael Lavery citing the expectation that the announced deal with ConAgra (CAG) will be approved. 2. Comcast (CMCSA) downgraded to Neutral from Buy at MoffettNathanson and to Perform from Outperform at Oppenheimer. 3. K2M Group (KTWO) downgraded to Sector Perform from Outperform at RBC Capital with analyst Glenn Novarro following its agreement to be acquired by Stryker (SYK). 4. Bloomin' Brands (BLMN) downgraded to Market Perform from Outperform at BMO Capital with analyst Andrew Strelzik saying the sector's comps should start decelerating in Q4 as commodity deflation widens the gap between "food- at-home/food-away-from-home price," adding that the comps at Outback have historically the strongest relationship with changes in commodity prices. 5. Nutanix (NTNX) downgraded to Negative from Neutral at Susquehanna. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
PFPT Proofpoint
$104.03

-3.11 (-2.90%)

10/17/18
BARD
10/17/18
INITIATION
BARD
Outperform
Proofpoint assumed with an Outperform at Baird
Baird analyst Jonathan Ruykhaver assumed coverage on Proofpoint (PFPT) with an Outperform rating and $130 price target. The analyst calls the stock's valuation "compelling," noting that Proofpoint's email security solution is among the best-rated technologies from industry experts, and saying he has a very high regard for the executive team. Additionally, Ruykhaver views the threat of increased competition from established providers like Cisco (CSCO) and Symantec (SYMC) to be "muted."
10/12/18
EVER
10/12/18
NO CHANGE
Target $135
EVER
Outperform
Evercore adds Proofpoint to Core Ideas List after 'overdone' selloff
Evercore ISI analyst Ken Talanian views the recent pullback in shares of Proofpoint as overdone and added the stock to his firm's SMID Core Ideas List. Proofpoint offers investors a "unique opportunity to participate in a high-quality subscription growth story that benefits from the broader move to the cloud," Talanian tells investors in a research note. He sees an attractive entry point after the 25% selloff from the July highs and keeps an Outperform rating on the name with a $135 price target.
10/01/18
DBAB
10/01/18
NO CHANGE
Target $125
DBAB
Buy
Proofpoint price target lowered to $125 from $140 at Deutsche Bank
Deutsche Bank analyst Gray Powell lowered his price target for Proofpoint to $125 saying channel checks left him "slightly more cautious" on the company and the email security space. On the positive side, contacts generally indicated that demand was at or above expectations, Powell tells investors in a research note. However, the analyst also picked up data points suggesting an uptick in competition, a slightly higher pace of discounting, and expectations for a moderation in growth in 2019. He sees some "yellow" flags following the checks but keeps a Buy rating on Proofpoint.
09/26/18
SUSQ
09/26/18
NO CHANGE
Target $138
SUSQ
Positive
Proofpoint checks point to solid Q3 results, says Susquehanna
Susquehanna analyst Anne Meisner said her preliminary channel checks on Proofpoint suggest a modest upside to second half estimates. She also said the recent weakness in the shares is a buying opportunity as the conservative out-year growth guidance is well understood by investors. The analyst lowered her estimates, but she expects the company to achieve her prior estimates. Meisner reiterated her Positive rating and $138 price target on Proofpoint shares.
PI Impinj
$21.40

-0.71 (-3.21%)

05/08/18
ADAM
05/08/18
UPGRADE
Target $18
ADAM
Buy
Impinj upgraded to Buy at Canaccord
As reported previously, Canaccord analyst T. Michael Walkley upgraded Impinj to Buy from Hold. The analyst believes the progress made during Q1, with hundreds of millions of units reduced versus his expectations of the industry clearing 500M to 1B units of channel inventory, will impact near-term results. However, this should be followed by sequential growth in Q2 and Q3 and a return to year-over-year growth in Q4. Based on the current share price and longer-term growth opportunities, he raised his rating to a Buy. Walkley also raised his price target on Impinj shares to $18 from $17.
05/08/18
MSCO
05/08/18
NO CHANGE
Target $14
MSCO
Equal Weight
Impinj business bottoming, but visibility still low, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach called Impinj's Q1 results and Q2 guidance an "important step in the bottoming out process," though he also notes that gross margins came in below expectations and that meaningful EPS losses are persisting with continued operating expense growth still a drag on profitability. Given limited visibility, Hettenbach maintains an Equal Weight rating and $14 price target on Impinj shares.
06/18/18
PIPR
06/18/18
NO CHANGE
Target $26
PIPR
Overweight
Impinj price target raised to $26 from $19 at Piper Jaffray
Piper Jaffray analyst Troy Jensen raised his price target on Impinj to $26 and kept his Overweight rating, saying he remains positive on the company's RAIN RFID exposure and noting that growth could accelerate in 2018 amid increasing industry adoption. Jensen states that the retail industry is the largest deployment vertical for the technology, though the airline industry is also seeing the benefits of RFID for luggage tracking and expects other industries to follow. The analyst anticipates that March quarter will mark the bottom for Impinj, leading to accelerating sales throughout this year
09/13/18
PIPR
09/13/18
NO CHANGE
PIPR
Impinj price target raised to $31 from $26 at Piper Jaffray
Piper Jaffray analyst Troy Jensen reiterated an Overweight rating on Impinj shares and increased his price target to $31 from $26, citing impressive Q2 earnings results with revenues, margins, profitability and guidance all considerably above consensus estimates. Jensen believes Impinj is likely entering a stage with better execution and "the opportunity for more frequent upward revisions."
TTWO Take-Two
$126.82

-5.18 (-3.92%)

10/19/18
PIPR
10/19/18
NO CHANGE
PIPR
September NPD video game software sales dropped 8%, says Piper Jaffray
Overall September NPD video game software sales were down 8% year-over-year despite launches of strong franchises, Piper Jaffray analyst Michael Olson tells investors in a research note. The top title for Sept. was Sony's (SNE) Spiderman followed by Take-Two's (TTWO) NBA 2K19, Ubisoft's Assassin's Creed and Electronic Arts' (EA) FIFA 19, the analyst points out. Olson views the Sept. NPD data as less relevant for Activision Blizzard (ATVI) given his expectation for greater than 75% of its revenue coming from digital sources. He maintains Overweight ratings on Activision, Electronic Arts and Take-Two.
10/16/18
COWN
10/16/18
NO CHANGE
COWN
Market Perform
Accounting rule change may provide tailwind for video game companies, says Cowen
Cowen analyst Doug Creutz noted the shift from ASC 605 to 606 this year, which he said has received little attention in the video game sector. However, his analysis is suggesting there may have been some impact on reported bookings for both Take-Two (TTWO) and Electronic Arts (EA) and that they could receive what he would call a not-insignificant tailwind in Q1. Creutz has a Market Perform rating and $96 price target on Take-Two and a Market Perform rating and $111 price target on Electronic Arts shares.
10/10/18
10/10/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Take-Two (TTWO) initiated with an Outperform at Bernstein. 2. Shake Shack (SHAK) initiated with a Hold at Stifel. 3. Nu Skin (NUS) initiated with a Buy at DA Davidson. 4. Micron (MU) initiated with a Neutral at Piper Jaffray. 5. Crispr Therapeutics (CRSP) initiated with an Outperform at Wells Fargo. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/09/18
BERN
10/09/18
INITIATION
Target $175
BERN
Outperform
Take-Two initiated with an Outperform at Bernstein
Bernstein analyst Todd Juenger initiated Take-Two with an Outperform and $175 price target.
TWLO Twilio
$71.71

-2.37 (-3.20%)

10/16/18
PIPR
10/16/18
NO CHANGE
Target $85
PIPR
Overweight
Twilio should be bought on SendGrid deal pullback, says Piper Jaffray
Piper Jaffray analyst Alex Zukin says Twilio's (TWLO) acquisition of SendGrid (SEND) "makes a tremendous amount of sense." The combination creates a complete product portfolio targeting developers, with the potential for meaningful revenue synergies over time, Zukin tells investors in a research note. The analyst recommends buying Twilio on the post-deal selloff and reiterates an Overweight rating on the name with an $85 price target.
10/16/18
STFL
10/16/18
DOWNGRADE
STFL
Hold
SendGrid downgraded to Hold from Buy at Stifel
Stifel analyst Tom Roderick downgraded SendGrid (SEND) to Hold from Buy following the announcement of the company's agreement to be acquired by Twilio (TWLO), suggesting investors take profits on the 19% premium and reassess the combined entity in the coming months. The analyst said the strategic rationale "makes all the sense in the world," as he views this as a way for Twilio to acquire its way into email, as opposed to building organically. Roderick also views this deal as the latest case of "let's take one expensive piece of currency and acquire another expensive piece of currency," he tells investors.
10/16/18
FANA
10/16/18
DOWNGRADE
FANA
Outperform
SendGrid downgraded to Outperform from Strong Buy at First Analysis
First Analysis analyst David Gearhart downgraded SendGrid (SEND) to Outperform following the announcement that Twilio (TWLO) is acquiring the company. The analyst thinks combining Twilio and SendGrid, with their respective leadership positions in text and email communication, is a "logical move." Investors are best served holding SendGrid shares through the anticipated first half of 2019 exchange, Gearhart tells investors in a research note.
10/16/18
BARD
10/16/18
NO CHANGE
Target $82
BARD
Outperform
Twilio weakness a buying opportunity, says Baird
Baird analyst William Power noted Twilio (TWLO) announced the acquisition of email company SendGrid (SEND). He views the transaction as a strong strategic fit and he is positive on the long-term opportunity. He said the recent market weakness and the afterhours selloff following the acquisition announcement is a buying opportunity. Power maintains an $82 price target and Outperform rating on Twilio shares, which are down about 5% to $72.50 in pre-market trading.

TODAY'S FREE FLY STORIES

TLRA

Telaria

$2.89

0.12 (4.33%)

05:49
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Conference/Events
Telaria management to meet with B. Riley FBR »

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TILE

Interface

$14.96

-0.17 (-1.12%)

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Interface management to meet with Seaport Global »

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WPP

WPP

$51.13

-0.98 (-1.88%)

05:47
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Periodicals
WPP to cut 3,500 jobs worldwide as part of restructuring efforts, FT reports »

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TCBK

TriCo Bancshares

$36.22

-0.1 (-0.28%)

05:47
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Conference/Events
TriCo Bancshares management to meet with Sandler O'Neill »

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SFIX

Stitch Fix

$25.92

-0.42 (-1.59%)

05:47
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SYX

Systemax

$30.46

4.37 (16.75%)

05:45
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Systemax management to meet with William Blair »

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WPP

WPP

$51.13

-0.98 (-1.88%)

05:45
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05:45
Hot Stocks
WPP sees medium-term organic growth in line with peers »

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General news
NFIB Small Business Optimism Index level to be reported at 06:00 »

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WPP

WPP

$51.13

-0.98 (-1.88%)

05:44
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WPP to incur cash costs for restructuring of GBP300M over three years »

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FB

Facebook

$141.87

4.45 (3.24%)

05:40
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Vishal Shah named head of product for all of Instagram, Recode reports »

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GOOG

Alphabet

$1,040.02

3.5 (0.34%)

, GOOGL

Alphabet Class A

$1,052.80

5.81 (0.55%)

05:39
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GOOG

Alphabet

$1,040.02

3.5 (0.34%)

GOOGL

Alphabet Class A

$1,052.80

5.81 (0.55%)

03/08/13
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CWBR

CohBar

$3.64

0.17 (4.90%)

05:37
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Conference/Events
CohBar to host business news update conference call »

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WMT

Walmart

$93.92

0.71 (0.76%)

05:36
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Walmart, Rakuten open first Walmart ecommerce store in Japan »

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BNFT

Benefitfocus

$50.82

(0.00%)

05:30
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VRNT

Verint

$44.86

-0.23 (-0.51%)

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NCSM

NCS Multistage

$6.84

-0.37 (-5.13%)

05:22
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SLCJY

SLC Agricola

$0.00

(0.00%)

05:20
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PFE

Pfizer

$44.41

0.49 (1.12%)

05:18
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IKTSY

Intertek

$0.00

(0.00%)

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WEX

Wex

$152.58

-0.875 (-0.57%)

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FLT

FleetCor

$186.15

-0.78 (-0.42%)

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FIS

FIS

$105.72

1.07 (1.02%)

05:05
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FISV

Fiserv

$76.15

1.42 (1.90%)

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ACOR

Acorda Therapeutics

$19.08

0.48 (2.58%)

05:03
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CAMP

CalAmp

$17.02

-0.23 (-1.33%)

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