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FB

Facebook

$143.64

3.33 (2.37%)

, AAPL

Apple

$165.81

1.76 (1.07%)

05:56
12/19/18
12/19
05:56
12/19/18
05:56

Facebook: Content partnerships didn't violate 2012 FTC settlement

Konstantinos Papamiltiadis, Director of Developer Platforms and Programs at Facebook (FB), said in a blog post: "We're facing questions about whether Facebook gave large tech companies access to people's information and, if so, why we did this. To put it simply, this work was about helping people do two things. First, people could access their Facebook accounts or specific Facebook features on devices and platforms built by other companies like Apple (AAPL), Amazon (AMZN), Blackberry (BB) and Yahoo (VZ). These are known as integration partners. Second, people could have more social experiences - like seeing recommendations from their Facebook friends - on other popular apps and websites, like Netflix (NFLX), The New York Times (NYT), Pandora (P) and Spotify (SPOT). To be clear: none of these partnerships or features gave companies access to information without people's permission, nor did they violate our 2012 settlement with the FTC... Facebook has had similar integration partnerships over the years with Amazon, Apple, Microsoft (MSFT), Yahoo and other companies, which were overseen by our partnerships and product teams. These partners built many kinds of integrations, including mobile versions of Facebook and social feed hubs, which aggregated feeds from Facebook and other companies. We've shut down nearly all of these partnerships over the past several months, except with Amazon and Apple, which people continue to find useful and which are covered by active contracts; Tobii, an integration that enables people with ALS to access Facebook; and browser notifications for people who use Alibaba, Mozilla and Opera." Reference Link

FB

Facebook

$143.64

3.33 (2.37%)

AAPL

Apple

$165.81

1.76 (1.07%)

AMZN

Amazon.com

$1,551.00

29.66 (1.95%)

BB

BlackBerry

$7.48

0.025 (0.34%)

VZ

Verizon

$55.67

-0.29 (-0.52%)

NFLX

Netflix

$270.91

8.03 (3.05%)

NYT

New York Times

$23.57

0.28 (1.20%)

P

Pandora

$8.55

0.01 (0.12%)

SPOT

Spotify

$120.48

0.09 (0.07%)

MSFT

Microsoft

$103.97

0.99 (0.96%)

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FB Facebook
$143.64

3.33 (2.37%)

12/12/18
BOFA
12/12/18
NO CHANGE
Target $190
BOFA
Buy
Facebook testing search ads may unlock new revenue stream, says BofA/Merrill
BofA/Merrill analyst Justin Post kept his Buy rating and $190 price target on Facebook (FB), saying there is potential for "high value search activity" on its platform if its testing of search ads within the Marketplace section - as reported by TechCrunch - bears fruit. The analyst notes that the report anticipates the search ad testing to be rolled out with a small set of auto and e-commerce advertisers, modeling that the company could generate up to $5B in annual search related ad revenue under the assumption of offering a 75% discount to Google's (GOOGL) revenue per search. Post maintains his positive view on Facebook and its monetization opportunities.
12/10/18
DBAB
12/10/18
NO CHANGE
DBAB
Buy
Facebook valuation 'extremely attractive' at current levels, says Deutsche Bank
Facebook remains the best risk/reward in large cap internet given the potential for core engagement to stabilize, for monetization in the Stories format to drive a potential re-acceleration in growth in mid-2019, for the negative news cycle to abate and given the "extremely attractive" current valuation, Deutsche Bank analyst Lloyd Walmsley tells investors in a research note. The analyst is encouraged that on top of Facebook's "relatively aggressive" share buyback to-date, the board expanded the repurchase authorization again by an additional $9B. He reiterates a Buy rating on Facebook shares.
12/06/18
12/06/18
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. LG Display (LPL) initiated with a Buy at Citi. 2. Twitter (TWTR) and Alphabet (GOOG, GOOGL) were initiated with a Buy at Guggenheim, while Snap (SNAP) and Facebook (FB) were initiated with a Neutral. 3. Apache (APA) initiated with an Overweight at Stephens. 4. CorMedix (CRMD) initiated with a Buy at Roth Capital. 5. Protagonist Therapeutics (PTGX) initiated with a Buy at Nomura Instinet. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/06/18
12/06/18
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. Facebook (FB) downgraded to Hold from Buy at Stifel with analyst Scott Devitt saying Facebook has made too many enemies, including politicians, regulators, technology leaders, consumers, and employees, to not experience "long-term negative ramifications on its business." 2. Conatus (CNAT) downgraded to Hold from Buy at Stifel with analyst Stephen Willey saying the Encore-PH trial missed its pre-specified primary endpoint but post-hoc analyses demonstrated a trend towards statistically significant/emricasan-mediated improvements in patients with compensated cirrhosis and elevated baseline hepatic venous pressure gradient values. 3. BHP Billiton (BHP) downgraded to Neutral from Overweight at JPMorgan with analyst Lyndon Fagan saying the stock has outperformed Rio Tinto (RIO) by 10% year-to-date, and is now trading "within range of our valuation." 4. Toll Brothers (TOL) downgraded to Sector Perform from Outperform at RBC Capital with analyst Michael Dahl citing a "sharper than expected weakness in orders and likelihood of further near-term declines," with softer margin assumptions attributed to a weaker outlook for orders. 5. Bluebird Bio (BLUE) downgraded to Neutral from Overweight at Piper Jaffray with analyst Tyler Van Buren saying the company is "incredibly innovative" company and bb2121 and LentiGlobin are essentially curing some patients, but the benefits "are not without serious risks." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AAPL Apple
$165.81

1.76 (1.07%)

12/14/18
DADA
12/14/18
NO CHANGE
Target $280
DADA
Buy
Apple price target lowered to $280 from $290 at DA Davidson
DA Davidson analyst Tom Forte lowered his price target on Apple to $280 to reflect the decrease in his near-term projections for its financials based on the concerns around its lower-than-initially expected iPhone unit sales. The analyst keeps his Buy rating however, saying that the near-term challenges around Apple's operating performance is likely already priced into the stock after its 17.6% price decline since Q3 earnings. Forte also maintains his view that the higher iPhone average selling prices could produce an upside to his forecast in FY18, given that this year's least expensive new iPhone - XR - is still 7.5% more expensive than last year's iPhone 8 model.
12/13/18
PIPR
12/13/18
NO CHANGE
Target $222
PIPR
Overweight
Piper cuts Apple target to $222 from $250, says weakness baked into shares
Piper Jaffray analyst Michael Olson says that despite component supplier data points suggesting iPhone weakness, his firm's survey of over 550 domestic iPhone owners suggests upgrade intentions are similar to 2017 levels. Given the "solid" U.S. demand observed in the survey, weaker iPhone component supplier results must be due to slower international uptake, Olson tells investors in a research note. As a result, the analyst "slightly reduced" his iPhone unit estimates for fiscal 2019 and 2019, but also increased his previously "below Street" services revenue numbers. The end result is Olson leaving his overall estimates unchanged for Apple. Regarding the stock, the analyst believes the international iPhone weakness and "disappointment around lack of future unit disclosure" are both largely baked in at current share levels. He lowered his price target for Apple to $222 from $250 and maintains an Overweight rating on the name. The stock closed yesterday up 47c to $169.10.
12/17/18
12/17/18
DOWNGRADE
Target $50

Underperform
BofA/Merrill downgrades Best Buy to Underperform on industry slowdown concerns
As previously reported, BofA Merrill Lynch analyst Curtis Nagle downgraded Best Buy (BBY) to Underperform from Neutral, citing his caution about key product categories that include TVs, Apple (AAPL) products and gaming. Slowing industry growth, tough comparisons in key products and cost inflation will make upside less likely, contends Nagle, who has become more negative and now sees a higher possibility that Best Buy may see an "outright comp miss" in the fourth quarter. The analyst, who also believes consensus Street estimates for 2019/20 earnings are too high, lowered his price target on Best Buy shares to $50 from $70.
12/13/18
12/13/18
NO CHANGE

Lynx questions credibility of report Apple developing own modems
Lynx Equity Strategies analyst Jahanara Nissar said, according to contacts, that she questions the credibility of The Information's article claiming that Apple (AAPL) is going to start a new project to design its own cellular modem chip, citing the commoditized nature of such modems and the expense of such a project. Intel (INTC) had previously displaced Qualcomm (QCOM) as the iPhone maker modem supplier due to Apple's ongoing dispute with the latter, The Fly has previously noted.
AMZN Amazon.com
$1,551.00

29.66 (1.95%)

12/18/18
WBLR
12/18/18
NO CHANGE
WBLR
Amazon close to getting permit for more Kornit printers, says William Blair
William Blair analyst Brian Drab has learned that the Pennsylvania Department of Environmental Protection is close to issuing a permit to Amazon (AMZN) that would allow the company to expand textile printing capacity in its Norristown, Pennsylvania, facility by 50%. Specifically, the permit would allow Amazon to place a total of 72 textile printers in the facility, up from the limit of 48 associated with the original permit, Drab tells investors in a research note. The PDEP expects to issue the expansion permit by February 15, 2019, says the analyst, who originally broke the news regarding Amazon's application for this permit in August. Drab says the "timing and significance" of the permit gives him increased confidence in his 2019 forecast for Kornit Digital (KRNT). He believes the Norristown facility currently operates about 40 Kornit printers. As such, the permit creates the opportunity for the facility to take about 30 additional machines. Drab's 2019 forecast for Kornit's consolidated revenue includes the sale of 30 machines to Amazon. The permit also gives increased confidence in the long-term outlook for Kornit because it is affirmation that Amazon is committed to utilizing Kornit technology in its textile printing operations, says the analyst. He keeps an Outperform rating on Kornit Digital, which closed yesterday down 29c to $17.53.
12/11/18
LEER
12/11/18
NO CHANGE
Target $100
LEER
Outperform
CVS Health assumed with an Outperform at Leerink
Leerink analyst Ana Gupte assumed coverage of CVS Health (CVS) with an Outperform rating and $100 price target. The analyst views the recently raised synergy guidance as having upside with earlier pull-through in 2019 despite the headwind from divestiture of Aetna (AET) Part D lives. Pricing and underwriting remain firm in 2019 based on her MEDACorp fully insured employer broker survey and she is comfortable on stable Commercial margins for the Aetna book. Further, Gupte sees the PBM business as being oversold as it is synergistically integrated with Aetna's MCO book over time into a full-service captive offering. Retail headwinds from e-commerce look largely priced into consensus estimates while multiples have compressed on fears of Amazon's (AMZN) entry into pharmacy, she contends.
12/12/18
COWN
12/12/18
NO CHANGE
Target $280
COWN
Outperform
FedEx margins likely to improve on y/y, q/q basis, says Cowen
Cowen analyst Helane Becker reiterated an Outperform rating and $280 price target on FedEx (FDX), telling investors in a research note that she believes margins will improve on a y/y and q/q basis, albeit at a moderately slower than expected pace. She lowered her 2Q19 earnings estimates to reflect higher purchase transportation costs and softer international pricing, but raised 2H19 estimates due to a strong peak and improving Express and Ground operations. She notes that investors are concerned Amazon (AMZN) will mitigate rising transportation costs by launching their own delivery network to compete with FedEx and its peers, but says that a new entrant will have to meaningfully ramp up its cost profile and forgo other investment opportunities to achieve the operating efficiencies of FedEx, UPS (UPS) and others.
12/12/18
LOOP
12/12/18
NO CHANGE
Target $88
LOOP
Buy
Best Buy 'undervalued' with 'favorable near-term prospects', says Loop Capital
Loop Capital analyst Anthony Chukumba kept his Buy rating and $88 price target on Best Buy (BBY), saying his latest pricing study relative to Amazon.com (AMZN) shows that excluding two significantly higher priced items, the average item was priced only 0.4% higher. The analyst states that he is encouraged by the "competitive" pricing gap of Best Buy with just 2 weeks to go to Christmas and expects the stores to be the "go to" consumer electronics retailer for last-minute shoppers. Chukumba further contends that Best Buy shares are undervalued at 10.1-times his forward earnings, pointing to the company's "market leadership, favorable near-term prospects, track record of far exceeding consensus, and copious free cash flow generation".
BB BlackBerry
$7.48

0.025 (0.34%)

09/21/18
RBCM
09/21/18
NO CHANGE
Target $11
RBCM
Sector Perform
BlackBerry nearing end of transition, says RBC Capital
RBC Capital analyst Paul Treiber kept his Sector Perform rating and $11 price target on BlackBerry ahead of its earnings next week, saying he expects Q2 to be "one of the last messy quarters". The analyst believes that revenues will decline about 15% on the year, and lower Enterprise Software sales may result in some downside to his estimates. However, Treiber also sees some strengthening in revenues in the second half of FY19, with growth drivers coming from Enterprise Software, automotive, and IP licensing.
11/19/18
CIBC
11/19/18
UPGRADE
CIBC
Outperformer
BlackBerry upgraded to Outperformer from Neutral at CIBC
11/19/18
ADAM
11/19/18
NO CHANGE
Target $11
ADAM
Hold
BlackBerry acquisition should be well received by market, says Canaccord
Canaccord analyst T. Michael Walkley noted Blackberry announced its largest acquisition yet with its purchase of Cylance. The company said it will be accretive within a year and reiterated its 2019 guidance. The analyst believes the acquisition accelerates the company's strategy of leading secure endpoint enterprise-of-things communications, benefits multiple areas of the business, and drives potential synergies given the complementary customer bases. Walkley is maintaining his Hold rating and $11 price target on Blackberry as he awaits more color on the pro-forma financial impact of the deal.
11/19/18
11/19/18
UPGRADE
Target $14

Outperformer
BlackBerry upgraded to Outperformer on valuation at CIBC
As previously reported, CIBC upgraded BlackBerry to Outperform from Neutral. Analyst Todd Coupland said shares have pulled back to levels that make risk/reward more positive and maintained a $14 price target on BlackBerry shares.
VZ Verizon
$55.67

-0.29 (-0.52%)

12/03/18
12/03/18
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. Verizon (VZ) downgraded to Neutral from Overweight at JPMorgan with analyst Philip Cusick saying that as much as he likes Verizon's "consistent and improving execution," the combination of a new management team and reporting lines with the stock's 17% year-to-date increase make the risk/reward less compelling than peers AT&T (T) and Comcast (CMCSA). 2. Costco (COST) downgraded to Neutral from Buy at Citi with analyst Kate McShane saying she sees "more headwinds than tailwinds likely in 2019" for Costco. 3. Tractor Supply (TSCO) downgraded to Perform from Outperform at Oppenheimer with analyst Brian Nagel saying he views lower oil prices as a risk for the company. 4. LabCorp (LH) downgraded to Hold from Buy at Craig-Hallum and to Neutral from Buy at BofA/Merrill. 5. Quest Diagnostics (DGX) downgraded to Neutral from Buy at BofA/Merrill with analyst Derik de Bruin citing the cut in FY18 guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/12/18
MSCO
12/12/18
DOWNGRADE
MSCO
Equal Weight
Verizon downgraded to Equal Weight from Overweight at Morgan Stanley
12/12/18
12/12/18
DOWNGRADE
Target $58

Equal Weight
Morgan Stanley downgrades Verizon to Equal Weight, says good news priced in
As previously reported, Morgan Stanley analyst Simon Flannery downgraded Verizon to Equal Weight from Overweight, as he contends that the stock's 11% year-to-date advance prices in the company's good news, including its $4B free cash flow improvement this year. While Verizon has actively marketed itself as the first carrier to 5G, this may spur higher spending than currently estimated by consensus, said Flannery. He believes carriers could spend up to $40B on wireless spectrum over the next three years, with Verizon alone spending up to $18B, the analyst added. Additionally, he sees risk of an increased competitive environment. Flannery maintains a $58 price target on Verizon shares.
12/12/18
12/12/18
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. eBay (EBAY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Brian Nowak saying he had been wrong in his prior view about how quickly core marketplaces would deteriorate. 2. Bank of America (BAC) and Morgan Stanley (MS) were downgraded to Market Perform from Outperform at Keefe Bruyette. 3. Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying there are signs of increased phosphate exports from China, which have the potential to loosen the supply/demand balance in phosphate in 2019, leading to a weaker phosphate price dynamic. 4. Verizon (VZ) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Simon Flannery saying he contends that the stock's 11% year-to-date advance prices in the company's good news, including its $4B free cash flow improvement this year. 5. Fluor (FLR) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Jerry Revich saying Fluor management noted that it was underbid on a major U.S. liquefied natural gas project that the analyst expected to be a catalyst in 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NFLX Netflix
$270.91

8.03 (3.05%)

12/10/18
DZBN
12/10/18
INITIATION
Target $190
DZBN
Sell
Netflix initiated with a Sell at DZ Bank
Price target $190.
12/19/18
PIPR
12/19/18
NO CHANGE
Target $430
PIPR
Overweight
Piper search index points to 'strong' Q4 for Netflix domestic subs
Piper Jaffray analyst Michael Olson says his analysis of Netflix search trends points to a "strong" Q4 with potential upside for domestic subscribers, and likely in-line international numbers. Consensus calls for 10.0% year-over-year domestic sub growth in Q4 and Piper's search index points to 11.0% growth. For international, Q4 consensus calls for 36.7% year-over-year sub growth and Piper's index points to 46.0%. Olson, who tells investors not to directly apply these implied growth rates due to errors in the model, views the search index as "directionally positive" form the company's domestic numbers. The analyst sees a "high likelihood of a strong Q4 for Netflix domestic sub adds" and keeps an Overweight rating on the shares with a $430 price target.
12/17/18
MKMP
12/17/18
NO CHANGE
Target $415
MKMP
Buy
Netflix fundamentals, earnings potential 'as strong as ever,' says MKM Partners
MKM Partners analyst Rob Sanderson noted that Netflix has been the worst performing "FANG stock" in the past 1-month, 3-month and 6-month periods, though he believes the stock's macro-related weakness is creating an "excellent" buying opportunity. Netflix's fundamentals and earnings potential "remain as strong as ever," Sanderson tells investors. He maintains a Buy rating and $415 price target on the shares.
12/11/18
12/11/18
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. Netflix (NFLX) initiated with a Sell at DZ Bank. 2. Coherent (COHR) initiated with a Neutral at Goldman Sachs. 3. SMTC Corp. (SMTX) initiated with a Buy at B. Riley FBR. 4. Denny's (DENN) initiated with a Buy at Maxim. 5. Roche (RHHBY) assumed with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
NYT New York Times
$23.57

0.28 (1.20%)

12/14/18
12/14/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Tesla (TSLA) initiated with an Outperform at Wedbush and a Hold at Deutsche Bank. 2. New York Times (NYT) initiated with an Outperform at Evercore ISI. 3. Ford (F) and General Motors (GM) were initiated with a Buy at Deutsche Bank, while Autoliv (ALV) was initiated with a Sell. 4. AstraZeneca (AZN) initiated with a Buy at SunTrust while GlaxoSmithKline (GSK) was initiated with a Hold. 5. DaVita (DVA) initiated with an Overweight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
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
LEHM
11/06/18
DOWNGRADE
Target $18
LEHM
Underweight
Barclays downgrades New York Times to Underweight on valuation
Barclays analyst Kannan Venkateshwar downgraded New York Times (NYT) to Underweight from Equal Weight and lowered his price target for the shares to $18 from $20. The stock is up 50% this year, right between Amazon's (AMZN) 40% rally and Netflix's (NFLX) 64%, Venkateshwar tells investors in a research note. New York Times investors appear to have transitioned to a valuation framework based on digital net adds rather than earnings, says the analyst. However, he believes this valuation transition "is too premature and could force suboptimal choices on management." Venkateshwar says the valuation is "ahead of the story."
12/13/18
EVER
12/13/18
INITIATION
EVER
Outperform
New York Times initiated with an Outperform at Evercore ISI
P Pandora
$8.55

0.01 (0.12%)

11/06/18
ADAM
11/06/18
DOWNGRADE
Target $9
ADAM
Hold
Pandora downgraded to Hold from Buy at Canaccord
Canaccord analyst Maria Ripps downgraded Pandora (P) to Hold from Buy following its Q3 results. The analyst noted the results showed strong subscriber additions, growth in advertising, and improved gross margins. The company is being acquired by Sirius XM (SIRI), so Ripps lowered her price target to $9 from $11 on Pandora shares to be in-line with the implied deal price given the exchange ratio with Sirius XM.
10/24/18
GSCO
10/24/18
DOWNGRADE
Target $10
GSCO
Neutral
Pandora downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Heath Terry downgraded Pandora (P) to Neutral from Buy and lowered his price target to $10 from $12 after it announced the completion of its "go-shop" period as part of the acquisition process by SiriusXM (SIRI). The analyst notes that the company now enters a "no-shop" period which "limits its ability to solicit alternative proposals", adding that the deal's fixed share exchange ratio implies a "per share price of Pandora common stock of $8.14". Terry adds that his new price target also reflects the "compression in comp group multiples".
10/01/18
BMOC
10/01/18
DOWNGRADE
Target $10
BMOC
Market Perform
Pandora downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Daniel Salmon downgraded Pandora (P) to Market Perform from Outperform and lowered his price target to $10 from $13 after last week's announcement of a takeover by SiriusXM (SIRI). Given the all-stock deal, the analyst notes that Pandora performance will be tied to that of SiriusXM in the very near term, while also assigning about a 15% probability of a competitive bid emerging during the go-shop period, which lasts until October 24th. In his bear case, to which Salmon assigns about a 5% probability, the deal for Pandora falls through because of regulatory hurdles or shareholder objection.
12/10/18
RHCO
12/10/18
NO CHANGE
RHCO
Hold
Yelp could be worth closer to $50 in potential buyout, says SunTrust
SunTrust analyst Matthew Thornton believes that exploring a sale is an alternative for Yelp (YELP), whether to a strategic buyer or to private equity. To the former, the analyst recalls Yelp was reportedly approached in May 2015 and hired advisors, though nothing materialized in terms of a transaction. To the latter, SQN principals come from mid-market tech private equity backgrounds, he notes. Comparing Yelp to Pandora (P) and Web.com (WEB), the analyst points out that these assets have large inside salesforces and are in the process of being acquired or have been acquired recently by a strategic and by private equity, respectively. Further, Thornton notes that Yelp trades at about 2.3 times 2019 EV/gross profit versus Pandora and WEB at about 4 times, which could potentially value Yelp closer to $50. He maintains a Hold rating on Yelp's shares.
SPOT Spotify
$120.48

0.09 (0.07%)

11/02/18
NOMU
11/02/18
NO CHANGE
Target $190
NOMU
Buy
Spotify price target lowered to $190 from $210 at Nomura Instinet
Nomura Instinet analyst Mark Kelley lowered his price target for Spotify to $190 saying the company's results yesterday were ahead of the Street for both the advertising and subscription businesses. If the analyst had to point to one thing that is weighing on shares, it's the margin commentary for next year. However, he believes management is properly keeping expectations in check given the second half of 2018 margin benefit from lighter hiring. He keeps a Buy rating on the shares.
11/02/18
ADAM
11/02/18
NO CHANGE
Target $200
ADAM
Buy
Spotify price target lowered to $200 from $220 at Canaccord
Canaccord analyst Maria Ripps lowered her price target on Spotify to $200 from $220 following Q3 results. The analyst noted Q4 subscriber guidance was lowered slightly, but it is now in line with her expectations. She said subscriber growth continues on a strong path and believes that self-serve advertising growth should create margin upside over time. Ripps maintained her Buy rating on Spotify shares.
11/01/18
LOOP
11/01/18
NO CHANGE
Target $135
LOOP
Sell
Spotify price target lowred to $135 from $150 at Loop Capital
Loop Capital analyst Alan Gould lowered his price target on Spotify to $135 and kept his Sell rating after its in-line Q3 results and a reduction in the high-end of Q4 guidance. The analyst adds that while the stock has retreated in line with other igher multiple internet and streaming companies, he sees more downside pressure on belief that "library product is more critical in music than video and in a competitive music streaming market the music oligopoly will capture most of the incremental profits".
11/16/18
MKMP
11/16/18
NO CHANGE
Target $415
MKMP
Buy
Netflix, Amazon price targets raised at MKM Partners
MKM Partners analyst Rob Sanderson raised his price targets on Buy rated Netflix (NFLX) and Amazon (AMZN) to $415 from $395 and $2,240 from $2,215 respectively as part of his broader research note titled "Victims of Risk-off Environment; Recommend Buying Weakness". The analyst states that these stocks have been among the weaker performers in the underperforming Internet sector, but should become "excellent performers" over the next 12 months if his view attributing the recent correction in the broader market to a late-cycle pause amidst geo-political uncertainty and Fed concerns proves to be correct. As part of this research note, Sanderson also keeps his Buy rating on Spotify (SPOT) but lowers its price target to $200 from $245, applying a 25-times forward earnings multiple in rolling out his valuation to 2022, with added currency related pressure against the "much less contentious" expected renewal rates in 2019.
MSFT Microsoft
$103.97

0.99 (0.96%)

12/03/18
STFL
12/03/18
NO CHANGE
Target $190
STFL
Hold
After proxy, Stifel says Google could come back with bid for Red Hat
After Red Hat (RHT) filed a proxy on Friday evening related to its pending acquisition by IBM (IBM) that mentioned three other parties interested in a potential purchase, Stifel analyst Brad Reback said he believes that "Party A" in the filing is Microsoft (MSFT), that "Party B" is Google (GOOGL) and that "Party C" is Amazon (AMZN). If he is correct with that assessment of the identities of the parties, it is a clear indication that Red Hat shopped itself to the "logical players" during the negotiation process, said Reback, who believes there is still a chance Google may come back and make a bid for Red Hat given the change of leadership in the Google Cloud unit. The analyst, who views Red Hat as a unique asset with strong enterprise relationships, hybrid cloud capabilities, and an open source heritage, keeps a Hold rating and $190 price target on the stock given the existing deal with IBM.
11/29/18
WEDB
11/29/18
NO CHANGE
Target $140
WEDB
Outperform
Wedbush bullish on Microsoft into 2019 given Azure cloud momentum
Wedbush analyst Daniel Ives believes Microsoft remains in an "enviable" position heading into 2019 on the heels of its cloud success and is firing on all cylinders around its Office 365 and Azure strategic vision based on his recent checks. The analyst thinks the shift to cloud is a major secular trend that is significantly benefiting Microsoft in the field as a key tailwind and should continue its momentum heading into the next 12-18 months. Ives is bullish on the stock into 2019 given his thesis that Azure's cloud momentum is still in its early days of playing out with the company's massive installed base, Office 365 transition on consumer/enterprise providing growth tailwinds for the next 12 to 18 months at least, and newer integrated product initiatives around consumers and cloud services are still playing out within Redmond's ubiquitous installed base of consumers and enterprises worldwide. He reiterates an Outperform rating and $140 price target on the shares.
11/28/18
JEFF
11/28/18
NO CHANGE
Target $2300
JEFF
Buy
Jefferies pegs potential value of Amazon Web Services at $350B
The momentum of Amazon Web Services is evident with three days still left in the annual re:Invent Cloud conference, Jefferies analyst Brent Thill tells investors in a research note. Enterprise customers are making bigger commitments earlier with AWS, increasing partner deal sizes 3.5 times, says the analyst. He forecasts AWS revenue to hit $71B by 2020, potentially worth $350B versus Amazon's current market capitalization of $800B. Thill believes AWA is competing well against Oracle (ORCL) and Microsoft (MSFT). The analyst keeps a Buy rating on Amazon with a $2,300 price target.
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.

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SNAP

Snap

$13.27

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Facebook

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Facebook

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TWTR

Twitter

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GOOG

Alphabet

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GOOGL

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AMZN

Amazon.com

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ALXN

Alexion

$105.87

6.645 (6.70%)

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GOOG

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11.8 (0.95%)

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Alphabet

$1,254.75

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Alphabet Class A

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CC

Chemours

$17.16

1.1 (6.85%)

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T

AT&T

$37.80

-0.38 (-1.00%)

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News Corp

$14.23

0.03 (0.21%)

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CNN working on digital news service, Information says »

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NWS

News Corp

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0.03 (0.21%)

NWSA

News Corp.

$13.86

0.01 (0.07%)

FB

Facebook

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2.26 (1.24%)

AAPL

Apple

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2.44 (1.02%)

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F

Ford

$9.06

-0.005 (-0.06%)

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General Motors

$36.14

-0.185 (-0.51%)

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Ford

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GM

General Motors

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HEXO

Hexo

$2.54

-0.05 (-1.93%)

12:45
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Hot Stocks
Breaking Hot Stocks news story on Hexo 

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NLY

Annaly Capital

$8.94

0.05 (0.56%)

12:45
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Annaly Capital call volume above normal and directionally bullish »

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INTC

Intel

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-0.175 (-0.34%)

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SoftBank

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Intel files suit against SoftBank's Fortress over patents, Reuters says »

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Intel

$51.83

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SFTBF

SoftBank

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C

Citi

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0.03 (0.04%)

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Judge says Citi claim against Czech miner OKD is eligible, Reuters says »

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ALXN

Alexion

$105.68

6.46 (6.51%)

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SHI

Sinopec Shanghai

$28.18

-0.44 (-1.54%)

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SoftBank

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We Company

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WeWork's Claure tells staff layoffs are in the works, Reuters says »

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We Company

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BMY

Bristol-Myers

$53.89

-0.55 (-1.01%)

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Roche

$0.00

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Trump to nominate Stephen Hahn as FDA commissioner, WSJ reports »

President Trump intends…

BMY

Bristol-Myers

$53.89

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RHHBY

Roche

$0.00

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NVS

Novartis

$86.51

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GSK

GlaxoSmithKline

$43.27

0.76 (1.79%)

AZN

AstraZeneca

$44.61

0.69 (1.57%)

SNY

Sanofi

$45.54

0.23 (0.51%)

PFE

Pfizer

$36.63

0.19 (0.52%)

MRK

Merck

$82.39

1.09 (1.34%)

LLY

Eli Lilly

$106.97

-3.03 (-2.75%)

JNJ

Johnson & Johnson

$130.13

0.95 (0.74%)

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HEXO

Hexo

$2.54

-0.05 (-1.93%)

12:32
10/23/19
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12:32
Syndicate
Hexo announces C$70M private placement of convertible debentures »

Hexo Corp announced that…

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CRM

Salesforce

$145.02

2.75 (1.93%)

12:30
10/23/19
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Options
Heavy delta short term call buyer in Salesforce »

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DYMEF

DionyMed Brands

$0.00

(0.00%)

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Hot Stocks
DionyMed Brands receives court application seeking to appoint receiver »

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CMG

Chipotle

$785.08

-46.605 (-5.60%)

12:29
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Periodicals
Hedgeye sees 30% downside in Chipotle, adds to Best Idea Short List 

Reported by Bloomberg.

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BA

Boeing

$340.95

3.5 (1.04%)

, CAT

Caterpillar

$133.30

-0.39 (-0.29%)

12:28
10/23/19
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12:28
On The Fly
Fly Intel: Wall Street's top stories at midday »

Stocks have been a bit…

BA

Boeing

$340.95

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CAT

Caterpillar

$133.30

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TXN

Texas Instruments

$120.05

-8.56 (-6.66%)

LLY

Eli Lilly

$106.95

-3.05 (-2.77%)

FB

Facebook

$184.57

2.3 (1.26%)

ADI

Analog Devices

$106.03

-4.88 (-4.40%)

MCHP

Microchip

$93.22

-3.09 (-3.21%)

XLNX

Xilinx

$94.81

-1.2 (-1.25%)

NXPI

NXP Semiconductors

$104.12

-3.62 (-3.36%)

TNK

Teekay Tankers

$2.21

0.22 (11.06%)

WGO

Winnebago

$46.96

4.17 (9.75%)

TMO

Thermo Fisher

$296.86

15.97 (5.69%)

SNAP

Snap

$13.22

-0.78 (-5.57%)

REZI

Resideo

$9.06

-6.11 (-40.28%)

LRN

K12

$20.03

-4.81 (-19.36%)

CMG

Chipotle

$784.15

-47.535 (-5.72%)

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SPLK

Splunk

$117.82

7.41 (6.71%)

12:25
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Options
Splunk call volume above normal and directionally bullish »

Bullish option flow…

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TMO

Thermo Fisher

$297.03

16.14 (5.75%)

12:23
10/23/19
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12:23
Recommendations
Thermo Fisher analyst commentary  »

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