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BA

Boeing

$354.89

-9.56 (-2.62%)

, LMT

Lockheed Martin

$310.78

-18.22 (-5.54%)

06:27
10/25/18
10/25
06:27
10/25/18
06:27

Defense companies battle over price following Boeing contract wins, WSJ reports

Defense-industry executives are preparing for a cost battle with Boeing's (BA) military and space unit after the company won three Pentagon contracts and CEO Dennis Muilenburg said that it would continue using cash from jetliner sales to support competitive bids for defense work, the Wall Street Journal reports, citing comments by industry executives. Competitors have questioned whether they could make a profit at the prices Boeing has set with Lockheed Martin (LMT) CEO Marillyn Hewson saying that her company would have lost over $5B if it had matched Boeing's winning bids on programs expected to be worth roughly $24B. The next big Pentagon award, scheduled for late next year, is to replace the nation's land-based nuclear missiles and Boeing is competing with Northrop Grumman (NOC) for a deal worth as much as $60B. Reference Link

BA

Boeing

$354.89

-9.56 (-2.62%)

LMT

Lockheed Martin

$310.78

-18.22 (-5.54%)

NOC

Northrop Grumman

$285.65

-26.15 (-8.39%)

  • 30

    Oct

BA Boeing
$354.89

-9.56 (-2.62%)

10/23/18
JEFF
10/23/18
UPGRADE
Target $123
JEFF
Buy
Jefferies upgrades Kaiser Aluminum to Buy following recent selloff
Jefferies analyst Martin Englert upgraded Kaiser Aluminum (KALU) to Buy from Hold and raised his price target for the shares to $123 from $122. The company's "challenging" Q3 was "somewhat misconstrued" given likely transitory cost headwinds, none of which appear structural, Englert tells investors in a research note. He believes the pullback in shares offers a "tactical opportunity to buy ahead of improving fundamentals." Investors likely underappreciate Kaiser's leverage to ramping aerospace programs into 2019 and 2020, Englert contends. He points out that Kaiser has "significant" exposure to Boeing (BA) programs.
09/28/18
MSCO
09/28/18
NO CHANGE
Target $400
MSCO
Equal Weight
Morgan Stanley says NMA pivotal to Boeing long-term vision, but a near-term risk
Morgan Stanley analyst Rajeev Lalwani said Boeing's decision to move forward with its New Midsize Aircraft is likely within a year, which may raise the risk profile as clean-sheet designs typically do. Despite the back and forth among analysts on its viability, Lalwani believes the NMA program is likely to move forward as he sees it being pivotal to Boeing's long-term vision for a competitive product offering, expanding Services, and smoothing development cycles. Some type of response from Airbus (EADSY) is probable given the companies' history of "tit-for-tat," added Lalwani, who keeps an Equal Weight rating and $400 price target on Boeing shares.
09/06/18
JEFF
09/06/18
NO CHANGE
Target $410
JEFF
Buy
Boeing price target raised to $410 from $400 at Jefferies
Jefferies analyst Sheila Kahyaoglu raised her price target for Boeing to $410 after the company hosted analysts and investors at its Everett and Renton facilities. Boeing has been able to drive productivity through improved processes and sharing best practices across programs and business units, Kahyaoglu tells investors in a research note. She believes near-term challenges around 737 and KC-46 "seem manageable" and keeps a Buy rating on the shares.
10/24/18
ADAM
10/24/18
NO CHANGE
Target $350
ADAM
Hold
Boeing missed on earnings when backing out tax benefit, says Canaccord
Canaccord Genuity analyst Ken Herbert says that while Boeing missed earnings expectations this morning when excluding a 71c per share tax benefit, he continues to be impressed with its cash generation. Boeing increased its full year adjusted earnings per share guidance to $15.00, reflecting tax, upside in commercial airplanes, and the addition of KLX into the Services business, but kept its free cash flow outlook unchanged, Herbert tells investors in a post-earnings research note. The analyst, while continuing to see pressure to its long-term margin targets, believes investor concerns about tariffs and interest rates "have subsided to an extent," and that Boeing's "strong" free cash flow in the quarter is a positive catalyst for the stock. He keeps a Hold rating on the name with a $350 price target. Boeing in early trading is up 3%, or $10.16, to $360.21.
LMT Lockheed Martin
$310.78

-18.22 (-5.54%)

10/24/18
FBCO
10/24/18
NO CHANGE
Target $357
FBCO
Neutral
Lockheed Martin price target lowered to $357 from $368 at Credit Suisse
Credit Suisse analyst Robert Spingarn lowered his price target for Lockheed Martin to $357 from $368 following quarterly results. The analyst reiterates a Neutral rating on the shares.
10/24/18
GSCO
10/24/18
UPGRADE
Target $394
GSCO
Conviction Buy
Lockheed Martin upgraded to Conviction Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Noah Poponak upgraded Lockheed Martin to Buy and added the shares to his firm's Conviction List. He also raised his price target for the shares to $394 from $391.
10/03/18
FBCO
10/03/18
NO CHANGE
Target $368
FBCO
Neutral
Lockheed Martin price target raised to $368 from $340 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Lockheed Martin to $368 from $340 as his in-depth review of both the F-35 program and the broader business suggests that the bear case largely misses the mark. The analyst believes that Aeronautics and MFC will remain Lockheed's growth leaders over the next several years, and expects growth in Aeronautics to slow but remain positive beyond 2020 as rising F-35 sustainment revenues are only partially offset by C-130J headwinds and plateauing F-35 procurement quantities. RMS faces Black Hawk headwinds in the near-term, but growth should pick up in 2020 and beyond, he contends, adding that space should grow modestly in the near-term. The analyst reiterates a Neutral rating on the shares.
10/24/18
10/24/18
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. Lockheed Martin (LMT) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Noah Poponak raising his price target for the shares to $394 from $391. 2. Paccar (PCAR) upgraded to Overweight from Neutral at Piper Jaffray with analyst Alexander Potter saying Paccar's brands boasted the highest level of brand loyalty in his firm's survey of 743 U.S.-based fleets. 3. Morgan Stanley (MS) upgraded to Outperform from Market Perform at Wells Fargo with analyst Mike Mayo saying this means he now recommends 5 out of 5 of the largest U.S. wholesale banks. 4. 3D Systems (DDD) upgraded to Neutral from Underweight at Piper Jaffray with analyst Troy Jensen saying while Piper's Q3 survey "showed another poor performance" from 3D Systems' resellers, the company's "significant direct sales win" with Align Technology (ALGN) will continue to allow 3D Systems to report "impressive" year-over-year product growth for the next few quarters. 5. Lululemon (LULU) upgraded to Buy from Hold at Canaccord with analyst Camilo Lyon saying he recommends taking advantage of the recent 15% pullback as he believes the risk/reward is now skewed to the upside. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NOC Northrop Grumman
$285.65

-26.15 (-8.39%)

07/31/18
07/31/18
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. Twitter (TWTR) upgraded to Neutral from Reduce at Nomura Instinet analyst Mark Kelley saying after selling off 27% since the Q2 earnings report on July 27, expectations have been appropriately reset. 2. Chipotle (CMG) upgraded to Buy from Hold at Jefferies with analyst Andy Barish saying he believes Chipotle is one of the better positioned companies to benefit from the ongoing shift to digital/off-premise. 3. Affiliated Managers (AMG) upgraded to Outperform from Market Perform at Keefe Bruyette with analyst Robert Lee saying he believes the company is positioned for "at least" modest organic growth. 4. Booz Allen (BAH) upgraded to Outperform from Market Perform at Raymond James with analyst Brian Gesuale saying the Q1 report was "stellar," beating every key metric, while the share reaction was "lukewarm." 5. Northrop Grumman (NOC) upgraded to Buy on valuation at Buckingham with analyst Richard Safran saying the sell-off following the Q2 report provides an investment opportunity telling investors Defense spending and recent program wins may not be fully reflected in consensus expectations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/15/18
UBSW
08/15/18
INITIATION
Target $315
UBSW
Neutral
Northrop Grumman initiated with a Neutral at UBS
UBS analyst Myles Walton initiated coverage of the Aerospace & Defense sector, starting Northrop Grumman with a Neutral rating and $315 price target.
09/21/18
MSCO
09/21/18
NO CHANGE
MSCO
Morgan Stanley says not to panic over Defense payment proposal
Morgan Stanley analyst Rajeev Lalwani attributes the underperformance in Defense stocks over the last two days compared to the broader market to heightened concerns around a month old proposal from the Department of Defense to adjust progress and performance payments down to 50% from 80% of cost, which would effectively slow the timing of cash flow receipts closer to when a project is complete. He sees a number of reasons not to panic, firstly because he believes that the Administration will not move forward with a proposal industry-players will paint as being anti-business and anti-defense spending. Even if it were to move forward, the proposal primarily impacts cash flow timing, with underlying earnings unchanged and potential offsets evident, Lalwani tells investors. Lastly, while there would be considerable uncertainty around rule implementation, the proposal would create a path to superior cash flows versus today, the analyst added. Companies in the defense contracting space include General Dynamics (GD), Huntington Ingalls (HII), L3 Technologies (LLL), Lockheed Martin (LMT), Northrop Grumman (NOC) and Raytheon (RTN).
09/21/18
09/21/18
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. UBS SAYS BUY AT&T: UBS analyst John Hodulik upgraded AT&T (T) to Buy and raised his price target for the shares to $38 from $33, noting that the stock is trading near all-time low valuations and at its widest valuation gap to Verizon (VZ). The Time Warner transaction and accounting changes "have compounded [other] issues, leading to a loss of visibility for investors," but his work indicates that AT&T will return to EBITDA growth in the second half of 2018, after a 6% decline in the first half, due to growth in Wireless and WarnerMedia as well as slower declines in Entertainment. JPMORGAN GOES TO BULL FROM BEAR ON NOVAVAX: JPMorgan analyst Eric Joseph double upgraded Novavax (NVAX) to Overweight from Underweight saying the risk/reward is favorable into the report of Prepare trial data in Q1 of 2019. The trial is assessing the efficacy of the company's RSV F Vaccine for infants via maternal immunization and the analyst believes the shares can hit a range of $2.00 to $2.25, he told investors. JPMORGAN SUGGESTS BEING SHORT COPART, LONG KAR: JPMorgan analyst Ryan Brinkman downgraded Copart (CPRT) to Underweight and lowered his price target for the shares to $47 from $48. The company reported softer than expected Q4 results this week but trades at "near record multiples" of earnings and EBITDA, Brinkman told investors. The analyst sees a potential pair trade in going long KAR Auction (KAR) shares, and short Copart shares, to capitalize on the "valuation disconnect." LOOP SETS $8.25 TARGET ON HARMONIC: Loop Capital analyst James Kisner initiated Harmonic (HLIT) with a Buy rating and $8.25 price target, saying he believes Harmonic can "drive robust revenue growth on its Cable Edge business as cable operators like Comcast (CMCSA, CMCSK) adopt its virtual CCAP/CMTS solution," and that the company's video business with stabilize. 'DON'T PANIC' OVER DOD PROPOSAL: Morgan Stanley analyst Rajeev Lalwani attributes the underperformance in Defense stocks over the last two days compared to the broader market to heightened concerns around a month old proposal from the Department of Defense to adjust progress and performance payments down to 50% from 80% of cost, which would effectively slow the timing of cash flow receipts closer to when a project is complete. He sees a number of reasons not to panic, mainly because he believes that the Administration will not move forward with a proposal industry-players will paint as being anti-business and anti-defense spending. Publicly-traded defense contractors include General Dynamics (GD), Huntington Ingalls (HII), L3 Technologies (LLL), Lockheed Martin (LMT), Northrop Grumman (NOC) and Raytheon (RTN).

TODAY'S FREE FLY STORIES

PCH

PotlatchDeltic

$36.17

-1.31 (-3.50%)

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PEN

Penumbra

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ISRL

Isramco, Inc.

$110.20

-2.05 (-1.83%)

17:10
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NYT

New York Times

$34.71

0.27 (0.78%)

17:07
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New York Times CEO sells 45,000 class A common shares »

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KNL

Knoll

$20.78

0.025 (0.12%)

17:06
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17:06
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Knoll CEO sells 10.2K shares of common stock »

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QEP

QEP Resources

$7.91

0.42 (5.61%)

, BX

Blackstone

$40.62

-0.1 (-0.25%)

17:04
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17:04
Periodicals
QEP Resources considering sale after Elliott proposal, Bloomberg says »

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QEP Resources

$7.91

0.42 (5.61%)

BX

Blackstone

$40.62

-0.1 (-0.25%)

WLL

Whiting Petroleum

$22.74

-0.75 (-3.19%)

CPE

Callon Petroleum

$7.62

-0.56 (-6.85%)

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USAT

USA Technologies

$5.90

-0.13 (-2.16%)

17:03
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17:03
Hot Stocks
USA Technologies extends contract of interim CFO Glen Goold »

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USAT

USA Technologies

$5.90

-0.13 (-2.16%)

17:02
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Hot Stocks
USA Technologies receives additional Nasdaq deficiency notice »

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NVRO

Nevro

$60.05

-2.235 (-3.59%)

17:02
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Nevro names D. Keith Grossman chairman of the board »

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  • 20

    May

STZ

Constellation Brands

$203.04

-1.79 (-0.87%)

17:01
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05/20
17:01
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Periodicals
Constellation Brands gets 2nd FTC request over E.&J Gallo winery deal »

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AMRS

Amyris

$4.09

-0.15 (-3.54%)

17:01
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Amyris receives Nasdaq deficiency notification over delayed quarterly report »

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SNAP

Snap

$11.19

-0.3 (-2.61%)

16:57
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Hot Stocks
Snap names Derek Andersen new CFO, appoints Lara Sweet as Chief People Officer »

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  • 03

    Jun

SCON

Superconductor Technologies

$1.25

-0.065 (-4.94%)

16:52
05/20/19
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16:52
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Syndicate
Superconductor Technologies files to sell common stock, no amount given »

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  • 06

    Jun

CCC

Clarivate Analytics

$13.34

-0.04 (-0.30%)

, INFO

IHS Markit

$57.51

0.12 (0.21%)

16:50
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Hot Stocks
Clarivate Analytics names Jerre Stead as CEO, effective June 30 »

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CCC

Clarivate Analytics

$13.34

-0.04 (-0.30%)

INFO

IHS Markit

$57.51

0.12 (0.21%)

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NDSN

Nordson

$130.42

-4.8 (-3.55%)

16:50
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Breaking Hot Stocks news story on Nordson »

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EBAY

eBay

$36.56

-0.34 (-0.92%)

16:47
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eBay VP Kristin Yetto sells over $940K shares of company stock »

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  • 30

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General news
Fed's Williams said the Fed has changed its view on the Phillips Curve relationship »

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VNE

Veoneer

$18.89

0.02 (0.11%)

16:43
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  • 23

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VYGR

Voyager Therapeutics

$21.87

-0.28 (-1.26%)

16:36
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Voyager Therapeutics announces retirement of chief scientific officer Dinah Sah »

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  • 13

    Jun

OCUL

Ocular Therapeutix

$3.36

-0.1 (-2.89%)

16:35
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  • 11

    Jun

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    Nov

HI

Hillenbrand

$38.98

0.05 (0.13%)

16:34
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Initiation
Hillenbrand initiated  »

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  • 05

    Jun

VAR

Varian Medical

$130.48

-0.26 (-0.20%)

16:34
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05/20
16:34
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Earnings
Varian Medical cuts FY19 adj. EPS view to $4.55-$4.70 from $4.60-$4.75 »

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MRK

Merck

$78.86

0.15 (0.19%)

16:34
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VAR

Varian Medical

$130.48

-0.26 (-0.20%)

16:33
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Hot Stocks
Varian to acquire Cancer Treatment Services for $283M »

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  • 20

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    May

NDSN

Nordson

$130.42

-4.8 (-3.55%)

16:33
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Hot Stocks
Nordson CEO says 'continue to forecast organic growth' for 2019 »

CEO Michael Hilton…

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