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AAPL

Apple

$201.57

-5.9 (-2.84%)

, CHK

Chesapeake

$3.79

0.29 (8.29%)

07:35
11/06/18
11/06
07:35
11/06/18
07:35

Unusual call flow in option market yesterday

Notable call activity was cited Monday in Apple (AAPL), Chesapeake (CHK), Disney (DIS), Procter & Gamble (PG), Hess Corp. (HES), Huntington Bancshares (HBAN), Coty (COTY), Cameco (CCJ), Callon Petroleum (CPE), and Kennametal (KMT).

AAPL

Apple

$201.57

-5.9 (-2.84%)

CHK

Chesapeake

$3.79

0.29 (8.29%)

DIS

Disney

$115.43

0.29 (0.25%)

PG

Procter & Gamble

$91.21

1.44 (1.60%)

HES

Hess Corp.

$58.63

2.28 (4.05%)

HBAN

Huntington Bancshares

$14.37

0.09 (0.63%)

COTY

Coty

$11.06

0.07 (0.64%)

CCJ

Cameco

$12.10

0.955 (8.57%)

CPE

Callon Petroleum

$10.51

0.135 (1.30%)

KMT

Kennametal

$38.93

0.35 (0.91%)

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AAPL Apple
$201.57

-5.9 (-2.84%)

11/02/18
RSBL
11/02/18
DOWNGRADE
RSBL
Neutral
Apple downgraded to Neutral from Buy at Rosenblatt
11/05/18
WEDB
11/05/18
NO CHANGE
Target $310
WEDB
Outperform
35M Apple iPhones in 'window of opportunity' to upgrade, says Wedbush
Wedbush analyst Daniel Ives notes that the Street continues to be laser focused on the demand trajectory for Apple's iPhones into 2019 and is modeling iPhone shipments of 215M-220M units, which could ultimately prove to be conservative in his opinion given the underlying demand drivers. Based on his analysis, the analyst believes 35M iPhones are in the "window of opportunity" to upgrade over the next 12-18 months with Apple needing to capture a majority of these units and driving higher ASPs as part of this upgrade cycle to make a clearly successful iPhone product cycle in 2019 and lay the groundwork for future services/software growth and steady iPhone demand over the coming years. That said, while it's frustrating how Apple decided to pull the plug on unit metrics, Ives' core bull thesis does not change on the story. He reiterates an Outperform rating and $310 price target on the shares.
11/05/18
MZHO
11/05/18
NO CHANGE
MZHO
Handset RF revenue expectations for 1H19 could see downside, says Mizuho
Mizuho analyst Vijay Rakesh says that while September quarter iPhone units were mostly in-line, Apple (AAPL) had a weaker December quarter guide at $89B-$93B, noting currency headwinds making iPhones costlier. The analyst would add that most consensus Apple iPhone estimates for December quarter are being lowered quarter over quarter post-call, a headwind for more exposed RF suppliers Skyworks (SWKS)/Qorvo (QRVO). Further, Rakesh highlights that Apple would not give color on iPhone/iPad units going forward, a headwind for suppliers with the lack of visibility, and with some of the weaker emerging market currencies the same $1000/$1400 Xs/Xs Max is selling at $1400/$1900 in China/Russia and East European countries. The analyst believes 1H19 handset RF revenue expectations could see downside as higher iPhone ASPs could be a challenge.
11/06/18
LOOP
11/06/18
NO CHANGE
Target $88
LOOP
Buy
Apple's Q4 beat a 'positive harbinger' for Best Buy, says Loop Capital
Loop Capital analyst Anthony Chukumba kept his Buy rating and $88 price target on Best Buy (BBY) ahead of its Q3 earnings on November 20th, saying that the positive quarter reported by Apple (AAPL) - including the higher-than-expected iPhone revenue - is a "positive harbinger" for its results. The analyst also anticipates the company to post a 3.4% increase in comps, a 30bps gross margin decline, and a 0.1% increase in SG&A expense as a percent of revenue, forecasting investor focus to also fall on any updates around the company's strategic initiatives and the management's thoughts on the impact of Sears bankruptcy.
CHK Chesapeake
$3.79

0.29 (8.29%)

11/01/18
RAJA
11/01/18
UPGRADE
RAJA
Outperform
Chesapeake upgraded to Outperform from Underperform at Raymond James
Raymond James analyst John Freeman double upgraded Chesapeake (CHK) to Outperform from Market Perform and established a $5 price target on shares. Freeman said the acquisition of WildHorse Resource (WRD) is "transformative" and makes the story much more compelling. The analyst said Chesapeake was able to acquire an attractive asset at a "rock-bottom price" that addresses the need to de-leverage, increase oil cut and future growth inventory.
10/31/18
SUSQ
10/31/18
UPGRADE
Target $5
SUSQ
Positive
Chesapeake upgraded to Positive after WildHorse deal at Susquehanna
As reported previously, Susquehanna analyst Biju Perincheril upgraded Chesapeake (CHK) to Positive from Neutral following its deal to acquire WildHorse Resource (WRD). The analyst said his upgrade is based on now visible and material oil-weighted growth, with a line-of-sight to free cash flow generation after 2019. He believes operational improvements will put the company on a path toward sustainable organic balance sheet deleveraging. Perincheril has a $5 price target on Chesapeake shares.
10/31/18
SUSQ
10/31/18
UPGRADE
SUSQ
Positive
Chesapeake upgraded to Positive from Neutral at Susquehanna
10/31/18
IMPC
10/31/18
NO CHANGE
Target $5
IMPC
In-Line
Chesapeake price target lowered to $5 from $6 at Imperial Capital
Imperial Capital analyst Jason Wangler lowered his price target for Chesapeake Energy (CHK) to $5 from $6 following the company's Q3 results and announcement of a definitive agreement to acquire WildHorse Resource Development (WRD). The acquisition should add to Chesapeake's oil inventory and improve balance sheet metrics, and "multiple synergies" should provide additional benefits in the transaction, Wangler tells investors in a research note. The analyst keeps an In-Line rating on Chesapeake shares.
DIS Disney
$115.43

0.29 (0.25%)

10/19/18
LEHM
10/19/18
UPGRADE
Target $130
LEHM
Overweight
Disney upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Kannan Venkateshwar upgraded Disney to Overweight from Equal Weight and raised his price target for the shares to $130 from $105.
10/19/18
LEHM
10/19/18
UPGRADE
Target $130
LEHM
Overweight
Barclays sees Disney becoming 'core holding' again, upgrades to Overweight
Barclays analyst Kannan Venkateshwar upgraded Disney to Overweight from Equal Weight and raised his price target for the shares to $130 from $105. The shares closed yesterday down 91c to $116.18. The stock is likely to become a "core holding" again, Venkateshwar tells investors in a research note partially titled "The Force Awakens." While almost everything about Disney's over-the-top story is conjecture and success is not a given, the company has the "key mix of assets to be successful and the opportunity from this pivot could be substantial," contends the analyst. He believes Disney's investor day could prove to be a catalyst to frame the scale of the OTT opportunity and help the company build a credible terminal value "story"' around the stock. And the analyst thinks current media multiples are more about terminal value optionality than near-term core trends. "In this respect, there are a few other names with a credible terminal value story other than Disney," writes Venkateshwar.
10/19/18
10/19/18
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. Disney (DIS) upgraded to Overweight from Equal Weight at Barclays with analyst Kannan Venkateshwar saying the stock is likely to become a "core holding" again. 2. Dentsply Sirona (XRAY) double upgraded to Buy from Sell at Goldman Sachs with analyst Nathan Rich saying he now believes consensus estimates are achievable and that Dentsply's valuation is attractive relative to Medtech peers. 3. PayPal (PYPL) upgraded to Buy from Neutral at BTIG with analyst Mark Palmer saying the company's Venmo monetization progress was the deciding factor in his rating change. 4. Roku (ROKU) upgraded to Outperform from Sector Perform at RBC Capital with analyst Mark Mahaney saying the company's valuation has become more attractive following a 25% pullback in its stock price but believes Roku offers the "best opportunity for upwards estimates revisions." 5. O'Reilly Automotive (ORLY) upgraded to Overweight from Neutral at JPMorgan with analyst Christopher Horvers saying he sees "strong" fundamentals with "structurally positive industry factors." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/15/18
MSCO
10/15/18
NO CHANGE
Target $135
MSCO
Overweight
Disney shares appear 'compelling' at current levels, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne believes Disney (DIS) shares appear "compelling" at a current valuation of under 13x "core" FY20 pro forma EPS given the company's opportunity to maximize the potential of the acquired Fox (FOXA) assets and scale a direct-to-consumer business. He attributes investor reluctance to own Disney shares to uncertainty about its ability to simultaneously execute on a large acquisition, launch a global direct-to-consumer business and grow, but Swinburne sees this "complexity discount" as an opportunity, he tells investors. He maintains an Overweight rating on Disney shares with a $135 price target.
PG Procter & Gamble
$91.21

1.44 (1.60%)

10/22/18
WELS
10/22/18
NO CHANGE
Target $84
WELS
Market Perform
Procter & Gamble price target raised to $84 from $78 at Wells Fargo
Wells Fargo analyst Bonnie Herzog raised her price target for Procter & Gamble to $84 from $78 following quarterly results. Overall, the analyst thinks it remains a show-me story in the near-term with valuation appropriate considering where the company is in its turnaround process. Herzog reiterates a Market Perform rating on the shares.
10/19/18
JPMS
10/19/18
UPGRADE
JPMS
Overweight
Procter & Gamble upgraded to Overweight from Neutral at JPMorgan
10/19/18
JPMS
10/19/18
UPGRADE
Target $100
JPMS
Overweight
Procter & Gamble upgraded to Overweight with $100 target at JPMorgan
JPMorgan analyst Andrea Teixeira upgraded Procter & Gamble to Overweight from Neutral and raised her price target for the shares to $100 from $82. The stock in afternoon trading is up 8%, or $6.22, to $86.53 following this morning's Q1 results. The analyst sees an improved narrative on pricing and market share following this morning's report.
10/22/18
RHCO
10/22/18
NO CHANGE
Target $85
RHCO
Hold
Procter & Gamble price target raised to $85 from $80 at SunTrust
SunTrust analyst William Chappell raised his price target on Procter & Gamble to $85 after its better than expected Q1 results / updated guidance but keeps his Hold rating, saying he prefers to see a "few more quarters of outperformance" before calling a "tipping point" for the company's investment story. The analyst further notes that Procter & Gamble was less impacted by the "negative headwinds of currency, commodities, tariffs, etc", as its organic growth rate also came in higher than anticipated, adding that the company has also become a "more focused business post its 2016 divestiture process".
HES Hess Corp.
$58.63

2.28 (4.05%)

10/30/18
LEHM
10/30/18
UPGRADE
Target $66
LEHM
Equal Weight
Hess Corp. upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Paul Cheng upgraded Hess Corp. to Equal Weight with an unchanged price target of $66. The analyst views the valuation as more favorable following the recent pullback in the shares.
09/28/18
09/28/18
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. Zynga (ZNGA) initiated with a Buy at Stifel. 2. TechTarget (TTGT) initiated with an Outperform at Raymond James. 3. Q2 Holdings (QTWO) initiated with an Equal Weight at Stephens. 4. Hess Corp. (HES) initiated with an Outperform at Bernstein. 5. Hormel Foods (HRL) initiated with a Neutral at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/27/18
BERN
09/27/18
INITIATION
Target $89
BERN
Outperform
Hess Corp. initiated with an Outperform at Bernstein
Bernstein initiated Hess Corp. with an Outperform and $89 price target.
09/28/18
09/28/18
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. Tesla (TSLA) downgraded to Sell from Neutral at Citi with analyst Itay Michaeli saying he is making a "risk/reward call" into the outcome of the SEC lawsuit against CEO Elon Musk. 2. IPG Photonics (IPGP) downgraded to Neutral from Buy at Longbow. 3. Phillips 66 Partners (PSXP) downgraded to Underweight at Morgan Stanley with analyst Tom Abrams saying he believes the market is ascribing what he views as relatively high multiples to the units, particularly after recent underperformance by some peers. 4. MedEquities Realty downgraded to Neutral from Overweight at Cantor Fitzgerald with analyst Joseph France saying he reduced his expectations for the stock on the assumption that resolving some of its operator issues might take longer than he expected. 5. Apache (APA) and Hess Corp. (HES) were downgraded to Neutral from Overweight at Piper Jaffray. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
HBAN Huntington Bancshares
$14.37

0.09 (0.63%)

11/02/18
WEDB
11/02/18
DOWNGRADE
WEDB
Neutral
Huntington Bancshares downgraded to Neutral from Outperform at Wedbush
11/02/18
WEDB
11/02/18
DOWNGRADE
Target $16
WEDB
Neutral
Huntington Bancshares downgraded to Neutral from Outperform at Wedbush
Wedbush analyst Peter Winter downgraded Huntington Banchsares to Neutral from Outperform based on valuation. Winter also lowered his price target to $16 from $18 to reflect lower EPS estimates. In a research note to investors, Winter says his investment thesis has played out and its valuation has re-rated as the stock is up 52% since April 5, 2016 and now trades at a slight premium to its regional bank peers.
06/29/18
06/29/18
NO CHANGE

Goldman says Wells Fargo, Huntington, Regions among biggest winners of CCAR
Goldman Sachs analyst Richard Ramsden said the Fed's CCAR results came in largely better than expected, calling Wells Fargo (WFC), Huntington Bancshares (HBAN), Regions Financial (RF), SunTrust (STI) and Fifth Third (FITB) the biggest relative winners in his view. He believes the market will be focused on banks' 25% dividend growth announcements and believes the CCAR results can be a catalyst for a relief rally.
06/29/18
DBAB
06/29/18
NO CHANGE
DBAB
Deutsche declares Wells Fargo, SunTrust, Huntington the CCAR winners
Deutsche Bank analyst Matt O'Connor views Wells Fargo (WFC), SunTrust (STI) and Huntington Bancshares (HBAN) as the winners of the Federal Reserve's Comprehensive Capital Analysis and Review. The banks separately disclosed planned dividend increases and buybacks for the next four quarters, O'Connor tells investors in a research note. He points out that while JPMorgan (JPM), KeyCorp (KEY) and M&T Bank (MTB) "all used the mulligan," he does not view this as negative.
COTY Coty
$11.06

0.07 (0.64%)

08/28/18
08/28/18
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. APPLIED MATERIALS, LAM RESEARCH CUT TO NEUTRAL: BofA Merrill Lynch analyst Vivek Arya downgraded both Lam Research (LRCX) and Applied Materials (AMAT) to Neutral from Buy after lowering his wafer fab equipment growth outlook for this year to up 7% from up 10%. Arya also cut his estimates for 2019 and 2020, primarily to account for lower memory capital expenditures. He now expects relative growth in foundry/logic paired with declines in memory within the context of a "muted" WFE recovery in 2019. He lowered his price target on Applied shares to $49 from $65 and cut his target on Lam shares to $200 from $235. In late morning trading, Lam Research is down 2.5%, while Applied Materials is down 1%. BAIRD UPGRADES XILINX TO OUTPERFORM: Baird analyst Tristan Gerra upgraded Xilinx (XLNX) to Outperform from Neutral. The analyst said his field research suggests a very recent and significant acceleration in 5G-related orders for FPGAs scheduled for later this year. He also said data centers represent a longer-term significant growth avenue for the company. Gerra raised his price target to $90 from $71 on Xilinx shares. Xilinx is more than 2% higher in late morning trading. MORGAN STANLEY UPS COTY TO OVERWEIGHT: Morgan Stanley analyst Dara Mohsenian upgraded Coty (COTY) to Overweight from Equal Weight, pointing out that this is the first time the firm has had an Overweight rating on the stock since the company's 2013 IPO. Following four sell-side downgrades in the last two weeks and the stock's 40% year-to-date decline, Mohsenian now sees the risk/reward as "compelling," he told investors. Mohsenian, however, trimmed his price target on Coty shares to $14.50 from $17.00. Shares of Coty are up 6.6% in late morning trading. MORGAN STANLEY DISCUSSES MICROSOFT DIVIDEND RAISE: Morgan Stanley analyst Keith Weiss noted that Microsoft (MSFT) typically announces a dividend raise in mid-September and pointed out that the company has raised its dividend by an average of 14% annually since the financial crises in 2009, when the dividend was unchanged. He sees a higher probability of an above average dividend raise in September, noting that an increase of over 20% constitutes a raise larger than "normal" and would allow the dividend yield to return to above 2% despite strong stock performance over the last year. Weiss maintained his Overweight rating and $130 price target on Microsoft shares.
09/18/18
DADA
09/18/18
NO CHANGE
DADA
Neutral
Avon CEO likely to get time before board considers sale, says DA Davidson
DA Davidson analyst Linda Bolton Weiser thinks the board of Avon Products (AVP) will give new CEO Jan Zijderveld a period of time to improve financial performance before seriously considering a sale of the company. With Zijderveld set to unveil his turnaround strategy on September 21, the Wall Street Journal reported last night that Brazilian beauty direct seller Natura recently approached Avon about a takeover, Bolton Weiser tells investors in a research note titled "What Will Become of Avon?" Natura said in a statement, however, that there are no negotiations in progress concerning a possible acquisition of Avon, the analyst points out. She doubts that the board and Cerberus would find it prudent to sell the company when the share price is around $2. With that said, Bolton Weiser notes that Avon's takeout valuation is $7.75 per share based on Coty's (COTY) 2012 offer. In April 2012, Coty offered $23.25 per share for Avon, a 27% premium, and later raised it to $24.75 per share, or $10.7B, the analyst recalls. She notes the offer was withdrawn in May 2012. Bolton Weiser has a Neutral rating on Avon Products with a $1.75 price target. The stock in late morning trading is up 8%, or 16c, to $2.24.
09/17/18
STFL
09/17/18
NO CHANGE
STFL
JAB could increase ownership in Coty after lock-up expires, says Stifel
Stifel options strategist Frank Poerio said he sees a near-term catalyst for Coty shares, namely that he believes a pending two-year lockup expiry could let JAB Investments significantly increase its ownership above the current 39% level. Given the heightened overall volatility, he prefers using call-spreads to capture the potential catalyst and/or an earnings related upside move, Poerio tells investors.
09/07/18
JPMS
09/07/18
NO CHANGE
JPMS
Underweight
Coty removed from Analyst Focus List as short idea at JPMorgan
JPMorgan analyst Andrea Teixeira removed Coty from her firm's Analyst Focus List as a short idea but keeps an Underweight rating on the name with a $10.50 price target. The analyst believes the company's sales challenges will likely persist through the upcoming quarters and that there is still downside risk to the Street estimates. However, she admits that her "bear call has mostly played out" with the shares down 38.2% year-to-date. Teixeira cites the stock underperformance and potential buying demand from JAB as reasons to remove Coty from the Focus List as a short.
CCJ Cameco
$12.10

0.955 (8.57%)

09/27/18
BMOC
09/27/18
UPGRADE
Target $16
BMOC
Outperform
Cameco upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst Alexander Pearce upgraded Cameco to Outperform from Market Perform and raised his price target to $16 from $14. The analyst cites the latest decision by the Tax Court of Canada in favor of the company in regards to its dispute of the reassessments ordered by Canada Revenue Agency, or CRA. Pearce contends that the decision, which had been a "significant overhang on the stock", could be worth as much as CAD 5 per share to its valuation, given that the company previously estimated related penalties of as much as CAD 2.15B.
09/27/18
09/27/18
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. Jernigan Capital (JCAP) upgraded to Buy from Hold at Jefferies with analyst George Hoglund saying he has an increasing near-term opportunity to acquire as many as 20 recently completed self-storage facilities in lease-up over the next 12-18 months. 2. Alaska Air (ALK) upgraded to Outperform from In-Line at Imperial Capital with analyst Michael Derchin saying the shares warrant a premium valuation due to the likelihood of industry-leading unit revenue growth in fiscal 2019. 3. Cameco (CCJ) upgraded to Outperform from Market Perform at Raymond James with analyst Alexander Pearce citing the latest decision by the Tax Court of Canada in favor of the company in regards to its dispute of the reassessments ordered by Canada Revenue Agency. 4. CarMax (KMX) upgraded to Outperform from Neutral at Baird. 5. KB Home (KBH) upgraded to Outperform from Market Perform at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/28/18
SCOT
09/28/18
UPGRADE
SCOT
Sector Perform
Cameco upgraded to Sector Perform from Underperform at Scotiabank
Scotiabank analyst Orest Wowkodaw upgraded Cameco to Sector Perform from Underperform stating that the Tax Court of Canada ruling was "very favorable," appears to effectively end the company's long-standing tax dispute and represents the best possible outcome for the company. He increased his multiples to reflect the removal of the significant CRA overhang and raised his price target on Cameco shares to C$15 from C$12.
09/28/18
09/28/18
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. Lowe's (LOW) upgraded to Buy from Hold at SunTrust with analyst Keith Hughes citing the company's latest Q2 earnings and the analyst meeting with its management suggesting an "internally focused" turnaround progressing at a "consistent pace" over the next 2-3 years. 2. Devon Energy (DVN) upgraded to Overweight from Neutral at Piper Jaffray with analyst Ryan Todd saying he sees a "high-quality onshore portfolio driving upper-quartile debt-adjusted cash flow growth and active disposal program as offering support for free cash flow momentum into 2019" and beyond. 3. HCP (HCP) upgraded to Overweight from Neutral at Cantor Fitzgerald with analyst Joseph France saying after years of restructuring and strengthening its financials, HCP is now well positioned in each of its major businesses, particularly life science and medical office. 4. SAIC (SAIC) upgraded to Buy from Hold at Drexel Hamilton. 5. Cameco (CCJ) upgraded to Sector Perform from Underperform at Scotiabank with analyst Orest Wowkodaw saying the Tax Court of Canada ruling was "very favorable," appears to effectively end the company's long-standing tax dispute and represents the best possible outcome for the company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CPE Callon Petroleum
$10.51

0.135 (1.30%)

06/14/18
IMPC
06/14/18
NO CHANGE
IMPC
Outperform
Imperial Capital sees attractive valuations for Permian names
The market has overreacted to the "inevitable traffic jams and competition for outbound transportation" taking place in the Permian region, Imperial Capital analysts Irene Haas and Jason Wangler tells investors in a research note. Following conversations with industry participants in both the upstream and midstream arenas of the Permian Region, the analysts believes relief for oil could materialize in early 2019. They sees a "handful of high quality Permian names at attractive valuations," including Diamondback Energy (FANG), Resolute Energy (REN), Ring Energy (REI), Callon Petroleum (CPE), Matador Resources and PDC Energy (PDCE).
10/02/18
OPCO
10/02/18
INITIATION
OPCO
Outperform
Callon Petroleum initiated with an Outperform at Oppenheimer
Oppenheimer analyst Tim Rezvan initiated Callon Petroleum with an Outperform rating and $16 price target.
09/26/18
SBSH
09/26/18
NO CHANGE
SBSH
Citi opens catalyst watch for Callon Petroleum, Jagged Peak Energy
Citi analyst Robert Morris opened a catalyst watch for Callon Petroleum (CPE) and Jagged Peak Energy (JAG) with regard to the University Lands sealed-bid lease sale on August 19. Results are expected within the next week, the analyst tells investors in a research note. While the sale includes leases in both the Delaware and Midland Basins, Morris believes the acreage in Ward County holds the highest implications for the two companies.
08/29/18
LEHM
08/29/18
INITIATION
Target $14
LEHM
Overweight
Callon Petroleum initiated with an Overweight at Barclays
Barclays analyst Jeanine Wai started Callon Petroleum with an Overweight rating and $14 price target. The analyst initiated coverage of eight large-cap and three smid-cap Exploration & Production companies in the North America oil & gas industry with a Positive view. Increased capital discipline, technology-driven efficiency gains, "fortified" balance sheets and a supportive oil price outlook should drive improving shareholder returns and stock price performance, Wai tells investors in a research note.
KMT Kennametal
$38.93

0.35 (0.91%)

10/02/18
GSCO
10/02/18
INITIATION
Target $53
GSCO
Buy
Kennametal initiated with a Buy at Goldman Sachs
Goldman sachs analyst Joe Ritchie initiated Kennametal with a Buy rating and a price target of $53 as part of his broader research note on SMID industrials that are "setting up for strong end to 2018". The analyst says the stock "offers a unique mix of cyclical torque and a structural cost improvement" that he finds "compelling" at this point in the cycle. Ritche adds that Kennametal's end markets are also positioned for "solid growth" while he sees consensus around its "cost-outs" as "too pessimistic".
09/10/18
09/10/18
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. Foot Locker (FL) upgraded to Outperform from Market Perform at Wells Fargo with analyst Tom Nikic saying after 12-18 months of choppy operating performance, he believes that brighter days are ahead for Foot Locker due primarily to improvement in the Nike-brand (NKE) assortment, an alleviation of the Jordan-brand headwind and an alleviation of the headwinds in Europe. 2. Kennametal (KMT) upgraded to Buy from Neutral at Longbow. 3. Credit Suisse (CS) upgraded to Equal Weight from Underweight at Barclays with analyst Amit Goel saying the risk/reward looks more balanced at current share levels. 4. Cenovus Energy (CVE) upgraded to Overweight from Neutral at JPMorgan with analyst Phil Gresh saying the company's rail deal with Canadian National (CNI) and its deleveraging will unlock "cheap" free cash flow yield. 5. Akamai (AKAM) upgraded to Buy from Neutral at DA Davidson with analyst Mark Kelleher citing his meeting with management last week to discuss its Q2 results and the company direction going into 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/10/18
LBOW
09/10/18
UPGRADE
Target $50
LBOW
Buy
Kennametal upgraded to Buy from Neutral at Longbow
Longbow analyst Chris Dankert upgraded Kennametal to Buy with a $50 price target.
08/08/18
08/08/18
DOWNGRADE
Target $40

Underperform
Kennametal downgraded to Underperform on valuation at BofA/Merrill
As previously reported, BofA/Merrill downgraded Kennametal to Underperform from Neutral. Analyst Ross Gilardi said he is "fading the rally" following yesterday's 7% move following Q4 results noting the FY19 earnings outlook is just in line with consensus and his estimates.

TODAY'S FREE FLY STORIES

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$273.79

0.95 (0.35%)

13:10
11/16/18
11/16
13:10
11/16/18
13:10
Periodicals
White House tells CNBC not to read too much into Trump's trade comments »

Immediately following…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$273.79

0.95 (0.35%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
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13:09
11/16/18
11/16
13:09
11/16/18
13:09
General news
Baker-Hughes Rig Count N. Amer. data reported »

Week of 11/16…

BHGE

Baker Hughes

$23.40

0.11 (0.47%)

13:05
11/16/18
11/16
13:05
11/16/18
13:05
Hot Stocks
Baker Hughes reports U.S. rig count up 1 to 1,082 rigs »

Baker Hughes reports that…

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  • 29

    Nov

  • 14

    Nov

ECA

Encana

$7.56

-0.19 (-2.45%)

13:05
11/16/18
11/16
13:05
11/16/18
13:05
Options
Encana call volume above normal and directionally bullish »

Bullish option flow…

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SYRS

Syros Pharmaceuticals

$8.03

0.16 (2.03%)

13:00
11/16/18
11/16
13:00
11/16/18
13:00
Recommendations
Syros Pharmaceuticals analyst commentary  »

Syros Phase I dose…

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  • 27

    Nov

  • 01

    Dec

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$273.77

0.93 (0.34%)

12:54
11/16/18
11/16
12:54
11/16/18
12:54
General news
Trump says China 'wants to make a deal' on trade »

President Trump said in…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$273.77

0.93 (0.34%)

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PYPL

PayPal

$85.27

-1.48 (-1.71%)

12:50
11/16/18
11/16
12:50
11/16/18
12:50
Options
Notable call writing in Paypal as shares drop 2% »

Notable call writing in…

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  • 19

    Nov

  • 26

    Nov

  • 18

    Dec

GOOG

Alphabet

$1,051.92

-12.82 (-1.20%)

, GOOGL

Alphabet Class A

$1,057.14

-14.08 (-1.31%)

12:49
11/16/18
11/16
12:49
11/16/18
12:49
Periodicals
Google Cloud CEO to be replaced by former Oracle executive, CNBC reports »

Google (GOOG, GOOGL)…

GOOG

Alphabet

$1,051.92

-12.82 (-1.20%)

GOOGL

Alphabet Class A

$1,057.14

-14.08 (-1.31%)

ORCL

Oracle

$51.16

0.52 (1.03%)

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  • 28

    Nov

  • 05

    Dec

  • 06

    Dec

  • 03

    Mar

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$272.08

-0.76 (-0.28%)

12:45
11/16/18
11/16
12:45
11/16/18
12:45
General news
Markets bounce higher after Trump comments on China trade talks »

The markets moved higher…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$272.08

-0.76 (-0.28%)

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12:45
11/16/18
11/16
12:45
11/16/18
12:45
General news
Breaking General news story  »

Week of 11/16…

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$272.55

-0.29 (-0.11%)

12:40
11/16/18
11/16
12:40
11/16/18
12:40
General news
Breaking General news story on S&P 500, SPDR S&P 500 ETF Trust »

Trump says would like to…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$272.55

-0.29 (-0.11%)

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$272.55

-0.29 (-0.11%)

12:40
11/16/18
11/16
12:40
11/16/18
12:40
General news
Breaking General news story on S&P 500, SPDR S&P 500 ETF Trust »

Trump says does not want…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$272.55

-0.29 (-0.11%)

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IQ

iQIYI

$20.54

-0.53 (-2.52%)

12:40
11/16/18
11/16
12:40
11/16/18
12:40
Options
4K Jun 22.5 calls on iQiyi trade $3.40 »

4K Jun 22.5 calls on…

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FB

Facebook

$138.09

-5.77 (-4.01%)

12:38
11/16/18
11/16
12:38
11/16/18
12:38
Hot Stocks
Definers says not hired by Facebook for opposition research »

Definers Public Affairs…

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  • 28

    Nov

LYB

LyondellBasell

$94.38

0.95 (1.02%)

, BAK

Braskem

$27.66

0.56 (2.07%)

12:30
11/16/18
11/16
12:30
11/16/18
12:30
Periodicals
LyondellBasell close to presenting binding offer for Braskem, Reuters says »

LyondellBasell (LYB) is…

LYB

LyondellBasell

$94.38

0.95 (1.02%)

BAK

Braskem

$27.66

0.56 (2.07%)

PBR

Petrobras

$14.87

0.32 (2.20%)

03/08/13
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CTSH

Cognizant

$68.91

0.24 (0.35%)

12:30
11/16/18
11/16
12:30
11/16/18
12:30
Options
Call buying in Cognizant Tech as the company hosts an Investor Day Friday »

Call buying in Cognizant…

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  • 16

    Nov

  • 26

    Nov

  • 02

    Dec

BAK

Braskem

$27.74

0.64 (2.36%)

, LYB

LyondellBasell

$94.44

1.01 (1.08%)

12:26
11/16/18
11/16
12:26
11/16/18
12:26
Hot Stocks
Breaking Hot Stocks news story on Braskem, LyondellBasell »

Braskem up 54c to $27.68…

BAK

Braskem

$27.74

0.64 (2.36%)

LYB

LyondellBasell

$94.44

1.01 (1.08%)

03/08/13
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EADSY

Airbus

$0.00

(0.00%)

12:25
11/16/18
11/16
12:25
11/16/18
12:25
Periodicals
Airbus, Dassault plan to submit bid for early work on new jet, Reuters says »

Airbus and Dassault…

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12:25
11/16/18
11/16
12:25
11/16/18
12:25
Conference/Events
UBS alternative energy analyst to hold an analyst/industry conference call »

Alternative Energy…

LYB

LyondellBasell

$94.48

1.05 (1.12%)

12:24
11/16/18
11/16
12:24
11/16/18
12:24
Periodicals
LyondellBasell close to presenting binding offer for Braskem, Reuters says »

LyondellBasell is close…

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XLB

S&P Select Materials SPDR

$54.66

-0.04 (-0.07%)

12:20
11/16/18
11/16
12:20
11/16/18
12:20
Options
Bearish option flow in Materials Sector ETF »

Bearish option flow in…

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12:20
11/16/18
11/16
12:20
11/16/18
12:20
General news
More from Evans: the short-term policy rate is the first instrument »

More from Evans: the…

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
11/16/18
11/16
12:17
11/16/18
12:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

03/08/13
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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
11/16/18
11/16
12:16
11/16/18
12:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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AGN

Allergan

$157.34

-2.06 (-1.29%)

12:09
11/16/18
11/16
12:09
11/16/18
12:09
Periodicals
Allergan wins ruling over generic Saphris, Bloomberg reports »

Allergan's Forest…

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