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C

Citi

$56.25

-0.13 (-0.23%)

, JPM

JPMorgan

$99.79

-0.65 (-0.65%)

13:53
01/10/19
01/10
13:53
01/10/19
13:53

Fly Intel: What to watch in first round of big bank earnings reports

Citigroup (C) is scheduled to report quarterly results before the open on January 14, while JPMorgan (JPM) are Wells Fargo (WFC) are expected to report on January 15. What to watch for: 1. OUTLOOKS: During the company's last earnings conference call, Citi said it sees growth in core accrual net interest revenue in the fourth quarter and somewhat better growth in retail banking. The bank also expects continued year-over-year revenue growth for the quarter in Europe and Asia, and expenses to decline modestly. Speaking at an investor conference last month, Citi CFO John Gerspach said the bank sees fourth quarter market revenue slightly lower than last year, citing a decline in fixed-income market revenue, according to Reuters. "We had anticipated we would actually see year-over-year revenue growth in fixed income and equity markets, but while we've maintained, I'd say, good engagement with the clients, we just haven't seen that transition into transaction activity at the rate at which we had hoped." On December 4, JPMorgan CEO Jaime Dimon said that fourth quarter trading revenue is "roughly equivalent to last year with almost a month to go" in the quarter, according to a report by Reuters. 2. POTENTIAL NEGATIVE EPS REVISIONS AHEAD: On Tuesday, Jefferies analyst Ken Usdin downgraded JPMorgan to Hold from Buy and lowered his price target on the stock to $110 from $130. The analyst told investors he thinks continued outperformance of the best performer among large cap banks in 2018 "may be more governed" in 2019 as he expects negative EPS revisions. Further, Usdin believes revenues could fall short of consensus expectations for both NII and fees. 3. JOB CUTS: Wells Fargo said that the company has given notice to workers in its Consumer Lending and Payments, Virtual Solutions and Innovations groups that it intends to cut roughly 1,000 positions nationwide, Reuters reported back in November. Roughly 900 of those job eliminations will be in the lender's home lending unit, to reflect declines in application volume and the number of the customers in default, the report added, citing spokesman Tom Goyda. Earlier last month, the Wall Street Journal reported that the bank is also letting go roughly three dozen district managers for oversight failures linked to a sales scandal at its retail bank over two years ago. Meanwhile, a Department of Labor probe showed that Wells Fargo has been hiring overseas after pledging to cut thousands of jobs, Reuters reported on December 20. 4. IMPROVING PERFORMANCE: Macquarie analyst David Konrad upgraded Citi to Outperform from Neutral on Monday, 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.

C

Citi

$56.25

-0.13 (-0.23%)

JPM

JPMorgan

$99.79

-0.65 (-0.65%)

WFC

Wells Fargo

$47.69

-0.1 (-0.21%)

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    Oct

C Citi
$56.25

-0.13 (-0.23%)

01/07/19
MACQ
01/07/19
UPGRADE
MACQ
Outperform
Citi upgraded to Outperform from Neutral at Macquarie
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
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
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.
JPM JPMorgan
$99.79

-0.65 (-0.65%)

12/19/18
12/19/18
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alkermes (ALKS) downgraded to Sell from Neutral at Goldman Sachs with analyst Terence Flynn saying he removed sales of ALKS 5461 for depression from his model as well as the "M&A component" from his price target. He now sees 21% downside to his price target. 2. Analog Devices (ADI) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Craig Hettenbach saying while the company's guidance was "well ahead of peers", he sees it hard to remain positive on the stock considering the ongoing risks to semis in 2019. 3. Under Armour (UA, UAA) downgraded to Underweight from Neutral at Atlantic Equities. 4. Micron (MU) downgraded to Hold from Buy at Needham and to Sector Perform from Outperform at RBC Capital. 5. JPMorgan (JPM) downgraded to Neutral from Overweight at Atlantic Equities. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/08/19
JEFF
01/08/19
DOWNGRADE
Target $110
JEFF
Hold
JPMorgan downgraded to Hold from Buy at Jefferies
Jefferies analyst Ken Usdin downgraded JPMorgan (JPM) to Hold from Buy and lowered his price target on the stock to $110 from $130, as he believes continued outperformance of the best performer among large cap banks in 2018 "may be more governed" in 2019 as he expects negative EPS revisions and believes that revenues could fall short of consensus expectations for both NII and fees. Among large cap banks, Usdin also downgraded SunTrust (STI) and U.S. Bancorp (USB), both to Hold, this morning.
01/08/19
MSCO
01/08/19
NO CHANGE
MSCO
Morgan Stanley cuts large cap bank estimates, but says stocks 'still cheap'
Morgan Stanley analyst Betsy Graseck lowered her large cap bank EPS estimates by an average of 3% and cut her target P/E multiples in the group an average of 2% due to her expectations for lower market-based revenues, slower NIM growth, risks to luxury consumer spending in 2019 and the drop in 2018 M&A volumes. Given this, she lowered her price targets by a median 6%, lowering her target for Bank of America (BAC) to $40 from $42, for Citi (C) to $88 from $94 and for JPMorgan (JPM) to $149 from $153. However, as a group she thinks large cap bank stocks still look cheap, as they are largely pricing a recession, which is not her base case. In terms of her top picks, Graseck identifies Bank of America, JPMorgan and State Street (STT).
01/08/19
01/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Unilever (UN, UL) downgraded to Neutral from Buy at UBS. 2. General Dynamics (GD) downgraded to Hold from Buy at Jefferies with analyst Sheila Kahyaoglu saying despite a portfolio of "marquee assets," the company's earnings "lack momentum." 3. Principal Financial (PFG) downgraded to Neutral from Buy at Goldman Sachs with analyst Alex Scott saying he sees less upside in the shares relative to other names in his life insurance coverage universe. 4. JPMorgan (JPM), SunTrust (STI), and U.S. Bancorp (USB) were downgraded to Hold from Buy at Jefferies. 5. Maxar Technologies (MAXR) downgraded to Underperform from Neutral at Credit Suisse, to Sell at Veritas, to Market Perform from Outperform at BMO Capital, and to Sector Perform at National Bank. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
WFC Wells Fargo
$47.69

-0.1 (-0.21%)

01/02/19
RBCM
01/02/19
UPGRADE
RBCM
Sector Perform
Wells Fargo upgraded to Sector Perform from Underperform at RBC Capital
01/02/19
RBCM
01/02/19
UPGRADE
Target $48
RBCM
Sector Perform
Wells Fargo upgraded to Sector Perform from Underperform at RBC Capital
As noted earlier, RBC Capital analyst Gerard Cassidy upgraded Wells Fargo to Sector Perform but lowered his price target to $48 from $50. The analyst notes that his prior downgrade was related to expectations that the Federal Reserve's Cease & Desist Order would "seriously hamper" the bank's ability to operate in an "otherwise healthy banking environment." At current prices however, Cassidy contends that the stock "fully discounts" the bank's regulatory risks, also raising his Q4 earnings estimate by 8c to $1.28.
01/07/19
GSCO
01/07/19
DOWNGRADE
Target $144
GSCO
Neutral
PNC Financial downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Richard Ramsden downgraded PNC Financial (PNC) to Neutral and lowered his price target for the shares to $144 from $154. Commercial loan growth has fallen 7 percentage points and is likely to track industry growth rates more closely from here, Ramsden tells investors in a research note. Further, he thinks higher deposit betas could "hinder" PNC's net interest income growth and that the current valuation "appears fair on a relative basis." In an environment where the revenue outlook is uncertain, Bank of America (BAC) and Wells Fargo look best positioned, says Ramsden.
01/08/19
WOLF
01/08/19
DOWNGRADE
WOLF
Peer Perform
Wells Fargo downgraded to Peer Perform from Outperform at Wolfe Research

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NWSA

News Corp.

$12.42

0.03 (0.24%)

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FDC

First Data

$22.17

0.9 (4.23%)

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First Data call volume above normal and directionally bullish »

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BLK

BlackRock

$410.20

-2.65 (-0.64%)

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MS

Morgan Stanley

$42.66

-1.82 (-4.09%)

, AAPL

Apple

$154.13

-0.75 (-0.48%)

12:22
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On The Fly
Fly Intel: Wall Street's top stories at midday »

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MS

Morgan Stanley

$42.66

-1.82 (-4.09%)

AAPL

Apple

$154.13

-0.75 (-0.48%)

JNJ

Johnson & Johnson

$128.65

0.65 (0.51%)

SHLD

Sears

$0.00

(0.00%)

SBNY

Signature Bank

$120.40

7.98 (7.10%)

MTB

M&T Bank

$161.77

7.32 (4.74%)

SIG

Signet Jewelers

$25.63

-7.745 (-23.21%)

WDC

Western Digital

$35.97

-1.83 (-4.84%)

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LPCN

Lipocine

$2.24

0.65 (40.88%)

12:17
01/17/19
01/17
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Recommendations
Lipocine analyst commentary  »

Ladenburg reiterates Buy…

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
01/17/19
01/17
12:17
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12:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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LMB

Limbach Holding

$5.00

(0.00%)

12:16
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Limbach awarded contracts totaling $81.4M for hospital construction »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
01/17/19
01/17
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12:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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LPCN

Lipocine

$2.27

0.68 (42.77%)

12:12
01/17/19
01/17
12:12
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12:12
Periodicals
Lipocine NASH data contain plenty of 'red flags,' STAT's Feuerstein writes »

This morning's…

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CVE

Cenovus Energy

$7.79

-0.19 (-2.38%)

12:10
01/17/19
01/17
12:10
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12:10
Options
Second day of call buying in Cenovus Energy continues as shares slump »

Second day of call buying…

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SQ

Square

$68.79

2.9 (4.40%)

12:04
01/17/19
01/17
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12:04
Hot Stocks
Square launches free debit card for business, with sellers access to funds »

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ALBO

Albireo Pharma

$24.54

0.08 (0.33%)

12:03
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Hot Stocks
Albireo Pharma treatment of biliary atresia granted FDA orphan status »

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GPOR

Gulfport Energy

$8.67

-0.23 (-2.58%)

12:02
01/17/19
01/17
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Hot Stocks
Gulfport Energy confirms receipt of Firefly letter »

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UNFI

United Natural Foods

$13.09

-2.32 (-15.06%)

12:00
01/17/19
01/17
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Hot Stocks
United Natural Foods falls -15.1% »

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ESTE

Earthstone Energy

$5.28

-1.49 (-22.01%)

12:00
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Earthstone Energy falls -21.9% »

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SIG

Signet Jewelers

$25.49

-7.885 (-23.63%)

12:00
01/17/19
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Hot Stocks
Signet Jewelers falls -23.6% »

Signet Jewelers is down…

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SKX

Skechers

$27.64

2.27 (8.95%)

12:00
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Hot Stocks
Skechers rises 9.2% »

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CSV

Carriage Services

$18.60

1.61 (9.48%)

12:00
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Hot Stocks
Carriage Services rises 9.6% »

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  • 17

    Jan

SNH

Senior Housing

$12.82

-0.07 (-0.54%)

12:00
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Options
Put buyers in Senior Housing Properties »

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SHLD

Sears

$0.00

(0.00%)

12:00
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Sears confirms ESL selected as winning bidder in bankruptcy auction »

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OZM

Och-Ziff Capital

$12.51

1.27 (11.30%)

12:00
01/17/19
01/17
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12:00
Hot Stocks
Och-Ziff Capital rises 11.1% »

Och-Ziff Capital is up…

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TGT

Target

$68.66

0.78 (1.15%)

, PLCE

Children's Place

$87.83

2.66 (3.12%)

11:57
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01/17
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11:57
Periodicals
Target revamps its baby line Cloud Island to include essential items, CNBC says »

With the demise of …

TGT

Target

$68.66

0.78 (1.15%)

PLCE

Children's Place

$87.83

2.66 (3.12%)

CRI

Carter's

$78.68

0.48 (0.61%)

GPS

Gap

$25.28

0.38 (1.53%)

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  • 03

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EBS

Emergent BioSolutions

$65.86

0.79 (1.21%)

, AMPH

Amphastar

$21.90

0.1 (0.46%)

11:57
01/17/19
01/17
11:57
01/17/19
11:57
Recommendations
Emergent BioSolutions, Amphastar analyst commentary  »

Wells says naloxone news…

EBS

Emergent BioSolutions

$65.86

0.79 (1.21%)

AMPH

Amphastar

$21.90

0.1 (0.46%)

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EBS

Emergent BioSolutions

$65.86

0.79 (1.21%)

, AMPH

Amphastar

$21.91

0.11 (0.50%)

11:55
01/17/19
01/17
11:55
01/17/19
11:55
Hot Stocks
FDA commissioner describes efforts to support development of OTC naloxone »

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Emergent BioSolutions

$65.86

0.79 (1.21%)

AMPH

Amphastar

$21.91

0.11 (0.50%)

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11:55
01/17/19
01/17
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11:55
General news
Treasury Option Action: a rash of put positioning »

Treasury Option Action: a…

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