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STT

State Street

$70.34

-0.71 (-1.00%)

, WMB

Williams

$24.75

0.43 (1.77%)

16:57
11/14/18
11/14
16:57
11/14/18
16:57

Appaloosa takes new Apple stake, exits Wells, Ally, UBS in Q3

David Tepper's Appaloosa Management disclosed in an SEC filing its holdings as of September 30, 2018. Appaloosa's three new buys during the third quarter were, by size of position, State Street (STT), Williams Companies (WMB), and Apple (AAPL). Appaloosa exited 14 positions during the quarter, including by size of previous position, Wells Fargo (WFC), Ally Financial (ALLY), UBS (UBS), KeyCorp (KEY), and Western Digital (WDC). Appaloosa increased its stake in six holdings, including by size of previous position, PG&E (PCG), NRG Energy (NRG), Vistra Energy (VST), and Boyd Gaming (BYD). Appaloosa reduced its stake in 27 holdings, including by size of previous position, Micron (MU), Facebook (FB), Alibaba (BABA), Alergan (AGN), and Alphabet (GOOG). Appaloosa's top holdings as of September 30, 2018, in order of size, were Micron, Facebook, Allergan, Alibaba, and Alphabet.

STT

State Street

$70.34

-0.71 (-1.00%)

WMB

Williams

$24.75

0.43 (1.77%)

AAPL

Apple

$186.81

-5.42 (-2.82%)

WFC

Wells Fargo

$52.15

-0.59 (-1.12%)

ALLY

Ally Financial

$25.40

-0.17 (-0.66%)

UBS

UBS

$13.70

0.055 (0.40%)

KEY

KeyCorp

$18.22

-0.2 (-1.09%)

WDC

Western Digital

$45.06

0.38 (0.85%)

PCG

PG&E

$25.66

-7.04 (-21.53%)

NRG

NRG Energy

$39.03

-0.37 (-0.94%)

VST

Vistra Energy

$23.83

-0.49 (-2.01%)

BYD

Boyd Gaming

$24.62

1 (4.23%)

MU

Micron

$38.03

0.17 (0.45%)

FB

Facebook

$144.25

2.06 (1.45%)

BABA

Alibaba

$150.55

3.72 (2.53%)

AGN

Allergan

$157.71

-4.925 (-3.03%)

GOOG

Alphabet

$1,043.53

7.2 (0.69%)

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STT State Street
$70.34

-0.71 (-1.00%)

09/25/18
WOLF
09/25/18
INITIATION
Target $97
WOLF
Peer Perform
State Street initiated with a Peer Perform at Wolfe Research
Wolfe Research analyst Steven Chubak initiated State Street with a Peer Perform and $97 price target.
10/11/18
GSCO
10/11/18
INITIATION
Target $105
GSCO
Buy
State Street initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Alexander Blostein reinstated State Street with a Buy and $105 price target saying CRD acquisition risks are reflected in valuation, but earnings upside is not.
09/10/18
MSCO
09/10/18
UPGRADE
MSCO
Overweight
State Street upgraded to Overweight from Equal Weight at Morgan Stanley
10/22/18
RBCM
10/22/18
NO CHANGE
Target $95
RBCM
Sector Perform
State Street price target lowered to $95 from $105 at RBC Capital
RBC Capital analyst Gerard Cassidy lowered his price target on State Street (STT) to $95 and kept his Sector Perform rating after its "weak" Q3 results and limited visibility into 2019, also lowering his FY19 EPS view to $1.88 from $2.01. The analyst cites lower than expected profitability metrics that included a 10bp decline in the core ROAA as well as the company's 4.6% shortfall in non-interest income. Cassidy added that State Street is facing continued headwinds of a strengthening USD and the loss of BlackRock (BLK) business weigh on its servicing revenues.
WMB Williams
$24.75

0.43 (1.77%)

10/17/18
USCA
10/17/18
UPGRADE
USCA
Overweight
Williams upgraded to Overweight from Hold at US Capital Advisors
10/08/18
GSCO
10/08/18
INITIATION
Target $26
GSCO
Neutral
Williams initiated with a Neutral at Goldman Sachs
Price target $26.
10/10/18
FBCO
10/10/18
INITIATION
Target $35
FBCO
Outperform
Williams initiated with an Outperform at Credit Suisse
Credit Suisse analyst Spiro Dounis initiated Williams with an Outperform rating and a price target of $35.
10/19/18
GHSC
10/19/18
INITIATION
Target $31
GHSC
Buy
Williams coverage resumed with a Buy at Seaport Global
Seaport Global analyst Sunil Sibal resumed coverage on Williams with a Buy and $31 price target citing double-digit dividend growth, an uptick in tn NE G&P business activity, and limited exposure to Colorado region.
AAPL Apple
$186.81

-5.42 (-2.82%)

11/14/18
11/14/18
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. Apple (AAPL) downgraded to Neutral from Buy at Guggenheim with analyst Robert Cihra saying the average selling price of the iPhone has increased a "dramatic" $220, or 40%, over the past 10 years, reflecting its "growing value to both consumer and business markets." 2. Kellogg (K) downgraded to Neutral from Overweight at JPMorgan with analyst Ken Goldman saying that while nothing at the company's investor day "necessarily disappointed" him, he also did not gain "much comfort that the bottom-line turnaround would be swift." 3. Apollo Global (APO) and Carlyle Group (CG) were downgraded to Equal Weight from Overweight at Morgan Stanley. 4. Conagra Brands (CAG) downgraded to Underperform from Market Perform at Bernstein with analyst Alexia Howard saying the frozen category has experienced positive growth over the past year, largely led by new product innovation from Conagra and Pinnacle Foods, but this now seems to be running out of steam. 5. Tenneco (TEN) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Armintas Sinkevicius citing its elevated leverage and limited free cash flow conversion in what he views as an increasingly uncertain environment for auto suppliers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
ADAM
11/14/18
NO CHANGE
Target $83
ADAM
Buy
Qorvo price target lowered to $83 from $90 at Canaccord
Canaccord analyst T. Michael Walkley lowered his price target on Qorvo (QRVO) to $83 from $90 after the company lowered its guidance, as several Apple (AAPL) suppliers have done. He expects Qorvo to continue focusing on developing integrated solutions to drive dollar content growth faster than the slow growing smartphone market and anticipates improving growth trends as 5G ramps long-term. Walkley reiterated his Buy rating on Qorvo shares.
11/14/18
DADA
11/14/18
NO CHANGE
Target $72
DADA
Neutral
Qorvo price target lowered to $72 from $81 at DA Davidson
DA Davidson analyst Thomas Diffely lowered his price target on Qorvo (QRVO) to $72 and kept his Neutral rating after the company cut its Q3 earnings guidance to reflect the expectations of a weaker high-end smartphone demand. The analyst believes that the "softer than expected" launch of the new iPhones by Apple (AAPL) has " triggered a rapid change in order flow over the past couple of weeks" and anticipates similar announcements from other Apple suppliers to track reduced guidance by Qorvo and Lumentum (LITE).
11/14/18
LOOP
11/14/18
NO CHANGE
Target $85
LOOP
Buy
Qorvo price target lowered to $85 from $90 at Loop Capital
Loop Capital analyst Cody Acree lowered his price target on Qorvo (QRVO) to $85 after its reduced Q3 guidance, saying the "softer unit volumes" sold by Apple (AAPL) were "undoubtedly the primary unnamed specific cause". The analyst is keeping his Buy rating on the shares however, stating that the "tier-1 smartphone unit weakness is becoming a common theme" that is generating lesser impact with each news release as evidenced by Qorvo's shares trading flat yesterday. Acree adds that investors should start to "pick their spots for 2019" amid the smartphone industry's start of migration to 5G and believes that Qorvo is "well positioned to continue to gain share at the leading tier-1 handset OEMs".
WFC Wells Fargo
$52.15

-0.59 (-1.12%)

10/15/18
10/15/18
UPGRADE
Target $62

Outperform
Wells Fargo upgraded to Outperform, visibility improving, says Macquarie
As previously reported, Macquarie upgraded Wells Fargo to Outperform from neutral with a $62 price target. Analyst David Konrad said Wells Fargo shares are trading at a 10% discount to peers and believes investors will warm up to the company's self-help story of meaningful expense savings over the next two years combined with better than peer buybacks. Konrad notes revenue growth will be challenging, but is encouraged by signs from consumers in the form of improved checking account and card growth, and moderating FA turnover.
10/15/18
BMOC
10/15/18
NO CHANGE
Target $65
BMOC
Market Perform
Wells Fargo price target raised to $65 from $61 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on Wells Fargo to $65 in spite of its Q3 revenue miss as he raises his FY19 EPS view by 1c to $5.23 to reflect lower expected credit costs. The analyst also notes that financials are "cheap again" in spite of the rising interest rates which are positive for net interest margins, better employment which is positive for credit, and regulatory relief which is positive for their capital position. Fotheringham also keeps his Market Perform rating on Wells Fargo, saying that while the bank's valuation is getting "cheap" for the first time since he launched coverage, better opportunities exist in other large-cap financials.
11/02/18
SBSH
11/02/18
UPGRADE
SBSH
Buy
Wells Fargo upgraded to Buy from Neutral at Citi
Citi analyst Keith Horowitz upgraded Wells Fargo to Buy.
10/15/18
MACQ
10/15/18
UPGRADE
MACQ
Outperform
Wells Fargo upgraded to Outperform from Neutral at Macquarie
ALLY Ally Financial
$25.40

-0.17 (-0.66%)

07/30/18
BOFA
07/30/18
UPGRADE
Target $35
BOFA
Buy
Ally Financial upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Kenneth Bruce upgraded Ally Financial to Buy from Neutral and raised its price target to $36 from $33. Bruce said Ally continues to execute and sees earnings upside from strong business momentum and earnings growth and end is less concerned about cyclical pressures given favorable trends in auto sales, credit and used vehicle pricing.
10/29/18
SPHN
10/29/18
NO CHANGE
SPHN
Equal Weight
Stephens sees positive take-aways from Auto Finance Summit for Ally Financial
After having attended the Auto Finance Summit in Las Vegas last week, Stephens analyst Vincent Caintic said he is a bit more positive in the near-term on Ally Financial (ALLY), citing the combination of their "timely pivot" to used cars combined with strong dealer relationships that he sees helping them take market share. The analyst added that he thinks America's Car-Mart (CRMT) should benefit, like Ally, from the affordability issue facing consumers. He also believes Santander Consumer (SC) should get bought by Fiat Chrysler (FCAU), but Caintic noted that he heard various opinions at the industry event on the merits of Santander versus another subprime lender. Caintic has Equal Weight ratings on Ally, America's Car-Mart and Santander Consumer.
11/02/18
11/02/18
NO CHANGE

Ally Financial providing Carvana with up to $2.3B in financing
Ally Financial (ALLY) is providing up to $2.3B in financing commitments over the next 12 months to support retail contracts from and inventory needs of Carvana (CVNA). In its third year of financing agreements with Carvana, Ally will provide up to $1.25B available for bulk purchases, in addition to providing a $350M warehouse credit facility. The $650M floorplan credit line includes a two-year commitment and represents an increase of $300M over the existing credit line. In the first two years, Ally had agreements to provide up to $2B in financing commitments for retail contracts from Carvana. The latest agreement also includes an increased floorplan credit line and continued vehicle sourcing through Ally's SmartAuction platform.
06/29/18
06/29/18
UPGRADE

Buy
Janney upgrades Ally Financial, Santander Consumer to Buy on CCAR results
As previously reported, Janney Montgomery Scott analyst John Rowan upgraded both Santander Consumer (SC) and Ally Financial (ALLY), each to Buy from Neutral, after the Federal Reserve released the results of its Comprehensive Capital Analysis and Review, or CCAR, tests and did not object to the capital plans for either. The capital actions approved for Santander Consumer do not alleviate its excess capital, but they are "significant," Rowan tells investor. Meanwhile, Ally's share repurchase plan is 32% higher than last year, noted Rowan, who raised his EPS estimates for both companies. He has a $36 fair value estimate on Ally shares and a $24 fair value estimate for Santander Consumer.
UBS UBS
$13.70

0.055 (0.40%)

07/25/18
SOCG
07/25/18
UPGRADE
SOCG
Buy
UBS upgraded to Buy from Hold at Societe Generale
Societe Generale analyst Andrew Lim upgraded UBS to Buy and raised estimates to reflect modestly higher revenues and increasing momentum on buybacks.
01/18/18
FBCO
01/18/18
UPGRADE
FBCO
Outperform
Credit Suisse upgrades UBS after ultra high net worth market analysis
Credit Suisse analyst Jon Peace upgraded UBS to Outperform from Neutral and raised his price target for the shares to 22 francs from 17.50 francs. An analysis of global growth trends in the ultra high net worth market implies net new money growth could be near double current consensus, Peace tells investors in a research note. The analyst believes the end of tax regularization outflows in Q2 will see UBS Wealth deliver net new money at the top end of its 3%-5% guidance. Further, he believes the market is pricing in too low a probability of a buyback.
02/14/18
02/14/18
DOWNGRADE
Target $48

Hold
Luxoft downgraded to Hold on 'elongated turnaround' at Pivotal Research
As previously reported, Pivotal Research analyst Lou Miscioscia downgraded Luxoft (LXFT) to Hold from Buy, as he now expects most of FY19 to be "a struggle." He had expected the company's two biggest customers - namely Deutsche Bank (DB) and UBS (UBS) - to be about flat for FY19, but now they are suggested to be down 20% and 5%, respectively, Miscioscia said. Noting also that the company cut its FY18 guidance along with its Q3 report, the analyst lowered his price target on Luxoft to $48 from $70.
05/22/18
JPMS
05/22/18
NO CHANGE
JPMS
Overweight
UBS added to European Analyst Focus List at JPMorgan
JPMorgan analyst Kian Abouhossein added UBS to his firm's European Analyst Focus List saying the company's newly merged wealth management business is the best-positioned globally relative to peers. The analyst calls UBS his top pick in wealth management.
KEY KeyCorp
$18.22

-0.2 (-1.09%)

10/12/18
STPT
10/12/18
UPGRADE
STPT
Buy
KeyCorp upgraded to Buy from Hold at Standpoint Research
11/13/18
NOMU
11/13/18
DOWNGRADE
Target $18
NOMU
Neutral
KeyCorp downgraded to Neutral from Buy at Nomura Instinet
Nomura Instinet analyst Bill Carcache downgraded KeyCorp to Neutral and lowered his price target for the shares to $18 from $20. The analyst cites valuation for the downgrade as he sees limited upside potential from current share levels.
09/26/18
GSCO
09/26/18
UPGRADE
Target $196
GSCO
Buy
Goldman says rate hikes halfway through, upgrades M&T Bank to Buy
Goldman Sachs analyst Ryan Nash says his firm's economist is calling for six more rate hikes, two in the second half of 2018 and four more through the end of 2020. With six rate hikes in the books, Goldman believes we are half way through the rate rising cycle, Nash tells investors in a research note. The analyst believes some banks will see upside to revenue growth from rates moving higher. Comerica (CMA), Regions Financial (RF), SunTrust (STI), Citizens Financial (CFG) and KeyCorp (KEY) remain top picks for Nash. He also upgraded M&T Bank (MTB) to Buy from Neutral with 15% upside to his $196 price target. The analyst believes M&T will outperform as the benefits of higher rates exceed market expectations.
09/18/18
09/18/18
DOWNGRADE

Equal Weight
Morgan Stanley downgrades BankUnited to Equal Weight on midcap bank concerns
As previously reported, Morgan Stanley analyst Ken Zerbe downgraded BankUnited to Equal Weight from Overweight, stating that recent commentary from other midcap banks has been incrementally more negative. Five midcap banks - Associated Banc-Corp (ASB), Comerica (CMA), KeyCorp (KEY), M&T Bank (MTB) and Webster Financial (WBS) - have recently guided for loan growth below expectations and several others flagged headwinds to growth, Zerbe tells investors. The primary headwind is weaker CRE loan growth as non-bank lenders remain highly aggressive with both price and terms, the analyst added. BankUnited's CRE portfolio, at 43% of total loans versus peers at 27%, could be at greater risk of runoff, said Zerbe. He also reduced his expectations at 21 of 28 midcap banks he covers and cut his EPS estimates for 18 of those 28 banks.
WDC Western Digital
$45.06

0.38 (0.85%)

10/31/18
KEYB
10/31/18
NO CHANGE
KEYB
DRAM, NAND contract pricing accelerates down as expected, says KeyBanc
inSpectrum released its October monthly memory contract pricing this morning and DRAM contract pricing for 8Gb DDR4 was down 4.7% month-over-month and up 11.0% year-over-year, KeyBanc analyst Weston Twigg tells investors in a research note. He says this is consistent with his prior expectation for DRAM contract price declines to accelerate in Q4 and Q1 as additional supply comes online at Samsung and as demand softens related to inventory destocking. Further, according to inSpectrum, NAND contract pricing for 128Gb TLC was down 10.4% month-over-month and down 52% year-over-year, with pricing now below mid-2016 levels, Twigg point out. The analyst, however, does not expect "extreme price declines" and anticipates price stabilization in the second half of 2019. Twigg continues to anticipate "strong demand tailwinds" for both DRAM and NAND over the next few years. This should provide "plenty of opportunity" for memory producers Micron Technology (MU), Seagate (STX) and Western Digital (WDC), says the analyst.
10/29/18
LOOP
10/29/18
NO CHANGE
Target $60
LOOP
Buy
Seagate price target lowered to $60 from $70 at Loop Capital
Loop Capital analyst Ananda Baruah lowered his price target on Seagate (STX) to $60, saying his updated review of the industry conditions and latest comments from Western Digital (WDC) suggest a pause in Hyperscale and a "flattening of Public Cloud capacity shipments" for the company. The analyst also keeps his Buy rating on Seagate, noting that the valuation on its shares is "at or near" trough PE and enterprise value to EBITDA multiples both approaching 6-times. Longer term, Baruah also contends that "if Hyperscale spending remains in a multi-year expansion, the structural Seagate story should remain attractive".
10/29/18
10/29/18
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. Electronic Arts (EA) downgraded to Sector Weight from Overweight at KeyBanc with analyst Evan Wingren saying he expects negative estimate revisions, and has diminished confidence in the pipeline, which is likely to continue to limit valuation expansion in the near-term. 2. Colgate-Palmolive (CL) downgraded to Underweight from Neutral at JPMorgan with analyst Andrea Teixeira saying she sees the company's "weak growth" continuing amid intense competition and cost challenges. 3. Palo Alto Networks (PANW) downgraded to Hold from Buy at Summit Insights. 4. Western Digital (WDC) downgraded to Hold from Buy at Loop Capital with analyst Ananda Baruah saying his work on the company's Q3 results has led to a conclusion that NAND memory average selling price declines could "exacerbate entering January" and believes that consensus view on the company's FY19 EPS remains too high. 5. Avangrid (AGR) downgraded to Neutral from Buy at Goldman Sachs with analyst Michael Lapides saying his revised earnings estimates now imply "significant downside risk" to company guidance and consensus numbers, especially for 2020. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/12/18
LBOW
11/12/18
NO CHANGE
LBOW
Neutral
Earnings commentary shows 'ample evidence' of hyperscale caution, says Longbow
Longbow analyst Joe Wittine said that Microsoft (MSFT) signaled along with its earnings report that growth in investments would moderate, Amazon (AMZN) highlighted a focus on driving data center efficiencies, Alphabet (GOOGL) is understood to be eh "the largest driver" of Seagate's (STX) lowered outlook and Apple (AAPL) expects FY19 capex of $14B, down from this year's $16.7B. Wittine sees all of this as "ample evidence of increased caution in the hyperscale investment cycle," which leads his to believe his Neutral ratings on both Seagate and Western Digital (WDC) remain appropriate.
PCG PG&E
$25.66

-7.04 (-21.53%)

11/14/18
SBSH
11/14/18
NO CHANGE
Target $48
SBSH
Neutral
PG&E could face $15B or more in damages from wildfires, says Citi
PG&E last night in a regulatory filing said it has drawn its entire $3.3B credit revolver, Citi analyst Praful Mehta tells investors in a research note. The analyst thinks the primary driver of the draw could be concern around a downgrade to a non-investment grade credit rating and the liquidity requirements as a result of such an action. Given the level of structural damages and the loss of 48 lives in the California wildfires, PG&E's damage could be $15B or higher, Mehta contends. The analyst believes PG&E's incident report from November 8 increases the probability that the company's equipment were a potential cause of the fire. Mehta has a Neutral rating on PG&E with a $48 price target. The stock in early trading is down 13%, or $4.28, to $28.44.
11/13/18
EDJN
11/13/18
DOWNGRADE
EDJN
Sell
PG&E downgraded to Sell from Hold at Edward Jones
Edward Jones analyst Andrew Smith downgraded PG&E to Sell from Hold.
11/12/18
MSCO
11/12/18
NO CHANGE
MSCO
Morgan Stanley estimates $2B-$4B in insured losses from Camp Fire
Morgan Stanley analysts Kai Pan and Stephen Byrd estimate $2B-$4B in insured losses from the Camp Fire, adding that total economic losses will be higher but insurance penetration is very high as fire losses are covered under standard homeowners polices. Given the incident report issued by PG&E (PCG) and other reports, the focus currently appears to be on PG&E equipment, the analysts added. In a bearish case, damage from the Camp Fire spreads and PG&E shareholders are fully liable for all damages, fully liable for 2017 wildfires, and there is a permanent 30% discount to peers, in which case Pan and Byrd believe PG&E stock would be valued at $37 per share. In a "moderate" case, they assign a 75% probability of full shareholder liability for Camp Fire damages, damages grow by 25% from the current level, and the stock trades at a permanent 15% discount to peers, in which case they believe PG&E would be valued at $59 per share. Pan and Byrd believe PG&E shares now reflect $17B for 2017-18 fires plus a permanent 25% discount to peers. In terms of Edison International (EIX), the analyst sees $5B for 2017-18 fires plus a permanent 20% discount to peers being reflected in the stock. In the bearish case, they see Edison being valued at $57 per share and in the moderate case they see it valued at $70 per share.
11/14/18
WOLF
11/14/18
NO CHANGE
Target $40
WOLF
Peer Perform
PG&E price target lowered to $40 from $50 at Wolfe Research
NRG NRG Energy
$39.03

-0.37 (-0.94%)

05/23/18
BOFA
05/23/18
INITIATION
Target $37
BOFA
Buy
NRG Energy resumed with a Buy, $37 target at BofA/Merrill
BofA/Merrill analyst Julien Dumoulin-Smith resumed coverage of NRG Energy with a Buy rating and $37 price target. The analyst notes NRG's $500M convertible debt note was paired with the completion of a "meaningful portion" of the company's $500M repurchase program, half the $1B expected in 2018. Execution of these buybacks will likely lift the share price in the near-term, Dumoulin-Smith tells investors in a research note. The analyst sees "meaningful upside" in NRG shares as Electric Reliability Council of Texas forwards "continue to climb" in 2018 and 2019.
07/30/18
SBSH
07/30/18
DOWNGRADE
Target $33
SBSH
Neutral
NRG Energy downgraded to Neutral from Buy at Citi
Citi analyst Praful Mehta downgraded NRG Energy to Neutral while raising his price target for the shares to $33 from $20. The analyst cites valuation for the downgrade but continues to like NRG's business model and low leverage.
08/06/18
SBSH
08/06/18
UPGRADE
SBSH
Buy
NRG Energy upgraded to Buy from Neutral at Citi
08/06/18
SBSH
08/06/18
UPGRADE
Target $38
SBSH
Buy
Citi brings NRG Energy back to Buy a week after downgrade
Citi analyst Praful Mehta upgraded NRG Energy to Buy from Neutral and raised his price target for the shares to $38 from $33. The analyst downgraded the shares to Neutral on July 30. In a research note partially titled "We Were Wrong. Story Stronger," Mehta says the strength of NRG's model was shown in last week's Q2 report. The analyst boosted his 2019 EBITDA estimate by $300M and 2020 estimate by $150M. He views his sum-of-the-parts valuation of $38 per share as conservative since it includes no value for buybacks or return on excess cash. NRG's "strong execution and ERCOT tightness" drives the upgrade back to Buy, Mehta tells investors in a research note.
VST Vistra Energy
$23.83

-0.49 (-2.01%)

10/25/18
RHCO
10/25/18
UPGRADE
RHCO
Buy
Vistra Energy upgraded to Buy from Hold at SunTrust
03/28/18
MACQ
03/28/18
INITIATION
Target $24
MACQ
Outperform
Vistra Energy initiated with an Outperform at Macquarie
Macquarie started Vistra Energy with an Outperform rating and $24 price target.
05/01/18
SBSH
05/01/18
INITIATION
Target $27
SBSH
Buy
Vistra Energy reinstated with a Buy at Citi
Citi analyst Praful Mehta reinstated coverage of Vistra Energy with a Buy rating and raised his price target for the shares to $27 from $22. Vistra is well positioned to benefit from the market tightening in Texas, Mehta tells investors in a research note. He also expects management to start a dividend, which he feels will help attract a stable investor base.
10/25/18
RHCO
10/25/18
UPGRADE
Target $26
RHCO
Buy
Vistra Energy upgraded to Buy at SunTrust on valuation and capital program
As reported earlier, SunTrust analyst Ali Agha upgraded Vistra Energy to Buy from Hold and also raised his price target to $26 from $25. The analyst cites an "attractive entry point" in the stock at current price levels following the recent weakness along with his expectations of a "more aggressive" capital allocation plan in the company's upcoming earnings call. Agha further points to "strong leverage to any improvement in the Texas power market" that would benefit Vistra Energy.
BYD Boyd Gaming
$24.62

1 (4.23%)

08/14/18
JEFF
08/14/18
UPGRADE
Target $42
JEFF
Buy
Boyd Gaming upgraded to Buy from Hold at Jefferies
Jefferies analyst David Katz upgraded Boyd Gaming with an unchanged price target of $42. Positive regional fundamentals are bolstered by the company's accretive acquisitions, which grow the EBITDA by 31% in 2019, Katz tells investors in a research note. He views Boyd's valuation as "compelling" following the recent pullback in the shares.
05/15/18
BOFA
05/15/18
NO CHANGE
BOFA
Supreme Court ruling on sports betting positive for regionals, game tech, says BofA/Merrill
BofA/Merrill analyst Shaun Kelley notes that the Supreme Court ruled 6-3 to repeal the Professional and Amateur Sports Protection Act, which had effectively banned full sports betting in every state except Nevada. While the analyst expects operator margins to be low, he sees upside for all of regional gaming, while gaming tech could be a key beneficiary. Reflecting sports betting in higher multiples, Kelley raised his price targets for Boyd Gaming (BYD) to $45 from $42, Penn National (PENN) to $36 from $32, Scientific Games (SGMS) to $70 from $60, and International Game (IGT) to $36 from $34.
08/28/18
JEFF
08/28/18
NO CHANGE
JEFF
Buy
Penn, Boyd smoking ban weakness may be buying opportunity, says Jefferies
Jefferies analyst David Katz said he views proposed smoking bans in St. Charles and St. Louis counties as potentially detrimental to Penn National (PENN) and Boyd Gaming (BYD), depending on the passing of the bills and the exemptions allowed. While the prospective process could "very modestly" temper his otherwise positive view on both stocks, he would consider any potential weakness a buying opportunity, Katz added. He keeps Buy ratings on the stocks of both casino operators.
10/01/18
RHCO
10/01/18
INITIATION
Target $42
RHCO
Buy
Boyd Gaming assumed with a Buy at SunTrust
SunTrust analyst Barry Jonas assumed Boyd Gaming with a Buy rating and a price target of $42 as part of his broader "U.S. Gaming" coverage transfer research report. The analyst is positive on the company's "expected outsized growth in the Las Vegas Locals market combined with very high flow through with the lowest gaming taxes in the country".
MU Micron
$38.03

0.17 (0.45%)

10/25/18
STFL
10/25/18
NO CHANGE
STFL
Hynix outlook should ease fears of extended memory downturn, says Stifel
SK Hynix in last night's Q3 earnings report saw a sequential increase in gross margin with slightly higher DRAM average selling prices quarter-over-quarter while NAND Flash selling prices s declined at roughly the same rate as in Q2, Stifel analyst Kevin Cassidy tells investors in a research note. Importantly, Hynix expects the current pricing pressure to have a short duration with customers decreasing NAND flash inventories by the end of 2018 and data center DRAM demand re-accelerating in mid-2019, says Cassidy. He believes the company's outlook and the "rational response" to the pricing environment should alleviate some market concerns about an extended downturn in the memory cycle. This benefits suppliers such as Micron Technology (MU), Smart Global Holdings (SGH) and Western Digital (WDC), Cassidy tells investors. Shares of Micron in early trading are up 49c to $35.92.
10/26/18
10/26/18
DOWNGRADE

Neutral
Western Digital downgraded to Neutral on 'much lower' cycle trough at Longbow
As previously reported, Longbow analyst Joe Wittine downgraded Western Digital (WDC) to Neutral from Buy on the abrupt contraction in earnings power and visibility evident in its December quarter guidance. He reduced his FY19 EPS forecast to $7.00 from $11.30 and his FY20 EPS estimate to $9.10 from $11.50. For Micron (MU), Wittine said he continues to fear the DRAM cycle's eventual unwind will closely resemble the NAND cycle's unwind over the last year, "leaving the shares exposed" no matter how inexpensive. For Seagate (STX), Wittine sees Western Digital's more cautious view as "the flashing yellow we have been awaiting," but he added that Seagate's downside isn't "crystal clear given his view that a combination of Seagate and Toshiba consolidated share that Western Digital likely lost during the quarter.
11/12/18
DBAB
11/12/18
NO CHANGE
Target $60
DBAB
Buy
Micron shares look attractively valued, says Deutsche Bank
With shares of Micron Technology trading at a low price-to-earnings multiple of four-to-five times for much of the past 12 months, it is obvious that the market is pricing in consensus earnings estimates will have to come down, Deutsche Bank analyst Sidney Ho tells investors in a research note. The analyst sees the key questions as being: are the expected earnings cuts deep enough, and what multiple should be assigned to a trough earnings estimate? Following an analysis, Ho concludes that the stock appears to be trading at a normalized P/E multiple on this "trough" earnings. This makes Micron shares look attractively valued, Ho says. He maintains a Buy rating on Micron with a $60 price target. The stock closed Friday down 3%, or $1.33, to $39.11.
FB Facebook
$144.25

2.06 (1.45%)

10/31/18
BMOC
10/31/18
NO CHANGE
Target $175
BMOC
Market Perform
Facebook price target lowered to $175 from $190 at BMO Capital
BMO Capital analyst Daniel Salmon lowered his price target on Facebook to $175 and kept his Market Perform rating after its Q3 results and outlook, saying the company's 2019 expense growth guidance also lowers his FY19 EPS view to $7.53 from $8.25. The analyst notes however that the acceleration of Facebook's Stories feature could support a "more positive view" as he awaits more data points and channel check findings.
11/08/18
DADA
11/08/18
NO CHANGE
Target $42
DADA
Buy
Applied Optoelectronics price target raised to $42 from $36 at DA Davidson
DA Davidson analyst Mark Kelleher raised his price target on Applied Optoelectronics (AAOI) to $42 and kept his Buy rating after its Q3 results, saying that despite the earnings shortfall, the company remains among the "leading providers of optical networking technology to the datacenter and cable TV markets". The analyst notes that the company had already negatively preannounced Q3 on sales impact from the issue found with a small percentage of its 25G lasers, but that issue had been resolved and shipments to the impacted customer - Facebook (FB) - have resumed.
11/13/18
OPCO
11/13/18
NO CHANGE
Target $16
OPCO
Outperform
EverQuote price target lowered to $16 from $23 at Oppenheimer
Oppenheimer analyst Jason Helfstein lowered his price target for EverQuote (EVER) to $16 from $23 after management lowered 2018 VMM guidance 5% on less effective traffic conversion from creative advertisement fatigue, adjusting to new Facebook (FB) ad policies, and pushing higher volumes to providers in lower seasonal period. The analyst reiterates an Outperform rating on EverQuote on favorable risk/reward for long-term opportunity to penetrate $9B insurance advertising market.
11/13/18
ADAM
11/13/18
NO CHANGE
Target $18
ADAM
Buy
EverQuote price target lowered to $18 from $23 at Canaccord
Canaccord analyst Michael Graham lowered his price target on EverQuote (EVER) to $18 from $23 following in line Q3 results. The company said quote requests declined from the revamp of its ad units in the face of policy changes at Facebook (FB) along with the crowding out from political ads. Management said they see the same circumstances affecting business so far in Q4. Graham maintained his Buy rating on EverQuote shares.
BABA Alibaba
$150.55

3.72 (2.53%)

11/12/18
LEHM
11/12/18
NO CHANGE
Target $195
LEHM
Overweight
Alibaba Singles' Day hits high-end of estimates, says Barclays
Barclays analyst Gregory Zhao says Alibaba's total gross merchandise volume of CNY 213.5B from the Singles' Day promotion, up 27% year-over-year, hit the high-end of his estimates. The performance came in ahead of buy-side expectations, which the analyst thinks were around low- to mid-20s. The "solid" result reaffirms the strong demand from Chinese consumers and also demonstrates Alibaba ecosystem's "strong power in the organization of such a large-scale social production," Zhao tells investors in a research note. He reiterates an Overweight rating on the shares with a $195 price target.
11/12/18
RHCO
11/12/18
NO CHANGE
Target $180
RHCO
Buy
Alibaba's Singles Day GMV growth was 'impressive', says SunTrust
SunTrust analyst Youssef Squali kept his Buy rating and $180 price target on Alibaba after its Singles Day result of $30.8B in gross merchandise value, highlighted by the "continued healthy consumption and rising middle class in and around China" as well as the "pervasiveness" of its ecosystem. The analyst notes that the 27% GMV increase was particularly impressive amid concerns of the macro headwinds and also points to a 40% increase in consumers who made purchases from international brands as well as the 23% increase in the delivery orders from Alibaba's Cainiao logistics network.
11/13/18
MKMP
11/13/18
NO CHANGE
Target $245
MKMP
Buy
Alibaba price target lowered to $245 from $270 at MKM Partners
MKM Partners analyst Rob Sanderson lowered his price target on Alibaba to $245, saying the bulk of his revision comes from the "lower profit from the core commerce segment as management postpones monetization efforts and braces for a possible economic slow-down". The analyst also points to the perceived "desperation" of the Chinese central bank in setting a 30% target for private enterprise loans as part of the banking system's total lending. Longer term, Sanderson keeps his Buy rating on Alibaba based on his confidence that the slowing economy will create separation for market leaders and that the company's recent execution appears to be better than in the last slowdown.
11/12/18
OPCO
11/12/18
NO CHANGE
OPCO
Outperform
Alibaba Singles Day growth deceleration suggests weaker macro environment, says Oppenheimer
Oppenheimer analyst Jason Helfstein notes that Alibaba's (BABA) 2018 Singles Day annual growth dropped to +27% year over year versus +39% in 2017, which he believes suggests a weaker macro environment in China, on top of the law of large numbers. The analyst also highlights that Starbucks (SBUX) participated in Double 11 for the first time. Overall, Helfstein continues to see Alibaba's ecosystem evolving with new elements, namely New Retail, Local Services and Travel. Going forward, he expects GMV growth will become more reliant on the cooperation and synergies between different channels and services. The analyst has an Outperform rating on Alibaba's shares.
AGN Allergan
$157.71

-4.925 (-3.03%)

11/13/18
LEER
11/13/18
INITIATION
Target $220
LEER
Outperform
Allergan initiated with an Outperform at Leerink
Leerink analyst Marc Goodman started Allergan with an Outperform and $220 price target as he initiates Neuroscience space with a Positive View. The analyst believes the Neuroscience sector is experiencing a "renaissance" as multiple new agents and mechanisms are coming up the pipeline across major therapeutic areas, the number of clinical studies is growing nicely, and the FDA is friendly to innovation in this space, companies are getting smarter about speed-to-market strategies and selecting niche sub-populations to focus on for initial product approvals, payer pushback on usage is much lower than in other categories, and physicians are enthusiastic about new agents. Regarding Allergan, Goodman notes that management has finally rebased numbers and growth expectations to credible levels and the balance sheet is becoming less of a focus. Further, he believes the underlying growth of the base business is underappreciated.
11/12/18
LEER
11/12/18
INITIATION
Target $220
LEER
Outperform
Allergan initiated with an Outperform at Leerink
Leerink Partners analyst Marc Goodman started Allergan with an Outperform rating and $220 price target.
11/01/18
MZHO
11/01/18
NO CHANGE
Target $213
MZHO
Buy
Allergan selloff on 'optimistic' 2019 estimates overdone, says Mizuho
Mizuho analyst Irina Koffler lowered her price target for Allergan shares to $213 from $220 but remains a buyer of the stock with a Buy rating. The analyst attributes the weakness in shares of Allergan to "overly optimistic" 2019 estimates. However, the selloff is overdone, Koffler tells investors in a research note.
11/14/18
11/14/18
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. Avid (AVID) initiated with a Hold at Jefferies. 2. ProQR Therapeutics (PRQR) initiated with an Overweight at Cantor Fitzgerald. 3. GW Pharmaceuticals (GWPH) initiated with an Outperform at Leerink. 4. Equitrans Midstream (ETRN) initiated with an Overweight at US Capital Advisors. 5. Zymogenetics (ZGEN) and Allergan (AGN) were initiated with an Outperform at Leerink. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
GOOG Alphabet
$1,043.53

7.2 (0.69%)

11/14/18
LEHM
11/14/18
NO CHANGE
Target $1400
LEHM
Overweight
Barclays removes Alphabet as Top Pick, keeps Overweight rating
Barclays analyst Ross Sandler removed Alphabet (GOOGL) as his Top Pick and did not replace it with another stock. The analyst, however, keeps an Overweight rating on the shares with a $1,400 price target.
11/13/18
BARD
11/13/18
NO CHANGE
BARD
Amazon selection of East Coast corridor for HQs makes sense, says Baird
Baird analyst Colin Sebastian noted that he'd predicted last October that Washington DC was "a slight favorite in the HQ2 sweepstakes," and he believes Amazon's (AMZN) selection of a second headquarters divided between Long Island City, NY and Arlington, Virginia "makes logical sense." He sees the primary motivation for the HQ split was talent availability, Sebastian added. The analyst maintains an Outperform rating and $2,100 price target on Amazon shares. Adding that "it did not receive the headlines of the HQ2 bidding process," Google (GOOGL) is said by the Wall Street Journal to be acquiring space for an additional 12-14K employees in New York, Sebastian also noted.
10/29/18
OPCO
10/29/18
NO CHANGE
Target $1435
OPCO
Outperform
Alphabet price target lowered to $1,435 from $1,450 at Oppenheimer
Oppenheimer analyst Jason Helfstein lowered his price target for Alphabet to $1,435 from $1,450, while reiterating an Outperform rating on the shares on attractive GARP characteristics. The analyst notes that while focus is on slowing revenue growth and reduced margins, results appear stable if looking at the two-year comp and focusing on Google Segment EBITDA. As TAC pressure continues to be moderate in Q4 and early 2019, Alphabet is on track for accelerating free cash flow/share growth, he contends, adding that upside from Waymo is not priced into shares.

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Xylem

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PRDSY

Prada

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05:28
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BURBY

Burberry

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JSAIY

J Sainsbury

$0.00

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05:26
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FCX

Freeport McMoRan

$10.45

0.095 (0.92%)

05:25
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ANFGY

Antofagasta

$0.00

(0.00%)

05:23
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ATRC

AtriCure

$26.02

0.22 (0.85%)

05:21
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STIM

Neuronetics

$10.50

-0.54 (-4.89%)

05:19
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FGEN

FibroGen

$39.69

-1.3 (-3.17%)

, ALPMY

Astellas Pharma

$0.00

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FibroGen

$39.69

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ALPMY

Astellas Pharma

$0.00

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03/08/13
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VOPKY

Koninklijke Vopak

$0.00

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05:16
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LBTYA

Liberty Global

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HRI

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United Rentals

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HRI

Herc Holdings

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URI

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URI

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SUZ

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ROKU

Roku

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Comcast

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ROKU

Roku

$133.76

3.97 (3.06%)

CMCSA

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FTCH

Farfetch

$8.91

-0.42 (-4.50%)

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FB

Facebook

$190.15

1.96 (1.04%)

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TRGP

Targa Resources

$40.89

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IRM

Iron Mountain

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Iron Mountain management to meet with RBC Capital »

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Ligand

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5.37 (5.41%)

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