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Alliance Data

$199.76

-5.49 (-2.67%)

, ADP

ADP

$142.75

-2.11 (-1.46%)

17:53
11/14/18
11/14
17:53
11/14/18
17:53

Barclays initiates coverage of U.S. payment processors with PayPal as top pick

As noted earlier, Barclays analyst Ramsey El-Assal initiated a group of 20 U.S. companies in the Payments, Processing, and related IT Services sector with Overweight-rated PayPal (PYPL) as his Top Pick. The analyst cites the company's "100% exposure to high-growth digital channels" along with its "clean balance sheet substantial cash position" that bring it a "strategic opportunity. El-Assal is also particularly positive on Overweight-rated WorldPay (WP) based on its strong growth potential from its exposure to "tech-enabled channels" and merger synergies, FirstData (FDC) based on the accelerating growth of its merchant channels, and Square (SQ)," whose Subscription & Services segment is blurring the lines between Payments and software". The analyst contends that the extent of being "tech-enabled" is a key differentiator in the Payments industry, assigning an Overweight rating to Alliance Data Systems (ADS), ADP (ADP), Cardtronics (CATM), Fidelity National (FIS), First Data (FDC), Fiserv (FISV), Fleetcor Technologies (FLT), Global Payments (GPN), Green Dot (GDOT), Mastercard (MA), Total System Services (TSS), Visa (V), and WEX Inc (WEX). El-Assal assigns Equal-weight ratings to EVO Payments (EVOP) and Paychex (PAYX), stating that while the companies are "solid performers" in the space, their valuation is seen as more balanced. The analyst rates MoneyGram (MGI) and Western Union (WU) at Underweight, saying that the former will struggle to re-ignite positive growth as the costs associated with regulatory scrutiny weigh on its profits and the latter will be challenged by "periodic pricing pressure eroding margins over a long period of time."

ADS

Alliance Data

$199.76

-5.49 (-2.67%)

ADP

ADP

$142.75

-2.11 (-1.46%)

CATM

Cardtronics

$33.01

-0.01 (-0.03%)

EVOP

EVO Payments

$27.01

1.055 (4.07%)

FIS

FIS

$104.57

-0.26 (-0.25%)

FDC

First Data

$17.83

-0.18 (-1.00%)

FISV

Fiserv

$77.75

0.09 (0.12%)

FLT

FleetCor

$190.96

-3.61 (-1.86%)

GPN

Global Payments

$107.30

-1.26 (-1.16%)

GDOT

Green Dot

$80.73

1.57 (1.98%)

MA

MasterCard

$197.66

-0.49 (-0.25%)

MGI

MoneyGram

$2.14

-0.09 (-4.04%)

PAYX

Paychex

$66.72

-1.03 (-1.52%)

PYPL

PayPal

$84.05

0.26 (0.31%)

SQ

Square

$69.85

-1.96 (-2.73%)

TSS

TSYS

$87.77

-2.06 (-2.29%)

V

Visa

$139.53

-0.19 (-0.14%)

WU

Western Union

$18.87

-0.01 (-0.05%)

WEX

Wex

$157.62

-4.01 (-2.48%)

WP

Worldpay

$82.71

-2.74 (-3.21%)

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ADS Alliance Data
$199.76

-5.49 (-2.67%)

10/19/18
RBCM
10/19/18
NO CHANGE
Target $273
RBCM
Outperform
Alliance Data strategic review announcement a positive, says RBC Capital
RBC Capital analyst Daniel Perlin attributes the generally positive stock reaction to Alliance Data's report of what he considers a disappointing quarter to investors view on the possible value the company's strategic alternative review could unlock. When discussing the possibilities on the conference call, management noted it would announce a plan for the non-Card businesses before year-end, which he believes could involve asset sales, Perlin said. He lowered his estimates following the report and lowered his price target to $273 from $286, but called the strategic review announcement "a positive" and keeps an Outperform rating on Alliance Data shares.
10/10/18
PIPR
10/10/18
NO CHANGE
Target $94
PIPR
Neutral
Piper boosts Square target to $94, Global Payments target to $157
Piper Jaffray analyst Jason Deleeuw raised his price target for Neutral-rated Square 9SQ) to $94 from $67 in a research previewing the Q3 earnings reports for his FinTech coverage universe. Key fundamental factors for the sector remain positive, including ongoing secular growth and macro cyclical strength, Deleeuw tells investors in a research note. Also, the group's fundamentals are relatively insulated from the key macro risks of rising input costs and tariff escalation, the analyst adds. As such, he expects in-line to better than consensus Q3 results and outlooks, which he thinks will help stabilize the relative valuation multiples for the group. Deleeuw's top ideas into the quarter include Black Knight (BKI), Global Payments (GPN), First Data (FDC), Visa (V), Euronet (EEFT) and Alliance Data (ADS). In addition to Square, the analyst boosted his price target for Overweight-rated Alliance Data to $319 from $312, Neutral-rated American Express (AXP) to $126 from $113, Overweight-rated Global Payments to $157 from $135, Overweight-rated MasterCard (MA) to $216 from $224, Neutral-rated PayPal (PYPL) to $96 from $81 and Overweight-rated Visa to $191 from $166.
11/14/18
LEHM
11/14/18
INITIATION
Target $254
LEHM
Overweight
Alliance Data initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Alliance Data with an Overweight and $254 price target.
09/20/18
DBAB
09/20/18
NO CHANGE
Target $253
DBAB
Buy
Deutsche looks at Alliance Data's strategic options following CEO comments
Deutsche Bank analyst Ashish Sabadra looked at different strategic options for Alliance Data Systems after the company's CEO highlighted the potential for strategic optionality at his firm's technology conference last week. The analyst sees Alliance Data's options as a spin-off of its non-card businesses, a sale of its non-card businesses, sale of pieces/portions of its non-card businesses, and no sale or spin-off post an exhaustive review. Sabadra's "back-of-the-envelope" sum-of-the-parts analysis suggests a stock price in the range of $269 to $277 for the first two options, which he notes provides only around 10% upside to the current price. However, the analyst believes the likelihood of the first two actions is low and accordingly keeps his target price at $253. Sabadra keeps a Buy rating on Alliance Data Systems.
ADP ADP
$142.75

-2.11 (-1.46%)

10/16/18
BOFA
10/16/18
NO CHANGE
BOFA
Ferrari, PayPal added to US 1 List, ADP, NetApp removed at BofA/Merrill
10/04/18
MOFT
10/04/18
INITIATION
Target $180
MOFT
Buy
ADP initiated with a Buy at MoffettNathanson
MoffettNathanson initiated ADP with a Buy and $180 price target.
11/14/18
LEHM
11/14/18
INITIATION
Target $168
LEHM
Overweight
ADP initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated ADP with an Overweight and $168 price target.
10/31/18
JEFF
10/31/18
NO CHANGE
Target $167
JEFF
Hold
ADP price target raised to $167 from $160 at Jefferies
Jefferies analyst Samad Samana raised his price target on ADP to $167 after its Q1 earnings, margins, and revenue beats. The analyst notes that the company management continues to execute well, as evidenced by its better than anticipated bookings. Samana also keeps his Hold rating on ADP but adds that its estimates are "starting to look conservative".
CATM Cardtronics
$33.01

-0.01 (-0.03%)

07/17/18
RHCO
07/17/18
NO CHANGE
Target $35
RHCO
Buy
Cardtronics immediate beneficiary of more benign U.K. interchange backdrop, says SunTrust
SunTrust analyst Andrew Jeffrey believes Cardtronics will rally sharply as investors digest the announcement that LINK, the UK's major interbank network, has canceled the third of four planned 5% annual interchange cuts, and has suspended the fourth, pending a review next year. These actions provide a $25M-plus multi-year EBITDA tailwind, beginning in C20, he contends. In addition, Jeffrey notes that management now estimates that each 5% interchange reduction will cost it $12M-$13M of EBIT, lower than its prior $15M estimate. The analyst reiterates a Buy rating and $35 price target on the shares.
04/10/18
RHCO
04/10/18
DOWNGRADE
Target $23
RHCO
Hold
Verifone downgraded to Hold at SunTrust after private equity takeover offer
As reported earlier, SunTrust analyst Andrew Jeffrey downgraded Verifone (PAY) to Hold from Buy and kept his $23 price target in the wake of yesterday's bid by private equity firm Francisco Partners to take the company private at $23.04 per share. Jeffrey contends that a competing offer is unlikely based on the company's legacy core Payments technology, also adding that investors may see value in other legacy fintech firms such as Euronet (EEFT) and Cardtronics (CATM). The analyst adds that while investors lament the "death of cash", over 80% of global payments are still made with cash, and this latest Verifone transaction "understates" the intrinsic market value.
11/14/18
LEHM
11/14/18
INITIATION
Target $41
LEHM
Overweight
Cardtronics initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Cardtronics with an Overweight and $41 price target.
11/02/18
BRRR
11/02/18
UPGRADE
Target $40
BRRR
Outperform
Cardtronics upgraded to Outperform from Market Perform at Barrington
Barrington analyst Gary Prestopino upgraded Cardtronics to Outperform with a $40 price target following the company's better than expected Q3 results. The worst of the 7-Eleven, Link interchange and Australian surcharge impacts are behind the company, Prestopino tells investors in a post-earnings research note. He views the stock's valuation as "compelling" at current share levels.
EVOP EVO Payments
$27.01

1.055 (4.07%)

06/18/18
06/18/18
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. International Paper (IP) resumed a Hold at Deutsche Bank. 2. EVO Payments (EVOP) was initiated with an Overweight at JPMorgan, an Outperform at William Blair, a Buy at SunTrust, a Market Perform at Cowen, a Hold at Deutsche Bank, as well as a Neutral at Goldman Sachs and Citi. 3. Torchlight Energy Resources (TRCH) initiated with a Buy at Roth Capital. 4. GreenSky (GSKY) initiated with a Buy at Goldman Sachs, Guggenheim and SunTrust, an Overweight at JPMorgan and Morgan Stanley, an Outperform at Credit Suisse, a Neutral at BofA/Merrill, and a Hold at Sandler O'Neill. 5. Catasys (CATS) initiated with a Buy at Canaccord. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
LEHM
11/14/18
INITIATION
Target $29
LEHM
Equal Weight
EVO Payments initiated with an Equal Weight at Barclays
Barclays analyst Ramsey El-Assal initiated EVO Payments with an Equal Weight and $29 price target.
11/08/18
RHCO
11/08/18
NO CHANGE
Target $32
RHCO
Buy
EVO Payments price target raised to $32 from $24 at SunTrust
SunTrust analyst Andrew Jeffrey raised his price target on EVO Payments to $32 and kept his Buy rating after its Q3 results showed revenue accelerating to 11% from 9-month rate of 10% thanks to its lead in the "early-stage markets" of Mexico, U.K., Spain, and Poland. The analyst believes that the company can "sustain above average organic revenue, EBITDA and free cash flow growth" as it capitalizes on its leading market position.
08/29/18
BUCK
08/29/18
INITIATION
Target $24
BUCK
Neutral
EVO Payments initiated with a Neutral at Buckingham
Buckingham analyst Chris Brendler initiated EVO Payments with a Neutral rating and $24 price target, stating that its "impressive" 10% organic growth target makes it "an appealing take-out candidate," but he thinks management will need to deliver on its U.S. tech strategy first, which could take time.
FIS FIS
$104.57

-0.26 (-0.25%)

10/31/18
CANT
10/31/18
NO CHANGE
Target $122
CANT
Overweight
FIS price target raised to $122 from $117 at Cantor Fitzgerald
Cantor Fitzgerald analyst Joseph Foresi raised his price target for FIS to $122 following the company's Q3 results and maintains an Overweight rating on the name. The analyst believes FIS has the opportunity to accelerate revenue growth, improve margins, and deleverage, which he thinks should have a positive impact on results and multiples.
11/14/18
LEHM
11/14/18
INITIATION
Target $129
LEHM
Overweight
FIS initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated FIS with an Overweight and $129 price target.
09/27/18
DBAB
09/27/18
NO CHANGE
Target $117
DBAB
Hold
FIS price target raised to $117 from $100 at Deutsche Bank
Deutsche Bank analyst Bryan Keane raised his price target for FIS to $117 after marketing with CFO Woody Woodall and VP of Finance and Treasury Ginny Daughtrey. The analyst sees "solid" fundamentals and rolled forward his valuation to 2020 estimates. He keeps a Hold rating on FIS.
09/24/18
RHCO
09/24/18
NO CHANGE
Target $125
RHCO
Buy
FIS price target raised to $125 from $115 at SunTrust
SunTrust analyst Andrew Jeffrey raised his price target on Fidelity National Information Services to $125 and kept his Buy rating, saying the company offers a "compelling risk/reward" based on its low-to-mid single digit organic rev growth and free cash flow compounding approaching 10%. The analyst expects investors to "increasingly appreciate" Fidelity's consistent organic revenue growth and scalability. Jeffrey adds that while the Fidelity National Information Services stock price has risen 18% this year, it has lagged its faster growing peers, whose valuations can "mean revert" from stretched levels.
FDC First Data
$17.83

-0.18 (-1.00%)

11/08/18
SUSQ
11/08/18
DOWNGRADE
Target $77
SUSQ
Neutral
Square downgraded to Neutral on valuation, CFO vacancy at Susquehanna
As reported previously, Susquehanna analyst James Friedman downgraded Square (SQ) to Neutral from Positive. The analyst cited valuation and the lack of a CFO at the company. While he sees Square taking about ten billion of cumulative revenue share from incumbent merchant acquirers, ISOs and ISVs, he would await a better re-entry point pending management visibility, Friedman tells investors. In the meantime, Friedman suggests investors look at First Data (FDC) instead, stating that Clover is generally performing as well as Square's payments products while the stock's discount to Square "seems compelling." Friedman maintained his $77 price target on Square shares.
11/14/18
LEHM
11/14/18
INITIATION
Target $24
LEHM
Overweight
First Data initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated First Data with an Overweight and $24 price target.
11/05/18
SPHN
11/05/18
NO CHANGE
Target $25
SPHN
Overweight
First Data price target lowered to $25 from $30 at Stephens
Stephens analyst Brett Huff lowered his price target for First Data to $25 from $30 following quarterly results, but reiterated an Overweight rating on the shares saying the selloff in the stock is "overdone." The analyst believes it may take a quarter or two for the market to recognize First Data's value.
11/06/18
COWN
11/06/18
NO CHANGE
Target $28
COWN
Outperform
First Data weakness a buying opportunity, says Cowen
Cowen analyst George Mihalos recommended investors take advantage of the overdone weakness in First Data shares. He expects the stock to recoup most of its downward move over the near-term, citing the reset of its GBS growth expectations, on-track deleveraging, and current valuation. Mihalos has an Outperform rating and $28 price target on First Data shares.
FISV Fiserv
$77.75

0.09 (0.12%)

08/28/18
BARD
08/28/18
NO CHANGE
BARD
Outperform
Fiserv flaw report looks bad, but seems to have been quickly fixed, says Baird
Baird analyst David Koning said a KrebsOnSecurity blog report about Fiserv "may optically look bad" for the company's web platform, though it does not appear any money was lost. The Krebs report noted that a Fiserv spokesperson said a security patch was developed within 24 hours of receiving notice of the weakness and Koning said most security issues of this nature seen in recent years have been fixed quickly with limited financial impact to companies. He continues to like Fiserv's consistency of earnings growth and free cash flow and keeps an Outperform rating on the shares.
10/15/18
FBCO
10/15/18
NO CHANGE
Target $75
FBCO
Neutral
Fiserv price target raised to $75 from $67 at Credit Suisse
Credit Suisse analyst Paul Condra raised his price target for Fiserv to $75 from $67, while reiterating a Neutral rating on the shares. While the stock was somewhat sluggish following Q2 results, it recovered strongly and was up 10% off these lows before falling during the widespread market selloff, he notes. The analyst sees Fiserv's acquisition of US Bank's ATM and debit servicing business as a continuation of its strategy to add incremental businesses that fit the overall growth and margin profile of the company.
11/14/18
LEHM
11/14/18
INITIATION
Target $95
LEHM
Overweight
Fiserv initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Fiserv with an Overweight and $95 price target.
09/19/18
ARGS
09/19/18
NO CHANGE
Target $90
ARGS
Buy
Fiserv price target raised to $90 from $85 at Argus
Argus analyst Jasper Hellweg raised his price target on Fiserv to $90 and kept his Buy rating, saying the company should continue to benefit from technology infrastructure spending by its primary customers that include banks and credit unions as they seek greater processing efficiency in bill payment and credit card transaction. The analyst also raises his FY18 EPS view to $3.14 from $3.12 following Fiserv's Q2 earnings beat, adding that its shares have a "healthy upside" potential even without multiple expansion thanks to the benefits of the company's "highly scalable" business model.
FLT FleetCor
$190.96

-3.61 (-1.86%)

09/06/18
DBAB
09/06/18
NO CHANGE
Target $25
DBAB
Buy
Travelport should sell eNett in near future, says Deutsche Bank
eNett could be valued at $1B and Travelport (TVPT) could use the proceeds from a divestiture for an accelerated share repurchase or potentially lower the equity required to take the company private, Deutsche Bank analyst Ashish Sabadra tells investors in a research note. The analyst believes Travelport is not being valued on a sum-of-the-parts basis and that it is not given credit for the accelerated growth in eNett. Given the "rich valuation for high-growth payment assets," Travelport should sell eNett in the near future, Sabadra contends. The analyst believes an acquisition of eNett could potentially complement Wex's (WEX) Travel and Corporate payments offering and could also be synergistic with Fleetcor's (FLT) corporate payment business. Sabadra has a Buy rating on Travelport with a $25 price target.
11/14/18
LEHM
11/14/18
INITIATION
Target $245
LEHM
Overweight
FleetCor initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated FleetCor with an Overweight and $245 price target.
09/27/18
DBAB
09/27/18
NO CHANGE
DBAB
Buy
FleetCor could be acquirer of Western Union's B2B business, says Deutsche Bank
Bloomberg yesterday reported that Western Union (WU) is working with an adviser to potentially sell its business-to-business cross-border payments business, and that the unit could fetch $500M. Deutsche Bank analyst Ashish Sabadra believes FleetCor (FLT) could be a potential acquirer given the synergies with its Cambridge B2B cross-border payments. The analyst estimates an acquisition could be $1 accretive to earnings per share 12-18 months post acquisition close, depending on the terms of a deal and the margin potential. More importantly, the deal would significantly enhance FleetCor's market positioning in B2B cross-border payments, Sabadra tells investors in a research note. The analyst thinks a potential accretive acquisition could provide upside to 2019 estimates. He keeps a Buy rating on FleetCor.
08/06/18
MSCO
08/06/18
NO CHANGE
MSCO
Boeing, Tesla, Nvidia make Morgan Stanley 'key man risk' list
Morgan Stanley equity strategist Mark Savino noted that about 12% of CEO jobs among S&P 500 companies turned over in 2017, noting that this was the highest level of CEO departures since before the financial crisis. The 59 stocks of S&P 500 companies that had CEOs depart in 2017 underperformed the market by 11% over the next 12 months, or since the departure for instances that were less than 12 months ago, noted Savino. In cooperation with the firm's U.S. analysts, Savino and his team identified the companies in each sector they believe face the greatest level of "key man risk," which includes: Boeing (BA), Tesla (TSLA), ADT Inc. (ADT), Moody's (MCO), TransUnion (TRU), Arista Networks (ANET), Church & Dwight (CHD), Coca-Cola (KO), Monster Beverage (MNST), Coupa Software (COUP), Salesforce (CRM), FireEye (FEYE), MongoDB (MDB), Microsoft (MSFT), New Relic (NEWR), XPO Logistics (XPO), Hilton (HLT), Las Vegas Sands (LVS), Best Buy (BBY), Ulta (ULTA), Aflac (AFL), Athene Holding (ATH), Lincoln National (LNC), Arthur J. Gallagher (AJG), Chubb (CB), Amazon.com (AMZN), Activision Blizzard (ATVI), Facebook (FB), Alphabet (GOOGL), Apple (AAPL), Terex (TEX), Cleveland-Cliffs (CLF), Freeport McMoRan (FCX), FleetCor (FLT), Global Payments (GPN), Square (SQ), Jazz Pharmaceuticals (JAZZ), Cheesecake Factory (CAKE), Broadcom (AVGO), Nvidia (NVDA), Chegg (CHGG), DXC Technology (DXC), Medidata (MDSO), Pluralsight (PS), RealPage (RP), Shopify (SHOP) and T-Mobile (TMUS).
GPN Global Payments
$107.30

-1.26 (-1.16%)

10/31/18
KEYB
10/31/18
NO CHANGE
Target $135
KEYB
Overweight
Global Payments price target raised to $135 from $130 at KeyBanc
KeyBanc analyst Josh Beck raised his price target for Global Payments to $135 from $130 after the company reported a "solid" Q3 despite some incremental FX headwinds. Market sentiment seems to be increasingly focused on 2019 potential, and given Global's contribution from tech-led channels could rise to 45% next year with a medium-term goal of 60%, the analyst is increasingly confident in the strategy. He reiterates an Overweight rating on the shares.
11/05/18
GUGG
11/05/18
DOWNGRADE
GUGG
Neutral
Global Payments downgraded to Neutral from Buy at Guggenheim
11/14/18
LEHM
11/14/18
INITIATION
Target $136
LEHM
Overweight
Global Payments initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Global Payments with an Overweight and $136 price target.
10/31/18
CANT
10/31/18
NO CHANGE
Target $143
CANT
Overweight
Global Payments price target raised to $143 from $136 at Cantor Fitzgerald
Cantor Fitzgerald analyst Joseph Foresi raised his price target for Global Payments to $143 following the company's Q3 results and keeps an Overweight rating on the name. He continues to believe there is an opportunity for Global Payments to accelerate revenue growth and improve margins through acquisitions, which he says should have a positive impact on results and multiple.
GDOT Green Dot
$80.73

1.57 (1.98%)

09/14/18
CHLM
09/14/18
NO CHANGE
Target $95
CHLM
Buy
Craig-Hallum sees path to $140 stock for Green Dot
Craig-Hallum analyst Brad Berning reiterated a Buy rating on Green Dot and called the stock one of his favorite ideas, telling investors in a research note to take advantage of the momentum as it is still early days in this evolving story. Berning continues to see a path to a $140 stock.
11/14/18
LEHM
11/14/18
INITIATION
Target $103
LEHM
Overweight
Green Dot initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Green Dot with an Overweight and $103 price target.
11/08/18
CHLM
11/08/18
NO CHANGE
Target $115
CHLM
Buy
Green Dot price target raised to $115 from $95 at Craig-Hallum
Craig-Hallum analyst Bradley Berning raised his price target for Green Dot to $115 from $95 and reiterated a Buy rating on the shares. The analyst notes that the BaaS TAM is expanding substantially from underserved customers to anyone opening a new spend account, and expects announcements to accelerate during the next year in this sector. Berning continues to believe Green Dot is a great way to play this emerging shift in financial services distribution as best in class provider of "Banking-as-a-Service" solutions.
08/09/18
RHCO
08/09/18
NO CHANGE
Target $100
RHCO
Buy
Green Dot price target raised to $100 from $75 at SunTrust
SunTrust analyst Andrew Jeffrey raised his price target on Green Dot to $100 and kept his Buy rating after its Q2 earnings beat and raised FY18 revenue guidance, saying the company is "altering the US consumer banking tech landscape". The analyst adds that Green Dot is monetizing the ecosystem with "disruptive" banking solutions such as the payroll system for Uber, further noting that he is turning even more bullish on its growing total addressable market and widening customer appeal.
MA MasterCard
$197.66

-0.49 (-0.25%)

10/31/18
LOOP
10/31/18
NO CHANGE
Target $232
LOOP
Buy
MasterCard 'looks interesting' after market retracement, says Loop Capital
Loop Capital analyst Joseph Vafi kept his Buy rating and $232 price target on MasterCard after its Q3 earnings beat, saying shares look "more interesting" in the wake of the recent market retracement. The analyst points to the company's 17% constant-currency revenue growth and ongoing leverage gains in the quarter, along with the and global economy "through the lens of Mastercard payment volume. Vafi added that the "ongoing migration away from cash and to electronic currencies" add to the company's tailwinds.
10/19/18
RHCO
10/19/18
NO CHANGE
Target $88
RHCO
Hold
PayPal price target lowered to $88 from $92 at SunTrust
SunTrust analyst Andrew Jeffrey lowered his price target on Paypal (PYPL) to $88 and kept his Hold rating after its Q3 results, saying that while the company is benefiting from "important secular demand drivers" of eCommerce and Mobile, he remain "guarded" in relation to its Venmo monetization and barriers to entry. The analyst adds that given PayPal's position as a "hybrid" growth company, it lacks a "competitive moat" unlike Visa (V) and MasterCard (MA), arguing that those two offer a superior risk-reward proposition for longer term investors.
11/14/18
LEHM
11/14/18
INITIATION
Target $240
LEHM
Overweight
MasterCard initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated MasterCard with an Overweight and $240 price target.
MGI MoneyGram
$2.14

-0.09 (-4.04%)

04/03/18
DADA
04/03/18
NO CHANGE
DADA
Buy
Walmart shouldn't materially hurt Euronet pricing or volumes, says DA Davidson
DA Davidson analyst Peter Heckmann noted that the new pricing for Walmart2World, Walmart's (WMT) new money transfer offering in partnership with MoneyGram (MGI), appears to be set fairly close to Euronet's (EEFT) offerings and he does not anticipate any material impact to Euronet's pricing or volumes as a result of the service. The market seems to be interpreting that any win for MoneyGram is a direct loss for Euronet, but he does not see it as "quite that black and white." The analyst, who still thinks there are a number of opportunities for Euronet to expand its relationship with Walmart over time, also believes Euronet would still be interested in a deal to buy MoneyGram, though any deal may be structured and priced differently than its prior bid. Heckmann keeps a Buy rating on Euronet shares, which are down about 5.5% in afternoon trading.
11/09/18
EVER
11/09/18
DOWNGRADE
EVER
Underperform
MoneyGram downgraded to Underperform from In Line at Evercore ISI
11/14/18
LEHM
11/14/18
INITIATION
Target $2
LEHM
Underweight
MoneyGram initiated with an Underweight at Barclays
Barclays analyst Ramsey El-Assal initiated MoneyGram with an Underweight and $2 price target.
04/03/18
WBLR
04/03/18
NO CHANGE
WBLR
Walmart, MoneyGram new service adds mote uncertainty to Euronet story, says William Blair
William Blair analyst Christopher Shutler notes that Walmart (WMT) and MoneyGram (MGI) announced a new service called "Walmart2World," which allows customers at U.S. Walmart locations to send money to any MoneyGram location in 200 countries. The analyst views this as a re-branding of an existing service, but with new pricing and in some cases maybe faster transfer times. While Shutler is not sure if Euronet (EEFT) formally bid on this business, the biggest issue he sees for the latter's stock is that this agreement shows a willingness on MoneyGram's part to play ball with Walmart on white-labeled products. The news arguably adds a little more uncertainty to the Euronet story, he contends.
PAYX Paychex
$66.72

-1.03 (-1.52%)

10/04/18
MOFT
10/04/18
INITIATION
Target $79
MOFT
Neutral
Paychex initiated with a Neutral at MoffettNathanson
MoffettNathanson initiated Paychex with a Neutral and $79 price target.
10/03/18
DBAB
10/03/18
NO CHANGE
Target $79
DBAB
Hold
Paychex price target raised to $79 from $68 at Deutsche Bank
Deutsche Bank analyst Bryan Keane raised his price target for Paychex to $79 saying "modest" top-line growth outperformance and the timing of investments drove better than expected margins and 2c of earnings per share upside in Q1. The analyst raised his estimates for Paychex following yesterday's results but keeps a Hold rating on the shares.
11/14/18
LEHM
11/14/18
INITIATION
Target $69
LEHM
Equal Weight
Paychex initiated with an Equal Weight at Barclays
Barclays analyst Ramsey El-Assal initiated Paychex with an Equal Weight and $69 price target.
10/03/18
BMOC
10/03/18
NO CHANGE
Target $77
BMOC
Market Perform
Paychex price target raised to $77 from $70 at BMO Capital
BMO Capital analyst Jeffrey Silber raised his price target on Paychex to $77 after its Q1 results, saying the earning beat highlights a "solid" early season momentum driven by better than expected revenues and margins. The analyst cites "strong" demand for professional employer organization products and "steady" human capital management performance. Silber also keeps his Market Perform rating on the shares, adding that while investments in demand generation would have a smaller than expected impact on margins, he still sees FY19 as an "investment year".
PYPL PayPal
$84.05

0.26 (0.31%)

11/14/18
LEHM
11/14/18
INITIATION
Target $110
LEHM
Overweight
PayPal initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated PayPal with an Overweight and $110 price target.
10/23/18
RHCO
10/23/18
NO CHANGE
Target $32
RHCO
Hold
eBay price target lowered to $32 from $38 at SunTrust
SunTrust analyst Youssel Squali lowered his price target on eBay (EBAY) to $32 and kept his Hold rating ahead of its Q3 earnings, saying his estimates are now below consensus in terms of the expected PayPal (PYPL) gross merchandise volume growth deceleration. The analyst adds that the mid-to-high end of the company's current FY18 guidance implies Marketplace GMV acceleration in the second half of 2018, which may be "hard to achieve", while also citing the findings of his "proprietary tracking of promotional cadence".
10/23/18
RBCM
10/23/18
DOWNGRADE
Target $34
RBCM
Sector Perform
eBay downgraded to Sector Perform at RBC Capital on negative PayPal disclosures
As reported earlier, RBC Capital analyst Mark Mahaney downgraded eBay (EBAY) to Sector Perform from Outperform and lowered his price target to $34 from $47. The analyst cites the disclosures by PayPal (PYPL) on its Q3 earnings call last week that its eBay Marketplaces Total Payment Volume growth decelerated to 3.4% from 5.7% in Q2 and from 8% in FY17. Mahaney adds that PayPal also anticipates that softness to persist and also expects eBay's transition to intermediate payments through the Adyen partnership to be "slower than anticipated".
10/22/18
BMOC
10/22/18
NO CHANGE
Target $119
BMOC
Outperform
PayPal price target raised to $119 from $112 at BMO Capital
BMO Capital analyst James Fotheringham raises his price target on PayPal to $119 and kept his Outperform rating after its Q3 core earnings beat that was driven by "higher expected revenues from value-added services and lower transaction expenses. The analyst notes that the stock offers an "exciting investment opportunity" supported by "strong" fundamental results, having come off some 15% since its summer highs. Fotheringham further states that PayPal's "business model is best in class with respect to revenue growth surprise potential, due to its potential growth by acquisition, exposure to fast- growing international markets, and deep penetration of e-commerce payment flows".
SQ Square
$69.85

-1.96 (-2.73%)

11/08/18
CHLM
11/08/18
NO CHANGE
Target $55
CHLM
Sell
Square price target raised to $55 from $37 at Craig-Hallum
Craig-Hallum analyst Bradley Berning raised his price target for Square to $55 from $37 following quarterly results. Nonetheless, the analyst reiterates a Sell rating on the shares and argues that investors should use 2018 strength as an exit point ahead of second derivative impact on organic revenue growth decelerating in Q4 of 2018/1H19 due to a combination of tougher comps and increasing competition.
11/08/18
RHCO
11/08/18
NO CHANGE
Target $84
RHCO
Hold
Square price target raised to $84 from $74 at SunTrust
SunTrust analyst Andrew Jeffrey raised his price target on Square to $84 after its Q3 earnings beat while also raising his FY18 EPS view by 9c to 51c. The analyst notes that the company's "ecosystem value proposition is increasingly resonating with a broad swath of small-to-medium business and consumers" as demonstrated by another quarter of accelerating revenue growth. Jeffrey keeps his Hold rating on Square however, stating that its valuation already discounts much of the forecasted growth.
11/08/18
11/08/18
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. Square (SQ) downgraded to Neutral from Positive at Susquehanna analyst James Friedman citing valuation and the lack of a CFO at the company. 2. Landstar System (LSTR) downgraded to Neutral from Buy at Goldman Sachs and to Sector Weight from Overweight at KeyBanc. 3. Dean Foods (DF) downgraded to Hold from Buy at Jefferies with analyst Akshay Jagdale saying he believes the company's cost savings opportunity is significant enough to more than offset secular headwinds. 4. Ctrip (CTRP) downgraded to Neutral from Outperform at Credit Suisse, to Neutral from Buy at Citi, to Underperform from Outperform at CLSA, and to Hold from Buy at China Renaissance. 5. CDK Global (CDK) downgraded to Market Perform from Outperform at Wells Fargo with analyst Timothy Willi saying he believes that CDK faces a variety of headwinds during FY19 that will likely limit upside in the shares despite the discounted valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
LEHM
11/14/18
INITIATION
Target $96
LEHM
Overweight
Square initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Square with an Overweight and $96 price target.
TSS TSYS
$87.77

-2.06 (-2.29%)

09/26/18
BMOC
09/26/18
INITIATION
Target $94
BMOC
Market Perform
TSYS initiated with a Market Perform at BMO Capital
As reported earlier, BMO Capital analyst James Fotheringham initiated Total System Services with a Market Perform rating and a price target of $94. The analyst says the company's valuation appears "full" and its business model offers "below-average potential to surprise positively with respect to revenue growth". If it does grow above expectations, Fotheringham states the upside would most likely come from the company's "end-to-end strategies, integrated payment solutions, and focus on SMB merchants".
10/24/18
KEYB
10/24/18
NO CHANGE
Target $110
KEYB
Overweight
TSYS price target raised to $110 from $100 at KeyBanc
KeyBanc analyst Josh Beck raised his price target for TSYS to $110 from $100 after the company posted a broad-based beat and raise driven by Issuer and Consumer Solutions. The analyst notes that the pipeline for issuer remains robust and could potentially be additive to top-line growth and tilt the trend from MSD to HSD, an important line of demarcation within the sector. He reiterates an Overweight rating on the shares.
10/24/18
WELS
10/24/18
NO CHANGE
Target $105
WELS
Outperform
TSYS price target raised to $105 from $100 at Wells Fargo
Wells Fargo analyst Timothy Willi raised his price target for TSYS to $105 form $100 after a "solid" quarter. The analyst reiterates an Outperform rating on the shares.
11/14/18
LEHM
11/14/18
INITIATION
Target $113
LEHM
Overweight
TSYS initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated TSYS an Overweight and $113 price target.
V Visa
$139.53

-0.19 (-0.14%)

11/14/18
LEHM
11/14/18
INITIATION
Target $170
LEHM
Overweight
Visa initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Visa an Overweight and $170 price target.
10/25/18
BMOC
10/25/18
NO CHANGE
Target $196
BMOC
Outperform
Visa price target raised to $196 from $187 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on Visa to $196 after its Q4 earnings beat, saying the stock "remains" his "highest conviction" Outperform recommendation. The analyst notes that the lower than expected incentives and taxes "more than offset" lower revenues, which were driven by declines in China volumes and higher expenses. Fotheringham also raises his FY19 EPS view by 5c to $5.40 to reflect higher-than-previously-modeled net revenues coming from faster volume growth.
10/25/18
LOOP
10/25/18
NO CHANGE
Target $157
LOOP
Buy
Visa strategic position 'as attractive as ever', says Loop Capital
Loop Capital analyst Joseph Vafi kept his Buy rating and $157 price target on Visa after its Q4 results, saying the key drivers for the company's continued solid profitability are the "double-digit growth in payment volumes, cross-border volumes and overall processed transactions". The analyst adds that Visa's incentives appear to be normalizing , which is a "sign of further client contract transitions from Visa Europe", while its Asia customer growth trend remains strong.
10/25/18
MSCO
10/25/18
NO CHANGE
Target $165
MSCO
Overweight
Visa trends remain healthy despite some forex headwinds, says Morgan Stanley
Morgan Stanley analyst James Faucette said Visa's Q4 results and FY19 outlook point to a continuation of solid underlying trends globally, despite some headwinds resulting from the stronger U.S. dollar. Despite the expected forex headwind, Faucette points to Europe, India and Visa Direct as among the company's multiple potential upside drivers. He maintains an Overweight rating and $165 price target on Visa shares.
WU Western Union
$18.87

-0.01 (-0.05%)

11/06/18
WELS
11/06/18
DOWNGRADE
Target $20
WELS
Market Perform
Wells Fargo downgrades Western Union to Market Perform after 'mixed' Q3
Wells Fargo analyst Timothy Willi downgraded Western Union to Market Perform from Outperform and lowered his price target for the shares to $20 from $28. The analyst views the company's Q3 results as "mixed" and says he struggles to see the catalyst for acceleration in the fundamentals that will move the shares higher. A host of factors such a competition, regulation and somewhat inconsistent economic growth across the globe indicate that Western Union's fundamentals, while stable, are not likely to accelerate, Willi tells investors in a research note. He believes, however, that an attractive dividend yield and relatively low valuation limit the stock's downside risk.
11/06/18
11/06/18
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. Hormel Foods (HRL) downgraded to Sell on valuation, cautious outlook at Vertical Group with analyst Heather Jones citing valuation. 2. Valvoline (VVV) downgraded to Underperform from Buy at BofA/Merrill with analyst Olivia Tong citing the Q4 miss and guidance. 3. Gladstone Capital (GLAD) downgraded to Sell from Neutral at National Securities with the firm citing the $50M Notes offering and portfolio company bankruptcy. 4. Western Union (WU) downgraded to Market Perform from Outperform at Wells Fargo with analyst Timothy Willi saying he views the company's Q3 results as "mixed" and says he struggles to see the catalyst for acceleration in the fundamentals that will move the shares higher. 5. New York Times (NYT) downgraded to Underweight from Equal Weight at Barclays with analyst Kannan Venkateshwar citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/06/18
WELS
11/06/18
DOWNGRADE
WELS
Market Perform
Western Union downgraded to Market Perform from Outperform at Wells Fargo
11/14/18
LEHM
11/14/18
INITIATION
Target $18
LEHM
Underweight
Western Union initiated with an Underweight at Barclays
Barclays analyst Ramsey El-Assal initiated Western Union with an Underweight and $18 price target.
WEX Wex
$157.62

-4.01 (-2.48%)

11/01/18
11/01/18
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. Nutrisystem (NTRI) upgraded to Outperform from Market Perform at Barrington and to Neutral from Underperform at DA Davidson. 2. SeaWorld (SEAS) upgraded to Overweight from Sector Weight at KeyBanc with analyst Brett Andress saying de-risked expectations following the Q3 pre-announcement create an attractive entry point, as he sees further upside to shares, with his confidence in the company's turnaround bolstered by additional evidence of both a brand and business in recovery mode. 3. Sanofi (SNY) upgraded to Equal Weight from Underweight at Barclays with analyst Emmanuel Papadakis saying he sees a more balanced risk/reward profile at current share levels. 4. Asur (ASR) upgraded to Overweight from Neutral at JPMorgan with analyst Fernando Abdalla citing valuation. 5. Wex (WEX) upgraded to Outperform from Market Perform at Wells Fargo. 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
LEHM
11/14/18
INITIATION
Target $211
LEHM
Overweight
Wex initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Wex with an Overweight and $211 price target.
11/01/18
WELS
11/01/18
NO CHANGE
Target $200
WELS
Outperform
Wex price target raised to $200 from $190 at Wells Fargo
Wells Fargo analyst Timothy Willi raised his price target for Wex to $200 from $190 to reflect his higher near-term earnings and free cash flow assumptions. The analyst reiterates an Outperform rating on the shares.
11/01/18
WELS
11/01/18
UPGRADE
WELS
Outperform
Wex upgraded to Outperform from Market Perform at Wells Fargo
WP Worldpay
$82.71

-2.74 (-3.21%)

10/23/18
NOMU
10/23/18
NO CHANGE
Target $125
NOMU
Buy
Worldpay price target raised to $125 from $120 at Nomura Instinet
Nomura Instinet analyst Dan Dolev raised his price target for Worldpay to $125 saying his market indicators are all pointing to a "strong beat" on both revenue and earnings when the company reports Q3 results. The analyst expects Worldpay's organic growth to accelerate to 9% and he keeps a Buy rating on the shares.
11/08/18
SPHN
11/08/18
NO CHANGE
Target $111
SPHN
Overweight
Worldpay Q4 guidance appears conservative, says Stephens
Stephens analyst Brett Huff said Worldpay's Q4 guidance appears conservative, noting that it implies a growth deceleration of 100bps despite the company indicating no deterioration in trends, as well as an expected acceleration in the tech segment. In terms of 2019, the company said on its Q3 call that it sees no reason revenue won't grow by a high-single digits percentage, Huff added. He has an Overweight rating and $111 price target on Worldpay shares, but said his estimates and target are under review on the heels of the earnings report and call.
10/05/18
WEDB
10/05/18
NO CHANGE
Target $120
WEDB
Outperform
Worldpay price target raised to $120 from $100 at Wedbush
Wedbush analyst Moshe Katri reiterated an Outperform rating on Worldpay and raised his price target to $120 from $100, citing earlier and larger than expected revenue and cost synergies from the combination with Vantiv with additional benefits of gradual operational improvements at the company's U.K. segment. Worldpay's recent and ongoing changes in its U.K.-based senior management, along with a Vantiv-driven "go to market" approach will likely result in incremental revenue and earnings accretion, which he sees at 10c-20c on a run-rate basis, Katri tells investors in a research note. Worldpay is on Wedbush's Best Ideas List.
11/14/18
LEHM
11/14/18
INITIATION
Target $108
LEHM
Overweight
Worldpay initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Worldpay with an Overweight and $108 price target.

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Myriad Genetics

$25.36

2.14 (9.22%)

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Royal Dutch Shell

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0.47 (0.85%)

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Royal Dutch Shell

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BP

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$36.27

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XOM

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1.06 (1.58%)

CVX

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$84.20

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$112.99

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AEO

American Eagle

$15.40

0.63 (4.27%)

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ANGI

Angi Homeservices

$8.18

-0.18 (-2.15%)

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Match Group

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IAC

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AAPL

Apple

$206.44

4.71 (2.33%)

, HAS

Hasbro

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Avangrid

$49.29

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Bank of America

$27.04

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Norwegian Cruise Line

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$8.59

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$3.03

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EE

El Paso Electric

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HON

Honeywell

$165.07

2.81 (1.73%)

17:42
08/16/19
08/16
17:42
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17:42
Hot Stocks
Honeywell CEO sells 7.1K shares of common stock »

In a regulatory filing,…

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MBRX

Moleculin Biotech

$1.08

0.01 (0.93%)

17:37
08/16/19
08/16
17:37
08/16/19
17:37
Earnings
Moleculin Biotech reports Q2 EPS (3c), two estimates (10c) »

CFO Jonathan Foster…

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VIVE

Viveve

$0.13

0.0046 (3.59%)

17:35
08/16/19
08/16
17:35
08/16/19
17:35
Syndicate
Breaking Syndicate news story on Viveve »

Viveve files to sell…

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PRGO

Perrigo

$46.21

0.535 (1.17%)

17:30
08/16/19
08/16
17:30
08/16/19
17:30
Hot Stocks
Breaking Hot Stocks news story on Perrigo »

Starboard lowers Perrigo…

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  • 01

    Oct

UAL

United Continental

$82.96

1.36 (1.67%)

17:28
08/16/19
08/16
17:28
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17:28
Hot Stocks
United Continental director Shapiro buys 10K shares of common stock »

In a regulatory filing,…

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  • 04

    Sep

  • 05

    Sep

  • 23

    Sep

MBIO

Mustang Bio

$3.88

0.19 (5.15%)

17:26
08/16/19
08/16
17:26
08/16/19
17:26
Syndicate
Breaking Syndicate news story on Mustang Bio »

Mustang Bio files to…

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  • 04

    Sep

BCLI

BrainStorm

$3.63

0.055 (1.54%)

17:24
08/16/19
08/16
17:24
08/16/19
17:24
Syndicate
Breaking Syndicate news story on BrainStorm »

BrainStorm files to sell…

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WLK

Westlake Chemical

$61.27

0.66 (1.09%)

17:15
08/16/19
08/16
17:15
08/16/19
17:15
Hot Stocks
Westlake Chemical raises quarterly dividend by 5% to 26.25c per share »

The dividend will be…

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GIG

GigCapital

$10.30

(0.00%)

17:10
08/16/19
08/16
17:10
08/16/19
17:10
Hot Stocks
GigCapital receives noncompliance notice from NYSE »

GigCapital announced that…

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