Breaking News Instant updates and real-time market news.

CDNS

Cadence Design

$40.62

0.49 (1.22%)

, SSNC

SS&C

$49.91

-0.37 (-0.74%)

19:05
10/22/18
10/22
19:05
10/22/18
19:05

Fly Intel: After Hours Movers

UP AFTER EARNINGS: Cadence Design Systems (CDNS) up 10.8%... SS&C Technologies Holdings (SSNC) up 7.1%... First Bank (FRBA) up 4.1%... Zions Bancorp (ZION) up 2.9%... Renasant (RNST) up 0.9%... Crane Co (CR) up 0.4%... Brown & Brown (BRO) up 0.3%. ALSO HIGHER: Chembio Diagnostics (CEMI) up 4.9% after guiding Q3 revenue... RH (RH) up 0.7% after being initiated with Outperform at Wedbush. DOWN AFTER EARNINGS: Moelis & Co (MC) down 11.0%... TD Ameritrade (AMTD) down 1.8%. ALSO LOWER: Affimed N.V. (AFMD) down 3.2% after equity offering... Proteostasis Therapeutics (PTI) down 2.5% after equity offering... Eiger BioPharmaceuticals (EIGR) down 1.9% after equity offering.

CDNS

Cadence Design

$40.62

0.49 (1.22%)

SSNC

SS&C

$49.91

-0.37 (-0.74%)

FRBA

First Bank

$12.42

0.015 (0.12%)

ZION

Zions Bancorp

$45.33

-1.64 (-3.49%)

RNST

Renasant

$35.44

-1.1 (-3.01%)

CR

Crane

$87.33

-0.28 (-0.32%)

BRO

Brown & Brown

$29.12

0.27 (0.94%)

CEMI

Chembio Diagnostics

$9.68

-0.05 (-0.51%)

RH

RH

$109.10

-13.485 (-11.00%)

MC

Moelis

$50.66

-0.21 (-0.41%)

AMTD

TD Ameritrade

$49.89

-0.6 (-1.19%)

AFMD

Affimed N.V.

$3.15

-0.06 (-1.87%)

PTI

Proteostasis

$7.17

-0.77 (-9.70%)

EIGR

Eiger BioPharmaceuticals

$10.65

-1.2 (-10.13%)

  • 22

    Oct

  • 22

    Oct

  • 22

    Oct

  • 23

    Oct

  • 23

    Oct

  • 23

    Oct

  • 23

    Oct

  • 23

    Oct

  • 25

    Oct

  • 29

    Oct

  • 31

    Oct

  • 02

    Nov

  • 14

    Nov

  • 15

    Nov

  • 15

    Nov

  • 27

    Nov

  • 05

    Dec

  • 06

    Dec

  • 06

    Dec

  • 12

    Mar

  • 23

    Oct

  • 24

    Oct

CDNS Cadence Design
$40.62

0.49 (1.22%)

04/24/18
NEED
04/24/18
UPGRADE
Target $47
NEED
Buy
Cadence Design upgraded to Buy at Needham after Q1 earnings beat
As noted earlier, Needham analyst Richard Valera upgraded Cadence Design to Buy from Hold with a $47 price target after yesterday's "strong beat-and-raise" quarter that produced a 10% rise in the stock price afterhours. Valera notes that despite the spike, shares are still 10% down from recent highs, even though FY18 revenue growth is now estimated at 8% vs. 7% prior view. The analyst recommends the stock based on its "still-reasonable valuation" with underpinnings of "strong design activity in verticals such as machine learning, auto, mobile and Internet of Things", as well as the likelihood of continued share gains in digital, and a reinvigorated Verification business.
04/24/18
NEED
04/24/18
UPGRADE
NEED
Buy
Cadence Design upgraded to Buy from Hold at Needham
07/24/18
JPMS
07/24/18
NO CHANGE
Target $49
JPMS
Underweight
Cadence Design price target raised to $49 from $42 at JPMorgan
JPMorgan analyst Sterling Auty views Cadence Design Systems' Q2 results as "very solid" with the intellectual property business the standout performer once again. The analyst raised his price target for the shares to $49 from $42 and keeps an Underweight rating on the name. The big news from the quarter is the announcement that Cadence is pushing forward with a new cloud initiative to offer its products on a hosted basis within AWS, Azure and GCP, Auty tells investors in a research note. He believes, however, that the exact growth and profit ramifications will not be identifiable until the company finalizes its pricing model with customers across all solutions.
07/24/18
DADA
07/24/18
NO CHANGE
Target $52
DADA
Buy
Cadence Design price target raised to $52 from $47 at DA Davidson
DA Davidson analyst Thomas Diffely raised his price target on Cadence Design to $52 and kept his Buy rating after is "solid beat and raise" quarter, along with boosting its 2018 growth rate projection above that of 2017. The analyst notes the company is a "key beneficiary" of increased design activity in the emerging data driven economy, lifted by the technology waves of AI, big data, 5G, automotive, internet of things, etc. Diffely further states that Cadence Design's Cloud product portfolio gives it a first mover advantage with signs of solid customer adoption, while its execution and cash generation are also improving.
SSNC SS&C
$49.91

-0.37 (-0.74%)

09/06/18
JEFF
09/06/18
NO CHANGE
Target $58
JEFF
Buy
SS&C acquisition of Intralinks suggests more aggressive strategy, says Jefferies
Jefferies analyst Surinder Thind notes that SS&C has agreed to acquire privately held Intralinks for $1.5B. The deal, which adds cloud collaboration software and virtual data rooms to the product offering and is the company's third big acquisition this year, suggests more aggressive strategy to broaden product set, he contends. Thind expects the acquisition to be low single digit plus accretive on day one. He reiterates a Buy rating and $58 price target on the shares.
09/06/18
JPMS
09/06/18
NO CHANGE
JPMS
JPMorgan 'more negative than positive' on SS&C's Intralinks acquisition
While SS&C Technologies is getting another asset with 40%-plus margins at a "reasonable" price, this will be the fourth parent company for Intralinks in a two year stretch, JPMorgan analyst Jackson Ader tells investors in a research note. Synchronoss (SNCR) purchased Intralinks in January of 2017 for $783M, Siris Capital Group then bought it for $1B in November of 2017 and now SS&C has agreed to buy the company for $1.5B, nearly double what Synchronoss paid less than two years ago and a 50% premium over what Siris paid late last year, Ader writes. The analyst says that while he still likes shares of SS&C, he's "more negative than positive as it pertains to this deal." Ader has an Overweight rating on the stock with a $70 price target.
09/07/18
DADA
09/07/18
DOWNGRADE
Target $60
DADA
Neutral
SS&C downgraded to Neutral from Buy at DA Davidson
DA Davidson analyst Peter Heckmann downgraded SS&C to Neutral from Buy and lowered his price target to $60 from $62 after the company's announced acquisition of Intralinks Holdings for $1.5B. The analyst notes that the economics of the deal are attractive, but adds that he does not see an "immediate" strategic fit. Heckmann further notes that he is much more positive on the previous acquisition of EZE and warns about the possibility of integration risk, along with higher leverage risk, of the SS&C investment story.
09/10/18
DBAB
09/10/18
UPGRADE
Target $72
DBAB
Buy
SS&C upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Ashish Sabadra upgraded SS&C Technologies to Buy and raised his price target for the shares to $72 from $57. The analyst cites the company's accelerating earnings growth as well as an "inexpensive" valuation for the upgrade.
FRBA First Bank
$12.42

0.015 (0.12%)

11/01/17
SDLR
11/01/17
UPGRADE
Target $14.5
SDLR
Buy
First Bank upgraded to Buy from Hold at Sandler O'Neill
Sandler O'Neill analyst Nicholas Cucharale upgraded First Bank to Buy with a $14.50 price target following the company's Q3 results. The analyst views the results as strong and raised his earning estimates for the company.
ZION Zions Bancorp
$45.33

-1.64 (-3.49%)

09/07/18
UBSW
09/07/18
DOWNGRADE
Target $56
UBSW
Neutral
UBS downgrades Zions Bancorp to Neutral with $56 price target
UBS analyst Brock Vandervliet downgraded Zions Bancorp to Neutral from Buy and lowered his price target for the shares to $56 from $67. The analyst had expected mid-single digit loan growth would build to the 6%-8% range after years of drag from energy and commercial real estate loan run-off. However, he now forecasts a 4%-5% level. Vandervliet also expected that raising of the systemically important financial institution threshold would re-focus management on generating higher growth and better efficiency. Recent commentary, however, indicates no change in posture, the analyst contends. He also finds Zions' recent capital announcement "underwhelming" saying it is designed to preserve board flexibility as opposed to making a commitment to maximize return.
07/10/18
RAJA
07/10/18
UPGRADE
RAJA
Strong Buy
Zions Bancorp upgraded to Strong Buy from Outperform at Raymond James
09/07/18
UBSW
09/07/18
DOWNGRADE
UBSW
Neutral
Zions Bancorp downgraded to Neutral from Buy at UBS
UBS analyst Brock Vandervliet downgraded Zions Bancorp to Neutral.
05/14/18
WEDB
05/14/18
INITIATION
WEDB
Neutral
Zions Bancorp initiated with a Neutral at Wedbush
RNST Renasant
$35.44

-1.1 (-3.01%)

04/02/18
04/02/18
UPGRADE
Target $49

Buy
Renasant upgraded to Buy after Brand Group deal at Sandler ONeill
As previously reported, Sandler ONeill analyst Brad Milsaps upgraded Renasant to Buy from Hold as he increased his 2019 earning estimate following the company's deal to acquire Brand Group Holdings. Milsaps is assuming 6% earnings accretion from the Brand acquisition, but notes he is being conservative and that if Brand "simply earns what it did in 2017 plus the expected 35% cost savings" that Renasant should "easily" hit his $3.45 per share earnings estimate for 2019. The analyst, who also believes the valuation of Renasant is now more reasonable relative to peers, raised his price target on the stock to $49 from $45.
07/10/18
RAJA
07/10/18
DOWNGRADE
RAJA
Market Perform
Renasant downgraded to Market Perform from Outperform at Raymond James
02/09/18
HDLY
02/09/18
UPGRADE
HDLY
Buy
Renasant upgraded to Buy from Neutral at Hilliard Lyons
Hilliard Lyons analyst Andrew Stapp upgraded Renasant to Buy with a $48 price target. The analyst believes the recent selloff in the shares creates an attractive investment opportunity. Renasant has declined 6.9% in the current correction and now trades at 13.6 times the analyst's 2018 earnings estimate. He believes the "discounted valuation is clearly too low for a company that generated linked-quarter annualized growth of 9.1% loan growth" in Q4.
04/02/18
SDLR
04/02/18
UPGRADE
SDLR
Buy
Renasant upgraded to Buy from Hold at Sandler O'Neill
CR Crane
$87.33

-0.28 (-0.32%)

05/25/18
DADA
05/25/18
NO CHANGE
Target $111
DADA
Buy
Crane benefiting from organic growth across its segments, says DA Davidson
DA Davidson analyst Matt Summerville kept his Buy rating and $111 price target on Crane after meeting with its director of investor relations. The analyst says he came away with greater confidence about the company's earnings visibility through 2021 on accretion from Crane Currency, realization of the benefits of U.S. tax reform and expected multi-year growth in its Aerospace/Electronics segment. Summerville adds that Crane's asbestos situation is becoming less of a distraction and that he is hopeful for recovery in Process Valve division.
07/30/18
UBSW
07/30/18
UPGRADE
UBSW
Buy
Crane upgraded to Buy from Neutral at UBS
04/25/18
ADAM
04/25/18
NO CHANGE
Target $110
ADAM
Buy
Crane weakness a buying opportunity, says Canaccord
Canaccord analyst Ken Herbert said the selloff in Crane following Q1 results is overdone. He said although the organic growth rate was disappointing in the quarter, he continues to see strong fundamentals. He notes the weakness likely stemmed from the negative perception of the quality of the company's guidance. Herbert reiterated his Buy rating and $110 price target on Crane shares.
07/30/18
UBSW
07/30/18
UPGRADE
Target $100
UBSW
Buy
Crane upgraded to Buy from Neutral at UBS
UBS analyst Damian Karas upgraded Crane to Buy and raised his price target for the shares to $100 from $97. The stock at current valuation levels is not reflecting the company's sustainable annual growth of greater than 3% or strong free cash flow generation in 2019, Karas tells investors in a research note. He views the valuation as "attractive with relatively lower downside risk."
BRO Brown & Brown
$29.12

0.27 (0.94%)

12/06/17
12/06/17
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. AIG (AIG) upgraded to Hold from Sell at Deutsche Bank with analyst Joshua Shanker sayign the stock "might have found a bottom" after dropping 8% since the third quarter results on November 2. Brown & Brown (BRO) upgraded to Buy from Hold at SunTrust with analyst Mark Hughes saying the company stands to benefit from commission gains in the Florida market, contribution from the company's sales incentive program, reduced investments costs, and the anticipated tax reform impact which could add up to 55c to the fiscal 2019 earnings per share target of $2.25. 3. L3 Technologies (LLL) upgraded to Outperform from Sector Perform at RBC Capital with analyst Matt McConnell citing the company's investor day presentation. McConnell says the event highlighted the company's position combining the "best-in-defense runway for operating margin improvement, near-term organic growth acceleration, and bolt-on M&A potential". 4. Carnival (CCL) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Jamie Rollo stating that the firm's survey of U.S. travel agents suggested strong demand for cruises in November, which he notes is usually a slow month for bookings. 5. Express Scripts (ESRX) upgraded to Market Perform from Underperform at Bernstein with the firm citing improved upside risks from potential policy and competitor actions and valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/18
FBCO
08/07/18
INITIATION
Target $31
FBCO
Neutral
Brown & Brown initiated with a Neutral at Credit Suisse
Credit Suisse analyst Michael Zaremski started Brown & Brown with a Neutral rating and $31 price target. Given the company's small commercial focus relative to global peers, he believes demand for consulting services and an incremental investment income tailwind will apply to the insurance brokerage space but not to Brown & Brown, making him relatively less bullish on its near-term prospects, especially given year to date outperformance partially attributable to trade war fears.
06/18/18
GSCO
06/18/18
INITIATION
Target $31
GSCO
Neutral
Brown & Brown initiated with a Neutral on valuation at Goldman Sachs
Goldman Sachs analyst Yaron Knar initiated Brown & Brown with a Neutral and $31price target citing valuation.
09/20/18
RHCO
09/20/18
NO CHANGE
Target $33
RHCO
Buy
Brown & Brown to continue organic growth trends, says SunTrust
SunTrust analyst Mark Hughes kept his Buy rating and $33 price target on Brown & Brown after its "first ever Investor Day" in New York, saying the management has expressed its intentions to drive organic growth with "new product initiatives and technology enhancements". The analyst also expects the company to continue executing its M&A strategy that is funded by cash flows, maintaining its "conservative leverage". Hughes further points to the company's wholesale brokerage business outperforming last year results and its National Programs segment outpacing the industry.
CEMI Chembio Diagnostics
$9.68

-0.05 (-0.51%)

07/11/18
BNCH
07/11/18
INITIATION
Target $14
BNCH
Buy
Chembio Diagnostics assumed with a Buy from a Speculative Buy at Benchmark
Benchmark analyst Bruce Jackson assumed coverage of Chembio Diagnostics with a Buy rating and $14 price target, stating that he sees the company benefitting from several incremental growth opportunities and that its new product pipeline is "well-stocked." The stock was previously covered by Raymond Myers, who'd had a Speculative Buy rating on Chembio.
RH RH
$109.10

-13.485 (-11.00%)

10/22/18
WEDB
10/22/18
INITIATION
WEDB
Outperform
RH initiated with an Outperform at Wedbush
10/12/18
STFL
10/12/18
UPGRADE
Target $150
STFL
Buy
RH upgraded to Buy from Hold at Stifel
Stifel analyst John Baugh upgraded RH to Buy and raised his price target for the shares to $150 from $142. The recent pullback in the shares has presented a "much more attractive entry point," Baugh tells investors in a research note. Further, he believes the financial profile of RH's business is "meaningfully improved" and that the stage is set for profitable growth. The company is now pioneering new real estate models that have much better financial profiles than legacy stores, the analyst contends.
09/10/18
09/10/18
UPGRADE
Target $166

Overweight
RH upgraded to Overweight on valuation at KeyBanc
As previously reported, KeyBanc analyst Bradley Thomas upgraded RH to Overweight from Sector Weight, with a $166 price target. The analyst believes the pullback in shares presents a compelling buying opportunity given the long-term transformation of the gallery network and near-term margin and merchandising initiatives. Overall, he thinks valuation is compelling for one of the most dynamic growth companies he follows.
09/14/18
GUGG
09/14/18
NO CHANGE
Target $175
GUGG
Buy
RH 's recent 'comp drag' due to shorter promotion time, says Guggenheim
Guggenheim analyst Steven Forbes kept his Buy rating and $175 price target on RH but raised his earnings forecasts on the stock and also labeled it his "Best Idea" in the space. The analyst notes that his recent discussions with the management helped to explain the shortfall in Q2 sales and comps, even though he sees the "core" comps as coming in line. Forbes attributes some of the shortfall to higher than expected cannibalisation from last year's "SKU rationalization efforts". Additionally, the analyst notes the company's shorter "Home Furnishings Event" promotion of just 19 days this year vs. 36 days in 2017. Forbes contends that at 11.0-times his expected FY18 EBITDA, RH shares are "attractively valued" and set up to outperform in 2018 on improved operating momentum.
MC Moelis
$50.66

-0.21 (-0.41%)

06/21/18
MSCO
06/21/18
DOWNGRADE
MSCO
Equal Weight
Moelis downgraded to Equal Weight from Overweight at Morgan Stanley
06/21/18
06/21/18
DOWNGRADE
Target $63

Equal Weight
Morgan Stanley downgrades Moelis to Equal Weight with valuation seen as full
As previously reported, Morgan Stanley analyst Betsy Graseck downgraded Moelis to Equal Weight from Overweight, noting that the stock's multiple has now hit its "high water mark" since the IPO four years ago. Revenue growth in Q1 was likely the peak for 2018 and Q2 will likely mark the low point of growth for the year, added Graseck, who keeps a $63 price target on the stock.
AMTD TD Ameritrade
$49.89

-0.6 (-1.19%)

10/19/18
SBSH
10/19/18
NO CHANGE
SBSH
E-Trade news removes bull case for Ameritrade, Schwab, says Citi
E-Trade (ETFC) last night announced new five-year financial targets and that it will pursue an independent course given higher internal estimates of intrinsic value versus a potential sale, Citi analyst William Katz tells investors in a research note. While the sector has recently sold off, the absence of a sizeable transaction "further removes a bull case thesis" for shares of both TD Ameritrade (AMTD) and Charles Schwab (SCHW), says Katz. Further, he believes the "inaction" also likely leaves open the group to more online pricing pressures and "keeps alive commodization risks." He does not rate E-Trade, has a Neutral rating on Ameritrade and Sell rating on Schwab.
09/25/18
WOLF
09/25/18
INITIATION
Target $59
WOLF
Underperform
TD Ameritrade initiated with an Underperform at Wolfe Research
Wolfe Research analyst Steven Chubak initiated TD Ameritrade with an Underperform and $59 price target.
09/19/18
JEFF
09/19/18
UPGRADE
Target $65
JEFF
Buy
Jefferies upgrades E-Trade to Buy on valuation, possible takeout upside
Jefferies analyst Daniel Fannon upgraded E-Trade (ETFC) to Buy from Hold with an unchanged price target of $65. The stock's current valuation is attractive for the core business while the financial and strategic benefits as a takeout candidate remain intact, Fannon tells investors in a research note. In a takeout scenario, Fannon thinks E-Trade could be worth as much as low $70s per share. He views TD Ameritrade (AMTD) and Charles Schwab as the most likely buyers given the expense overlaps. The analyst believes increasing competition across the Discount Brokers industry will continue to favor the firms with greater scale and revenue diversity. His favorite ideas in the group are E-Trade and Charles Schwab.
10/04/18
DBAB
10/04/18
NO CHANGE
DBAB
TD Ameritrade, E-Trade oversold into Q3 reports, says Deutsche Bank
Deutsche Bank analyst Brian Bedell sees shares of both TD Ameritrade (AMTD) and E-Trade (ETFC) as oversold heading into the Q3 reporting season. The setup is looking even better for e-brokers into earnings, Bedell tells investors in a research note. With e-broker stocks down a median 9% over the past month, the analyst now "heavily" favors the group within his coverage this earnings season, especially TD Ameritrade and E-Trade. He believes the market is no longer incorporating a meaningful chance of a merger scenario between the two companies. The analyst thinks both stocks can rally on "pure fundamentals."
AFMD Affimed N.V.
$3.15

-0.06 (-1.87%)

09/11/18
WELS
09/11/18
NO CHANGE
WELS
Amgen's AMG420 risk overstated, says Wells Fargo
Wells Fargo analyst Jim Birchenough believes shares of Bluebird Bio (BLUE) have been under pressure on concerns regarding potential competitive risk to BCMA CAR T therapeutic bb2121 from Amgen's (AMGN) bispecific T cell engager AMG420. The analyst highlights that AMGN420 is a continuous IV infusion and in his opinion not a viable competitor to a single bb2121 cell therapy dose, particularly given long-term durability of response with bb2121. Further, he notes that Amgen's approved first generation CD19 bispecific engager, BLINCYTO, is dosed as a continuous IV for 4 weeks out of every 6 and achieved only $175M in sales in 2017 following 2015 approval. He does not view this dose schedule for first generation bispecific T cell engagers as commercially viable in a more chronic cancer. Additionally, the analyst points out that Affimed (AFMD) also has a preclinical BCMA engager AFM26, established proof-of-concept data for CD30 bispecific AFM13, and upcoming proof-of-concept data for CD19 bispecific AFM11.
08/28/18
08/28/18
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. RH (RH) upgraded to Accumulate from Hold at Gordon Haskett. 2. Estee Lauder (EL) and Coty (COTY) upgraded to Overweight from Equal Weight at Morgan Stanley. 3. First Business Financial (FBIZ) upgraded to Buy from Neutral at DA Davidson with analyst Kevin Reevey saying the current trading level on the stock presents an attractive entry point after its 10% month-to-date decline and a 19% retreat from its 52-week highs. 4. Regency Centers (REG) upgraded to Buy from Hold at Deutsche Bank with analyst Derek Johnston saying "clear signs" of a retail recovery has fueled the rally in strip real estate investment trusts in recent weeks. 5. Affimed N.V. (AFMD) upgraded to Buy from Hold at Jefferies with analyst Maury Raycroft saying its collaboration with Roche Group's (RHHBY) Genentech to develop and commercialize novel NK cell engagers indicate the intrinsic value in Affimed's platform and approach. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/09/18
RHCO
10/09/18
NO CHANGE
Target $5
RHCO
Buy
Affimed N.V. price target lowered to $5 from $7 at SunTrust
SunTrust analyst Peter Lawson lowered his price target on Affirmed to $5 after the FDA placed a clinical hold on its T cell engager AFM11 phase 1 trial. The analyst keeps his Buy rating on the shares however, saying he sees no read-through to the company's NK cell engager platform or any impact on the recent NK cell engager Genentech deal. Lawson adds that commentary from the management indicates that the "series adverse events" in the study hold are "likely drug-related and from a CD19-related neurotoxicity" and should not impact the ongoing development of AFM13.
10/09/18
BMOC
10/09/18
NO CHANGE
Target $5
BMOC
Outperform
Affimed N.V.'s clinical trial hold on AFM11 'likely temporary', says BMO Capital
BMO Capital analyst Do Kim kept his Outperform rating and $5 price target on Affirmed N.V., saying the clinical hold placed on its AFM11 phase 1 trial is likely to be "temporary" since the three "serious adverse events" cited were identified as neurotoxicities. While he lowers his probability of success in acute lymphoblastic leukemia to 25% from 30% and keeps his probability in non-Hodgkin lymphoma at a "low" 15%, Kim calls for investors to buy Affirmed shares on weakness since the clinical hold is not likely to become "program ending".
PTI Proteostasis
$7.17

-0.77 (-9.70%)

10/18/18
MSCO
10/18/18
NO CHANGE
MSCO
Overweight
Vertex weakness on competitor data an overreaction, says Morgan Stanley
Morgan Stanley analyst Matthew Harrison attributes weakness in shares of Vertex (VRTX) to the fact that potential competitor Proteostasis (PTI) released initial Phase 1 data showing that its doublet achieved a roughly 6% increase in FEV1 in the highest dose, compared with about 5% for the VX-661 doublet in Phase 1/2. However, he would caution over-interpretation of the results, noting that Proteostasis' data includes only about five patients per arm; the high mean FEV1 increase may be the result of a "super-responder"; and doublet data "isn't meaningful given triplets with 10-15% FEV1 improvement will be the new standard of care." The analyst, who sees Vertex's sizeable lead and robust data limiting any competitive risks, keeps an Overweight rating on Vertex shares, which are down about 4% in morning trading.
10/18/18
RBCM
10/18/18
UPGRADE
Target $9
RBCM
Outperform
Proteostasis upgraded to Outperform at RBC Capital on positive CF data
As reported earlier, RBC Capital analyst Brian Abrahams upgraded Proteostasis (PTI) to Outperform from Sector Perform and also raised his price target to $9 from $4 following an "impressive" set of data from its phase 2 cystic fibrosis doublet trial. The analyst notes that while it is too soon to determine if it will pose a "competitive threat to developmental CFTR modulators marketed by Vertex Pharma (VRTX), the trial showed "clean, consistent, dose-dependent lung function improvements".
10/18/18
10/18/18
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. Nike (NKE) upgraded to Outperform from Perform at Oppenheimer with analyst Brian Nagel saying Nike represents an "already dominant, legacy global brand that is now aggressively embracing the power of digital to enhance most facets of its business." 2. United Continental (UAL) upgraded to Outperform from Neutral at Macquarie and to Overweight from Equal Weight at Stephens. 3. Generac (GNRC) upgraded to Neutral from Sell at Goldman Sachs with analyst Jerry Revich saying the company's organic growth outlook is improving amid rising power disturbances. 4. Proteostasis (PTI) upgraded to Outperform from Sector Perform at RBC Capital with analyst Brian Abrahams citing an "impressive" set of data from its phase 2 cystic fibrosis doublet trial. 5. Safe Bulkers (SB) upgraded to Outperform from In Line at Evercore ISI with analyst Jonathan Chappell saying the disconnect between dry bulk equity prices and spot rates continues to widen due to global trade/macro fears. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/18/18
RBCM
10/18/18
UPGRADE
RBCM
Outperform
Proteostasis upgraded to Outperform from Sector Perform at RBC Capital
EIGR Eiger BioPharmaceuticals
$10.65

-1.2 (-10.13%)

08/27/18
JEFF
08/27/18
NO CHANGE
Target $25
JEFF
Buy
Jefferies sees good entry point for Eiger BioPharmaceuticals ahead of update
Jefferies analyst Maury Raycroft believes current Eiger BioPharmaceuticals share levels offer a good entry point ahead of news from the Phase III D-LIVR endpoints in hepatitis delta virus based on FDA feedback. The analyst does not anticipate major surprises around the update and expect the outcome to be viewed positively. The announcement should give the stock a bump and add momentum to a second half of 2018 run-up that will include several key catalysts, Raycroft tells investors in a research note. He sees little downside risk in Eiger shares and keeps a Buy rating on the name with a $25 price target.
09/04/18
PIPR
09/04/18
NO CHANGE
Target $24
PIPR
Overweight
Eiger can file lonafarnib without additional studies, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff says feedback from the FDA will enable Eiger BioPharmaceuticals to file an investigational new drug application for lonafarnib to treat orphan indication Hutchinson-Gilford Progeria syndrome as soon as 2019. Importantly, this accelerates anticipated timelines because Eiger is not required to conduct additional clinical studies for approval, Tenthoff tells investors in a research note. He beieves that if approved, Eiger "could gain a valuable Pediatric Priority Review Voucher shared with the Progeria Research Foundation." The analyst reiterates an Overweight rating on the shares with a $24 price target.
10/17/18
PIPR
10/17/18
NO CHANGE
Target $24
PIPR
Overweight
Piper reiterates Overweight on Eiger after positive hypoglycemia data
Eiger BioPharmaceuticals last night reported positive top-line Phase II Prevent data on avexitide to treat post-bariatric hypoglycemia, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. The analyst points out that both primary and secondary endpoints achieved statistical significance showing clinically meaningful increases in glucose nadir and decreased insulin spike following induction of a hypoglycemic attack. He reiterates an Overweight rating on Eiger shares with a $24 price target. Tenthoff remains focused on Eiger's hepatitis delta virus franchise with full 48-week Phase II interferon lambda data at the annual American Association for the study of Liver Diseases meeting in November and the Phase III D-LIVR trial start of lonafarnib in Q4.
10/18/18
PIPR
10/18/18
NO CHANGE
Target $24
PIPR
Overweight
Eiger positive data opens HDV triple combo opportunity, says Piper Jaffray
Eiger BioPharmaceuticals last night announced positive end-of-treatment data from the Phase II study of InterferonLambda in hepatitis delta virus patients, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. Importantly, Interferon-Lambda continued to show improved tolerability versus IFN-alfa, which should enable long-term dosing, the analyst contends. He believes the positive data opens up the opportunity for a hepatitis delta virus triple combo. Tenthoff reiterates an Overweight rating on shares of Eiger with a $24 price target.

TODAY'S FREE FLY STORIES

UA

Under Armour

$21.02

-1.05 (-4.76%)

, UAA

Under Armour

$22.39

-1.06 (-4.52%)

05:59
12/11/18
12/11
05:59
12/11/18
05:59
Periodicals
Two Under Armour executives ousted after review of expenses, WSJ reports »

Under Armour ousted Ryan…

UA

Under Armour

$21.02

-1.05 (-4.76%)

UAA

Under Armour

$22.39

-1.06 (-4.52%)

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

See Street Research during your Free Trial

  • 12

    Dec

  • 12

    Dec

  • 14

    Dec

  • 03

    Mar

FNMA

Fannie Mae

$0.00

(0.00%)

, FMCC

Freddie Mac

$0.00

(0.00%)

05:56
12/11/18
12/11
05:56
12/11/18
05:56
Periodicals
Trump could name Mark Calabria to lead FHFA, WSJ says »

The White House is…

FNMA

Fannie Mae

$0.00

(0.00%)

FMCC

Freddie Mac

$0.00

(0.00%)

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

See Street Research during your Free Trial

KBR

KBR

$17.03

0.29 (1.73%)

05:54
12/11/18
12/11
05:54
12/11/18
05:54
Hot Stocks
KBRwyle awarded $114M in U.S. Army LOGCAP IV task order »

KBR announced that its…

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

See Street Research during your Free Trial

AWK

American Water

$97.50

-0.22 (-0.23%)

05:52
12/11/18
12/11
05:52
12/11/18
05:52
Earnings
American Water sees FY19 EPS $3.54-$3.64, consensus $3.55 »

American Water is…

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

See Street Research during your Free Trial

  • 11

    Dec

DDAIF

Daimler AG

$0.00

(0.00%)

05:52
12/11/18
12/11
05:52
12/11/18
05:52
Hot Stocks
Daimler to buy battery cells worth more than EUR20B by 2030 »

Daimler is taking the…

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

See Street Research during your Free Trial

AWK

American Water

$97.50

-0.22 (-0.23%)

05:50
12/11/18
12/11
05:50
12/11/18
05:50
Earnings
American Water backs FY18 adj. EPS view $3.27-$3.32, consensus $3.30 »

American Water affirmed…

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

See Street Research during your Free Trial

  • 11

    Dec

TLRA

Telaria

$2.89

0.12 (4.33%)

05:49
12/11/18
12/11
05:49
12/11/18
05:49
Conference/Events
Telaria management to meet with B. Riley FBR »

Meetings to be held in…

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

See Street Research during your Free Trial

  • 11

    Dec

  • 12

    Dec

  • 17

    Dec

  • 18

    Dec

TILE

Interface

$14.96

-0.17 (-1.12%)

05:48
12/11/18
12/11
05:48
12/11/18
05:48
Conference/Events
Interface management to meet with Seaport Global »

Meetings to be held in…

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

See Street Research during your Free Trial

  • 11

    Dec

  • 12

    Dec

WPP

WPP

$51.13

-0.98 (-1.88%)

05:47
12/11/18
12/11
05:47
12/11/18
05:47
Periodicals
WPP to cut 3,500 jobs worldwide as part of restructuring efforts, FT reports »

WPP will cut 3,500 jobs…

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

See Street Research during your Free Trial

  • 11

    Dec

TCBK

TriCo Bancshares

$36.22

-0.1 (-0.28%)

05:47
12/11/18
12/11
05:47
12/11/18
05:47
Conference/Events
TriCo Bancshares management to meet with Sandler O'Neill »

Meetings to be held in…

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

See Street Research during your Free Trial

  • 11

    Dec

  • 12

    Dec

  • 13

    Dec

  • 14

    Dec

SFIX

Stitch Fix

$25.92

-0.42 (-1.59%)

05:47
12/11/18
12/11
05:47
12/11/18
05:47
Downgrade
Stitch Fix rating change  »

Stitch Fix downgraded to…

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

See Street Research during your Free Trial

SYX

Systemax

$30.46

4.37 (16.75%)

05:45
12/11/18
12/11
05:45
12/11/18
05:45
Conference/Events
Systemax management to meet with William Blair »

Meeting to be held in New…

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

See Street Research during your Free Trial

  • 11

    Dec

WPP

WPP

$51.13

-0.98 (-1.88%)

05:45
12/11/18
12/11
05:45
12/11/18
05:45
Hot Stocks
WPP sees medium-term organic growth in line with peers »

The company will incur…

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

See Street Research during your Free Trial

  • 11

    Dec

05:45
12/11/18
12/11
05:45
12/11/18
05:45
General news
NFIB Small Business Optimism Index level to be reported at 06:00 »

November NFIB Small…

WPP

WPP

$51.13

-0.98 (-1.88%)

05:44
12/11/18
12/11
05:44
12/11/18
05:44
Hot Stocks
WPP to incur cash costs for restructuring of GBP300M over three years »

WPP announces the results…

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

See Street Research during your Free Trial

  • 11

    Dec

FB

Facebook

$141.87

4.45 (3.24%)

05:40
12/11/18
12/11
05:40
12/11/18
05:40
Periodicals
Vishal Shah named head of product for all of Instagram, Recode reports »

Vishal Shah, a product…

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

See Street Research during your Free Trial

GOOG

Alphabet

$1,040.02

3.5 (0.34%)

, GOOGL

Alphabet Class A

$1,052.80

5.81 (0.55%)

05:39
12/11/18
12/11
05:39
12/11/18
05:39
Hot Stocks
YouTube bans Proud Boys founder Gavin McInnes »

The YouTube account of…

GOOG

Alphabet

$1,040.02

3.5 (0.34%)

GOOGL

Alphabet Class A

$1,052.80

5.81 (0.55%)

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

See Street Research during your Free Trial

  • 11

    Dec

  • 03

    Mar

CWBR

CohBar

$3.64

0.17 (4.90%)

05:37
12/11/18
12/11
05:37
12/11/18
05:37
Conference/Events
CohBar to host business news update conference call »

Conference call to be…

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

See Street Research during your Free Trial

  • 11

    Dec

WMT

Walmart

$93.92

0.71 (0.76%)

05:36
12/11/18
12/11
05:36
12/11/18
05:36
Hot Stocks
Walmart, Rakuten open first Walmart ecommerce store in Japan »

Rakuten, Inc. and Walmart…

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

See Street Research during your Free Trial

BNFT

Benefitfocus

$50.82

(0.00%)

05:30
12/11/18
12/11
05:30
12/11/18
05:30
Recommendations
Benefitfocus analyst commentary  »

Benefitfocus price target…

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

See Street Research during your Free Trial

  • 18

    Dec

VRNT

Verint

$44.86

-0.23 (-0.51%)

05:25
12/11/18
12/11
05:25
12/11/18
05:25
Recommendations
Verint analyst commentary  »

Verint price target…

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

See Street Research during your Free Trial

  • 11

    Dec

  • 11

    Dec

NCSM

NCS Multistage

$6.84

-0.37 (-5.13%)

05:22
12/11/18
12/11
05:22
12/11/18
05:22
Downgrade
NCS Multistage rating change  »

NCS Multistage downgraded…

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

See Street Research during your Free Trial

SLCJY

SLC Agricola

$0.00

(0.00%)

05:20
12/11/18
12/11
05:20
12/11/18
05:20
Upgrade
SLC Agricola rating change  »

SLC Agricola upgraded to…

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

See Street Research during your Free Trial

PFE

Pfizer

$44.41

0.49 (1.12%)

05:18
12/11/18
12/11
05:18
12/11/18
05:18
Downgrade
Pfizer rating change  »

Pfizer downgraded to…

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

See Street Research during your Free Trial

  • 13

    Dec

  • 18

    Dec

IKTSY

Intertek

$0.00

(0.00%)

05:13
12/11/18
12/11
05:13
12/11/18
05:13
Upgrade
Intertek rating change  »

Intertek upgraded to Buy…

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

See Street Research during your Free Trial

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.