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DAL

Delta Air Lines

$47.02

-1.53 (-3.15%)

, ITW

Illinois Tool Works

$129.84

-0.47 (-0.36%)

10:23
01/14/19
01/14
10:23
01/14/19
10:23

Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Delta Air Lines (DAL) downgraded to Neutral from Buy at BofA/Merrill with analyst Andrew Didora saying his Flight Indicator data analysis suggests a "deceleration in domestic PRASM" in the first half of the year, coupled with other slowing demand indicators that include "weak ISM survey, declining CEO Confidence, airline pricing growth off highs, currency headwind, and government shutdown." 2. Illinois Tool Works (ITW) downgraded to Neutral from Buy at Citi with analyst Andrew Kaplowtiz saying the company's "overexposure" to "slowing" Europe is a risk. 3. Chevron (CVX) downgraded to Hold from Buy at HSBC with analyst Gordon Gray saying the scale of U.S. supply, and its responsiveness to any significant hike in price, will likely limit the price upside for crude. 4. Arconic (ARNC) downgraded to Neutral from Overweight at JPMorgan with analyst Michael Gambardella citing valuation. 5. XPO Logistics (XPO) downgraded to Sector Weight from Overweight at KeyBanc with analyst Todd Fowler citing his view that the big and bulky final mile market is increasingly competitive, along with ongoing uncertainty around European end markets. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

DAL

Delta Air Lines

$47.02

-1.53 (-3.15%)

ITW

Illinois Tool Works

$129.84

-0.47 (-0.36%)

CVX

Chevron

$111.80

-0.71 (-0.63%)

ARNC

Arconic

$19.45

-0.23 (-1.17%)

XPO

XPO Logistics

$60.68

-2.3 (-3.65%)

  • 15

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    Feb

DAL Delta Air Lines
$47.02

-1.53 (-3.15%)

01/14/19
BOFA
01/14/19
DOWNGRADE
Target $51
BOFA
Neutral
Delta Air Lines downgraded to Neutral from Buy at BofA/Merrill
As noted earlier, BofA/Merrill analyst Andrew Didora downgraded Delta Air Lines (DAL) to Neutral and lowered his price target to $51 from $62 as part of his broader research note on Airlines partially titled "more cautious given demand outlook". The analyst notes that his Flight Indicator data analysis suggests a "deceleration in domestic PRASM" in the first half of the year, coupled with other slowing demand indicators that include "weak ISM survey, declining CEO Confidence, airline pricing growth off highs, currency headwind, and government shutdown". Didora believes that Delta Air Lines specifically lacks the earnings catalysts evident in other airlines, while its valuation of 7.7-times forward earnings is a premium to the 5.8-times at United Airlines (UAL) and 7.1-times at American Airlines (AAL). The analyst adds that he still considers the airline as "best in class", but notes that the near-term headwinds in demand indicators justify a downgrade.
01/14/19
BOFA
01/14/19
DOWNGRADE
BOFA
Neutral
Delta Air Lines downgraded to Neutral from Buy at BofA/Merrill
01/11/19
SPHN
01/11/19
NO CHANGE
SPHN
Overweight
United Continental, Southwest estimates lowered at Stephens
Stephens analyst Jack Atkins said the weaker than expected Q4 unit revenue outlooks from Delta (DAL) and American Airlines (AAL) over the past week showed his that his forecasts for the sector "were clearly too aggressive" and he has lowered his forecasts for United Continental (UAL) and Southwest (LUV) in response to the slower growth in the domestic market. He cut his Q 4 PRASM growth forecast for United to 3.5% from 4.4% and lowered his FY19 PRASM growth forecast to 0.6% from 2.2%. For Southwest, Atkins cut his FY19 RASM growth view to 2.1% from 3.6%. He keeps Overweight ratings on both United Continental and Southwest.
01/09/19
01/09/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Nike (NKE) downgraded to Neutral from Outperform at Baird with analyst Jonathan Komp citing its relative valuation and concerns about its high P/E premium. 2. Oracle (ORCL) downgraded to Equal Weight from Overweight at Barclays with analyst Raimo Lenscho saying the competitive situation in the company's core database market and cloud is "not getting easier." 3. Wendy's (WEN) downgraded to Neutral from Outperform at Wedbush. 4. Booking Holdings (BKNG) downgraded to Equal Weight from Overweight at Morgan Stanley and to Hold from Buy at Jefferies. 5. United Continental (UAL) downgraded to Underperform from In-Line at Imperial Capital while Delta Air Lines (DAL) was downgraded to In-Line from Outperform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ITW Illinois Tool Works
$129.84

-0.47 (-0.36%)

01/10/19
JPMS
01/10/19
DOWNGRADE
Target $120
JPMS
Underweight
Illinois Tool Works downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Ann Duignan downgraded Illinois Tool Works to Underweight and lowered her price target for the shares to $120 from $136.
01/14/19
SBSH
01/14/19
DOWNGRADE
Target $144
SBSH
Neutral
Citi downgrades Illinois Tool Works on Europe risk, lower oil prices
Citi analyst Andrew Kaplowtiz downgraded Illinois Tool Works to Neutral from Buy with a $144 price target. The company's "overexposure" to "slowing" Europe is a risk, Kaplowtiz tells investors in a research note. However, the analyst says his downgrade is more reflective of the correlation between lower oil prices and shorter term capital spending trends in businesses such as Welding and Test & Measurement and Electronics. He expects these segments of Illinois Tool Works to decelerate in the coming quarters.
01/14/19
SBSH
01/14/19
DOWNGRADE
SBSH
Neutral
Illinois Tool Works downgraded to Neutral from Buy at Citi
01/10/19
JPMS
01/10/19
NO CHANGE
JPMS
JPMorgan changes ratings in Machinery ahead of Q4 earnings
JPMorgan analyst Ann Duignan says her U.S. Machinery coverage universe underperformed the broader market in 2018 as investors grew more concerned about the potential for a U.S. recession led by rising interest rates on top of a slowdown in international growth. As a result, the group looks "cheap" relative to the S&P 500 Index, Duignan tells investors in a research note. She also believes the selloff has been overdone for a number of stocks in her coverage. That said, the analyst thinks Eurozone growth is one of the biggest risks facing companies in space. As such, she suggests investors minimize exposure to companies with an outsized European Union mix. With this backdrop, Duignan upgraded both Oshkosh (OSK) and Trimble (TRMB) to Overweight from Neutral on valuation. She also downgraded Paccar (PCAR), Wabco (WBC) and Illinois Tool Works (ITW) to Underweight from Neutral given their exposure to Europe.
CVX Chevron
$111.80

-0.71 (-0.63%)

11/05/18
11/05/18
UPGRADE
Target $138

Outperform
Chevron upgraded to Outperform on continued execution at Credit Suisse
As previously reported, Credit Suisse analyst William Featherston upgraded Chevron to Outperform from Neutral, with a $138 price target, citing continued execution, free cash flow visibility and compelling valuation. The analyst believes the company continues to execute on its already superior growth outlook, which should translate into better than expected capital efficiencies into 2019 and sets up for continued robust free cash flow. He sees upside to 2019-2020 volume forecasts supported by strong Permian growth, driving an estimated about $10B-$11B per annum of surplus free cash flow generation, which should enable Chevron to sustain competitive dividend growth and expand the scope of its current share buyback program.
01/14/19
HSBC
01/14/19
DOWNGRADE
Target $122
HSBC
Hold
Chevron downgraded to Hold from Buy at HSBC
HSBC analyst Gordon Gray downgraded Chevron to Hold from Buy and lowered his price target to $122 from $136.
01/14/19
01/14/19
DOWNGRADE
Target $122

Hold
Chevron downgraded to Hold on lower crude price assumptions at HSBC
As previously reported, HSBC analyst Gordon Gray downgraded Chevron to Hold from Buy and lowered his price target to $122 from $136 after lowering his base case Brent crude price assumption for 2019 to $64 per barrel. The scale of U.S. supply, and its responsiveness to any significant hike in price, will likely limit the price upside for crude, Gray tells investors. His downgrade of the stock is also predicated on the stock's recent rally to a five-year high versus the global sector, Gray noted. However, with free cash breakevens in levels in the low $50/barrel range, he thinks the outlook for most companies is "robust" with Brent trading near $60/barrel, Gray stated.
11/05/18
FBCO
11/05/18
UPGRADE
FBCO
Outperform
Chevron upgraded to Outperform from Neutral at Credit Suisse
ARNC Arconic
$19.45

-0.23 (-1.17%)

01/14/19
JPMS
01/14/19
DOWNGRADE
Target $22
JPMS
Neutral
Arconic downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Michael Gambardella downgraded Arconic (ARNC) to Neutral and lowered his price target for the shares to $22 from $24. The analyst cites valuation for the downgrade. The shares are gradually pricing in a buyout, which is appropriate, Gambardella tells investors in a research note. Bloomberg on January 2 reported that Apollo Global (APO) in talks to buy Arconic for $22 per share.
12/20/18
12/20/18
UPGRADE
Target $24

Buy
Longbow upgrades Arconic to Buy after positive aerospace supplier survey
As previously reported, Longbow analyst Chris Olin upgraded Arconic to Buy from Neutral, stating that his survey of contacts in the tier-3 and tier-4 aerospace channel reported an accelerating top-line growth environment. Some smaller aerospace forging competitors are now facing constrained production capacity, which he believes could protect Arconic's aerospace & defense market share, Olin added. He also believes take-out speculation "offers a solid trading floor in the mid-$17/share range," the analyst tells investors. He set a $24 price target on Arconic shares.
12/20/18
LBOW
12/20/18
UPGRADE
LBOW
Buy
Arconic upgraded to Buy from Neutral at Longbow
10/31/18
JEFF
10/31/18
NO CHANGE
Target $25
JEFF
Buy
Arconic risk/reward favorable after Q3 beat, says Jefferies
Jefferies analyst Martin Englert reiterates a Buy rating on Arconic with a $25 price target citing a favorable risk/reward post the company's Q3 beat and reports of a possible private equity takeout. The company continues to make incremental improvements within Engineered Products & Solutions amidst partly offsetting factors, Englert tells investors in a post-earnings research note. He notes that his leveraged buyout model values Arconic at $26 per share.
XPO XPO Logistics
$60.68

-2.3 (-3.65%)

01/14/19
KEYB
01/14/19
DOWNGRADE
KEYB
Sector Weight
XPO Logistics downgraded to Sector Weight from Overweight at KeyBanc
01/14/19
01/14/19
DOWNGRADE

Sector Weight
XPO downgraded to Sector Weight at KeyBanc on European concerns, competition
As previously reported, KeyBanc analyst Todd Fowler downgraded XPO Logistics to Sector Weight from Overweight based on his view that the big and bulky final mile market is increasingly competitive, along with ongoing uncertainty around European end markets. While BBFM is only one element of the XPO story, it is often cited as a key differentiator, with competition from well-established, well-capitalized transport company's potentially slowing growth, and ongoing discord potentially impacting European growth, he adds.
12/17/18
DBAB
12/17/18
NO CHANGE
DBAB
Buy
Deutsche says change reinforces view short seller not reflecting XPO prospects
Deutsche Bank analyst Amit Mehrotra noted that the short presentation on XPO Logistics that was published last week has been updated. The update appears to address several of the "basic calculation errors" the firm previously highlighted but, "more critically," it removes altogether certain aspects of its cash flow analysis, according to the analyst. The removal of an important point related to cash flow supports his initial conclusion that the report is not reflective of XPO's prospects, Mehrotra tells investors. He keeps a Buy rating on XPO Logistics shares.
01/02/19
DBAB
01/02/19
NO CHANGE
DBAB
Buy
Deutsche Bank analysis shows XPO short seller's calls hardly pan out
Shares of XPO Logistics recovered over 90% of the losses suffered following publication Spruce Point Management's short report on December 13, Deutsche Bank analyst Amit Mehrotra tells investors in a research note. The snap back is indicative of the short report being "riddled with inaccuracies and misleading statements," with no implications to the fundamental outlook for XPO shares, Mehrotra writes. The analyst's analysis of Spruce Point's over 30 short reports over the last four years shows that most of the firm's calls have not come to fruition. Further, almost two-thirds of companies targeted by the short seller have positive returns on a six-month basis, with an average return of up 19%, says Mehrotra. The analyst adds that while XPO's fundamentals are not immune to broader macro forces, he feels "strongly that the business model allows for more resilient cash flows than market participants appreciate." Mehrotra keeps a Buy rating on XPO Logistics and continues to call the company his top overall pick.

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Synchrony

$29.40

2.85 (10.73%)

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Walmart

$98.72

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XLNX

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MEGEF

MEG Energy

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CNQ

Canadian Natural

$25.67

-0.02 (-0.08%)

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DLTH

Duluth Holdings

$20.41

0.425 (2.13%)

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BID

Sotheby's

$41.07

-0.27 (-0.65%)

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Varian Medical

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ISCA

International Speedway

$44.15

-0.09 (-0.20%)

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WB

Weibo

$52.25

-0.25 (-0.48%)

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$26.60

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0.66 (2.86%)

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ATVI

Activision Blizzard

$46.01

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AAL

American Airlines

$31.57

-1.18 (-3.60%)

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ERMAY

Eramet

$0.00

(0.00%)

07:41
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EIX

Edison International

$54.93

0.75 (1.38%)

07:41
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FANH

Fanhua

$23.74

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AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:40
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