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STZ

Constellation Brands

$158.65

7.74 (5.13%)

, BBBY

Bed Bath & Beyond

$12.75

0.49 (4.00%)

09:55
01/10/19
01/10
09:55
01/10/19
09:55

Early notable gainers among liquid option names on January 10th

Notable gainers among liquid option names this morning include Constellation Brands (STZ) $159.88 +8.97, Bed Bath & Beyond (BBBY) $12.87 +0.61, PG&E (PCG) $18.60 +0.77, International Paper (IP) $43.66 +0.98, and Molson Coors (TAP) $62.25 +1.25.

STZ

Constellation Brands

$158.65

7.74 (5.13%)

BBBY

Bed Bath & Beyond

$12.75

0.49 (4.00%)

PCG

PG&E

$17.81

-0.01 (-0.06%)

IP

International Paper

$43.07

0.3953 (0.93%)

TAP

Molson Coors

$62.04

1.06 (1.74%)

  • 31

    Jan

  • 18

    Feb

STZ Constellation Brands
$158.65

7.74 (5.13%)

01/10/19
JEFF
01/10/19
NO CHANGE
Target $258
JEFF
Buy
Constellation risk/reward remains favorable after selloff, says Jefferies
Jefferies analyst Kevin Grundy lowered his estimates for Constellation Brands following yesterday's fiscal 2019 guidance reduction but he believes the stock's risk/reward remains favorable. The analyst lowered his price target for the shares to $258 from $269 and keeps a Buy rating on Constellation. The company's beer business remains healthy and its investment in Canopy Growth (CGC) is now a free call option, Grundy tells investors in a research note.
01/10/19
WELS
01/10/19
NO CHANGE
Target $235
WELS
Market Perform
Constellation Brands price target lowered to $235 from $260 at Wells Fargo
Wells Fargo analyst Bonnie Herzog lowered her price target for Constellation Brands (STZ) to $235 from $260 following "disappointing' Q3 results and FY19 guide down. The continues to view the stock as best-in-class with huge potential upside from its cannabis investment and therefore believes the sharp selloff in the shares is "way overdone!" However, Constellation Brands' miss on beer depletions, guide down on FY19 beer OI margin, pressure on its wine biz and lack of visibility on the impact of its Canopy Growth (CGC) investment on earnings will likely "keep the bears growling near-term." Herzog reiterates an Outperform rating on Constellation Brands' shares.
01/10/19
RHCO
01/10/19
NO CHANGE
Target $165
RHCO
Hold
Constellation Brands price target lowered to $165 from $180 at SunTrust
SunTrust analyst William Chappell lowered his price target on Constellation Brands (STZ) to $165 and kept his Hold rating on the stock. The analyst cites the company's reported expectations of declining wine and spirits sales, adding that the latest $4B investment in Canopy Growth (CGC) will be the "cloud" hanging over the stock for the next few quarters because of the uncertainty related to its potential growth.
01/10/19
BMOC
01/10/19
NO CHANGE
Target $225
BMOC
Outperform
Constellation Brands price target lowered to $225 from $245 at BMO Capital
BMO Capital analyst Amit Sharma lowered his price target on Constellation Brands to $225 after the company's Q3 results and lower than expected outlook for FY19 earnings. The analyst also cites the "tough beer comps, ongoing wine & spirits weakness, and lack of clarity on Canopy-related earnings" in justifying the 12% decline in Constellation Brands stock price after the results. Longer term, Sharma kept his Outperform rating on the stock, stating that at 16-times forward earnings multiple, the company now trades at the " lowest level since it fully acquired its beer business in 2013" and offers a " very compelling risk/reward" for investors willing to "look past the near-term volatility".
BBBY Bed Bath & Beyond
$12.75

0.49 (4.00%)

01/02/19
LOOP
01/02/19
NO CHANGE
Target $12
LOOP
Hold
Loop Capital says Bed Bath Beyond, Amazon price gap widens to historical levels
Loop Capital analyst Anthony Chukumba kept his Hold rating and $12 price target on Bed Bath & Beyond (BBBY), saying his periodic pricing study demonstrated that the gap between the company and Amazon.com (AMZN) has widened back to its "historical level". The analyst sees this as a likely negative for the former, but also notes that that discounting has been a challenge in maintaining its gross margins. Chukumba maintains his forecasts on Bed Bath results ahead of next week's earnings, adding that while its stock trades at a discount to historical average levels, the 6.5-times expected forward earnings multiple is "in line" with other "secularly challenged specialty hardlines retailers."
11/08/18
SBSH
11/08/18
NO CHANGE
Target $13
SBSH
Sell
Bed Bath & Beyond activist probability low, 'screens well' for LBO, says Citi
Citi analyst Kate McShane reiterated a Sell rating on Bed Bath & Beyond shares, noting that the company has faced and continues to face significant challenges despite having enacted a number of changes in recent years. She views activist involvement or an LBO as a low probability given the number of challenges faced, but added that Bed Bath "has always screened well" as an LBO candidate. In a leveraged buyout scenario, the company could cut the dividend, shut down stores and create a smaller store format as a private company, McShane said.
10/02/18
LOOP
10/02/18
NO CHANGE
Target $15
LOOP
Hold
Bed Bath & Beyond pricing gap with Amazon narrowed in August, says Loop Capital
Loop Capital analyst Anthony Chukumba kept his Hold rating and $15 price target on Bed Bath & Beyond (BBBY), saying his channel checks indicate a further narrowing of the pricing gap with Amazon (AMZN). The analyst notes the gap in August has shrunk to 13.6% on average vs. 16.9% in July, but also warns that given its position as the "most dynamic retailer" in the U.S. in terms of pricing, Amazon can "quickly and easily lower prices if top-line growth underperforms".
10/01/18
ARGS
10/01/18
DOWNGRADE
ARGS
Hold
Bed Bath & Beyond downgraded to Hold from Buy at Argus
Argus analyst Christopher Graja downgraded Bed Bath & Beyond to Hold after lowering his earnings estimates to reflect on ongoing gross margin pressure, declines in store traffic and spending on systems and consultants. The disappointing Q2 results amid a very strong retail environment is a concern, Graja tells investors in a research note. The analyst is no longer confident in management's ability to focus on the company's long-term objectives.
PCG PG&E
$17.81

-0.01 (-0.06%)

12/10/18
WELS
12/10/18
NO CHANGE
Target $47
WELS
Outperform
PG&E price target lowered to $47 from $60 at Wells Fargo
Wells Fargo analyst Neil Kalton lowered his price target for PG&E to $47 from $60 to take into account potential wildfire liabilities. The analyst reiterates an Outperform rating on the shares.
11/19/18
MSCO
11/19/18
NO CHANGE
Target $31
MSCO
Equal Weight
PG&E break-up could be constructive to valuation, but risky, says Morgan Stanley
After California Public Utilities Commission President Michael Picker said the Commission would explore potentially breaking up PG&E, Morgan Stanley analyst Stephen Byrd said he believes a break-up could be constructive to the stock's valuation, but he also sees significant risks to such an approach, identifying the key risk as the regulator, and potentially lawmakers, seeking greater asset coverage for wildfire-related damages beyond the value of the electric utility. He also notes the risk that damages from the Camp Fire could increase from current estimates, given potential liabilities for wrongful death and for air quality damages. Byrd maintains an Equal Weight rating and $31 price target on PG&E shares.
01/02/19
MSCO
01/02/19
NO CHANGE
Target $31
MSCO
Equal Weight
Recent developements for PG&E mixed, not entirely negative, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that PG&E shares underperformed large cap U.S. electric utility peers by about 5% in December. He does not view the numerous recent developments involving PG&E as entirely negative, as the stock move would suggest, but rather sees them as "mixed," with some positives, Byrd tells investors. He sees the CPUC Order Instituting Rulemaking regarding the "stress test" as a positive development and also believes the CPUC Scoping Memo released on December 21 is a development with both positive and negative implications for PG&E, Byrd said. There were also several legal developments in December that were a mix of negative and positive, the analyst added. On the negative side, Byrd lists the CPUC SED report into alleged PG&E falsification of records relating to PG&E's Damage Prevention Program. He maintains an Equal Weight rating on PG&E shares with a $31 price target.
01/04/19
GSCO
01/04/19
UPGRADE
Target $63
GSCO
Buy
Edison International upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Michael Lapides upgraded Edison International to Buy while lowering his price target for the shares to $63 from $71. The analyst upgrades the shares after their 15% underperformance versus peers since the 2018 wildfires. He also is more positive on longer term potential PG&E (PCG) risk/reward following its 48% underperformance. Both utilities now price in a "very bearish outcome" of the wildfires, says Lapides. He believes that recent commentary from state officials regarding keeping utility balance sheets healthy implies a potential cost sharing of recent wildfire related liabilities.
IP International Paper
$43.07

0.3953 (0.93%)

10/23/18
GHSC
10/23/18
INITIATION
GHSC
Neutral
International Paper initiated with a Neutral at Seaport Global
Seaport Global analyst Mark Weintraub initiated International Paper with a Neutral saying it is more exposed to weakening environments and does not have a record of value creation.
01/09/19
01/09/19
DOWNGRADE
Target $45

Market Perform
International Paper downgraded to Market Perform at Wells Fargo
As previously reported, Wells Fargo analyst Gabe Hajde downgraded International Paper to Market Perform from Outperform and lowered his price target on the shares to $45 from $52. The analyst notes that the domestic containerboard prices have yet to fracture, though a downshift in demand could provide the necessary ingredient for weakness to emerge. Evading a drop in containerboard pricing will prove to be a difficult undertaking for the domestic containerboard industry in 2019, he adds. Hajde believes demand growth could stay in the 1.0%-2.0% range in 2019 and beyond as global economic activity downshifts and the e-commerce channel continues to emphasize "right-sized" packaging. Lastly, the potential for China to alter its hardline on recovered paper imports would limit any upside potential in export containerboard markets, he contends.
01/09/19
WELS
01/09/19
DOWNGRADE
WELS
Market Perform
International Paper downgraded to Market Perform from Outperform at Wells Fargo
11/27/18
BMOC
11/27/18
NO CHANGE
Target $51
BMOC
Market Perform
BMO Capital mixed on potential bid for Menasha Packaging by International Paper
BMO Capital analyst Mark Wilde kept his Market Perform rating and $51 price target on International Paper (IP), saying the company's considered purchase of Menasha Packaging as reported by Pulp & Paper Week could yield mixed results. The analyst notes that the acquisition could allow the company to vertically integrate its mill tonnage and eliminate "Menasha as a major potential off-take customer for non-integrated/partially integrated companies looking at adding new mill capacity". However, Wilde also notes that International Paper would face a challenge of "maintaining Menasha's customer-centric focus on value-added packaging," adding that only Packaging Corporation of America (PKG) has succeeded in integration and growth of an downstream converting business like Menasha.
TAP Molson Coors
$62.04

1.06 (1.74%)

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.
10/23/18
STPT
10/23/18
INITIATION
Target $72
STPT
Buy
Molson Coors initiated with a Buy at Standpoint Research
Standpoint Research analyst Ronnie Moas initiated Molson Coors with a Buy and $72 price target.
12/13/18
UBSW
12/13/18
INITIATION
Target $80
UBSW
Buy
Molson Coors initiated with a Buy at UBS
UBS analyst Sean King started Molson Coors with a Buy rating and $80 price target. The analyst says the company has a track record of execution while currently trading at a "meaningful growth-adjusted" discount.
12/11/18
OTRG
12/11/18
NO CHANGE
OTRG
MillerCoors and ABI Q4 trends lag overall US beer category, says OTR Global
OTR Global's US beer Q4 distributor checks indicate MillerCoors (TAP) and ABI (BUD) volumes lagged the overall beer category. The firm said domestic premium light beers continued to struggle, while flavored malt beverages and imports boosted overall beer volumes.

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LOIMF

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SFTBY

SoftBank; also use SFTBF

$0.00

(0.00%)

08:21
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MET

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