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MSFT

Microsoft

$107.17

0.68 (0.64%)

, INTC

Intel

$48.06

0.61 (1.29%)

07:35
11/28/18
11/28
07:35
11/28/18
07:35

Unusual call flow in option market yesterday

Notable call activity was cited Tuesday in Microsoft (MSFT), Intel (INTC), AT&T (T), CVS Health (CVS), PG&E (PCG), Lowe's (LOW), Southwestern Energy (SWN), Alcoa (AA), Boston Scientific (BSX), and Ferrari (RACE).

MSFT

Microsoft

$107.17

0.68 (0.64%)

INTC

Intel

$48.06

0.61 (1.29%)

T

AT&T

$30.45

0.5 (1.67%)

CVS

CVS Health

$79.55

1.725 (2.22%)

PCG

PG&E

$26.97

1.82 (7.24%)

LOW

Lowe's

$91.63

2.34 (2.62%)

SWN

Southwestern Energy

$4.84

-0.21 (-4.16%)

AA

Alcoa

$31.18

-1.385 (-4.25%)

BSX

Boston Scientific

$35.26

0.25 (0.71%)

RACE

Ferrari

$104.98

-4.1 (-3.76%)

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MSFT Microsoft
$107.17

0.68 (0.64%)

11/26/18
WEDB
11/26/18
NO CHANGE
WEDB
Sony appeared to be video game hardware winner on Black Friday, says Wedbush
Wedbush analyst Michael Pachter notes that each of the four game retailers he tracked, namely Best Buy (BBY), GameStop (GME), Target (TGT) and Walmart (WMT) offered the Marvel's Spider-Man PlayStation 4 Bundle that included a slim PS4 with a 1TB hard drive and Sony's (SNE) Marvel's Spider-Man for $199.99, as well as the Microsoft's (MSFT) Xbox One S Minecraft Creators Bundle that included an Xbox One S with a 1TB hard drive, a Minecraft full game download, the Starter Pack, the Creators Pack, and 1,000 Minecoins for $199.99. Nintendo's (NTDOY) primary hardware offering was less compelling given that it was priced at the console's standard MSRP, he adds. The only sell-out that the analyst saw over Black Friday was the primary PS4 deal. Pachter expects the Black Friday deals to eventually translate into permanent price cuts for the base PS4 and Xbox One, possibly by this Christmas.
11/26/18
KEYB
11/26/18
NO CHANGE
KEYB
AWS revenue could double to $56B-plus by 2021, says KeyBanc
KeyBanc analyst Brent Bracelin notes that the annual November trek to Las Vegas for AWS (AMZN) reInvent commences on Tuesday. The analyst believes 2019 could mark the first year AWS adds an incremental $10B within a single year as cloud and digital transformation becomes a mainstream phenomena driving AWS revenue to $35B-plus and operating profits above $10B for the first time. Looking out three years to 2021, Bracelin estimates AWS revenue could double to an estimated $56B-plus from $25B this year. Even at that scale, this would assume AWS might capture just 4% share of a trillion-dollar market leaving ample room for IaaS alternative platforms like Microsoft Azure (MSFT) and Google Cloud (GOOG; GOOGL) to also sustain high-growth at scale, he contends. Bottom line, the analyst believes AWS is likely to remain a bright spot within the broad Amazon product portfolio from both a revenue growth and profitability perspective during a cloud-first era.
11/21/18
OPCO
11/21/18
NO CHANGE
OPCO
AWS has long runway for future growth, says Oppenheimer
Oppenheimer analyst Timothy Horan says that Amazon Web Services (AMZN), AWS, continues to move up the stack improving Security, AI/ML, IoT, Database services and bundling in with infrastructure to maintain prices of legacy services. The analyst expects a number of new features and tools for Lambda, Aurora and Greengrass. He also sees Amazon discussing UC&C, gaming and blockchain. AWS kicked off its hybrid offering with its VMware (VMW) partnership and Kubernetes support, but it still lacks the full stack that Microsoft (MSFT) has for hybrid deployments-which are critical for enterprise customers that want to capture the benefits of the cloud while still maintaining on-premise datacenters for sensitive workloads, he contends. Overall, Horan believes demand remains strong, and thinks only about 25% of total enterprise workloads have moved to the cloud, which gives AWS a long runway for future growth.
11/15/18
MSCO
11/15/18
NO CHANGE
MSCO
Morgan Stanley highlights four tech stocks to buy following recent pullback
Morgan Stanley analysts Katy Huberty, Keith Weiss, Brian Nowak, Joe Moore, James Faucette and Brian Essex collaborated on a report addressing technology stocks following the recent market pullback, contending the fact that technology sector concentration remains near all-time highs suggests that its "probably too early" to buy the sector broadly. However, they highlight four stocks - Alphabet (GOOGL), Take-Two Interactive (TTWO), Microsoft (MSFT) and Xilinx (XLNX) - for which they believe the pullback is not fundamentally driven and the companies have strong secular tailwinds. The firm's analyst call these four stocks their "highest conviction" names and maintain Overweight ratings on all four.
INTC Intel
$48.06

0.61 (1.29%)

11/07/18
JEFF
11/07/18
NO CHANGE
Target $30
JEFF
Buy
Jefferies sees 'watershed events' boosting AMD datacenter share 10-fold
Three "watershed events" over the next six months will materially improve AMD's (AMD) competitive position in datacenter, Jefferies analyst Mark Lipacis tells investors in a research note. The world's first 7nm graphics processing unit will be available in Q4, the world's first 7nm server micro processing unit will be available in Q2 of 2019, and Amazon Web Services (AMZN) is deploying AMD Server MPU instances at a 10% discount to Intel (INTC) now, the analyst writes following AMD's Datacenter Day. He believes these three events position AMD to increase its market share to 30% from 3% in the $29B datacenter market over the next three-to-five years. Lipacis reiterates a Buy rating on shares of AMD with a $30 price target. The stock in premarket trading is up 56c, or 3%, to $21.24.
11/07/18
PIPR
11/07/18
NO CHANGE
Target $20
PIPR
Neutral
Applied Optoelectronics price target lowered to $20 from $29 at Piper Jaffray
Piper Jaffray analyst Troy Jensen lowered his price target on Applied Optoelectronics (AAOI) to $20 after its Q3 results, saying the company posted another "disappointing quarter" with "execution missteps" and market share loss to competitors. The analyst believes that Finisar (FNSR) and Intel (INTC) have likely gained share as "transceiver shipments to a key account were delayed due to quality problems with 25g lasers". The analyst keeps his Neutral rating and a cautious stance on Applied Optoelectronics based on its "high degree of customer concentration and persistent execution problems."
11/08/18
STFL
11/08/18
NO CHANGE
Target $58
STFL
Hold
Qualcomm price target lowered to $58 from $62 at Stifel
Stifel analyst Kevin Cassidy lowered his price target on Qualcomm (QCOM) to $58 from $62 following the company's quarterly report, noting that MSM shipments are expected to decline about 20% in fiscal Q1, 50% of which is due to Apple (AAPL) now using Intel (INTC) modems. He is impressed with the 5G traction highlighted by management and believes Qualcomm's lead in 5G may encourage Apple to settle, but various litigation issues keep Cassidy on the sidelines with a Hold rating on Qualcomm shares.
11/19/18
MKMP
11/19/18
NO CHANGE
Target $58
MKMP
Buy
Intel to benefit from market expansion with higher multiples, says MKM Partners
MKM Partners analyst Ruben Roy kept his Buy rating and $58 price target on Intel, saying he maintain a positive outlook on its shares in spite of the "increasingly volatile environment for semiconductor stocks". The analyst further notes that the bears are focused on the "increasing competition and tougher compares" going into 2019, but he sees the company benefiting from expanding total addressable market in data-centric end markets, leading Intel to higher multiples.
T AT&T
$30.45

0.5 (1.67%)

11/27/18
NOMU
11/27/18
NO CHANGE
Target $43
NOMU
Buy
AT&T valuation 'out of sync' with fundamentals, says Nomura Instinet
In a research note ahead of the company's analyst day on November 29, Nomura Instinet analyst Jeffrey Kvaal says AT&T's valuation is "out of sync with wireless fundamentals." The levers are in place for "significant" free cash flow growth at AT&T, Kvaal writes. However, he believes the company "must perform against a skeptical Street to drive shares higher." The analyst thinks Wireless is on track for sustained service revenue growth in 2019 and keeps a Buy rating on AT&T with a $43 price target.
11/26/18
UBSW
11/26/18
NO CHANGE
Target $38
UBSW
Buy
AT&T analyst meeting could be catalyst for shares, says UBS
UBS analyst John Hodulik noted AT&T is hosting an analyst meeting later this week and he believes it could be a catalyst for the shares, especially given its currents valuation, which is near all-time lows. He expects the meeting to provide clarity around growth expectations and maintains his Buy rating and $38 price target in AT&T shares ahead of the event.
11/26/18
MOFT
11/26/18
UPGRADE
Target $28
MOFT
Neutral
AT&T upgraded to Neutral from Sell at MoffettNathanson
MoffettNathanson analyst Craig Moffett upgraded AT&T to Neutral from Sell with an unchanged price target of $28, citing valuation.
11/26/18
11/26/18
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. AT&T (T) upgraded to Neutral from Sell at MoffettNathanson analyst Craig Moffett citing valuation. 2. Cognizant (CTSH) upgraded to Buy from Neutral at Goldman Sachs with analyst James Schneider saying Improving revenue growth brings prospects for a stock "re-rating." 3. Regions Financial (RF) upgraded to Overweight from Neutral at JPMorgan with analyst Vivek Juneja saying he expects the company to benefit from commercial and industrial loan growth, low deposit beta and improved efficiency. 4. Intuit (INTU) upgraded to Outperform from Sector Perform at RBC Capital with analyst Ross MacMillan citing the findings from his most recent survey of tax filers which suggests that "do-it-yourself" tax preparation should gain share from assisted filings as a result of the latest tax code changes. 5. Novartis (NVS) upgraded to Outperform from Market Perform at Cowen with analyst Steven Scala saying he called it his Best Idea for 2019 as the company has transformed its business to deliver big potential new drugs with upside potential. He also cites aggressive management and the recent underperformance of the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CVS CVS Health
$79.55

1.725 (2.22%)

11/27/18
WELS
11/27/18
NO CHANGE
Target $104
WELS
Outperform
CVS Health price target raised to $104 from $98 at Wells Fargo
Wells Fargo analyst Peter Costa raised his price target for CVS Health (CVS) to $104 from $98 after the company announced November 28 as the expected closing of the Aetna (AET) transaction. The analyst reiterates an Outperform rating on CVS shares.
11/27/18
LEER
11/27/18
NO CHANGE
LEER
Action on drug pricing positive for PBMs, negative for distributors, says Leerink
Leerink analyst David Larsen notes that CMS proposed a rule focused on Medicare Advantage and Part D drug pricing, which he believes is a positive for pharmacy benefit managers and may result in further margin pressure for distributors. In his view this proposed rule shows that the PBM industry and tools used by PBMs result in lower costs for members. The increased ability to negotiate under this proposed rule could lead to slight improvements in PBM margins, and the increase in support might also lead to higher PBM service fees, he contends. On the other hand, Larsen believes the use of step therapies in Part B could put pressure on distributors' margins in Part B. Lower specialty prices across the channel could ultimately result in leaner distributor margins, he adds. The analyst continues to be positive on CVS, and is generally cautious on the drug distributors.
11/27/18
11/27/18
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. CVS Health (CVS) initiated with an Overweight at Cantor Fitzgerald. 2. EVO Payments (EVOP) initiated with a Buy at BTIG. 3. Coherent (COHR) initiated with a Buy at Vertical Group. 4. LPL Financial (LPLA) was initiated with a Conviction Buy at Goldman Sachs while CalAmp (CAMP), Stifel Financial (SF), and Raymond James (RJF) initiated with a Neutral. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/28/18
JPMS
11/28/18
NO CHANGE
Target $106
JPMS
Overweight
CVS valuation 'compelling' into Aetna deal close, says JPMorgan
JPMorgan analyst Lisa Gill reiterates an Overweight rating on CVS Health (CVS) with a $106 price target given the imminent close of the Aetna (AET) transaction. The analyst says CVS is one of the best positioned companies across her coverage universe over the longer term and that the Aetna transaction "further strengthens that competitive position." Further, she sees the stock's valuation as "compelling, both on an absolute and a relative basis."
PCG PG&E
$26.97

1.82 (7.24%)

11/16/18
SBSH
11/16/18
UPGRADE
Target $59
SBSH
Buy
Citi upgrades Edison International to Buy following CPUC statement
Citi analyst Praful Mehta upgraded Edison International (EIX) to Buy from Neutral while lowering his price target for the shares to $59 from $72. In a statement yesterday, the California Public Utilities Commission indicated that it will apply a cap when evaluating wildfire-related expenses, including the 2018 fires, Mehta tells investors in a research note partially titled "CPUC Steps-Up Bigtime." The analyst does not think the CPUC would be "taking this aggressive step to support the utilities" without some support from the legislative side. Mehta also upgraded PG&E (PCG) to Buy from Neutral citing a similar rationale.
11/16/18
11/16/18
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. Qualcomm (QCOM) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst James Faucette saying he thinks consensus estimates now imply a more realistic scenario for QCT margins and that lowered expectations on a resolution with Apple (AAPL) gives room for the stock to react positively should legal proceedings trigger a settlement. 2. Spark Therapeutics (ONCE) upgraded to Neutral from Underperform at Credit Suisse with analyst Martin Auster saying with uniQure's (QURE) update validating AMT-061, its second generation hemophilia B gene therapy construct incorporating the Padua variant, and Freeline's initial data disclosed in ASH abstracts, he sees a more competitive landscape in hemophilia B gene therapy, and lowered his market share assumptions for SPK-9001 to reflect this new dynamic. 3. Armstrong Flooring (AFI) upgraded to Buy from Hold at Gabelli with analsyt Alvaro Lacayo saying the sale of the wood business is a transformative deal and removes two underperforming segments that have been under increased pressure from private label competition. 4. DSW (DSW) upgraded to Neutral from Negative at Susquehanna. 5. PG&E (PCG) and Edison International (EIX) were upgraded to Buy from Neutral at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/19/18
LEHM
11/19/18
NO CHANGE
Target $30
LEHM
Equal Weight
PG&E price target lowered to $30 from $53 at Barclays
Barclays analyst Eric Beaumont lowered his price target for PG&E to $30 citing the risks and "unquantifiable" potential future liabilities from wildfires. His assumed book value for 2019 represents PG&E's currently forecasted book value of $21.7B, less $6B in 2017/2018 wildfire liability to arrive at $18.7B. He remains Equal Weight on the shares but "would see any investment at this point as involving significant risk."
11/19/18
MSCO
11/19/18
NO CHANGE
Target $31
MSCO
Equal Weight
PG&E break-up could be constructive to valuation, but risky, says Morgan Stanley
After California Public Utilities Commission President Michael Picker said the Commission would explore potentially breaking up PG&E, Morgan Stanley analyst Stephen Byrd said he believes a break-up could be constructive to the stock's valuation, but he also sees significant risks to such an approach, identifying the key risk as the regulator, and potentially lawmakers, seeking greater asset coverage for wildfire-related damages beyond the value of the electric utility. He also notes the risk that damages from the Camp Fire could increase from current estimates, given potential liabilities for wrongful death and for air quality damages. Byrd maintains an Equal Weight rating and $31 price target on PG&E shares.
LOW Lowe's
$91.63

2.34 (2.62%)

11/21/18
11/21/18
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. Lowe's (LOW) downgraded to Hold from Buy at Stifel with analyst John Baugh saying the company's "poor" Q3 results indicate near term execution risks are higher and the macro backdrop is unlikely to improve in the near term either. 2. Goldman Sachs (GS) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Betsy Graseck citing the risks and uncertainties related to the bank being investigated for its role in raising funds for 1MDB. 3. Credit Suisse (CS) downgraded to Market Perform from Outperform at Keefe Bruyette. 4. Swatch Group (SWGAY) was downgraded to Sell from Neutral at UBS and to Sector Perform from Outperform at RBC Capital. 5. Alliant Energy (LNT) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith 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.
11/21/18
FBCO
11/21/18
NO CHANGE
Target $99
FBCO
Neutral
Lowe's price target lowered to $99 from $111 at Credit Suisse
Credit Suisse analyst Seth Sigman lowered his price target for Lowe's to $99 from $111 and reiterated a Neutral rating on the shares. The analyst believes Q3 results reflected a transitional period, where comps were still under pressure due to the many execution and store level issues, although some progress was made in laying the foundational elements of this turnaround including exiting non-core assets and optimizing its assortment and inventory position. Overall, Sigman thinks it is too early to judge the turnaround, and sees many opportunities for improvement although estimates already embed that, and there is risk the demand trends are less supportive. The roadmap in December will be the next major catalyst, he contends.
11/21/18
KEYB
11/21/18
NO CHANGE
Target $115
KEYB
Overweight
Lowe's price target lowered to $115 from $125 at KeyBanc
KeyBanc analyst Bradley Thomas lowered his price target for Lowe's to $115 from $125, while reiterating an Overweight rating on the shares. The analyst notes that Q3 EPS was above expectations, on tax rate and margins, though comps came in below expectations. The company continues to on-board new executives under the leadership of new CEO Marvin Ellison, and new initiatives to improve productivity and capital efficiency will ramp in the quarters ahead, he contends. Thomas looks for meaningful self-help opportunities to scale in 2019, which keeps him positive, even with moderated expectations for the industry.
11/21/18
WEDB
11/21/18
NO CHANGE
Target $95
WEDB
Neutral
Lowe's price target lowered to $95 from $115 at Wedbush
Wedbush analyst Seth Basham lowered his price target for Lowe's to $95 from $115 after the company posted Q3 results that were a bit weaker than expected on the top line and ticked down 2018 comp and adjusted margin guidance. Lowe's execution missteps weighed on Q3 results more than planned and will weigh on Q4 results, he notes. The analyst believes the company is moving in the right direction as it sheds non-core assets and focuses on core value drivers, but this quarter's results show that sustainable change is neither linear nor quick in large retail organizations. Basham reiterates a Neutral rating on the shares.
SWN Southwestern Energy
$4.84

-0.21 (-4.16%)

09/06/18
BMOC
09/06/18
DOWNGRADE
BMOC
Market Perform
Southwestern Energy downgraded to Market Perform at BMO Capital on asset sale
As reported earlier, BMO Capital analyst Dan McSpirit downgraded Southwestern Energy to Market Perform from Outperform and kept his price target at $7 citing the recent sale of its Fayetteville Shale operation. The analyst notes that the sale leaves the company as a "pure play Appalachian Basin producer"with a more capital-intensive business in the immediate term requiring a larger "cash flow outspend". McSpirit also points to the "still-challenging operating environment for gas producers" and BMO's "less than bullish view" on the commodity.
09/26/18
09/26/18
DOWNGRADE
Target $23

Equal Weight
Morgan Stanley downgrades Cabot Oil to Equal Weight on lower nat gas price view
As previously reported, Morgan Stanley analyst Devin McDermott downgraded Cabot Oil & Gas (COG) to Equal Weight from Overweight after lowering his long-term natural gas price forecast to $2.50 from $2.75 and increasing his price assumptions for ethane in late 2018 and 2019. He also lowered his price target on Cabot shares to $23 from $29. U.S. natural gas should soon enter a new cycle of structural oversupply and stagnating demand, contends McDermott. Given that view, and the fact that oil weighted E&Ps trade at similar multiples to nat gas producers, McDermott remains Underweight on nat gas producers Range Resources (RRC), Gulfport Energy (GPOR) and Southwestern Energy (SWN).
11/13/18
BOFA
11/13/18
UPGRADE
BOFA
Neutral
Southwestern Energy upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill analyst Doug Leggate upgraded Southwestern Energy to Neutral and raised its price target to $7 from $5. The analyst said US natural gas prices have lifted by 50c in the past 3 weeks and $1 since September as cold weather forecasts have been updated. Leggate sees the potential for a gas price spike above $5 due to tight natural gas inventories, the lowest in 15 years, combined with low salt inventory and higher coal prices.
11/13/18
11/13/18
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. Veritone (VERI) upgraded to Neutral from Sell at B. Riley FBR with analyst Sameet Sinha citing the company's better than expected Q3 results and increased business visibility for the upgrade to Neutral. 2. Nvidia (NVDA) upgraded to Positive from Neutral at Susquehanna while Xilinx (XLNX) was upgraded to Positive from Neutral. 3. Koppers Holdings (KOP) upgraded to Buy from Neutral at Monness Crespi. 4. Southwestern Energy (SWN) upgraded to Neutral from Underperform at BofA/Merrill with analyst Doug Leggate saying U.S. natural gas prices have lifted by 50c in the past 3 weeks and $1 since September as cold weather forecasts have been updated. 5. SailPoint (SAIL) upgraded to Buy from Neutral at Goldman Sachs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AA Alcoa
$31.18

-1.385 (-4.25%)

10/18/18
FBCO
10/18/18
NO CHANGE
Target $58
FBCO
Outperform
Alcoa too cheap to ignore, says Credit Suisse
Credit Suisse analyst Curt Woodworth believes Alcoa is "significantly undervalued" and thinks the strong operating performance in Q3 and continued tightness in alumina set the stage for meaningful earnings revisions across the Street. The analyst reiterates an Outperform rating and $58 price target on the shares.
10/09/18
MSCO
10/09/18
NO CHANGE
Target $57
MSCO
Overweight
Alcoa has 10% potential upside if tariffs replaced, says Morgan Stanley
Morgan Stanley analyst Piyush Sood noted that U.S. steel and aluminum tariffs were left in place under the USMCA agreement, but President Trump said they were only being left in place "until such time as we can do something that would be different, like quotas." Replacing U.S. import tariffs on Canadian aluminum with duty-free quotas could add about $150M to Alcoa's annual EBITDA, calculated Sood, who said that equates to about a 10% potential upside in the stock "that the market has so far ignored." The analyst, who sees Alcoa's Q3 results coming in ahead of expectations, keeps an Overweight rating and $57 price target on the shares.
10/18/18
JPMS
10/18/18
NO CHANGE
Target $79
JPMS
Overweight
Alcoa price target raised to $79 from $75 at JPMorgan
JPMorgan analyst Michael Gambardella raised his price target for Alcoa to $79 saying the company last night reported a "solid Q3 beat" and continues to operate well in "turbulent" alumina and aluminum markets. With a $200M buyback program announced, the analyst thinks Alcoa will use its cash going forward for repurchases and to continue to reduce its debt and pension obligations. He believes the stock price is "discounting too steep of a drop in alumina and aluminum prices." Gambardella keeps an Overweight rating on Alcoa.
10/18/18
BMOC
10/18/18
NO CHANGE
Target $75
BMOC
Outperform
Alcoa remains 'meaningfully undervalued', says BMO Capital
BMO Capital analyst David Gagliano kept his Outperform rating and $75 price target on Alcoa after its Q3 earnings beat and additional $200M stock buyback, maintaining his view that the shares are "meaningfully undervalued" even under the "risk-off" environment assumptions. The analyst notes that the company's earnings beat was driven by its aluminum segment profitability thanks to the strong contributions from energy and flat-rolled products. Gagliano also contends that there is a disconnect between Alcoa valuation multiples typically seen at the peak of the underlying pricing cycle and its compressed marginal cost prices.
BSX Boston Scientific
$35.26

0.25 (0.71%)

11/20/18
SPHN
11/20/18
NO CHANGE
Target $42
SPHN
Overweight
Stephens reiterates Overweight rating on Boston Scientific after BTG deal
After Boston Scientific announced an agreement to acquire BTG plc for $4.2B, Stephens analyst Chris Cooley compared the "unexpected" deal to BSX's previous successful acquisition of AMS. As in the case of AMS, the Street is "surprised" by the scale and "out-of-the-box" nature of the proposed acquisition, but the company's core growth and margin profile will be enhanced and it will still have the ability to pursue more tuck-in acquisitions, Cooley tells investors. Following the deal announcement, he reiterates his Overweight rating and $42 price target on Boston Scientific shares.
11/27/18
UBSW
11/27/18
INITIATION
UBSW
Buy
Boston Scientific initiated with a Buy at UBS
UBS analyst Matthew Taylor initiated Boston Scientific with a Buy rating and $45 price target, calling the stock a Top Buy for Growth/Quality. Taylor said "we think there is room for growth to surprise, based on our detailed analysis of key drivers and acquisitions."
11/20/18
PIPR
11/20/18
NO CHANGE
Target $40
PIPR
Overweight
Piper says Boston Scientific deal a 'headscratcher,' but should work out well
After Boston Scientific announced an agreement to acquire BTG for about $4.2B, Piper Jaffray analyst Matt O'Brien said the deal "looks like a headscratcher" at first glance, but he believes it will turn out to be a favorable transaction the more that he thinks about it. There is the clear opportunity to expand BTG's presence internationally and adding more therapeutic products in oncology provides a significant synergistic opportunity, O'Brien tells investors. Boston Scientific has proven capable of "acquiring solid assets and making them even better," said O'Brien, who believes that will be the case again. He maintains an Overweight rating and $40 price target on Boston Scientific shares.
11/20/18
RHCO
11/20/18
NO CHANGE
Target $44
RHCO
Buy
Boston Scientific price target raised to $44 from $40 at SunTrust
SunTrust analyst Bruce Nudell raised his price target on Boston Scientific to $44 and kept his Buy rating, citing an update to his "relative valuation framework which regresses 3 year top-line expectations against relative forward multiple for larger cap med tech companies". The analyst has a positive view on the company after its diversified away from its dependence on the slow growth ICD/Pacer/Stent markets, stating that his 8.5% constant-currency top-line projection through "2021 includes inorganic growth from Claret, Augmenix & NxThera, and cash balance constraints fully alleviated in 2019".
RACE Ferrari
$104.98

-4.1 (-3.76%)

10/10/18
10/10/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Discovery (DISCA) upgraded to Outperform from Neutral at Credit Suisse with analyst Doug Mitchelson saying he has reviewed the company's Nielsen ratings trends in detail, discussed the company's ad execution with industry contacts and recalibrated distribution trends leading to an increase in his U.S. revenue forecast and increased confidence in his above-Street EBITDA estimates. 2. McDonald's (MCD) upgraded to Buy from Neutral at Guggenheim. 3. Ferrari (RACE) upgraded to Hold from Sell at Societe Generale with analyst Stephen Reitman saying the final version of the mid-term FY22 plan shared by new CEO Louis Camilleri in September broadly repeats the key financial goals first stated in February, but the manner as to how these will be achieved appears to have fundamentally altered. 4. Intuitive Surgical (ISRG) upgraded to Overweight from Neutral at Piper Jaffray with analyst JP McKim saying a survey of doctors from various specialties came back favorable for robotics and confirms that robotic surgery penetration is going "much higher." 5. Tile Shop (TTS) assumed with a Buy from Neutral at Citi with analyst Geoffrey Small saying the hard-surface flooring sector is attractive given its favorable growth profile, highly-fragmented structure and because it carries very little threat of e-commerce disruption. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/16/18
BOFA
10/16/18
NO CHANGE
BOFA
Ferrari, PayPal added to US 1 List, ADP, NetApp removed at BofA/Merrill
10/11/18
10/11/18
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. Huntington Ingalls (HII) downgraded to Sell from Neutral at Goldman Sachs with analyst Noah Poponak saying the company's pace of growth may not support current valuation levels. 2. Ferrari (RACE) downgraded to Hold from Buy at Jefferies with analyst Philippe Jean Houchois saying he re-based his expectations lower to reflect higher upfront investments and a lower quality of earnings as management's new strategy of less volume and more exclusivity takes hold. 3. Valero (VLO) downgraded to Hold from Buy at Tudor Pickering. 4. TransDigm (TDG) downgraded to Neutral from Outperform at Baird with analyst Peter Arment saying the Esterline (ESL) deal is a shift in the company's strategy in buying a "fixer-up asset" with significantly below average returns that will take time to improve. He believes it will be an overhang on the stock near-term. Arment maintained his $365 price target on TransDigm shares. 5. Tata Motors (TTM) downgraded to Hold from Buy at HSBC with analyst Amyn Pirani saying while the company's India business has surprised positively, Jaguar Land Rover's volumes have continued to decline. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/11/18
JEFF
10/11/18
DOWNGRADE
Target $132
JEFF
Hold
Ferrari downgraded to Hold from Buy at Jefferies
Jefferies analyst Philippe Jean Houchois downgraded Ferrari to Hold and lowered his price target for the shares to $132 from $155. The analyst re-based his expectations lower to reflect higher upfront investments and a lower quality of earnings as management's new strategy of less volume and more exclusivity takes hold.

TODAY'S FREE FLY STORIES

WAT

Waters

$229.46

25.94 (12.75%)

07:56
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  • 24

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SNAP

Snap

$5.98

0.06 (1.01%)

07:55
01/24/19
01/24
07:55
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07:55
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  • 24

    Jan

  • 05

    Feb

  • 03

    Mar

07:55
01/24/19
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General news
Oil Action: NYMEX crude »

Oil Action: NYMEX crude…

SYF

Synchrony

$29.40

2.85 (10.73%)

, WMT

Walmart

$98.72

1.25 (1.28%)

07:54
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SYF

Synchrony

$29.40

2.85 (10.73%)

WMT

Walmart

$98.72

1.25 (1.28%)

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  • 25

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XLNX

Xilinx

$89.55

-0.89 (-0.98%)

07:54
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  • 25

    Feb

MEGEF

MEG Energy

07:53
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TXN

Texas Instruments

$95.49

-1.05 (-1.09%)

07:53
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Texas Instruments analyst commentary  »

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  • 25

    Feb

CNQ

Canadian Natural

$25.67

-0.02 (-0.08%)

07:52
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  • 10

    Feb

DLTH

Duluth Holdings

$20.41

0.425 (2.13%)

07:51
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BID

Sotheby's

$41.07

-0.27 (-0.65%)

07:49
01/24/19
01/24
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07:49
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Sotheby's rating change  »

Cowen downgrades…

03/08/13
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VAR

Varian Medical

$126.83

1.57 (1.25%)

07:48
01/24/19
01/24
07:48
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Varian Medical analyst commentary  »

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  • 28

    Jan

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  • 30

    Jan

  • 14

    Feb

ISCA

International Speedway

$44.15

-0.09 (-0.20%)

07:48
01/24/19
01/24
07:48
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07:48
Earnings
International Speedway reports Q4 ex-items EPS 62c, two estimates 69c »

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  • 24

    Jan

07:47
01/24/19
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Hot Stocks
ECB says to reinvest QE debt for 'extended period' after start of rate raising »

The European Central Bank…

WB

Weibo

$52.25

-0.25 (-0.48%)

07:46
01/24/19
01/24
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07:46
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Weibo rating change  »

Jefferies sees macro…

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07:46
01/24/19
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General news
ECB keeps key rates unchanged, sees rates steady at least through summer 2019 »

The Governing Council of…

TOWN

TowneBank

$26.60

-0.01 (-0.04%)

07:46
01/24/19
01/24
07:46
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Earnings
TowneBank reports Q4 EPS 50c, consensus 53c »

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FISV

Fiserv

$80.62

2.32 (2.96%)

, FDC

First Data

$23.73

0.66 (2.86%)

07:44
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FISV

Fiserv

$80.62

2.32 (2.96%)

FDC

First Data

$23.73

0.66 (2.86%)

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  • 03

    Mar

ATVI

Activision Blizzard

$46.01

-1.03 (-2.19%)

07:43
01/24/19
01/24
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Activision Blizzard analyst commentary  »

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  • 24

    Jan

  • 12

    Feb

AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:41
01/24/19
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07:41
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American Airlines reports Q4 PRASM up 1.4% »

Continued strength in…

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  • 24

    Jan

ERMAY

Eramet

$0.00

(0.00%)

07:41
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Eramet rating change  »

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EIX

Edison International

$54.93

0.75 (1.38%)

07:41
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FANH

Fanhua

$23.74

1.22 (5.42%)

07:40
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01/24
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Hot Stocks
Fanhua announces correction to January 22 press release »

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AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:40
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American Airlines sees Q1 TRASM flat to up approximately 2.0% y/y »

American expects its…

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  • 24

    Jan

ASND

Ascendis Pharma

$73.16

-0.47 (-0.64%)

07:40
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THLEF

Thales

$0.00

(0.00%)

07:40
01/24/19
01/24
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07:40
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Thales rating change  »

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