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ZEUS

Olympic Steel

$17.43

0.29 (1.69%)

, RS

Reliance Steel

$77.18

-2.28 (-2.87%)

08:12
11/28/18
11/28
08:12
11/28/18
08:12

Goldman to hold a conference

Global Metals & Mining Conference 2018 will be held in New York on November 28.

ZEUS

Olympic Steel

$17.43

0.29 (1.69%)

RS

Reliance Steel

$77.18

-2.28 (-2.87%)

CLF

Cleveland-Cliffs

$8.88

0.21 (2.42%)

AA

Alcoa

$31.18

-1.385 (-4.25%)

  • 28

    Nov

  • 04

    Dec

ZEUS Olympic Steel
$17.43

0.29 (1.69%)

RS Reliance Steel
$77.18

-2.28 (-2.87%)

10/02/18
10/02/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GE UPGRADED AT RBC, WOLFE: RBC Capital analyst Deane Dray upgraded General Electric (GE) to Outperform from Sector Perform and raised his price target for the shares to $15 from $13. The analyst believes a floor has been put in the shares following news of Larry Culp being named Chairman and CEO. Additionally, GE was upgraded to Outperform from Peer Perform at Wolfe Research. DEUTSCHE SEES HEIGHTENED RISKS TO FACEBOOK ESTIMATES: After attending the first day of AdWeek, Deutsche Bank analyst Lloyd Walmsley sees heightened risk to the Q3, Q4 and 2019 consensus estimates for Facebook (FB). The analyst said he's starting to hear more cautious feedback and that Facebook seems on the defensive, particularly following last week's data breach disclosure. Walmsley, however, continues to view Facebook as attractively valued and kept a Buy rating on the shares with a $205 price target. JPMORGAN ADDS WEIGHT WATCHERS TO FOCUS LIST: JPMorgan analyst Christina Brathwaite added Weight Watchers (WTW) to her firm's America's Analyst Focus while keeping an Overweight rating on the shares with a $120 price target. The stock's 30% pullback from its peak on June 20 presents a "compelling entry point for investors who missed the stock's appreciation the first time around," Brathwaite said. Despite the post-earnings selloff, the analyst believes the Q2 print was actually indicative that Weight Watchers' growth story remains on track. Further, she believes the changes announced last week, including its new rewards program, as well as the company's Invite a Friend program, will help drive member recruitment and retention going forward. AMBEV DOUBLE DOWNGRADED BY UBS: UBS analyst Alan Alanis double downgraded Ambev (ABEV) to Sell from Buy and lowered his price target for the shares to R$17 from R$23. AmBev trades at a 25% higher valuation than parent company AB InBev (BUD), which is unwarranted, Alanis believes. He believes Ambev shares at current levels are more than pricing in the company's favorable outlook. Further, he expects consensus estimates to come down due to a tougher competitive environment, a "tepid" Brazilian economic recovery and currency headwinds. DEUTSCHE DOWNGRADES METAL STOCKS: Deutsche Bank analyst Jeremy Kliewer downgraded Century Aluminum to Hold from Buy and lowered his price target for the shares to $15 from $20, stating that Century's margins could remain pressured for longer due to alumina supply disruptions. Meanwhile, Deutsche's Chris Terry downgraded Reliance Steel (RS) to Hold from Buy and lowered his price target for the shares to $90 from $100, and downgraded U.S. Steel (X) to Hold from Buy and lowered his price target for the shares to $35 from $47. The analyst said his view on the steel sector is "moderating post peak pricing." Most positive data points and catalysts have now largely played out, Terry believes.
10/22/18
10/22/18
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. eBay (EBAY) downgraded to Neutral from Buy at Monness Crespi and BofA/Merrill. 2. Bristol-Myers (BMY) downgraded to Neutral from Buy at Citi. 3. Manpower (MAN) downgraded to Neutral from Overweight at JPMorgan with analyst Andrew Steinerman saying he "misjudged the magnitude" of the European softness for the company as its Q4 financial guidance suggests a down 2% year-over-year same day basis revenue decline. 4. Reliance Steel (RS) downgraded to Neutral from Buy at Longbow with analyst Chris Olin citing near-term risks from unfavorable nonferrous demand/price momentum following a collection of relatively weak data points from the firm's carbon and stainless steel surveys. 5. Wingstop (WING) downgraded to Neutral from Outperform at Wedbush with analyst Nick Setyan saying he continues to believe drivers of same-store sales growth, unit growth, and margin upside relative to current consensus 2018 and 2019 estimates exist. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/22/18
10/22/18
DOWNGRADE

Neutral
Reliance Steel downgraded to Neutral at Longbow
As previously reported, Longbow downgraded Reliance Steel to Neutral from Buy. Analyst Chris Olin lowered estimates to reflect near-term risks from unfavorable nonferrous demand/price momentum following a collection of relatively weak data points from the firm's carbon and stainless steel surveys. Reduced visibility into top-line growth and margin potential have led to Olin lowered estimates in-line with consensus saying he would wait for market stabilization.
10/22/18
LBOW
10/22/18
DOWNGRADE
LBOW
Neutral
Reliance Steel downgraded to Neutral from Buy at Longbow
CLF Cleveland-Cliffs
$8.88

0.21 (2.42%)

10/22/18
JEFF
10/22/18
NO CHANGE
Target $14
JEFF
Buy
Cleveland-Cliffs dividend growth potential underappreciated, says Jefferies
Cleveland-Cliffs' dividend restart last week marks a turning point for the business from being a highly-indebted growth company to an "emerging cash cow" in the metals sector, Jefferies analyst Seth Rosenfeld tells investors in a research note. He believes the company's potential for further dividend growth remains underappreciated. He believes that with "one major catalyst now passed," attention turns to 2019 pellet contract prices. And rising pellet contract prices could drive consensus estimate upside in the coming months, contends Rosenfeld. He reiterates a Buy rating on Cleveland-Cliffs with a $14 price target.
10/23/18
VERF
10/23/18
NO CHANGE
Target $5.13
VERF
Sell
Vertical sees Cleveland-Cliffs shares heading to near $5 amid excessive supply
In a research note titled "Does the US Steel Industry Supply/Demand Backdrop Suggest CLF is Nearing the 'Cliff'?," Vertical Group analyst Gordon Johnson maintains a Sell rating on shares of Cleveland-Cliffs. The analyst believes "excess" supply is ramping into a "late cycle" U.S. steel market. Growth for sheet products in Q2 went negative at down 1.6% year-over-year, a "sharp deceleration" from the trailing four quarter average of 5.1% year-over-year growth, Johnson writes to investors. In addition, with 10-year U.S. treasury rates at levels not seen since 2011, continued headwinds to both auto and construction demand in the U.S. is likely, the analyst contends. Lastly, he points out that after peaking on July 12, U.S. hot rolled coil spot prices have dropped 8.9% in just over three months. Steel investors have historically reacted "rather negatively to late cycle irrational capacity ramps," Johnson cautions. He has a 12-month price target of $5.13 for shares of Cleveland-Cliffs. The stock in morning trading is down 4%, or 47c, to $10.87.
10/15/18
FBCO
10/15/18
NO CHANGE
FBCO
Neutral
Credit Suisse downgrades U.S. Steel sector along with three stocks
Credit Suisse analyst Curt Woodworth downgraded his view on the U.S. Steel sector to Market Weight from Overweight due to concerns with new supply entering the sheet market as well as with U.S demand as interest rates rise. The analyst sees "limited potential for multiple expansion given late cycle fears." Further, in addition to cycle concerns and new supply risk, capital allocation by companies has disappointed relative to investors "wish lists," Woodworth tells investors in a research note. Along with the sector, the analyst downgraded Nucor (NUE), Steel Dynamics (STLD), and Cleveland-Cliffs (CLF) to Neutral from Outperform. Woodworth keeps Outperform ratings on US Steel (X) and AK Steel (AKS) as he sees upside to Street estimates on better 2019 contract pricing as well as more attractive valuations relative to historical forward multiples.
10/15/18
FBCO
10/15/18
DOWNGRADE
FBCO
Neutral
Cleveland-Cliffs downgraded to Neutral from Outperform at Credit Suisse
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.
10/18/18
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.
10/09/18
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
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.

TODAY'S FREE FLY STORIES

MS

Morgan Stanley

$42.16

-0.24 (-0.57%)

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PAH

Platform Specialty Products

$10.90

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MB

Mindbody

$36.41

-0.19 (-0.52%)

07:19
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PANW

Palo Alto Networks

$205.77

2.77 (1.36%)

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PG

Procter & Gamble

$94.87

4.37 (4.83%)

07:18
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  • 18

    Feb

  • 03

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NMCI

Navios Maritime Containers

$3.03

(0.00%)

07:17
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Navios Maritime Containers exercises option to acquire containership for $52.5M »

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CAPR

Capricor Therapeutics

$0.58

-0.0751 (-11.46%)

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Capricor Therapeutics announces HOPE-Duchenne trial results published »

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TXN

Texas Instruments

$95.49

-1.05 (-1.09%)

07:17
01/24/19
01/24
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07:17
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Texas Instruments analyst commentary  »

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  • 25

    Feb

NESRF

Northern Star Resources

$0.00

(0.00%)

07:16
01/24/19
01/24
07:16
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07:16
Downgrade
Northern Star Resources rating change  »

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07:15
01/24/19
01/24
07:15
01/24/19
07:15
General news
FX Update: The dollar has posted advances »

FX Update: The dollar has…

EEX

Emerald Expositions Events

, RELX

RELX

$21.78

-0.03 (-0.14%)

07:14
01/24/19
01/24
07:14
01/24/19
07:14
Recommendations
Emerald Expositions Events, RELX analyst commentary  »

Emerald Expositions a…

EEX

Emerald Expositions Events

RELX

RELX

$21.78

-0.03 (-0.14%)

03/08/13
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PG

Procter & Gamble

$94.87

4.37 (4.83%)

, EL

Estee Lauder

$126.94

1.19 (0.95%)

07:14
01/24/19
01/24
07:14
01/24/19
07:14
Recommendations
Procter & Gamble, Estee Lauder, Church & Dwight analyst commentary  »

P&G report has…

PG

Procter & Gamble

$94.87

4.37 (4.83%)

EL

Estee Lauder

$126.94

1.19 (0.95%)

CHD

Church & Dwight

$65.45

-0.7 (-1.06%)

03/08/13
Wedge Partners
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  • 05

    Feb

  • 05

    Feb

  • 18

    Feb

  • 03

    Mar

  • 28

    May

USAP

Universal Stainless & Alloy

$14.62

-0.515 (-3.40%)

07:14
01/24/19
01/24
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07:14
Hot Stocks
Universal Stainless & Alloy increases low alloy VAR bar base price 5%-10% »

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XLNX

Xilinx

$89.55

-0.89 (-0.98%)

07:12
01/24/19
01/24
07:12
01/24/19
07:12
Recommendations
Xilinx analyst commentary  »

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  • 25

    Feb

CNOB

ConnectOne Bancorp

$20.08

-0.19 (-0.94%)

07:11
01/24/19
01/24
07:11
01/24/19
07:11
Earnings
ConnectOne Bancorp reports Q4 adj. EPS 59c, consensus 55c »

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  • 24

    Jan

AEP

American Electric

$77.00

0.65 (0.85%)

07:11
01/24/19
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07:11
Earnings
Breaking Earnings news story on American Electric »

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  • 24

    Jan

AEP

American Electric

$77.00

0.65 (0.85%)

07:10
01/24/19
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07:10
Earnings
American Electric reports Q4 EPS 74c, consensus 71c »

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  • 24

    Jan

LVS

Las Vegas Sands

$57.25

0.26 (0.46%)

07:10
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  • 28

    May

CNCE

Concert Pharmaceuticals

$14.02

-0.26 (-1.82%)

07:10
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Concert Pharmaceuticals initiates Phase 1 single-ascending dose trial of CTP-692 »

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  • 29

    Jan

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  • 12

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    Feb

MDR

McDermott

$8.49

0.01 (0.12%)

07:09
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McDermott announces ethylene furnace award in Indonesia »

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  • 02

    May

BWB

Bridgewater Bancshares

$10.41

-0.17 (-1.61%)

07:09
01/24/19
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07:09
Earnings
Bridgewater Bancshares reports Q4 EPS 25c, two est. 23c »

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CLDC

China Lending Corp.

$1.11

-0.005 (-0.45%)

07:09
01/24/19
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07:09
Hot Stocks
China Lending Corp. acquires minority interest in financial service company »

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  • 26

    Feb

RCI

Rogers Communications

$54.51

-0.12 (-0.22%)

07:09
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Earnings
Rogers Communications sees FY19 revenue up 3%-5% »

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  • 24

    Jan

LIVX

LiveXLive Media

$6.25

-0.05 (-0.79%)

07:08
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LiveXLive Media analyst commentary  »

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CRIS

Curis

$1.06

-0.045 (-4.09%)

07:08
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