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HPQ

HP Inc.

$21.48

0.27 (1.27%)

, ADBE

Adobe

$237.71

2.29 (0.97%)

04:55
01/11/19
01/11
04:55
01/11/19
04:55

Consumer Technology Association to hold a conference

CES 2019 will be held in Las Vegas on January 7-11.

HPQ

HP Inc.

$21.48

0.27 (1.27%)

ADBE

Adobe

$237.71

2.29 (0.97%)

SAP

SAP

$103.41

0.76 (0.74%)

CCL

Carnival

$52.30

0.3197 (0.62%)

ON

ON Semiconductor

$17.89

0.06 (0.34%)

TMUS

T-Mobile

$68.02

0.33 (0.49%)

IBM

IBM

$121.73

1.02 (0.85%)

FB

Facebook

$144.22

(0.00%)

CSCO

Cisco

$43.24

-0.09 (-0.21%)

C

Citi

$56.44

0.06 (0.11%)

MSFT

Microsoft

$103.60

-0.71 (-0.68%)

BABA

Alibaba

$151.72

-0.16 (-0.11%)

F

Ford

$8.68

-0.035 (-0.40%)

GE

General Electric

$8.94

0.435 (5.11%)

NVDA

Nvidia

$145.17

2.47 (1.73%)

R

Ryder

$55.10

0.53 (0.97%)

TEN

Tenneco

$31.38

0.19 (0.61%)

GOOG

Alphabet

$1,070.59

-5.22 (-0.49%)

AXP

American Express

$98.24

-0.59 (-0.60%)

EBAY

eBay

$30.58

0.29 (0.96%)

CMCSA

Comcast

$35.83

-0.24 (-0.67%)

NOK

Nokia

$6.15

-0.065 (-1.05%)

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HPQ HP Inc.
$21.48

0.27 (1.27%)

12/26/18
STPT
12/26/18
INITIATION
STPT
Buy
HP Inc. initiated with a Buy at Standpoint Research
Standpoint Research analyst Ronnie Moas initiated HP Inc. with a Buy rating.
12/11/18
WOLF
12/11/18
INITIATION
Target $14
WOLF
Underperform
HP Enterprise initiated with an Underperform at Wolfe Research
Wolfe Research analyst Steven Milunovich started HP Enterprise (HPE) with an Underperform rating and $14 price target, stating that in enterprise computing he prefers HP Inc (HPQ) and NetApp (NTAP). HP Enterprise's outlook is more dependent on execution than strategy at this point, Milunovich added.
12/11/18
WOLF
12/11/18
INITIATION
Target $28
WOLF
Outperform
HP Inc. initiated with an Outperform at Wolfe Research
Wolfe Research analyst Steven Milunovich initiated HP Inc. with an Outperform and $28 price target.
11/30/18
BMOC
11/30/18
NO CHANGE
Target $22
BMOC
Market Perform
HP Inc Q4 results 'largely without surprise', says BMO Capital
BMO Capital analyst Tim Long kept his Market Perform rating and $22 price target on HP Inc but lowered his FY19 EPS view to $2.20 from $2.24 after the company's Q4 earnings and affirmed FY19 guidance. The analyst notes that the quarter was "a bit better than expectations", but the discussion of CPU shortages coming as anticipated should still make for a slower first half of the year. Long contends that HP will remain held back by the tough end markets, opting to wait for "more contribution from new growth areas".
ADBE Adobe
$237.71

2.29 (0.97%)

01/07/19
PIVT
01/07/19
UPGRADE
Target $262
PIVT
Buy
Adobe upgraded to Buy from Hold at Pivotal Research
Pivotal Research analyst Brian Wieser upgraded Adobe to Buy and raised his price target for the shares to $262 from $252. The analyst continues to look at the marketing technology sector favorably and believes Adobe is well positioned within the space. He views the stock as "compelling" following the recent selloff. Adobe has the capacity to bundle related and integrated products to its customers, even if most customers will only choose to use a subset of those products alongside others from Adobe's competitors, says Wieser.
01/07/19
01/07/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. General Motors (GM) upgraded to Outperform from Market Perform at BMO Capital with analyst Richard Carlson citing a "brighter spotlight" being placed on the GM Cruise model in 2019 leading to more appropriate value being priced into the shares. 2. Alphabet (GOOG, GOOGL), Adobe (ADBE), and Salesforce (CRM) were upgraded to Buy from Hold at Pivotal Research. 3. Citi (C) upgraded to Outperform from Neutral at Macquarie with analyst David Konrad saying despite macro uncertainties, he sees Citi's stock as compelling due to his expectations for improving performance, continued operating leverage and credit risk concerns that he views as overdone. 4. Micron (MU) upgraded to Outperform from Market Perform at BMO Capital with analyst Ambrish Srivastava citing valuation. 5. Dillard's (DDS) upgraded to Neutral from Underweight at JPMorgan with analyst Matthew Boss saying he sees a more balanced risk/reward with the stock underperforming the over the past few years. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/09/19
ATLE
01/09/19
INITIATION
Target $250
ATLE
Neutral
Adobe initiated with a Neutral at Atlantic Equities
Atlantic Equities analyst Dimitri Kallianiotis started Adobe with a Neutral rating and $250 price target, stating that while he is positive on the enterprise software sector he believes that other names in the space offer higher long-term growth with cheaper valuations.
01/07/19
PIPR
01/07/19
NO CHANGE
Target $110
PIPR
Overweight
Piper ups targets for Twilio, Zendesk and makes 'wild' Software predictions
In a research note previewing the year ahead for Application and Infrastructure Software, Piper Jaffray analyst Alex Zukin raised his price target for Twilio (TWLO) to $110 from $95 and for Zendesk (ZEN) to $85 from $72.50. The analyst keeps Overweight ratings on both names. His top picks for 2019 are Twilio, Zendesk and Adobe (ADBE). Zukin believes all three possess a combination of "strong fundamentals given their respective leadership positions in large markets and positive numbers revisions on already discounted valuations vs. peers." The analyst also made some "wild predictions of potential industry shaking events." He admits these are "low probability" predictions. The first one is Amazon.com (AMZN) spinning out Web Services. The second "wild" prediction is Oracle (ORCL) going private. The third is Google (GOOG, GOOGL) buying ServiceNow (NOW). And the fourth is Salesforce agreeing to merge with Workday (WDAY) in an all-stock transaction.
SAP SAP
$103.41

0.76 (0.74%)

11/16/18
KEYB
11/16/18
NO CHANGE
Target $56
KEYB
Overweight
BlackLine price target cut to $56 from $65 at KeyBanc
KeyBanc analyst Brent Bracelin lowered his price target on BlackLine (BL) to $56 but maintained an Overweight rating, citing a favorable risk/reward and a strong competitive moat in cloud accounting. In a research note to investors, Bracelin says that despite positive feedback at the user conference this week, he is lowering our 2019 revenue estimates by $17.7M based on risks that could temper 2019 growth but provide a stronger foundation for upside in 2020, including SAP's (SAP) shift to a revenue-share model starting in Q4 and sales investments by new leadership that may take more time given several new hires joined in late summer.
11/06/18
JMPS
11/06/18
INITIATION
Target $29
JMPS
Outperform
Anaplan initiated with an Outperform at JMP Securities
JMP Securities analyst Patrick Walravens initiated Anaplan (PLAN) with an Outperform rating and $29 price target, stating that he believes it is well-positioned to increase its share of the worldwide performance management and analytic applications software market from about 1% today to about 3% in 2022. He sees the company being able to take share from Excel-based solutions, homegrown products, and incumbents such as Oracle (ORCL), IBM (IBM), and SAP (SAP), Walravens added.
10/22/18
10/22/18
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. Intel (INTC) upgraded to Buy from Neutral at Nomura Instinet with analyst Romit Shah saying he believes Intel is a buy at current share levels. 2. AT&T (T) upgraded to Buy from Neutral at Tigress Financial with analyst Ivan Feinseth saying the upcoming launch of its high-speed 5G wireless communication network and the integration of Time Warner's content "creates a significant investment opportunity." 3. M&T Bank (MTB) upgraded to Overweight from Neutral at Piper Jaffray with analyst Kevin Barker saying this quarter, M&T's deposit base remained steady, its loan/deposit ratio declined and management felt confident the ratio would remain in the 95%-100% range for the foreseeable future. 4. Chipotle (CMG) upgraded to Outperform from Sector Perform at RBC Capital with analyst David Palmer saying while Q3 earnings may be "lackluster," he expects comps to improve from 4% to 6% through the second half of FY19 and raises his FY20 EPS vie to $16.30 from $15.86 on implied 3-turn multiple increase to 31-times forward earnings. 5. SAP (SAP) upgraded to Buy from Neutral at UBS with analyst Michael Briest saying the company deserves credit for sustaining 6%-10% underlying sales growth over the past 12 quarters, with "impressive" cloud growth at scale. 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
UBSW
10/22/18
UPGRADE
UBSW
Buy
SAP upgraded to Buy from Neutral at UBS
UBS analyst Michael Briest upgraded SAP to Buy and raised his price target for the shares to EUR 110 from EUR 108 following last week's Q3 results. The company deserves credit for sustaining 6%-10% underlying sales growth over the past 12 quarters, with "impressive" cloud growth at scale, Briest tells investors in a research note titled "Reality checked. Upgrade to Buy." Further, the analyst sees signs that SAP's cash flow will improve in 2019 as spending growth moderates.
CCL Carnival
$52.30

0.3197 (0.62%)

01/10/19
WELS
01/10/19
NO CHANGE
Target $70
WELS
Outperform
Carnival price target lowered to $70 from $76 at Wells Fargo
Wells Fargo analyst Timothy Conder lowered his price target for Carnival to $70 from $76, while reiterating an Outperform rating on the shares. The analyst believes overall cruise industry demand remains strong based on his contacts and feels investor concerns, following Carnival's December 20th FY2019 guidance, of industry European passenger sourced pricing being an issue appear misplaced.
12/26/18
STPT
12/26/18
INITIATION
STPT
Accumulate
Carnival initiated with an Accumulate at Standpoint Research
Standpoint Research analyst Ronnie Moas initiated Carnival with an Accumulate rating.
12/21/18
RHCO
12/21/18
NO CHANGE
Target $67
RHCO
Buy
Carnival price target lowered to $67 from $77 at SunTrust
SunTrust analyst C. Patrick Scholes lowered his target PE multiple for Carnival to stay in keeping with the S&P 500 and cut his price target on the stock to $67 from $77 following the company's Q4 results, stating that while the company's guidance is likely conservative that supply growth in Europe is diluting demand. He keeps a Buy rating on Carnival, but says the stock will likely be range-bound until next earnings.
01/10/19
JPMS
01/10/19
NO CHANGE
JPMS
JPMorgan says stay long Royal Caribbean, Norwegian on 'depressed' valuations
JPMorgan analyst Brandt Montour tells investors to stay long shares of Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) given the companies' "depressed" valuations. The analyst is positive on Cruise shares in 2019 as he sees "strong/stable" fundamentals. The stocks can outperform from here as operators continue to execute modest organic pricing/net yield growth and low-teens earnings growth, says the analyst. He keeps Overweight ratings on Royal and Norwegian and a Neutral rating on Carnival (CCL).
ON ON Semiconductor
$17.89

0.06 (0.34%)

11/14/18
MSCO
11/14/18
NO CHANGE
MSCO
Underweight
Morgan Stanley says auto semiconductor estimates still too high
Morgan Stanley analyst Craig Hettenbach sees pressure building toward an eventual reset in the first half of 2019 for semiconductor companies that have so far characterized their automotive business as "stable." He believes estimates are still too high in autos and notes that his 2019 EPS estimate is 15% below the Street for ON Semiconductor (ON) and 5% below consensus for Sensata (ST). Having braced for a greater degree of negativity, Hettenbach was surprised that commentary on autos was mixed during earnings season, and he sees companies that have been slower to reset expectations being more susceptible to order reductions as suppliers and OEMs adjust to weaker than expected production, he tells investors. The analyst reiterates his Underweight ratings on both ON and Sensata.
12/03/18
CHLM
12/03/18
NO CHANGE
CHLM
Auto suppliers should recover after U.S./China trade news, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss expects auto supplier stocks to recover after positive meetings between President Trump and Chinese counterpart over the weekend. The analyst notes that 25% tariffs were pushed out 90 days to get final deal, and argues that automotive suppliers are too cheap and should work higher on the news. Stoss remains a buyer of STMicroelectronics (STM), ON Semiconductor (ON), and Cypress Semiconductor (CY) at current levels.
01/03/19
MSCO
01/03/19
NO CHANGE
MSCO
Skyworks, Qorvo among semi names with most Apple exposure, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach maintains his Cautious view on the Semiconductors sector, telling investors that the sizeable iPhone miss in China and a weaker China PMI reading this week provide further evidence of a strong downward bias in "the most important growth region for semis." He sees more reasons for investors to reduce exposure to semis, rather than add, ahead of what he expects to be a challenging earnings season, Hettenbach noted. In terms of exposure to Apple (AAPL), he estimates Skyworks (SWKS) has 45% exposure, followed by Qorvo (QRVO) at about 35% and Broadcom (AVGO) at 15%- 20%. Beyond the companies with the greatest Apple exposure, Hettenbach also highlight risks to broad-based suppliers such as Texas Instruments (TXN), Amphenol (APH), ON Semiconductor (ON), NXP Semiconductors (NXPI), Analog Devices (ADI) and Cypress Semiconductor (CY), calling out ON as his top Underweight idea.
01/10/19
CHLM
01/10/19
NO CHANGE
Target $25
CHLM
Buy
ON Semiconductor risk/reward 'hard to ignore,' says Craig-Hallum
Craig-Hallum analyst Anthony Stoss notes that ON Semiconductor (ON) has not been spared in the recent selloff in semi/Apple (AAPL) suppliers. However, at just under 9 times FY2019 EPS the risk/reward is "hard to ignore," he contends. Stoss believes that content gains in auto and 5G base station builds will keep ON outperforming. He reiterates a Buy rating and $25 price target on ON's shares.
TMUS T-Mobile
$68.02

0.33 (0.49%)

01/09/19
GSCO
01/09/19
NO CHANGE
GSCO
T-Mobile net add beat signals continued subscriber momentum, says Goldman Sachs
Goldman Sachs analyst Brett Feldman notes that T-Mobile released its preliminary Q4 results, with postpaid phone net adds of 1.02M beating his estimate of 950k and consensus of 829k, and postpaid phone churn of 0.99% beating his estimate of 1.08% and consensus of 1.04%. This is the first time that T-Mobile has reported postpaid phone churn below 1.0% and the first quarter in which postpaid phone net adds have exceeded 1M since Q4 of 2014, he points out. Feldman believes the net adds beat signals continued wireless sector subscriber momentum.
11/01/18
GUGG
11/01/18
INITIATION
Target $8.5
GUGG
Buy
T-Mobile initiated with a Buy at Guggenheim
Guggenheim initiated T-Mobile with a Buy and $8.50 price target.
11/01/18
11/01/18
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 a Neutral at Roth Capital. 2. T-Mobile (TMUS) initiated with a Buy at Guggenheim. 3. Kosmos (KOS) initiated with a Buy at Berenberg. 4. Sellas Life Sciences (SLS) initiated with an Outperform at Oppenheimer. 5. OFS Credit (OCCI) initiated with a Buy at Ladenburg. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/18
JMPS
11/15/18
NO CHANGE
JMPS
Market Perform
Cisco results bode well for Arista Networks, Nutanix, says JMP Securities
JMP Securities analyst Erik Suppiger noted that Cisco (CSCO) reported Q1 EPS and revenues ahead of consensus, stating that he believes the "robust" results bode well for the broader networing and security markets, including vendors such as Arista Networks (ANET), Nutanix (NTNX), Extreme Networks (EXTR) and Palo Alto Networks (PANW). Service provider bookings had positive growth for the second consecutive quarter, though management acknowledged that the growth may not be sustainable and Suppiger said he thinks this quarter included a large deal with T-Mobile (TMUS). The strength in data center and campus switching that Cisco called out suggests market demand trends are favorable for Arista and Extreme Networks, said the analyst. The strength in Cisco's hyperconverged infrastructure product, HyperFlex, suggests demand is favorable for Nutanix, he added. Suppiger, who views Cisco shares as fairly valued, keeps a Market Perform rating on the stock.
IBM IBM
$121.73

1.02 (0.85%)

12/17/18
RBCM
12/17/18
NO CHANGE
Target $167
RBCM
Outperform
IBM price target lowered to $167 from $175 at RBC Capital
RBC Capital analyst Amit Daryanani lowered his calendar year 2019 and 2020 revenue and EPS forecast for IBM to reflect software asset sales and the fact that recent foreign exchange moves have been worse than what the company guided for, creating another potential headwind. Given his lower estimates, Daryanani cut his price target on IBM shares to $167 but maintains an Outperform rating on the stock.
12/20/18
SBSH
12/20/18
DOWNGRADE
Target $26
SBSH
Neutral
Citi downgrades Sanmina to Neutral, cuts IBM target to $125
Citi analyst Jim Suva downgraded Sanmina (SANM) to Neutral from Buy and lowered his price target for the shares to $26 from $35. The analyst also cut his price target for Neutral-rated IBM (IBM) to $125 from $165. The outlook for 2019 shows slowing growth across most end markets, Suva tells investors in a research note. As such, he expects tech companies to increase their M&A actions coupled with production or sourcing moves away from China.
12/11/18
WOLF
12/11/18
INITIATION
Target $130
WOLF
Peer Perform
IBM initiated with a Peer Perform at Wolfe Research
Wolfe Research analyst Steven Milunovich initiated IBM with a Peer Perform and $130 price target saying unwieldy size has been the undoing of leaders and disruptive technology has disadvantaged incumbents.
12/18/18
BTIG
12/18/18
NO CHANGE
Target $176
BTIG
Neutral
Red Hat results saw 'soft subscription revenues but strong billings', says BTIG
BTIG analyst Joel Fishbein kept his Neutral rating and $176 price target on Red Hat (RHT) after its Q3 results, saying that its subscription revenue miss was impacted by currency headwinds. The analyst is positive on the company's "strong billings", which he sees as a better leading indicator of business, adding that Red Hat looks to be "regaining its footing as it attempts to get back on track after working through some kinks in the subscription model." Fishbein further notes that this latest quarter "does nothing" to alter his view that the Red Hat - IBM (IBM) deal is likely to close, and that Red Hat shares will approach the $190 takeout price.
FB Facebook
$144.22

(0.00%)

01/10/19
01/10/19
UPGRADE
Target $39

Buy
BofA/Merrill upgrades Twitter two notches to Buy following social user survey
As previously reported, BofA Merrill Lynch analyst Justin Post upgraded Twitter (TWTR) two notches, to Buy from Underperform, after conducting a survey in early December of more than 1,000 U.S. consumers ages 18-65. The survey showed Twitter penetration increased to 48% of respondents and the percentage of users reporting deceased usage fell slightly. Improving metrics in the 18-29 demographic suggest more younger users are turning to Twitter, noted Post. The analyst, who sees Twitter as a strong play on video ad dollars shifting online and advertisers potentially diversifying their ad spending, raised his price target on Twitter shares to $39. Post added in the note to investors that the survey suggested Google (GOOGL) and Facebook's (FB) Instagram have the most positive usage trends, while the negative effects from Snap's (SNAP) redesign appear to have continued.
01/10/19
JPMS
01/10/19
NO CHANGE
Target $44
JPMS
Overweight
Twitter named a 2019 best Internet idea at JPMorgan
JPMorgan analyst Doug Anmuth names Twitter (TWTR) a best Internet idea for 2019 along with Facebook (FB) and Amazon.com (AMZN). Twitter shares increased 20% in 2018 on "continued solid" daily active user growth, "significant" revenue re-acceleration following 2017 declines, and the company's first full year of GAAP profitability, Anmuth tells investors in a research note. Going into 2019, he believes Twitter is making "meaningful progress on its health work identifying malicious and spammy content." Quality improvements should drive benefits to usage and advertising revenue long-term, adds the analyst. Further, Anmuth's channel checks suggest Twitter's advertising products and improving return on investment "are increasingly resonating with marketers." The analyst lowered his price target for the shares to $44 from $45 and keeps an Overweight rating on Twitter. The stock closed yesterday up 44c to $32.25 and is up 3% in premarket trading to $33.26 after BofA/Merrill analyst Justin Post double upgraded his rating on Twitter to Buy from Underperform.
01/10/19
MSCO
01/10/19
DOWNGRADE
Target $29
MSCO
Underweight
Morgan Stanley sees revenue headwinds for Yelp, downgrades to Underweight
As previously reported, Morgan Stanley analyst Brian Nowak downgraded Yelp (YELP) to Underweight from Equal Weight as he identified three building revenue headwinds that he believes will lead to negative revisions and underperformance of the stock. First, Nowak sees the increased flexibility of Yelp's new non-term agreements leading to lower spend per customer. Second, he sees pricing compression risk given that his ad pricing analysis shows Yelp's average cost per click is still over four times higher than Google (GOOGL) and Facebook (FB). Third, he expects Yelp's declining user base to further hold back spend per customer. Nowak cut his price target on Yelp shares to $29 from $31, noting that his revised FY19 and FY20 EBITDA estimates are now 2% and 6%, respectively, below consensus.
01/09/19
ARGS
01/09/19
NO CHANGE
Target $206
ARGS
Buy
Argus remains positive on Facebook as a 'dominant social media site'
Argus analyst Joseph Bonner kept his Buy rating and $206 price target on Facebook, saying that in spite of the "challenging near term outlook" of slowing revenue and rising costs in 2019, the company justifies a bullish stance based on its position as the "dominant social media site". The analyst contends that Facebook's Messenger and WhatsApp have all reached a critical mass of users and continue to be monetized, while the 26% decline in its stock price last year has been a "positive for valuation".
CSCO Cisco
$43.24

-0.09 (-0.21%)

12/14/18
TIGR
12/14/18
NO CHANGE
TIGR
Tigress Financial sees significant upside in Cisco shares
Tigress Financial analyst Ivan Feinseth reiterated a Buy rating on Cisco as the "ongoing transition to more value-added, software-defined networking continues to drive an increasing return on capital." Feinseth also sees Cisco benefiting from the rapid growth of its IT and data security service offerings. He concludes that "significant upside exists from current levels" and he continues to recommend purchase.
12/18/18
PIPR
12/18/18
NO CHANGE
PIPR
Cisco's Luxtera deal negative for Finisar and Applied Opto, says Piper Jaffray
Piper Jaffray analyst James Fish notes that the $660M acquisition of Luxterra announced by Cisco (CSCO) yesterday will have "mostly negative" impact on datacom focused optical transceiver suppliers Finisar (FNSR) and Applied Optoelectronics (AAOI). For the former, the analyst notes that Finisar generates about 75% of revenues from datacom transceivers and has frequently experienced Cisco as a 10% plus customer, adding that the vertical integration of the deal will diminishing Cisco's need for merchant transceivers. For the latter, the analyst notes that while Applied Optoelectronics does not "directly sell these components", the Luxterra deal shrinks its market and may lead to more aggressive price moves by the competitors. Fish also sees Fabrinet (FN) as a direct beneficiary of the Luxterra deal given its position as its contract manufacturer that stands to benefit "as Cisco ramps production of SiP transceivers."
12/18/18
RILY
12/18/18
NO CHANGE
RILY
Luxtera buyout negative for Finisar, Applied Optoelectronics, says B. Riley FBR
B. Riley FBR analyst Dave Kang views Cisco Systems' (CSCO) acquisition of Luxtera as a negative for Finisar (FNSR) and Applied Optoelectronics (AAOI). The analyst has Neutral ratings on both stocks.
12/18/18
LEHM
12/18/18
NO CHANGE
LEHM
Cisco acquisition of Luxtera a negative for Macom, says Barclays
Barclays analyst Blayne Curtis views the acquisition of Luxtera by Cisco Systems (CSCO) as a negative for Macom Technology Solutions (MTSI). Cisco is the lead customer for Macom's PSM4 solution but revenue hasn't been seen yet, Curtis tells investors in a research note. He also points out that Macom does not seem to have much traction outside of Cisco for the product. Further, Curtis sees the Luxtera takeover as modest longer term negative for Inphi (IPHI). With respect to CWDM4, the analyst thinks the deal could put pressure on Intel (INTC), Maxim Integrated Products (MXIM) and Macom starting in late 2019 as Luxtera has its own analog solutions.
C Citi
$56.44

0.06 (0.11%)

01/09/19
UBSW
01/09/19
UPGRADE
Target $32
UBSW
Buy
Bank of America upgraded to Buy from Neutral at UBS
UBS analyst Saul Martinez upgraded Bank of America (BAC) to Buy while lowering his price target for the shares to $32 from $33. The current share price offers an attractive entry point for a "leading franchise with proven risk and expense discipline and above peer profitability," Martinez tells investors in a research note. He believes that even with slowing revenue growth, Bank of America should continue improving efficiency metrics. Further, the company looks "comparatively well positioned to withstand a turn in credit," adds the analyst. Citigroup (C) remains Martinez's top pick among money centers.
01/07/19
01/07/19
UPGRADE
Target $76

Outperform
Citi upgraded to Outperform following 2018 underperformance at Macquarie
As previously reported, Macquarie analyst David Konrad upgraded Citi to Outperform from Neutral, partly due to valuation after the stock underperformed peers in 2018. Despite macro uncertainties, he sees Citi's stock as compelling due to his expectations for improving performance, continued operating leverage and credit risk concerns that he views as overdone, Konrad tells investors. However, Konrad lowered his price target on Citi shares to $76 from $83.
01/07/19
MACQ
01/07/19
UPGRADE
MACQ
Outperform
Citi upgraded to Outperform from Neutral at Macquarie
MSFT Microsoft
$103.60

-0.71 (-0.68%)

01/10/19
MSCO
01/10/19
NO CHANGE
Target $130
MSCO
Overweight
Survey gives Morgan Stanley confidence 'secular can trump cyclical' at Microsoft
Morgan Stanley analyst Keith Weiss said the firm's survey of 100 U.S. and European CIOs points to "strong" 2019 IT budget growth expectations of 4.7% year-over-year, which he notes is relatively in line with the 4.9% budget growth expected for 2018. The slight deceleration comes mostly from weaker European spending plans, as growth expectations among U.S. CIOs actually steps up to 5.5% growth called for in 2019 versus 5.3% for 2018, Weiss added. While investors' concerns about the durability of software growth broadly, and the durability of the more cyclical aspects of the Microsoft portfolio, are rising, the CIO survey gives Weiss confidence that the strong secular demand trends driving Microsoft's top-line should trump potential cyclical headwinds, he tells investors. Weiss keeps an Overweight rating on Microsoft with a $130 price target.
01/08/19
KEYB
01/08/19
NO CHANGE
KEYB
Microsoft, Salesforce among top Software stocks to own in 2019, says KeyBanc
KeyBanc analyst Brent Bracelin notes that despite challenging market conditions during Q4, the 45 software applications in his coverage universe outperformed the broader market by a wide margin. While industry conditions for application software appear more volatile entering 2019, the analyst sees a favorable backdrop for modern cloud-based applications with recurring subscription-based revenue models and continues to favor growth over value. His top software application stocks to own for 2019 include Microsoft (MSFT), Synopsys (SNPS), PTC (PTC), RealPage (RP), Talend (TLND), Salesforce (CRM), Shopify (SHOP), Twilio (TWLO), Avalara (AVLR).
01/03/19
PIPR
01/03/19
NO CHANGE
Target $187
PIPR
Overweight
Piper Jaffray says Apple's iOS retains dominant mobile platform position
Piper Jaffray analyst Michael Olson kept his Overweight rating and $187 price target on Apple after conducing an annual survey of CIOs from over 10 industries. The analyst notes that the survey gauged the reach of mobile platforms and devices supported and deployed, and the findings indicate that the iOS still hold a "dominant share of mobile platforms supported and devices provided". Olson adds that Apple's iOS and Microsoft's (MSFT) Windows "actually gained ground" relative to last year, while Android (GOOGL) lost market share.
01/10/19
KEYB
01/10/19
NO CHANGE
KEYB
KeyBanc remains bullish on MongoDB as Amazon unveils DocumentDB
KeyBanc analyst Brent Bracelin Amazon (AMZN) has unveiled a new cloud database called DocumentDB that emulates API functionality similar to MongoDB (MDB). The analyst believes this increases the competitive overlap with Amazon, but also validates the need for MongoDB's patented document-oriented database. We remain bullish on the prospects for MongoDB to sustain high growth based on a large $63B TAM that can support multiple players, differentiated functionality in MongoDB version 4.0 versus Amazon DocumentDB emulating version 3.6, and proprietary data analysis that validates robust MongoDB growth on Microsoft's (MSFT) Azure and Google (GOOGL; GOOG) Cloud suggests customers increasingly desire multi-cloud functionality.
BABA Alibaba
$151.72

-0.16 (-0.11%)

11/13/18
MKMP
11/13/18
NO CHANGE
Target $245
MKMP
Buy
Alibaba price target lowered to $245 from $270 at MKM Partners
MKM Partners analyst Rob Sanderson lowered his price target on Alibaba to $245, saying the bulk of his revision comes from the "lower profit from the core commerce segment as management postpones monetization efforts and braces for a possible economic slow-down". The analyst also points to the perceived "desperation" of the Chinese central bank in setting a 30% target for private enterprise loans as part of the banking system's total lending. Longer term, Sanderson keeps his Buy rating on Alibaba based on his confidence that the slowing economy will create separation for market leaders and that the company's recent execution appears to be better than in the last slowdown.
11/19/18
11/19/18
DOWNGRADE
Target $26

Hold
JD.com downgraded to Hold on China slowdown, competition at Stifel
As previously reported, Stifel analyst Scott Devitt downgraded JD.com (JD) to Hold from Buy as he believes the slowing economy in China, coupled with e-commerce competition, will keep pressuring the company's core operating results. After JD.com reported Q3 revenue that missed the Street's forecast and its annual active customers fell quarter-over-quarter, Devitt cut his price target on the shares to $26 from $32. He prefers Alibaba (BABA) on a potential turnaround in China sentiment, Devitt added.
12/12/18
MZHO
12/12/18
INITIATION
Target $200
MZHO
Buy
Alibaba assumed with a Buy at Mizuho
Mizuho Securities analyst James Lee assumed coverage of Alibaba with a Buy rating and $200 price target. The analyst views the company as a "defensive play" for China's uncertain macro outlook. He believes the stock is only pricing in the core e-commerce unit and that Alibaba's new investments, like Cloud, Food Delivery, Online Video, and Payments, are "free call options."
12/13/18
12/13/18
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. Alibaba (BABA) assumed with a Buy at Mizuho. 2. Molson Coors (TAP) and Keurig Dr Pepper (KDP) were initiated with a Buy at UBS, while PepsiCo (PEP) and Constellation Brands (STZ) were initiated with a Neutral, and Monster Beverage (MNST) and Boston Beer (SAM) were initiated with a Sell. 3. SeaSpine (SPNE) initiated with an Outperform at Wells Fargo. 4. XPO Logistics (XPO) initiated with a Buy at SunTrust. 5. Enanta (ENTA) initiated with a Hold at Berenberg. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
F Ford
$8.68

-0.035 (-0.40%)

12/13/18
DBAB
12/13/18
INITIATION
DBAB
Deutsche Bank initiates auto sector with cautious view
Deutsche Bank analyst Emmanuel Rosner initiated coverage of the auto sector with a cautious view. Rosner said this view reflects "cyclical and macro risks for the industry across the globe, as well as secular pressure from the shift towards electrified vehicles and autonomous shared mobility." The analyst favors suppliers with "secular growth potential through adoption of their technology," and as such, initiated Aptiv (APTV) and BorgWarner (BWA) with Buy ratings. Rosner also saw value in "suppliers that can maintain organic growth through share gains or favorable end-markets, and have favorable operational track record," and as such, initiated Dana Inc (DAN) and Lear Corporation (LEA) with Buy ratings. The analyst also started General Motors (GM) and Ford (F) with Buy ratings, citing "large potential upside from restructuring and portfolio decisions, favorable product mix and cycle, and value optionality from their efforts in Mobility." Rosner said he was negative on stocks facing secular pressure or market share loss, adding that he sees downside risk in Autoliv (ALV) and Veoneer (VNE), which he initiated with Sell ratings.
12/13/18
DBAB
12/13/18
INITIATION
Target $12
DBAB
Buy
Ford initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Emmanuel Rosner started Ford Motor with a Buy rating and $12 price target.
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.
12/18/18
MSCO
12/18/18
NO CHANGE
Target $10
MSCO
Equal Weight
Ford potential dividend cut could be a buy signal, says Morgan Stanley
Morgan Stanley analyst Adam Jonas said he continues to expect Ford to cut its dividend in half during 2019, but such a potential cut of the dividend could be a buy signal in his view. Such a cut would be a sign that Ford is prepared to make a stronger commitment to sustainable technology than he believes has been demonstrated thus far, Jonas explained. The analyst, who thinks Ford's decisions in the next 6 months could set the tone for the stock over the next several years, also forecasts Ford will undertake a "very significant" restructuring over the next 12 to 18 months that could reduce the size of the company's footprint by more than 25% and include as much as 25,000 headcount cuts. Jonas maintains an Equal Weight rating and $10 price target on Ford shares.
GE General Electric
$8.94

0.435 (5.11%)

12/19/18
12/19/18
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Medtronic (MDT) upgraded to Overweight from Neutral at JPMorgan with analyst Robert Marcus saying that over the past year he's seen a "significant turnaround in performance" at Medtronic. 2. Masimo (MASI) upgraded to Overweight from Neutral at Piper Jaffray with analyst William Quirk saying management, during recent meetings, was upbeat about their near- and longer-term prospects of driving 8%-10% sales growth, at least 100 basis points of operating margin improvement and the company's 30% operating profit goal. 3. Darden (DRI) upgraded to Buy from Hold at Maxim and to Buy from Neutral at BTIG. 4. Best Buy (BBY) upgraded to Neutral, risks priced in, says MoffettNathanson with analyst Greg Melich saying sales and margin risks are reflected in valuation. 5. General Electric (GE) upgraded to Buy from Hold at Vertical Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/07/19
JPMS
01/07/19
NO CHANGE
Target $6
JPMS
Neutral
JPMorgan sees GE providing something 'more tangible' soon, keeps $6 target
JPMorgan analyst Stephen Tusa says his conversations with clients continue to be dominated by the debate around General Electric's liabilities. The analyst has seen nothing to change his view that $100B of net liabilities and zero enterprise free cash flow is the problem facing management and the right construct when thinking about how to get the story back to "normal" from an equity value standpoint. We are likely approaching the time where GE will provide something "more tangible, perhaps shrinking the balance sheet," Tusa tells investors in a research note. However, related dilution, combined with a full "cleanse" of the accounting structure, should result in a "substantially lower run rate fundamental anchor than many appreciate," says Tusa. He keeps a Neutral rating on GE shares with a $6 price target. The analyst believes Bloomberg's report of Apollo interest in GE's jet leasing business is "not enough value to change" the company's "leverage problem," which he says is "punctuated" by the "collapse in lessor peer multiples."
12/19/18
VERT
12/19/18
UPGRADE
VERT
Buy
General Electric upgraded to Buy from Hold at Vertical Research
Vertical Research analyst Jeffrey Sprague upgraded General Electric to Buy from Hold with an $11 price target.
12/13/18
12/13/18
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. General Electric (GE) upgraded to Neutral from Underweight at JPMorgan with analyst Stephen Tusa saying he's less negative on the shares with the abating of "known unknowns." 2. Five Below (FIVE) upgraded to Buy from Neutral at Goldman Sachs with analyst Christopher Prykull saying the 18% decline in the stock price over the past month is "disconnected" from the company's robust fundamentals and believes that there is a 20% upside to his price target. 3. Tractor Supply (TSCO) upgraded to Buy from Hold at Deutsche Bank with analyst Michael Baker citing valuation. 4. Procter & Gamble (PG) upgraded to Buy from Neutral at BofA/Merrill with analyst Olivia Tong saying after meetings with CFO Jon Moeller, she believes that the company's early momentum in Q1 of FY19 can be sustained. 5. Dycom (DY) upgraded to Buy from Hold at Craig-Hallum with analyst Christian Schwab saying he believes shares at current levels have become attractive again. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NVDA Nvidia
$145.17

2.47 (1.73%)

12/27/18
RBCM
12/27/18
NO CHANGE
Target $200
RBCM
Outperform
Nvidia, AMD estimates lowered at RBC Capital on more cautious gaming view
RBC Capital analyst Mitch Steves lowered his price target on Nvidia (NVDA) to $200 from $230 and also lowered his FY19 revenue forecast on Advanced Micro Devices (AMD) to $7.29B from $7.41B. The analyst says the revisions reflect his observation of a reduction in average selling prices for GPUs of both companies in the secondary market, particularly for Nvidia's GTX 1070 gaming chip. Steves warns that the company may not be able to discern whether the lower prices come as a result of reduced demand in gaming or cryptocurrency related activity, but states that his expectations for Gaming sector are "conservative". The analyst also expects both Nvidia and AMD stocks to remain range bound until the air-pocket in gaming has passed over the near term. Longer term, Steves keeps his Outperform rating on Nvidia amid the sales mix shift toward Data Center revenues, which is seeing traction with the expected annualized growth. For AMD, the analyst also maintains an Outperform rating stating that its long-term investment story remains unchanged. In Q1, Steves sees AMD catalysts in the form a new server product with competitive performance and price relative to the current Intel (INTC) offerings.
01/09/19
BNCH
01/09/19
NO CHANGE
Target $240
BNCH
Buy
Nvidia inventory comments 'most important take-away' from CES, says Benchmark
After meeting with Nvidia CFO Colette Kress while attending CES, Benchmark analyst Gary Mobley said his "most important take-away" was that she said the excess mid-range Pascal inventory highlighted on the Q3 earnings call is on target to be cleared by the end of the April quarter. Clearing of inventory, along with the RTX 2k GPUs, should set up Nvidia for a major Turing product cycle, said Mobley, who reiterates his Buy rating and $240 price target on the stock.
01/09/19
OPCO
01/09/19
NO CHANGE
Target $250
OPCO
Outperform
Oppenheimer keeps $250 price target on Nvidia after CES meeting
After sitting down with management at the Consumer Electronics Show, Oppenheimer analyst Rick Schafer maintains an Outperform rating on Nvidia with a $250 price target. The tone of the meeting was confident as management recapped the company's keynote announcement of its new RTX 2060 card, Schafer tells investors in a research note. The analyst views the current crypto-related channel inventory issue as transitory and believes Nvidia's long-term structural growth drivers remain intact. He views the company as a secular growth and margin expansion story, which he says is "increasingly rare in the semiconductor group."
01/08/19
FBCO
01/08/19
NO CHANGE
Target $225
FBCO
Outperform
Nvidia's inventory overhang persists, says Credit Suisse
Credit Suisse analyst John Pitzer says that despite the January 15 intro of Nvidia's RTX 2060, checks suggest excess graphics inventory will likely persist into April quarter. While checks suggest progress on high-end GTX, 1060 inventory remains elevated due to slower demand, and pricing, he contends. With the intro of RTX 2060 at a compelling ASP and performance, Pitzer would expect 1060 ASPs declines and inventory digestion to accelerate. The analyst views April quarter as the likely gaming trough quarter over quarter and year over year, with quarter over quarter growth resuming in July quarter and year over year growth in January quarter of 2020. He continues to see a favorable risk/reward and reiterates an Outperform rating and $225 price target on the shares.
R Ryder
$55.10

0.53 (0.97%)

12/13/18
RHCO
12/13/18
INITIATION
Target $63
RHCO
Buy
Ryder initiated with a Buy at SunTrust
As reported yesterday, SunTrust analyst Stephanie Benjamin initiated Ryder with a Buy rating and a $63 price target. The analyst believes that the growth prospects of the company's "transportation outsourcing business and the size of the addressable market are underappreciated by the Street." Benjamin expects Ryder to exceed its current expectations with continued generation of "double-digit revenue and at least high-single-digit earnings growth trajectory over the next few years."
12/12/18
RHCO
12/12/18
INITIATION
RHCO
Buy
Ryder initiated with a Buy at SunTrust
SunTrust analyst Stephanie Benjamin initiated Ryder with a Buy rating and $63 price target.
11/29/18
11/29/18
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. McDonald's (MCD) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst John Glass saying he expects the benefits from the company's U.S. store remodeling to become apparent in 2019. 2. TJX (TJX) upgraded to Buy from Hold at Argus with analyst Chris Graja saying the rating change is driven by the pullback in the stock price given the company's growing store traffic, single-A credit ratings, and a 22% annualized dividend growth. 3. Ryder (R) upgraded to Buy from Hold at Stifel with analyst David Ross saying approaching 2019, the stock's upside/downside case is now in investors' favor. 4. Dominion (D) upgraded to Buy from Neutral at UBS with analyst Daniel Ford saying management has taken "appropriate and necessary" actions to overcome the negative impact of the surprise master limited partnership income tax ruling that the Federal Energy Regulatory Commission issued earlier this year. 5. PPG (PPG) upgraded to Buy from Neutral at Citi analyst P.J. Juvekar saying "rapidly falling" oil prices are poised to reduce some of the raw material inflation pressuring the company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/29/18
STFL
11/29/18
UPGRADE
Target $69
STFL
Buy
Ryder upgraded to Buy from Hold at Stifel
Stifel analyst David Ross upgraded Ryder System to Buy while lowering his price target for the shares to $69 from $81. Approaching 2019, the stock's upside/ downside case is now in investors' favor, Ross tells investors in a research note. He says that while estimates have been cut, Ryder's valuation is more reasonable at current levels. With the trucking market expected to remain tight in 2019, commercial rental demand should firm, says the analyst. Ross cites valuation for the upgrade of Ryder to Buy.
TEN Tenneco
$31.38

0.19 (0.61%)

01/07/19
MSCO
01/07/19
NO CHANGE
MSCO
Morgan Stanley sees most, if not all, auto suppliers guiding below consensus
Ahead of the Detroit auto show, Morgan Stanley analyst Armintas Sinkevicius said he expects that most, if not all, auto suppliers will provide 2019 guidance that is lower than consensus. He sees the most downside risk to Visteon (VC) and Adient (ADNT), estimating that they may guide adjusted EBITDA 6.4% and 5.0% below consensus, respectively. Not everyone will provide guidance at the show, as American Axle (AXL) and Delphi Technologies (DLPH) gave guidance with Q3 earnings and Aptiv (APTV) and BorgWarner (BWA) plan to wait for Q4 earnings, added Sinkevicius. He estimates that, on average, the auto suppliers will guide to 1.5% revenue growth and -25 bps of margin contraction in 2019, adding that his concern is that the guidance provided at Detroit may not sufficiently de-risk figures. Others in the space include Lear (LEA), Tenneco (TEN) and Magna (MGA).
12/13/18
DBAB
12/13/18
INITIATION
Target $31
DBAB
Hold
Tenneco initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Emmanuel Rosner started Tenneco with a Hold rating and $31 price target.
12/10/18
KEYB
12/10/18
INITIATION
KEYB
Sector Weight
Tenneco initiated with a Sector Weight at KeyBanc
KeyBanc started Tenneco with a Sector Weight rating.
11/14/18
11/14/18
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. Apple (AAPL) downgraded to Neutral from Buy at Guggenheim with analyst Robert Cihra saying the average selling price of the iPhone has increased a "dramatic" $220, or 40%, over the past 10 years, reflecting its "growing value to both consumer and business markets." 2. Kellogg (K) downgraded to Neutral from Overweight at JPMorgan with analyst Ken Goldman saying that while nothing at the company's investor day "necessarily disappointed" him, he also did not gain "much comfort that the bottom-line turnaround would be swift." 3. Apollo Global (APO) and Carlyle Group (CG) were downgraded to Equal Weight from Overweight at Morgan Stanley. 4. Conagra Brands (CAG) downgraded to Underperform from Market Perform at Bernstein with analyst Alexia Howard saying the frozen category has experienced positive growth over the past year, largely led by new product innovation from Conagra and Pinnacle Foods, but this now seems to be running out of steam. 5. Tenneco (TEN) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Armintas Sinkevicius citing its elevated leverage and limited free cash flow conversion in what he views as an increasingly uncertain environment for auto suppliers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
GOOG Alphabet
$1,070.59

-5.22 (-0.49%)

01/09/19
JEFF
01/09/19
NO CHANGE
JEFF
Jefferies says be selective in Internet, cuts targets on Snap and Facebook
Jefferies analyst Brent Thill this morning cut his price targets on a handful of names in the Internet space. In a research note titled "2019 Playbook," the analyst also downgraded Booking Holdings (BKNG) and Redfin (RDFN) to Hold from Buy. Thill tells investors to selective in the space, and recommends buying Amazon.com (AMZN), Alphabet (GOOGL) and Intuit (INTU) in large cap, Match Group (MTCH), IAC (IAC) and GoDaddy (GDDY) in mid cap, and Wix.com (WIX) and Trade Desk (TTD) in small cap. He expects TripAdvisor (TRIP), Shutterstock (SSTK) and Shutterstock (EIGI) to underperform. Among his price target cuts were Buy-rated Expedia (EXPE) to $150, Buy-rated Facebook to $180, Hold-rated Snap (SNAP) to $7, Hold-rated Sonos (SONO) to $12, Hold-rated Twitter (TWTR) to $33 and Hold-rated Zillow Group (ZG) to $34.
AXP American Express
$98.24

-0.59 (-0.60%)

11/29/18
11/29/18
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. American Express (AXP) downgraded to Neutral from Buy at Buckingham with analyst Chris Brendler saying American Express is not expensive based on relative historical norms, but shares have outperformed other payment stocks year-to-date. 2. Intel (INTC) downgraded to Hold from Buy at DZ Bank. 3. Dick's Sporting (DKS) downgraded to Neutral from Overweight at JPMorgan with analyst Christopher Horvers saying he believes the risk/reward is "turning more balanced" following yesterday's Q3 results. 4. Volaris (VLRS) downgraded to Underperform from In-Line at Imperial Capital with analyst Michael Derchin saying the company is unlikely to be profitable in fiscal 2019 if the U.S. dollar/peso exchange rate remains at or above 20. 5. Constellation Brands (STZ) downgraded to Neutral from Outperform at Macquarie. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/19/18
BOFA
12/19/18
DOWNGRADE
BOFA
Neutral
American Express downgraded to Neutral from Buy at BofA/Merrill
12/19/18
12/19/18
DOWNGRADE
Target $115

Neutral
BofA/Merrill downgrades American Express to Neutral in 'hostile' market
As previously reported, BofA Merrill Lynch analyst Kenneth Bruce downgraded American Express to Neutral from Buy as he anticipates weaker sentiment for the stock to emerge given the broader market volatility and elevated uncertainty relating to the macroeconomic environment. While he sees AmEx continuing to "deliver its somewhat unique brand of top-line and bottom line growth," Bruce thinks valuation will be restrained following the stock's recent outperformance. Bruce cut his price target on American Express shares to $115 from $125 after lowering the multiple applied to his FY20 EPS forecast.
12/14/18
WBLR
12/14/18
NO CHANGE
WBLR
William Blair reiterates Outperform rating on American Express
After spending time with CEO Steve Squeri and CFO Jeff Campbell, William Blair analyst Robert Napoli reiterates an Outperform rating on shares of American Express. The analyst believes there is clear visibility into the company "maintaining its accelerated revenue growth in a stable economic environment." American Express has accelerated organic growth into the high single digits through "wise investments," and it positioned to maintain that type of growth rate over the long term, Napoli tells investors in a research note. The analyst also believes American Express should be able to grow earnings at a low-double-digit pace. He notes that despite having outperformed the S&P 500 by a wide amount in 2017 and 2018, the stock remains at a "substantial valuation discount" to the S&P 500, despite faster top-line and bottom-line growth over the long term.
EBAY eBay
$30.58

0.29 (0.96%)

01/04/19
GSCO
01/04/19
DOWNGRADE
Target $32
GSCO
Neutral
eBay downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Heath Terry downgraded eBay to Neutral and lowered his price target for the shares to $32 from $34. The analyst sees better opportunities with other names in Internet given uncertainty around eBay's growth and margin expansion, specifically the company's ability to deliver low-to-mid single digit growth on reduced ad spend. eBay has tried unsuccessfully to reaccelerate growth for sustained periods, and uncertainty around the elasticity of marketing spend could also challenge margin expansion and pressure its earnings growth, Terry tells investors in a research note.
12/26/18
BARD
12/26/18
NO CHANGE
BARD
Baird names Amazon, Alphabet among best internet stocks to own for rebound
Baird analyst Colin Sebastian pointed out in a note to investors before the open that the number of searches on Google for the term "recession" has more than doubled since October, hitting a recent peak in early December. However, he thinks it is reasonable to consider a more optimistic outcome, namely a rebound, and looked back at the past four market "corrections" to see which stocks in large-cap internet fared. In each of the six-month periods he analyzed, Activision (ATVI), Facebook (FB) and Alphabet (GOOGL) traded higher with the lowest standard deviations in the group, Sebastian noted, adding that he thinks lingering overhangs on Facebook shares could dampen its recovery this time around. Amazon (AMZN) was the best overall performer, while eBay (EBAY) was the laggard, each with higher standard deviations, Sebastian added. Overall, he named Activision, Alphabet and Amazon as his "AAA" best bets in a rebound scenario.
12/21/18
BARD
12/21/18
NO CHANGE
BARD
U.K. 'yellow flags' could limit Q4 upside for Amazon and PayPal, says Baird
While e-commerce trends in North America remain healthy, there are enough "yellow flags" in the U.K./Europe data to make risks elevated for e-commerce companies with international exposure, Baird analyst Colin Sebastian tells investors in a research note. Reports and commentary from U.K. online spending sources, retailer Asos, FedEx (FDX), Visa (V), and smaller players suggest December e-commerce spending may be tracking below expectations in the region, says the analyst. He points out that PayPal (PYPL), eBay (EBAY) and Amazon.com (AMZN) are most exposed to European e-commerce among the companies he covers. Sebastian believes the possible U.K. slowdown could limit revenue and margin upside for those companies in Q4.
01/04/19
01/04/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Skyworks (SWKS) downgraded to Neutral from Buy at Nomura Instinet with analyst Krysten Sciacca saying after Apple's (AAPL) profit warning, she believes growth headwinds from macro and trade uncertainty, as well as weak unit demand at the company's largest customers, will persist in 2019. 2. Snap (SNAP) downgraded to Neutral from Buy at Goldman Sachs with analyst Heath Terry saying he believes Snap's sequential user declines are likely to continue in Q4. 3. Fortinet (FTNT) double downgraded to Sell from Buy at Goldman Sachs with analyst Gabriela Borges saying the drivers of Fortinet's share gain and margin expansion are now better understood, with consensus 2019 estimates having been revised up over the past 12 months. 4. eBay (EBAY) downgraded to Neutral from Buy at Goldman Sachs with analyst Heath Terry saying he sees better opportunities with other names in Internet given uncertainty around eBay's growth and margin expansion, specifically the company's ability to deliver low-to-mid single digit growth on reduced ad spend. 5. Halcon Resources (HK), Chesapeake (CHK), and Southwestern Energy (SWN) were downgraded to Underperform from Neutral at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CMCSA Comcast
$35.83

-0.24 (-0.67%)

11/08/18
11/08/18
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Stanley Black & Decker (SWK) initiated with a Hold at Deutsche Bank. 2. Comcast (CMCSA) resumed with an Overweight at Morgan Stanley while Amarin (AMRN) and Immunomedics (IMMU) were assumed with a Buy at the firm. 3. Broadcom (AVGO) resumed with a Buy at Deutsche Bank and reinstated with an Overweight at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/07/18
WOLF
12/07/18
INITIATION
Target $48
WOLF
Outperform
Comcast Comcast initiated with an Outperform at Wolfe Research
Wolfe Research initiated Comcast with an Outperform rating and $48 price target.
12/03/18
JPMS
12/03/18
DOWNGRADE
Target $62
JPMS
Neutral
JPMorgan downgrades Verizon to Neutral after 17% rally, prefers AT&T
JPMorgan analyst Philip Cusick downgraded Verizon Communications (VZ) to Neutral from Overweight with an unchanged price target of $62. The analyst says 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). Cusick, however, still sees the stock increasing 2.7% to his $62 target in the next year along with the 4.0% dividend yield.
11/13/18
LEHM
11/13/18
INITIATION
Target $44
LEHM
Overweight
Comcast reinstated with an Overweight at Barclays
Barclays analyst Kannan Venkateshwar reinstated coverage of Comcast with an Overweight rating and $44 price target. Negativity around the Sky deal seems overstated, Venkateshwar tells investors in a research note. There is "little doubt" that Comcast overpaid for Sky using any conventional valuation metric, says the analyst. However, he also believes looking at transaction multiples "essentially assumes a static strategic state for the combination, which is unlikely." The analyst thinks Comcast's guidance on synergies is likely to prove conservative.
NOK Nokia
$6.15

-0.065 (-1.05%)

01/03/19
BMOC
01/03/19
UPGRADE
Target $7.5
BMOC
Outperform
Nokia upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst Tim Long upgraded Nokia to Outperform and raised his price target to $7.50 from $5.00. The analyst cites the improvement in the "telco spending environment", noting that the company is well positioned to take advantage of this dynamic this year. Long is especially positive about Nokia's opportunity as 5G transition "begins to take shape", adding that the recent Huawei controversy could also "free up billions" in telco spending with which Nokia can take advantage, as several tier-1 service providers have signalled their intent to abandon Huawei as a vendor.
01/08/19
RAJA
01/08/19
UPGRADE
RAJA
Outperform
Nokia upgraded to Outperform from Market Perform at Raymond James
01/08/19
RAJA
01/08/19
UPGRADE
Target $7.5
RAJA
Outperform
Nokia upgraded to Outperform at Raymond James
As previously reported, Raymond James upgraded Nokia to Outperform from Market Perform with a $7.50 price target. Analyst Simon Leopold sees improving trends led by wireless spending that will aid Nokia's other segments of routing, optical and mobility. Simon also expects Nokia to benefit from the global backlash against Huawei, and views the company as advantaged given the diversity of its portfolio.
12/11/18
BOFA
12/11/18
NO CHANGE
BOFA
Buy
Nokia added to US 1 List at BofA/Merrill

TODAY'S FREE FLY STORIES

PINS

Pinterest

$24.46

(0.00%)

13:04
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04/20
13:04
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Pinterest stock is hot after IPO, investors should keep cool, Barron's says »

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    Apr

HUM

Humana

$240.65

7.645 (3.28%)

, CI

Cigna

$148.95

3.46 (2.38%)

12:51
04/20/19
04/20
12:51
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12:51
Periodicals
Health insurers stocks now look like a buy, Barron's says »

Investing in health…

HUM

Humana

$240.65

7.645 (3.28%)

CI

Cigna

$148.95

3.46 (2.38%)

ANTM

Anthem

$239.63

3.38 (1.43%)

UNH

UnitedHealth

$221.74

4.93 (2.27%)

CVS

CVS Health

$52.62

0.08 (0.15%)

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TSLA

Tesla

$273.25

2.13 (0.79%)

12:49
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04/20
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Hot Stocks
Tesla says four board members agreed to not stand for re-election »

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AMD

AMD

$27.68

0.18 (0.65%)

, INTC

Intel

$58.49

-0.08 (-0.14%)

12:43
04/20/19
04/20
12:43
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12:43
Periodicals
Wall Street cheered Intel decision to exit 5G modem business, Barron's says »

Apple (AAPL) and Qualcomm…

AMD

AMD

$27.68

0.18 (0.65%)

INTC

Intel

$58.49

-0.08 (-0.14%)

QCOM

Qualcomm

$79.89

0.8 (1.01%)

AAPL

Apple

$203.83

0.69 (0.34%)

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SAM

Boston Beer

$266.90

0.89 (0.33%)

12:37
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04/20
12:37
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Periodicals
'Happy hour' might be over for Boston Beer, Barron's says »

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  • 24

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SPOT

Spotify

$139.53

1.88 (1.37%)

12:30
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12:30
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Periodicals
Spotify stock 'risky' as music industry not changing fast enough, Barron's says »

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  • 29

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BA

Boeing

$380.02

2.48 (0.66%)

, HRL

Hormel Foods

$40.38

-0.37 (-0.91%)

08:33
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08:33
On The Fly
Week in review: How Trump's policies moved stocks »

Catch up on the top…

BA

Boeing

$380.02

2.48 (0.66%)

HRL

Hormel Foods

$40.38

-0.37 (-0.91%)

PPC

Pilgrim's Pride

$25.79

0.03 (0.12%)

SAFM

Sanderson Farms

$141.70

-2.17 (-1.51%)

TSN

Tyson Foods

$73.49

0.2 (0.27%)

CCL

Carnival

$53.64

-0.92 (-1.69%)

RCL

Royal Caribbean

$121.00

-2.245 (-1.82%)

NCLH

Norwegian Cruise Line

$56.93

-0.925 (-1.60%)

WFTBF

West Fraser Timber

$0.00

(0.00%)

IFSPF

Interfor

$0.00

(0.00%)

CFPZF

Canfor

$0.00

(0.00%)

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MSM

MSC Industrial

$83.37

-0.44 (-0.52%)

04:55
04/20/19
04/20
04:55
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04:55
Conference/Events
MSC Industrial management to meet with William Blair »

Meetings to be held in…

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KFS

Kingsway Financial

$2.30

-0.14 (-5.74%)

19:48
04/19/19
04/19
19:48
04/19/19
19:48
Hot Stocks
Kingsway Financial announces receipt of notification letter from NYSE »

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AWK

American Water

$104.63

2.32 (2.27%)

19:46
04/19/19
04/19
19:46
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19:46
Hot Stocks
American Water signs contract to acquire East Pasadena Water Company »

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FSNN

Fusion

$0.24

0.0048 (2.01%)

19:45
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Fusion sees being delisted following receipt of Nasdaq delisting notice »

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PSA

Public Storage

$217.43

0.81 (0.37%)

19:42
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Hot Stocks
Public Storage announces change of Chief Legal Officer »

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V

Visa

$160.14

-0.33 (-0.21%)

19:40
04/19/19
04/19
19:40
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19:40
Hot Stocks
Visa board elects Visa CEO Al Kelly as Chair »

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NAVB

Navidea

$0.17

0.0001 (0.06%)

19:39
04/19/19
04/19
19:39
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19:39
Hot Stocks
Navidea announces one-for-twenty reverse stock split »

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TISA

Top Image Systems

$0.84

-0.0069 (-0.81%)

19:37
04/19/19
04/19
19:37
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Hot Stocks
Top Image sees voluntarily delisting to be complete before Nasdaq deadline »

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FCPT

Four Corners Property Trust

$28.17

0.49 (1.77%)

19:33
04/19/19
04/19
19:33
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19:33
Hot Stocks
Four Corners Property Trust acquires restaurant properties for $2.6M »

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  • 24

    Apr

PRK

Park National

$93.98

-2.72 (-2.81%)

19:32
04/19/19
04/19
19:32
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19:32
Earnings
Park National reports Q1 EPS $1.62, two estimates $1.61 »

Commercial loans grew…

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  • 22

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STNE

StoneCo

$26.50

-8.25 (-23.74%)

19:29
04/19/19
04/19
19:29
04/19/19
19:29
Hot Stocks
StoneCo says latest incentive offers from competitors don't change strategy »

StoneCo released a CEO…

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  • 11

    Jun

GPIC

Gaming Partners

$13.09

(0.00%)

19:24
04/19/19
04/19
19:24
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19:24
Hot Stocks
Gaming Partners sees acquisition by Angel closing on May 1 »

Gaming Partners…

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SCHW

Charles Schwab

$45.57

-0.53 (-1.15%)

17:04
04/19/19
04/19
17:04
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17:04
Conference/Events
Charles Schwab to hold a webcast »

Management holds a 2019…

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  • 26

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12:45
04/19/19
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General news
Breaking General news story  »

Week of 4/19 Baker-Hughes…

MMNFF

MedMen

$0.00

(0.00%)

11:13
04/19/19
04/19
11:13
04/19/19
11:13
Hot Stocks
MedMen announces resignations of COO and General Counsel »

MedMen Enterprises…

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TKC

Turkcell

$5.49

-0.175 (-3.09%)

11:08
04/19/19
04/19
11:08
04/19/19
11:08
Hot Stocks
Turkcell sees conclusion of $4.2B lawsuit against MTN this year »

The following statement…

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FCCY

1st Constitution Bancorp

$18.07

-0.14 (-0.77%)

11:05
04/19/19
04/19
11:05
04/19/19
11:05
Earnings
1st Constitution Bancorp reports Q1 EPS 39c, two estimates 36c »

Robert Mangano, President…

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QUMU

Qumu

$2.83

-0.035 (-1.22%)

11:03
04/19/19
04/19
11:03
04/19/19
11:03
Hot Stocks
Qumu announces death of director Thomas Madison »

Qumu Corporation…

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