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EBAY

eBay

$31.00

(0.00%)

, JNJ

Johnson & Johnson

$130.65

(0.00%)

09:40
01/22/19
01/22
09:40
01/22/19
09:40

Unusually active option classes on open January 22nd

Unusual total active option classes on open include: EBay (EBAY), Johnson & Johnson (JNJ), Baidu (BIDU), BlackBerry (BB), Starbucks (SBUX), Bristol Myers Squibb (BMY), Caterpillar (CAT), Gilead (GILD), Freeport McMoRan (FCX), and Ford (F).

EBAY

eBay

$31.00

(0.00%)

JNJ

Johnson & Johnson

$130.65

(0.00%)

BIDU

Baidu

$171.48

(0.00%)

BB

BlackBerry

$7.85

(0.00%)

SBUX

Starbucks

$64.70

(0.00%)

BMY

Bristol-Myers

$50.15

(0.00%)

CAT

Caterpillar

$136.61

(0.00%)

GILD

Gilead

$69.21

(0.00%)

FCX

Freeport McMoRan

$12.55

(0.00%)

F

Ford

$8.59

(0.00%)

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    Oct

EBAY eBay
$31.00

(0.00%)

01/14/19
BARD
01/14/19
NO CHANGE
Target $39
BARD
Outperform
eBay survey matching broader e-commerce trends, says Baird
Baird analyst Colin Sebastian said his proprietary tracker shows eBay had a slightly better than anticipated November. Early December volumes were healthy, but there was a steeper slowdown in the second half of the month relative to historical trends. The analyst said this is consistent with other holiday e-commerce checks and data points. Sebastian reiterated his Outperform rating and lowered his price target to $39 from $41 on eBay shares.
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.
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.
JNJ Johnson & Johnson
$130.65

(0.00%)

01/02/19
SBSH
01/02/19
NO CHANGE
SBSH
Citi makes four rating changes in Medical Devices, 'warning up' to J&J
Citi analyst Amit Hazan issued his 2019 preview for Medical Devices, which included four rating changes. The analyst upgraded both Zimmer Biomet (ZBH) and Baxter International (BAX) to Buy from Neutral, downgraded Medtronic (MDT) to Neutral from Buy and downgraded Abbott Laboratories (ABT) to Sell from Neutral. He also kept Buy ratings on Intuitive Surgical (ISRG) and Boston Scientific (BSX), but adds he's "relatively more cautious." Further, Hazan kept a Sell rating on Edwards Lifesciences (EW) and says he's "warming up" to Neutral-rated Johnson & Johnson (JNJ). The analyst expects "fairly stable" fundamentals for the group in 2019, with "modest slowdowns" in organic sales and earnings growth.
01/04/19
CANT
01/04/19
NO CHANGE
Target $100
CANT
Overweight
Cantor Fitzgerald analysis suggests others could bid for Celgene
Cantor Fitzgerald analyst Alethia Young reiterates an Overweight rating on Celgene (CELG) with a $100 price target after the company reached an agreement to be acquired by Bristol-Myers Squibb (BMY). Bristol "likely got a good deal, although Celgene has intellectual property and pipeline uncertainties that are key moving pieces," Young tells investors in a research note. Her estimated net present value for Celgene is $80B, assuming some cost synergies, versus the $74B equity valuation in the Bristol deal, excluding the contingent value rights. Young's analysis indicates that companies like Amgen (AMGN) and Johnson & Johnson (JNJ) "could potentially achieve greater commercial synergies." However, the analyst thinks Celgene shareholders "may be satisfied with the current deal after quite a roller-coaster over the past 18 months."
01/04/19
BTIG
01/04/19
NO CHANGE
Target $17
BTIG
Buy
Veracyte price target raised to $17 from $15 at BTIG
BTIG analyst Sung Ji Nam raised his price target on Veracyte (VCYT) to $17 and kept the Buy rating on the shares after its announced long term partnership with Johnson & Johnson (JNJ) yesterday. The analyst says the collaboration aims to accelerate the development of the first nasal swab test for early lung cancer detection and involve the two companies sharing existing data and samples from clinical studies. Sung Ji Nam states that the deal should lead to acceleration of next -gen Percepta launch, adding that the nasal swab test development could quadruple the company's total addressable market value in the U.S. alone.
01/14/19
WELS
01/14/19
NO CHANGE
Target $152
WELS
Outperform
Johnson & Johnson price target lowered to $152 from $162 at Wells Fargo
Wells Fargo analyst Larry Biegelsen lowered his price target for Johnson & Johnson to $152 from $162 ahead of quarterly results. The analyst forecasts Q4 sales of $20.1B and EPS of $1.97, versus consensus of $20.2B and $1.95, respectively. For 2019, Biegelsen expects initial guidance to be conservative based on the company's track record, and J&J to continue to target earnings to grow faster than sales. The analyst sees 5%-6% operational EPS growth as "reasonable." He reiterates an Outperform rating on the shares.
BIDU Baidu
$171.48

(0.00%)

01/22/19
SBSH
01/22/19
NO CHANGE
Target $205
SBSH
Buy
Citi opens 'Negative Catalyst Watch' on Baidu, cuts target to $205
Citi analyst Alicia Yap opened a "30-Day Negative Catalyst Watch" on Baidu and cut her price target for the shares to $205 from $262. The analyst, however, keeps a Buy rating on the name. Yap sees risk to the company's Q4 earnings and Q1 guidance. She's particularly concerned on Baidu's Q1 sales and margins guidance, though believes it "could be partially priced-in." To reflect higher spending, a slowing macro outlook and likely advertising budget cut by advertisers, Yap reduced her estimates for Baidu.
01/08/19
MSCO
01/08/19
DOWNGRADE
MSCO
Equal Weight
Baidu downgraded to Equal Weight from Overweight at Morgan Stanley
01/08/19
MSCO
01/08/19
DOWNGRADE
Target $188
MSCO
Equal Weight
Morgan Stanley downgrades Baidu to Equal Weight as investments pressure margins
As previously reported, Morgan Stanley analysts led by Grace Chen downgraded Baidu to Equal Weight from Overweight citing lighter margins due to content and AI investments. "The data era presents new opportunities and challenges for China's internet industry with a new investment cycle under way, as cash cow consumer internet growth rates moderate, and as capex, S&M and R&D rise to explore new growth drivers," the team wrote in their note discussing shifts they sees as likely to reshape China's internet in 2019. The firm lowered its price target on Baidu shares to $188 from $230.
01/14/19
BERN
01/14/19
INITIATION
Target $180
BERN
Market Perform
Baidu assumed with a Market Perform at Bernstein
Bernstein analyst David Dai assumed coverage on Baidu with a Market Perform and $180 price target.
BB BlackBerry
$7.85

(0.00%)

12/21/18
ADAM
12/21/18
NO CHANGE
Target $9
ADAM
Hold
BlackBerry price target lowered to $9 from $11 at Canaccord
Canaccord analyst T. Michael Walkley lowered his price target on BlackBerry to $9 from $11 following Q3 results that beat expectations. The analyst introduced estimates for 2021 and added the company's acquisition of Cylance to his model while awaiting for company guidance about potential synergy opportunities once the transaction closes. The analyst noted its continued ESS and BTS strength and the company's reaffirmed guidance for 2019. Walkley maintained his Hold rating on BlackBerry shares.
12/21/18
RBCM
12/21/18
NO CHANGE
Target $10
RBCM
Sector Perform
BlackBerry investor focus shifting to Cylance, says RBC Capital
RBC Capital analyst Paul Treiber trimmed his price target on BlackBerry shares to $10 from $11 following the company's Q3 report, citing the pullback in cybersecurity valuations. The Nokia IP settlement lifted its Q3 results and its Software outlook is unchanged, noted Treiber, who believes investors' focus will now shift to BlackBerry's pending acquisition of Cylance. He maintains a Sector Perform rating on BlackBerry.
12/24/18
12/24/18
NO CHANGE

Fly Intel: Top five analyst actions
Catch up on today's top five analyst actions with this list compiled by The Fly: 1. CarMax (KMX) upgraded to Buy from Neutral at Guggenheim with analyst Ali Faghri citing valuation. 2. Newtek Business (NEWT) upgraded to Outperform from Market Perform at Raymond James. 3. RPM (RPM) downgraded to Underweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas citing valuation. 4. BlackBerry (BB) downgraded to Sell from Buy at Veritas. 5. Histogenics (HSGX) downgraded to Neutral from Buy at H.C. Wainwright with analyst Swayampakula Ramakanth saying the FDA is requiring an additional study with NeoCart. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/24/18
VERI
12/24/18
DOWNGRADE
VERI
Sell
BlackBerry downgraded to Sell from Buy at Veritas
SBUX Starbucks
$64.70

(0.00%)

12/19/18
JPMS
12/19/18
NO CHANGE
Target $70
JPMS
Overweight
JPMorgan likes shares of Starbucks at current levels
JPMorgan analyst John Ivankoe says he likes shares of Starbucks at current levels after taking a group of investors to the company's Seattle headquarters. Improved visibility into U.S. comp improvement, driven by various sales-driving initiatives along with 6%-7% global unit growth, will allow Starbucks to sustain a premium multiple, Ivankoe tells investors in a research note. He keeps an Overweight rating on the shares with a $70 price target.
01/11/19
GSCO
01/11/19
DOWNGRADE
Target $68
GSCO
Neutral
Starbucks downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Karen Holthouse downgraded Starbucks to Neutral and lowered her price target for the shares to $68 from $75. The coffee giant closed yesterday up 31c to $64.19. The analyst remains "reasonably confident" that Starbucks' initiatives to drive digital engagement can lead to a "more stable" 3%-4% comp trajectory in the U.S. over the next few years. However, its valuation has "rapidly re-rated" to reflect this, and gift cards and digital trends could be points of caution in fiscal Q1, Holthouse tells investors in a research note. Further, she has "incremental concerns" regarding the China macro environment and the company's comp trajectory in that region. Other consumer companies, like Apple (AAPL) and McDonald's (MCD), have noted weakness in China, the analyst points out. Holthouse this morning also upgraded Texas Roadhouse (TXRH) to Buy from Neutral and downgraded Yum! Brands (YUM) to Sell from Neutral.
01/11/19
BMOC
01/11/19
NO CHANGE
Target $60
BMOC
Market Perform
Starbucks price target lowered to $60 from $63 at BMO Capital
BMO Capital analyst Andrew Strelzik lowered his price target on Starbucks to $60 and kept his Market Perform rating, saying the company's "valuation resiliency" appears to be "disconnected" from changes to the fundamentals. The analyst notes that in spite of trading at "multiyear high relative valuation metrics", Starbucks is facing slower growth and a less solid outlook for its China market. Strelzik adds that although there may not be a near term downside catalyst, the risk-reward on Starbucks appears to be tilted to the downside.
01/11/19
01/11/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Asset managers BlackRock (BLK), Eaton Vance (EV), Ivesco (IVZ), Affiliated Managers (AMG) and Legg Mason (LM) downgraded to Hold from Buy at Deutsche Bank, with analyst Brian Bedell saying their fundamentals are "unlikely to improve anytime soon." The analyst believes "investor neglect" toward the stocks should continue on fears of a market downturn, as well as due to poor fundamentals from product outflows and pressure on fee rates and operating margins. 2. Starbucks (SBUX) downgraded to Neutral from Buy at Goldman Sachs by analyst Karen Holthouse, saying she remains "reasonably confident" that Starbucks' initiatives to drive digital engagement can lead to a "more stable" 3%-4% comp trajectory in the U.S. over the next few years. However, its valuation has "rapidly re-rated" to reflect this, and gift cards and digital trends could be points of caution in fiscal Q1. The analyst also downgraded Yum! Brands (YUM) to Sell from Neutral. 3. Gap (GPS) downgraded to Underweight from Overweight at Barclays, with analyst Chethan Mallela saying he believes "challenging" traffic trends and "difficult" comparisons cloud visibility into the company's sales growth momentum. Further, the analyst believes the company's cost pressures will be larger than investors anticipate and pose risk to consensus estimates. 4. WW (WTW) downgraded to Neutral from Overweight at JPMorgan by analyst Christina Brathwaite, saying early in the year channel checks point to a weak start to 2019 for the company. The checks suggest traffic to WW''s website and engagement on its mobile app are down double-digit percentages year-over-year, the analyst added. 5. Hanesbrands (HBI) downgraded to Hold from Buy at Deutsche Bank, with analyst Tiffany Kanaga citing a deep dive of the company's international business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BMY Bristol-Myers
$50.15

(0.00%)

01/15/19
01/15/19
UPGRADE
Target $60

Buy
Societe General applauds Bristol-Myers' 'bold' deal, double upgrades to Buy
As previously reported, Societe Generale analyst Justin Smith double upgraded Bristol-Myers (BMY) to Buy from Sell as he believes investors' concerns about how the acquisition of Celgene (CELG) could weaken its long-term growth profile are adequately discounted at the stock's current levels. He also applauds management for making "such a bold strategic move," contending that improved cash flow and a higher R&D budget for the combined company should help it navigate past medium-term patent expirations while simultaneously growing the dividend. He assigns an 80% probability of the acquisition closing, but "cannot dismiss the risk of counter-bids on either side of this deal," Smith added. He raised his price target on Bristol-Myers shares to $60 from $47.
01/22/19
JEFF
01/22/19
NO CHANGE
Target $95
JEFF
Buy
Jefferies does not see possible Bristol-Myers suitor thwarting Celgene deal
Jefferies analyst Michael Yee says that while shares of Bristol-Myers Squibb (BMY) have rallied over the past two weeks, Celgene (CELG) shares are roughly flat, putting the deal spread back to 18%-20%. Celgene has been flat as investors are unsure what will happen with some near-term event volatility, including the inter partes review decision on patents related to methods of use and dosing for Revlimid and the Bristol shareholder vote in the summer, Yee tells investors in a research note. The analyst, however, sees a suitor emerging for Bristol-Myers as the biggest risk to the Celegene buyout. But he does not see an unsolicited suitor coming in to thwart the $74B deal for Celgene. As such, he believes current share levels provide investors an attractive 18%-20% return over the near- to mid-term. Yee keeps a Buy rating on Celgene with a $95 price target.
01/15/19
SOCG
01/15/19
UPGRADE
SOCG
Buy
Bristol-Myers upgraded to Buy from Sell at Societe Generale
01/04/19
01/04/19
DOWNGRADE

Outperform
BeiGene downgraded to Outperform at CLSA as Celgene goes 'from friend to foe'
As previously reported, CLSA analyst David Li downgraded BeiGene to Outperform from Buy following the news yesterday of Bristol-Myers' (BMY) proposed acquisition of Celgene (CELG) in a note titled "From friend to foe." He thinks Celgene is unlikely to continue to cooperate with BeiGene on its PD-1 after the deal goes through and also worries about the three commercialized products licensed from Celgene and about the company selling out of its BeiGene stake, he tells investors. He lowered his price target on BeiGene shares to HK$89.86 from HK$121.34.
CAT Caterpillar
$136.61

(0.00%)

01/11/19
GSCO
01/11/19
NO CHANGE
Target $156
GSCO
Buy
Caterpillar EPS outlook reduced by 2% at Goldman Sachs
Goldman Sachs analyst Jerry Revich kept his Buy rating and $156 price target on Caterpillar but lowered his outlook for FY18-20 EPS by about 2% on average. The analyst cites reduced oil and gas reciprocating engine demand for machinery, even though he sees the mining, oil & gas end markets closer to trough than mid-cycle. Revich further states that his forecasts are now below consensus, even though Caterpillar shares trade at 10.3-times forward earnings, which is near the historical trough valuation of 10-times next twelve months' earnings.
12/26/18
STPT
12/26/18
UPGRADE
STPT
Accumulate
Caterpillar upgraded to Accumulate at Standpoint Research
Standpoint Research analyst Ronnie Moas upgraded Caterpillar to Accumulate.
12/03/18
12/03/18
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. AT&T (T) upgraded to Outperform from Market Perform at Cowen and to Overweight from Neutral at JPMorgan. 2. Caterpillar (CAT) upgraded to Buy from Neutral at BofA/Merrill with analyst Ross Gilardi citing attractive valuation as macro risks recede. 3. First Solar (FSLR) upgraded to Neutral from Sell at Goldman Sachs with analyst Brian Lee saying the recent underperformance in the stock creates a more favorable risk/reward profile. 4. Stanley Black & Decker (SWK) upgraded to Outperform from Neutral at Baird with analyst Timothy Wojs saying the delay in the Chinese tariffs will be a net benefit on top of consensus estimates that were already properly reset for tariff and cost headwinds. 5. Roku (ROKU) upgraded to Buy from Neutral at DA Davidson with analyst Tom Forte saying the stock is "attractive" following reports of a 90-day U.S.-China trade truce reached this weekend as it alleviates a "significant near-term risk to shares," since all of the company's products are manufactured in China. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/03/18
BARD
12/03/18
NO CHANGE
Target $171
BARD
Outperform
Caterpillar elevated to Fresh Pick at Baird
Baird analyst Mig Dobre elevated Caterpillar to Fresh Pick as it is poised to benefit from a combination of continued demand growth into 2019, improved price/cost dynamics, strong seasonal and post mid-term tailwinds, attractive valuation and meaningful capital deployment/buyback potential. Dobre reiterated his Outperform rating and $171 price target on Caterpillar shares.
GILD Gilead
$69.21

(0.00%)

01/03/19
01/03/19
UPGRADE
Target $85

Outperform
Gilead upgraded to Outperform at Oppenheimer as strong clinical data approaches
As previously reported, Oppenheimer analyst Hartaj Singh upgraded Gilead to Outperform from Perform, with a $85 price target. The analyst believes that in 2019 the addition of CEO Daniel O'Day, year-on-year sales growth, and important mid/late-stage clinical readouts for budding franchises in inflammation and NASH could start to re-rate a biotech bellwether, a name that is among the cheapest in large-cap biotech. After a 3-year stretch where the company lost almost 1/3 of its top line with slowing HCV sales, Singh thinks Gilead is poised to get its "mojo back," delivering on P&L fundamentals, mid/late-stage pipeline progression and a burgeoning acquisition/licensing heightened by O'Day's previous experience.
01/03/19
OPCO
01/03/19
UPGRADE
OPCO
Outperform
Gilead upgraded to Outperform from Perform at Oppenheimer
12/19/18
CANT
12/19/18
NO CHANGE
Target $92
CANT
Overweight
Gilead price target raised to $92 from $88 at Cantor Fitzgerald
Cantor Fitzgerald analyst Alethia Young raised her price target for Gilead Sciences (GILD) to $92 after her firm increased its peak 2027 filgotinib sales estimate from $2.75B to $4.0B. Gilead books revenues in the U.S. and ~20% of sales are outside the U.S., so filgotinib is a key pipeline product not only for Galapagos NV (GLPG), but also for Gilead, Young tells investors in a research note. She reiterates an Overweight rating on the shares.
12/17/18
GUGG
12/17/18
INITIATION
Target $86
GUGG
Buy
Gilead resumed with a Buy at Guggenheim
Guggenheim analyst Whitney Ijem resumed coverage of Gilead Sciences with a Buy rating and $86 price target. With management uncertainty "now moving into the rearview mirror," the analyst likes the shares heading into 2019. She thinks Gilead's base business is positioned well and points out the company has several Phase 3 data readouts next year. Ijem calls Selonsertib a "coin-flip" but believes filgotinib data is likely to be positive.
FCX Freeport McMoRan
$12.55

(0.00%)

01/09/19
01/09/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. CarGurus (CARG) initiated with an Outperform at Oppenheimer. 2. Callaway Golf (ELY) and Acushnet Holdings (GOLF) were initiated with an Equal Weight at Stephens. 3. MVB Financial (MVBF) initiated with a Market Perform at Keefe Bruyette. 4. U.S. Steel (X) initiated with a Market Perform at Cowen. 5. Freeport McMoRan (FCX) initiated with a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/09/19
01/09/19
INITIATION
Target $12

Neutral
Credit Suisse cautious on Freeport McMoRan, initiates with a Neutral
As previously reported, Credit Suisse analyst Curt Woodworth started Freeport McMoRan with a Neutral rating and $12 price target. The analyst is cautious on the stock in the medium-term given his view that consensus EBITDA and free cash flow estimates need to significantly decline owing to unit cost pressures in Indonesia, negative impact from deferred taxes, and copper price weakness. While he expects the new Indonesian mining license to preserve Freeport McMoRan asset level economics, the transition to the underground block cave adds a layer of execution risk that is hard to quantify and material milestones remain.
01/09/19
FBCO
01/09/19
INITIATION
FBCO
Neutral
Freeport McMoRan initiated with a Neutral at Credit Suisse
12/18/18
DBAB
12/18/18
NO CHANGE
DBAB
Rio Tinto acquisitions part of Deutsche's 'left-field ideas' for miners
With the potential for slower growth in China, weaker iron ore prices and rising production costs, the Mining industry may consider bold actions in 2019, Deutsche Bank told investors in a research note. The firm's "left-field ideas" include Rio Tinto (RIO) possibly considering acquisitions of Anglo American (NGLOY), First Quantum Minerals (FQVLF) or Freeport McMoRan (FCX). Deutsche also thinks BHP Billiton (BHP) could further look to trim its portfolio with a spinoff that includes its Nickel West unit, oil and gas operations in Australia, and thermal coal in Colombia and Australia.
F Ford
$8.59

(0.00%)

01/15/19
GSCO
01/15/19
NO CHANGE
Target $12
GSCO
Buy
Ford, Volkswagen alliance could result in meaningful savings, says Goldman Sachs
Goldman Sachs analyst David Tamberrino notes that Ford (F) and Volkswagen (VLKAY) have announced their intention to make a formal announcement regarding potential joint plans at the Detroit Auto Show. He believes the expectation is for a deep alliance between the two with respect to passenger cars, developing electric vehicles, as well as investing in Autonomous Vehicle development, among other areas requiring stepped up auto investment or a dramatic change. Ultimately, Tamberrino thinks this could be additive to Ford's outlined restructuring plans and generate shared costs across the alliance, potentially improving near-term and longer-term results. Looking at historical automotive alliances and cost savings realized, there is potential for a range of $1.5B-$4.5B of expense savings that could accrue to Ford, he contends. The analyst reiterates a Buy rating and $12 price target on Ford's shares.
01/15/19
MSCO
01/15/19
NO CHANGE
Target $10
MSCO
Equal Weight
Morgan Stanley says 'wouldn't get too excited' about Ford alliance with VW
Morgan Stanley analyst Adam Jonas said he "wouldn't get too excited" about Ford's (F) alliance with Volkswagen (VLKAY) as he believes Ford must tackle its fundamental and business model challenges mainly on its own. "Over 100%" of Ford's equity valuation is driven by the F-Series, which is largely independent from anything VW could offer, said Jonas, who keeps an Equal Weight rating and $10 price target on Ford shares.
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.
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.

TODAY'S FREE FLY STORIES

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IFF

International Flavors

$122.54

-0.98 (-0.79%)

21:34
03/20/19
03/20
21:34
03/20/19
21:34
Upgrade
International Flavors rating change at Goldman Sachs »

International Flavors…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 28

    Mar

QRVO

Qorvo

$69.15

-0.93 (-1.33%)

21:34
03/20/19
03/20
21:34
03/20/19
21:34
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Qorvo rating change at Goldman Sachs »

Qorvo upgraded to Buy…

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  • 25

    Mar

ATI

Allegheny Technologies

$26.02

0.065 (0.25%)

21:34
03/20/19
03/20
21:34
03/20/19
21:34
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Allegheny Technologies rating change at Goldman Sachs »

Allegheny Technologies…

03/08/13
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INAP

Internap

$4.98

0.17 (3.53%)

21:33
03/20/19
03/20
21:33
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21:33
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Internap rating change at Wells Fargo »

Internap upgraded to…

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DRI

Darden

$108.62

-1.79 (-1.62%)

, CAG

Conagra Brands

$22.91

0.095 (0.42%)

20:25
03/20/19
03/20
20:25
03/20/19
20:25
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

DRI

Darden

$108.62

-1.79 (-1.62%)

CAG

Conagra Brands

$22.91

0.095 (0.42%)

CMC

Commercial Metals

$16.06

-0.06 (-0.37%)

GIII

G-III Apparel

$35.09

-0.475 (-1.34%)

03/08/13
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  • 21

    Mar

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    Mar

HYMTF

Hyundai Motor

$0.00

(0.00%)

19:51
03/20/19
03/20
19:51
03/20/19
19:51
Periodicals
Hyundai shareholders to vote on Elliott Management dividend demand, Reuters says »

Hyundai Motor…

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CVBF

CVB Financial

$21.12

-0.53 (-2.45%)

19:45
03/20/19
03/20
19:45
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Hot Stocks
CVB Financial raises quarterly dividend to 18c from 14c per share »

The dividend will be…

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KAMN

Kaman

$57.84

0.345 (0.60%)

19:24
03/20/19
03/20
19:24
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Periodicals
Kaman exploring sale of distribution segment, Bloomberg says »

Kaman is looking into a…

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  • 17

    Apr

VALE

Vale

$13.49

-0.21 (-1.53%)

19:19
03/20/19
03/20
19:19
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19:19
Hot Stocks
Vale suspends operations at Alegria mine in Mariana complex on preventive basis »

Vale S.A. informs that it…

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  • 28

    Mar

EQH

AXA Equitable

$20.84

-0.565 (-2.64%)

19:12
03/20/19
03/20
19:12
03/20/19
19:12
Syndicate
AXA Equitable 40M share Secondary priced at $20.50 »

JPMorgan, Morgan Stanley…

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  • 21

    Mar

OTTW

Ottawa Bancorp

$13.56

-0.14 (-1.02%)

19:02
03/20/19
03/20
19:02
03/20/19
19:02
Hot Stocks
Ottawa Bancorp declares special dividend of 35c per share »

The special dividend will…

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JAZZ

Jazz Pharmaceuticals

$133.73

-1.74 (-1.28%)

18:57
03/20/19
03/20
18:57
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18:57
Hot Stocks
Jazz Pharmaceuticals' Sunosi for excessive daytime sleepiness approved by FDA »

Jazz…

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  • 20

    Mar

AYI

Acuity Brands

$123.00

-5.53 (-4.30%)

18:52
03/20/19
03/20
18:52
03/20/19
18:52
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Acuity Brands rating change at Goldman Sachs »

Acuity Brands upgraded to…

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  • 03

    Apr

HYAC

Haymaker Acquisition

$11.79

(0.00%)

, OSW

OneSpaWorld

$0.00

(0.00%)

18:47
03/20/19
03/20
18:47
03/20/19
18:47
Hot Stocks
OneSpaWorld says will start trading on Nasdaq March 21 »

OneSpaWorld Holdings…

HYAC

Haymaker Acquisition

$11.79

(0.00%)

OSW

OneSpaWorld

$0.00

(0.00%)

03/08/13
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MLHR

Herman Miller

$35.07

-0.85 (-2.37%)

, MU

Micron

$40.08

-0.3 (-0.74%)

18:46
03/20/19
03/20
18:46
03/20/19
18:46
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: …

MLHR

Herman Miller

$35.07

-0.85 (-2.37%)

MU

Micron

$40.08

-0.3 (-0.74%)

WSM

Williams-Sonoma

$56.88

0.09 (0.16%)

SIEN

Sientra

$9.76

0.945 (10.73%)

EB

Eventbrite

$20.09

-0.72 (-3.46%)

GES

Guess

$22.10

-0.41 (-1.82%)

UNIT

Uniti Group

$10.01

0.15 (1.52%)

WEX

Wex

$184.85

-1.465 (-0.79%)

CBMG

Cellular Biomedicine

$18.26

0.38 (2.13%)

FTDR

Frontdoor

$32.10

-2.29 (-6.66%)

03/08/13
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  • 20

    Mar

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    Mar

  • 20

    Mar

  • 20

    Mar

  • 20

    Mar

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    Mar

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    Mar

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    Apr

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    May

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    Mar

SAGE

Sage Therapeutics

$152.62

-3.46 (-2.22%)

18:39
03/20/19
03/20
18:39
03/20/19
18:39
Hot Stocks
Sage Therapeutics CEO: Postpartum depression is a medical issue »

In an interview on…

03/08/13
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NVDA

Nvidia

$174.38

-1.39 (-0.79%)

18:27
03/20/19
03/20
18:27
03/20/19
18:27
Recommendations
Nvidia analyst commentary at Tigress Financial »

Nvidia to overcome…

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CURLF

Curaleaf Holdings

$0.00

(0.00%)

, CVS

CVS Health

$56.17

-0.93 (-1.63%)

18:24
03/20/19
03/20
18:24
03/20/19
18:24
Periodicals
CVS to start selling CBD products in partnership with Curaleaf, Bloomberg says »

Curaleaf (CURLF) said…

CURLF

Curaleaf Holdings

$0.00

(0.00%)

CVS

CVS Health

$56.17

-0.93 (-1.63%)

03/08/13
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  • 25

    Mar

PETQ

PetIQ

$29.87

0.91 (3.14%)

18:23
03/20/19
03/20
18:23
03/20/19
18:23
Hot Stocks
PetIQ CEO: We are totally transparent about our price model »

In an interview on…

03/08/13
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  • 20

    Mar

T

AT&T

$30.51

-0.19 (-0.62%)

18:21
03/20/19
03/20
18:21
03/20/19
18:21
Periodicals
AT&T CEO: Huawei makes it hard for carriers to shift suppliers, Reuters says »

AT&T CEO Randall…

03/08/13
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  • 20

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SGSOY

SGS SA

$0.00

(0.00%)

18:19
03/20/19
03/20
18:19
03/20/19
18:19
Downgrade
SGS SA rating change at Goldman Sachs »

SGS SA downgraded to Sell…

03/08/13
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CLX

Clorox

$155.94

-0.93 (-0.59%)

, RBGLY

Reckitt Benckiser

$0.00

(0.00%)

18:16
03/20/19
03/20
18:16
03/20/19
18:16
Hot Stocks
Clorox files false advertising lawsuit against Reckitt Benckiser »

The Clorox Company (CLX)…

CLX

Clorox

$155.94

-0.93 (-0.59%)

RBGLY

Reckitt Benckiser

$0.00

(0.00%)

03/08/13
Wedge Partners
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  • 28

    May

BA

Boeing

$376.41

2.54 (0.68%)

18:09
03/20/19
03/20
18:09
03/20/19
18:09
Periodicals
Boeing pushes flight test to International Space Station to August, Reuters says »

Boeing has postponed by…

03/08/13
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  • 20

    Mar

  • 28

    May

CE

Celanese

$101.04

0.08 (0.08%)

18:02
03/20/19
03/20
18:02
03/20/19
18:02
Hot Stocks
Celanese increases acetyl intermeditates prices »

Celanese will increase…

03/08/13
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03/08/13
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Citigroup
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  • 18

    Apr

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