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XOM

Exxon Mobil

$77.75

-1.49 (-1.88%)

, SWKS

Skyworks

$69.02

-1.73 (-2.45%)

10:16
11/20/18
11/20
10:16
11/20/18
10:16

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Exxon Mobil (XOM) downgraded to Underperform from Market Perform at Raymond James with analyst Pavel Molchanov saying Exxon Mobil is "one of the least appealing ways to play" the firm's bullish oil call, particularly following the recent oil price selloff. 2. Skyworks (SWKS) downgraded to Underperform from Neutral at BofA/Merrill with analyst Vivek Arya citing limited content gains in 2019 iPhones. 3. Micron (MU) downgraded two notches to Underperform from Outperform at Baird with analyst Tristan Gerra saying he now models eight consecutive quarters of gross margin and EPS contraction given the continued deterioration in both DRAM and NAND memory pricing. 4. Nvidia (NVDA) downgraded to Underperform from Neutral at Exane BNP Paribas. 5. Western Digital (WDC) downgraded to Neutral from Positive at Susquehanna with analyst Mehdi Hosseini saying he has lost confidence in the company's ability to benefit from SSD substitution of HDDs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

XOM

Exxon Mobil

$77.75

-1.49 (-1.88%)

SWKS

Skyworks

$69.02

-1.73 (-2.45%)

MU

Micron

$35.14

-1.68 (-4.56%)

NVDA

Nvidia

$143.68

-0.98 (-0.68%)

WDC

Western Digital

$43.46

-1.66 (-3.68%)

  • 26

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    Dec

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    Dec

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    Dec

XOM Exxon Mobil
$77.75

-1.49 (-1.88%)

11/20/18
11/20/18
DOWNGRADE

Underperform
Exxon Mobil downgraded to Underperform at Raymond James
As previously reported, Raymond James downgraded Exxon Mobil to Underperform from Market Perform. Analyst Pavel Molchanov said Exxon Mobil is "one of the least appealing ways to play" the firm's bullish oil call, particularly following the recent oil price selloff. Molchanov believes Exxon shares will be a source of funds and notes free cash flow yield is below peer group median and is the only supermajor that is not returning capital to shareholders through buybacks.
11/20/18
RAJA
11/20/18
DOWNGRADE
RAJA
Underperform
Exxon Mobil downgraded to Underperform from Market Perform at Raymond James
10/22/18
SIMM
10/22/18
INITIATION
Target $92
SIMM
Neutral
Exxon Mobil assumed with a Neutral at Simmons
Simmons analyst Blake Fernandez assumed Exxon Mobil with a Neutral rating and a price target of $92 as part of his broader research note on Integrated Oils, suggesting that the industry stands to benefit from the current stage of the energy cycle. Fernandez notes that the current price point may be a "highly attractive" entry for medium to long term investors, but adds that his Neutral stance is a function of where the company is in its investment cycle. The analyst adds that Exxon Mobil's planning of "accelerated spending" has led to a contraction in its free cash flow yield.
09/28/18
OPCO
09/28/18
NO CHANGE
Target $89
OPCO
Outperform
Teladoc price target raised to $89 from $68 at Oppenheimer
Oppenheimer analyst Mohan Naidu reiterated an Outperform rating on Teledoc and raised his price target to $89 from $68 following the company's analyst day, which highlighted its new deal flow, including relationships with Centene (CNC) and Exxon (XOM), and a very strong pipeline. The recent CMS telehealth proposal makes Medicare a 2020 tailwind, Naidu tells investors in a research note, and says he has gained confidence that Teladoc's competitive barriers include its broad platform and its network of physicians that quickly matches supply and demand.
SWKS Skyworks
$69.02

-1.73 (-2.45%)

11/12/18
DADA
11/12/18
NO CHANGE
Target $115
DADA
Buy
Skyworks price target lowered to $115 from $125 at DA Davidson
DA Davidson analyst Thomas Diffely lowered his price target on Skyworks to $115 after its disappointing outlook for Q1 that was attributed to lower smartphone unit sales and softness in the China market. The analyst notes that the weakness was "partially offset by continued strength in broad markets and the launch of a new high performance mobile solution". Diffely also keeps his Buy rating on Skyworks longer term, stating that the buildout of 5G as well as the continued development of Internet of Things and Mobility technology will "drive several years of growth".
11/20/18
BOFA
11/20/18
DOWNGRADE
BOFA
Underperform
Skyworks downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Vivek Arya downgraded Skyworks (SWKS) to Underperform from Neutral and lowered its price target to $75 from $92 citing limited content gains in 2019 iPhones. Arya believes smartphone chip vendors could have a difficult 2019 due to lack of innovative features and content gains in 2019 iPhones, and does not expect growth to resume until the 5G cycle in 2020 at the earliest. Apple (AAPL) is 37% of Skyworks' sales and 50% of RF chip sales, and the elimination of carrier subsidies has reduced end-user incentives to upgrade as frequently, keeping a lid on growth near-term, the analyst wrote in a note to investors.
11/12/18
11/12/18
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. Yelp (YELP) downgraded to Hold om Buy at SunTrust with analyst Matthew Thornton citing a surprising and disappointing set of Q3 results following a "stellar" first half of 2018, highlighted by the return of sales execution issues, yielding an unexpected slowdown in gross account adds and continued churn. 2. Cheesecake Factory (CAKE) downgraded to Underweight from Equal Weight at Barclays with analyst Jeffrey Bernstein saying he sees headwinds persisting following the company's "disappointing" Q3 results and views the valuation as full at current share levels. 3. Infinity Pharmaceuticals (INFI) downgraded to Underweight from Neutral at JPMorgan and to Market Perform at Wells Fargo. 4. Skyworks (SWKS) downgraded to Neutral from Buy at Citi with analyst Atif Malik saying the company is being impacted by broad smartphone weakness, disappointing unit sales of Apple's (AAPL) iPhone XR, and a high Apple concentration, which represented 39% of sales in fiscal 2019. 5. AB InBev (BUD) downgraded to Hold from Buy at Argus with analyst David Coleman citing the company's dividend cut, which he believes reduces the attraction of the stock to income investors. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/13/18
MKMP
11/13/18
NO CHANGE
Target $86
MKMP
After Qorvo warns, MKM says Apple risk 'largely' factored into supply chain
MKM Partners analyst Ruben Roy noted that Qorvo (QRVO) followed Lumentum (LITE) in reducing its December quarter outlook due to recent demand forecast changes for Apple's (AAPL) iPhone. He also noted that Qorvo expects March quarter revenues to be down less than 10%, sequentially, which he points out is better than the seasonal declines in the previous two fiscal years and likely due to content increases across a number of upcoming Samsung handsets. Roy said he remains positive on Qorvo given his continued expectations for market share gains, but lowered his price target on the stock to $86 from $95. In terms of other Apple supply chain companies, he believes that Skyworks' (SWKS) guidance likely considered the demand changes at Apple, but thinks Cirrus Logic (CRUS) provided December quarter guidance ahead of Apple changes. Roy also notes that Broadcom (AVGO) will report on December 6. While seeing some risk to near-term wireless estimates, Roy concluded that he believes Apple risk is "largely incorporated" into supply chain expectations at this point.
MU Micron
$35.14

-1.68 (-4.56%)

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.
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.
11/20/18
11/20/18
DOWNGRADE
Target $32

Underperform
Micron downgraded to Underperform on memory pricing deterioration at Baird
As previously reported, Baird analyst Tristan Gerra downgraded Micron two notches, to Underperform from Outperform, as he now models eight consecutive quarters of gross margin and EPS contraction given the continued deterioration in both DRAM and NAND memory pricing. DRAM capacity is expected to increase 10%-15% in each of calendar year 2019 and 2020, and Gerra forecasts 30-35% price reductions in 2019, he tells investors. Meanwhile, the NAND outlook continues to worsen, with contract pricing expected to decline by a mid-teens percentage in each of the next two quarters, Gerra added. Given the pricing and margin concerns, he slashed his price target on Micron shares to $32 from $75.
11/20/18
BARD
11/20/18
DOWNGRADE
BARD
Underperform
Micron downgraded to Underperform from Outperform at Baird
NVDA Nvidia
$143.68

-0.98 (-0.68%)

11/16/18
MKMP
11/16/18
NO CHANGE
Target $235
MKMP
Neutral
Nvidia price target lowered to $235 from $258 at MKM Partners
MKM Partners analyst Ruben Roy lowered his price target on Nvidia to $235 and kept his Neutral rating after its Q3 results were again weighed down by the "gaming card channel inventory drawdowns in the aftermath of the cryptocurrency related GPU demand wave earlier this year". The analyst notes that while revenues increased 2% sequentially as key end market segments grew by double digits, the company cited continued inventory drawdown in establishing its Q4 guidance that was "well below expectations". Roy adds that Nvidia's longer-term prospects in growth markets may not be impacted by its currently inventory situation, but also points to some "uncertainties around medium-term end market demand trends" and the company's valuation that is still "meaningfully higher than semiconductor peers" in justifying his neutral stance.
11/16/18
11/16/18
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. Home Depot (HD) downgraded to Neutral from Buy at BofA/Merrill with analyst Elizabeth Suzuki saying peak growth has passed. 2. J.C. Penney (JCP) downgraded to Sell from Hold at Argus with analyst John Eade saying he anticipates continued losses for the stock for the next two years while also warning that at a current share price below $2, the company is operating with a more elevated risk. 3. Nvidia (NVDA) was downgraded to Neutral from Buy at B. Riley FBR and to Buy from Conviction Buy at Goldman Sachs. 4. Michael Kors (KORS) downgraded to Perform from Outperform at Oppenheimer with analyst Brian Nagel saying he is "concerned" that ongoing challenges with inventory management and replenishment at the company's namesake brand and softness within fashion watches will weigh on top-line trends and potentially margins, just as management begins the integration of Versace. 5. TSMC (TSM) was downgraded to Equal Weight from Overweight at Morgan Stanley while UMC (UMC) was downgraded to Underweight from Equal Weight. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/16/18
ARGS
11/16/18
NO CHANGE
ARGS
Buy
Nvidia weakness a buying opportunity, says Argus
11/20/18
EXAN
11/20/18
DOWNGRADE
EXAN
Underperform
Nvidia downgraded to Underperform from Neutral at Exane BNP Paribas
WDC Western Digital
$43.46

-1.66 (-3.68%)

11/20/18
SUSQ
11/20/18
DOWNGRADE
SUSQ
Neutral
Western Digital downgraded to Neutral from Positive at Susquehanna
11/20/18
SUSQ
11/20/18
DOWNGRADE
Target $44
SUSQ
Neutral
Western Digital downgraded to Neutral with $44 price target at Susquehanna
As reported previously, Susquehanna analyst Mehdi Hosseini downgraded Western Digital to Neutral from Positive. The analyst said he has lost confidence in the company's ability to benefit from SSD substitution of HDDs. He noted the shares are down 50% since March, reflecting weak NAND trends exacerbated by softening HDD fundamentals. His downgrade reflects a loss of confidence in management's ability to navigate the downturn into 2019, said Hosseini, who lowered his price target to $44 from $120 on Western Digital shares.
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.

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Wynn Resorts

$109.16

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JD.com

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HIL

Hill International

$2.98

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LBAI

Lakeland Bancorp

$14.83

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Nielsen

$25.70

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TGT

Target

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-1.36 (-2.01%)

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HIIQ

Health Insurance Innovations

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FB

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