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MO

Altria Group

$47.81

1.91 (4.16%)

, DWDP

DowDuPont

$59.34

0.815 (1.39%)

20:25
01/30/19
01/30
20:25
01/30/19
20:25

Notable companies reporting before tomorrow's open

Notable companies reporting before tomorrow's open, with earnings consensus, include MasterCard (MA), consensus $1.53... DowDuPont (DWDP), consensus 88c... Altria Group (MO), consensus 95c... UPS (UPS), consensus $1.91... General Electric (GE), consensus 22c... Charter Communications (CHTR), consensus $1.43... Celgene (CELG), consensus $2.32... Raytheon (RTN), consensus $2.89... Northrop Grumman (NOC), consensus $4.32... Blackstone Group (BX), consensus 1c... Baxter International (BAX), consensus 73c... Sherwin-Williams (SHW), consensus $3.65... Sprint (S), consensus (2c)... Hershey (HSY), consensus $1.27... International Paper (IP), consensus $1.61... Ball Corp (BLL), consensus 56c... AmerisourceBergen (ABC), consensus $1.51... Tractor Supply (TSCO), consensus $1.08... WestRock (WRK), consensus 81c... Apollo Global Management (APO), consensus (74c)... Valley National Bancorp (VLY), consensus 22c... Blue Apron (APRN), consensus (17c).

MO

Altria Group

$47.81

1.91 (4.16%)

DWDP

DowDuPont

$59.34

0.815 (1.39%)

MA

MasterCard

$203.86

4.64 (2.33%)

UPS

UPS

$101.14

-0.15 (-0.15%)

GE

General Electric

$9.10

0.2 (2.25%)

CHTR

Charter

$289.61

-0.33 (-0.11%)

CELG

Celgene

$88.05

0.51 (0.58%)

RTN

Raytheon

$171.54

0.3 (0.18%)

NOC

Northrop Grumman

$280.72

0.68 (0.24%)

BX

Blackstone

$33.12

-0.04 (-0.12%)

BAX

Baxter

$71.69

1.47 (2.09%)

SHW

Sherwin-Williams

$404.76

1.81 (0.45%)

S

Sprint

$6.07

0.04 (0.66%)

HSY

Hershey

$105.55

0.54 (0.51%)

IP

International Paper

$47.22

-0.11 (-0.23%)

BLL

Ball Corp.

$51.18

-0.14 (-0.27%)

ABC

AmerisourceBergen

$78.53

-1 (-1.26%)

TSCO

Tractor Supply

$89.58

-0.29 (-0.32%)

WRK

WestRock

$41.45

0.03 (0.07%)

APO

Apollo Global

$27.63

-0.08 (-0.29%)

VLY

Valley National

$10.41

0.07 (0.68%)

APRN

Blue Apron

$1.41

-0.09 (-6.00%)

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MO Altria Group
$47.81

1.91 (4.16%)

01/22/19
MSCO
01/22/19
DOWNGRADE
MSCO
Underweight
Altria Group downgraded to Underweight from Equal Weight at Morgan Stanley
01/14/19
STFL
01/14/19
NO CHANGE
STFL
Buy
Altria, Philip Morris valuations remain 'exceptionally cheap,' says Stifel
Stifel analyst Christopher Growe noted that tobacco stocks have underperformed again in 2018, but he believes 2019 should be a year of improvement in terms of U.S. volumes and regulatory threats. He foresees little action from the FDA, with no menthol ban expected by Growe in 2019, and estimates solid operating fundamentals for the industry, including improving U.S. volumes and approval of iQOS. Growe, who believes the valuations of Altria (MO) and Philip Morris International (PM) "remain exceptionally cheap," keeps Buy ratings on both stocks.
01/08/19
PIPR
01/08/19
NO CHANGE
Target $64
PIPR
Overweight
Altria Group price target lowered to $64 from $75 at Piper Jaffray
Piper Jaffray analyst Michael Lavery lowered his price target for Altria Group to $64 but keeps an Overweight rating on the name. The analyst reduced his 2019 earnings per share estimate to $4.20 from $4.36 and 2020 estimate to $4.53 from $4.80 after modeling for Juul economics. He believes, however, that Altria can deliver 7% average earnings growth in 2019-2020, driven by pricing, cost savings, buybacks and equity income. Juul's better economics mitigate Altria's cannibalization impact and its incremental sales add new sources of profit, Lavery tells investors in a research note.
01/22/19
01/22/19
DOWNGRADE
Target $45

Underweight
Altria Group downgraded to Underweight on slower growth at Morgan Stanley
As previously reported, Morgan Stanley analyst Pamela Kaufman downgraded Altria Group to Underweight from Equal Weight after reducing her forecasts to low-single-digit EPS growth starting in 2019 based on her expectation for accelerated cigarette industry volume declines. She cites shifting demographic trends, category disruption and "harsh FDA regulatory objectives" for her volume decline forecast. However, Kaufman also believes the recent de-rating of Philip Morris (PM) shares is unwarranted, as she contends that global cigarette fundamentals are solid and the company is not subject to many of the risks impacting U.S. tobacco. She cut her price target on Altria shares to $45 from $54 and keeps an Overweight rating on Philip Morris with an $80 price target.
DWDP DowDuPont
$59.34

0.815 (1.39%)

11/05/18
SBSH
11/05/18
NO CHANGE
Target $67
SBSH
Buy
DowDuPont price target lowered to $67 from $74 at Citi
Citi analyst P.J. Juvekar lowered his price target for DowDuPont to $67 following the company's Q3 results but keeps a Buy rating on the shares. He lowered the target multiples applied to all three businesses to reflect lower valuations across comparable peers.
10/25/18
DBAB
10/25/18
NO CHANGE
DBAB
Deutsche Bank removes catalyst buy call on DowDuPont shares
Citing market volatility, Deutsche Bank analyst David Begleiter removed his "Catalyst Call" to buy shares of DowDuPont. The analyst, however, continues to like the stock on a 12-month basis due to the "value creation potential" of the three-way separation of the company in 2019.
11/02/18
JPMS
11/02/18
NO CHANGE
Target $65
JPMS
Overweight
DowDuPont added to Analyst Focus List at JPMorgan
JPMorgan analyst Jeffrey Zekauskas added DowDuPont to his firm's Analyst Focus List following the company's Q3 results. DowDuPont is inexpensive on a sum-of-the-parts basis, Zekauskas tells investors in a research note. The analyst, who thought the company was conservatively worth $75 per share on a sum-of-the-parts basis in July, now thinks the shares are worth $65 in today's market as the values of comparable companies have fallen sharply through October. Zekauskas sees a "valuation discrepancy" at current share levels and keeps an Overweight rating on DowDuPont. The analyst lowered his price target for the stock to $65 from $75.
12/04/18
FBCO
12/04/18
NO CHANGE
Target $113
FBCO
Outperform
FMC Corporation price target raised to $113 from $105 at Credit Suisse
Credit Suisse analyst Christopher Parkinson raised his price target for FMC Corporation (FMC) to $113 from $105 as he believes the company is making impressive strides to solidify itself within the "Big 5" alongside Bayer (BAYRY), Syngenta, BASF (BASFY) and DowDuPont (DWDP) post a large round of consolidation. The analyst reiterates an Outperform rating on the shares.
MA MasterCard
$203.86

4.64 (2.33%)

01/28/19
JEFF
01/28/19
INITIATION
JEFF
Buy
MasterCard initiated with a Buy at Jefferies
Jefferies analyst Michael Del Grosso initiated MasterCard with a Buy rating and $235 price target. The analyst believes MasterCard "stands to benefit from secular growth driven by the continued shift to electronic payment forms." Del Grosso added that the company's growth opportunities have "expanded into more than simply a card-based network" and he sees the B2B Hub, Mastercard Send, and Vocalink as key competitive advantages.
01/28/19
JEFF
01/28/19
INITIATION
Target $235
JEFF
Buy
MasterCard initiated with a Buy at Jefferies
Jefferies analyst Michael Del Grosso initiated MasterCard with Buy and $235 price target.
01/17/19
MSCO
01/17/19
NO CHANGE
Target $99
MSCO
Overweight
PayPal merchant acceptance lead widened in Q4, says Morgan Stanley
Morgan Stanley analyst James Faucette said that PayPal (PYPL) widened its merchant acceptance lead in Q4 as it added a net of 8 of the U.S.'s top 500 internet retailers while the next largest accepted digital wallet, Amazon Pay (AMZN), lost 4 net merchants this quarter. PayPal now has acceptance at 82% of the top 500 U.S. Internet retailers, up from 81% last quarter, while Amazon's acceptance rate slipped to 12% from 13%. MasterCard's (MA) MasterPass gained 1 net new merchant, Visa Checkout (V) gained no net new merchants and Bitcoin acceptance remained unchanged at 4 of the top 500, Faucette added. The analyst, who think PayPal's acceptance lead and consumers' shift toward online purchases should support total payments volume growth at or above the rate of e-commerce, keeps an Overweight rating on PayPal shares and raised his price target to $99 from $97.
01/29/19
01/29/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Dell Technologies (DELL) initiated with an Outperform at Raymond James. 2. MasterCard (MA) and Visa (V) were initiated with a Buy at Jefferies. 3. Eiger BioPharmaceuticals (EIGR) initiated with an Outperform at Baird. 4. Arena Pharmaceuticals (ARNA) assumed with an Overweight at Cantor Fitzgerald. 5. Southern Copper (SCCO) reinstated with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
UPS UPS
$101.14

-0.15 (-0.15%)

01/15/19
FBCO
01/15/19
NO CHANGE
Target $104
FBCO
Neutral
UPS price target lowered to $104 from $118 at Credit Suisse
Credit Suisse analyst Allison Landry lowered her price target for UPS to $104 from $118 due to a lower base year EBIT and a higher discount rate in her DCF model. The analyst reiterates a Neutral rating on the shares.
12/26/18
STPT
12/26/18
INITIATION
STPT
Buy
UPS initiated with a Buy at Standpoint Research
Standpoint Research analyst Ronnie Moas initiated UPS with a Buy rating.
12/12/18
COWN
12/12/18
NO CHANGE
Target $280
COWN
Outperform
FedEx margins likely to improve on y/y, q/q basis, says Cowen
Cowen analyst Helane Becker reiterated an Outperform rating and $280 price target on FedEx (FDX), telling investors in a research note that she believes margins will improve on a y/y and q/q basis, albeit at a moderately slower than expected pace. She lowered her 2Q19 earnings estimates to reflect higher purchase transportation costs and softer international pricing, but raised 2H19 estimates due to a strong peak and improving Express and Ground operations. She notes that investors are concerned Amazon (AMZN) will mitigate rising transportation costs by launching their own delivery network to compete with FedEx and its peers, but says that a new entrant will have to meaningfully ramp up its cost profile and forgo other investment opportunities to achieve the operating efficiencies of FedEx, UPS (UPS) and others.
01/29/19
LOOP
01/29/19
NO CHANGE
Target $2200
LOOP
Buy
FedEx 'inexpensive' for potential purchase by Amazon.com, says Loop Capital
Loop Capital analyst Anthony Chukumba notes the attempts by Amazon (AMZN) to continue its trans-Pacific shipping operation, having recently expanded home delivery service to additional markets with greater air cargo terminal capacity and airline fleet. While the analyst notes that both FedEx (FDX) and UPS (UPS) have downplayed the risks, he sees Amazon's continued expansion as a "slippery slope" for the established shippers that may lead to price cutting. Chukumba contends that "buying is more attractive than building", noting that Amazon could purchase FedEx, which trades at an inexpensive valuation of 10.6-times forward earnings and 6.5-times enterprise value to expected EBITDA multiples. Chukumba also keeps his Buy rating and $2,200 price target on Amazon.
GE General Electric
$9.10

0.2 (2.25%)

01/28/19
GDHS
01/28/19
NO CHANGE
Target $7
GDHS
Underperform
GE could shift to GAAP accounting, causing stock drop, says Gordon Haskett
New General Electric (GE) CEO Larry Culp likely has every intention of establishing a 2019 guidance framework that the company can actually achieve, which would be welcomed by investors after years of "non-credible GE guidance, perpetual exaggerations, opaque disclosure and aggressive accounting," Gordon Haskett analyst John Inch told investors earlier in a research note titled "Move to GAAP could drive stock hit." The analyst has an Underperform rating on General Electric with a $7 price target. The stock in morning trading is down 33c to $8.83. He believes Larry Culp, in contrast with previous CEO John Flannery, is going to want to set a guidance bar that GE "can at least hit." In turn, while GE may not be able to adopt more conservative accounting while under government investigation, a move to GAAP would at least demonstrate Culp's directional willingness to abandon the "inflated and exaggerated earnings presentation practices of the past," says Inch. However, if GE were to move to GAAP accounting, its share price would move lower, driven by a lower GAAP impact on consensus, the analyst contends. Further, GE's accounting could still be viewed as aggressive under a GAAP presentation framework, adds Inch. As such, he thinks subsequent future restatements from the adoption of more conservative accounting "could readily ensue." Inch also sees risks in GE's revised deal with Wabtec deal (WAB).
01/25/19
GDHS
01/25/19
NO CHANGE
Target $7
GDHS
Underperform
GE modification of Wabtec deal reflects 'need for cash,' says Gordon Haskett
Gordon Haskett analyst John Inch noted that Wabtec (WAB) and General Electric (GE) announced a modification to their rail merger agreement, calling it "unusual" for the terms of such a merger to be "changed in the 11th hour." The modified deal does not appear to be beneficial to GE shareholders and GE stated that the modification is to strengthen the company's balance sheet, which reinforces Inch's view that GE is "desperate for cash to pay down its debt and other liabilities as quickly as possible," he tells investors. Inch has an Underperform rating and $7 price target on GE shares.
01/29/19
JPMS
01/29/19
NO CHANGE
JPMS
Neutral
General Electric risk/reward unfavorable ahead of earnings, says JPMorgan
JPMorgan analyst Stephen Tusa sees an unfavorable risk/reward for General Electric shares ahead of the company's Q4 earnings report on Thursday, as he expects investors' focus to be on "hard data around run rate fundamentals," including near-term free cash flow, as well as any update on strategic de-leveraging plans and the associated dilutive impact. His base case is that tangible news, both on fundamentals and portfolio moves, will support his "well below-consensus" view. Tusa thinks the recent stock move is built upon an expectation of more certainty in the path forward, which investors may or may not get, but if even if they get it the details will highlight potential equity holder dilution, he stated in an earnings preview note. Tusa. He keeps a Neutral rating on GE.
01/28/19
JPMS
01/28/19
NO CHANGE
JPMS
Neutral
GE news Friday 'couple of steps backward on a few fronts,' says JPMorgan
JPMorgan analyst Stephen Tusa says that despite a stock reaction that suggested progress, he views General Electric's news flow from Friday in total as a "couple of steps backward on a few fronts for the GE shareholder." First, the GE story "is about a transfer of asset value away from the equity holder-more of a salvage situation than about equity value creation, a progression that we believe is now well under way," Tusa tells investors in a research note. He thinks shareholders will be left with a run rate on earnings and cash flow that is "well below an expectation that remains too optimistic." GE stock was never priced for a liquidity situation, and while drawing down bank lines and making moves to bring cash suggest there is an eye toward liquidity, this remains more about what is left when the dust settles as the company drives towards a more sustainable capital structure, says Tusa. He keeps a Neutral rating on shares of General Electric.
CHTR Charter
$289.61

-0.33 (-0.11%)

01/16/19
01/16/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Mercantil Bank (AMTB) initiated with a Buy at SunTrust. 2. ViewRay (VRAY) initiated with a Buy at Guggenheim. 3. PTC (PTC) initiated with a Buy at Deutsche Bank. 4. Altice USA (ATUS) and Charter (CHTR) were initiated with a Buy at TD Securities. Charter (CHTR) was also initiated with a Neutral at Nomura Instinet. 5. Take-Two (TTWO) initiated with a Buy at Gabelli. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/15/19
NOMU
01/15/19
INITIATION
Target $330
NOMU
Neutral
Charter initiated with a Neutral at Nomura Instinet
Nomura Instinet analyst Gregory McNiff started Charter Communications with a Neutral rating and $330 price target.
12/07/18
COWN
12/07/18
NO CHANGE
Target $357
COWN
Outperform
Cowen calls Charter a best Idea for 2019, ups price target to $357
Cowen analyst Gregory Williams called Charter a Best idea for 2019 and he raised his price target on the shares to $357 from $337. He noted the company was at the tail end of its integration and 2019 will be the year in which we will see the largest incremental benefits. He maintains an Outperform rating on Charter shares.
01/16/19
TDSI
01/16/19
INITIATION
Target $385
TDSI
Buy
Charter initiated with a Buy at TD Securities
TD Securities analyst Bentley Cross initiated Charter with a Buy and $385 price target citing expectations the company will lead the North American cable industry in EBITDA and FCF growth. Cross expects incremental synergies from combination of Bright House, Time Warner Cable and Charter to drive growth, combined with simplified packages and processes to streamline the cost structure, result in a favorable outlook.
CELG Celgene
$88.05

0.51 (0.58%)

01/29/19
CANT
01/29/19
INITIATION
Target $62
CANT
Overweight
Arena Pharmaceuticals assumed with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald analyst Alethia Young assumed coverage of Arena Pharmaceuticals (ARNA) and kept an Overweight rating on the shares while dropping her firm's price target to $62 from $67. The analyst updated her model to reflect Arena's deal with United Therapeutics for ralinepag. Her base case peak sales are $2.5B for etrasimod, and she also gives some credit to Phase 2 olorinab in pain and ralenipag royalties. Bowel disease represents a large and growing market in immunology, and etrasimod is well positioned with strong efficacy and safety in ulcerative colitis compared to Celgene's (CELG) ozanimod, Young tells investors in a research note. Over time, the analyst sees potential for etrasimod expansion into indications beyond bowel disease due to its safety profile.
01/24/19
ADAM
01/24/19
NO CHANGE
Target $161
ADAM
Buy
Bluebird Bio's bb2121 'too valuable' for Bristol-Myers to share, says Canaccord
Assuming that the Bristol-Myers (BMY) and Celgene (CELG) transaction closes, Canaccord analyst John Newman said he expects Bristol-Myers will seek 100% control of bb2121 from Bluebird Bio (BLUE), calling the treatment "too valuable" to share due to the large long-term commercial potential and Bristol's deep expertise in commercialization. Stating that Bristol-Myers could try to acquire 100% control of bb2121 from Bluebird via a buyout, U.S. royalty, or higher EU royalty, Newman added that Bristol and Celgene do not have right of first refusal if an acquirer were to tender an offer, which he calls a "favorable setup" for Bluebird shareholders. The analyst, who estimates a Bluebird buyout to obtain the other half of the company could be valued at $8.8B-$10.5B, keeps a Buy rating and $161 price target on Bluebird Bio shares.
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.
RTN Raytheon
$171.54

0.3 (0.18%)

01/10/19
01/10/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Ship Finance (SFL) initiated with a Neutral at B. Riley FBR. 2. Wipro (WIT) initiated with a Hold at Deutsche Bank. 3. Boeing (BA), Lockheed Martin (LMT), and Raytheon (RTN) were initiated with a Positive at Susquehanna while Northrop Grumman (NOC) and General Dynamics (GD) were initiated with a Neutral. 4. Dollar General (DG) initiated with an Outperform at BMO Capital while Dollar Tree (DLTR) was initiated with a Market Perform. 5. Verint (VRNT) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/19
SUSQ
01/10/19
INITIATION
Target $187
SUSQ
Positive
Raytheon initiated with a Positive at Susquehanna
Susquehanna analyst Charles Minervino initiated Raytheon with a Positive rating as he likes the company's strategic positioning in the industry. It has a high level of international leverage, missile and missile defense exposure, and technological solutions that tap into both governmental and commercial markets, said Minervino, who has a $187 price target on Raytheon shares.
12/11/18
MSCO
12/11/18
NO CHANGE
MSCO
Morgan Stanley sees further room for Defense stocks to advance
Morgan Stanley analyst Rajeev Lalwani said he is constructive on Defense stocks following yesterday's 4% move up, noting that budgets now appear to be on a better track and point to growth again. Defense stocks have recently performed poorly, consistent with other Industrial sectors, he points out, adding that he thinks the sector should do well in a period of economic uncertainty. In terms of individual names, Lalwani said his preference remains Raytheon (RTN) and Lockheed Martin (LMT), on which he has Overweight ratings. He maintains an Underweight rating on General Dynamics (GD). Other publicly traded companies in the Defense space include BAE Systems (BAESY), Boeing (BA), Northrop Grumman (NOC), and United Technologies (UTX).
09/21/18
09/21/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. UBS SAYS BUY AT&T: UBS analyst John Hodulik upgraded AT&T (T) to Buy and raised his price target for the shares to $38 from $33, noting that the stock is trading near all-time low valuations and at its widest valuation gap to Verizon (VZ). The Time Warner transaction and accounting changes "have compounded [other] issues, leading to a loss of visibility for investors," but his work indicates that AT&T will return to EBITDA growth in the second half of 2018, after a 6% decline in the first half, due to growth in Wireless and WarnerMedia as well as slower declines in Entertainment. JPMORGAN GOES TO BULL FROM BEAR ON NOVAVAX: JPMorgan analyst Eric Joseph double upgraded Novavax (NVAX) to Overweight from Underweight saying the risk/reward is favorable into the report of Prepare trial data in Q1 of 2019. The trial is assessing the efficacy of the company's RSV F Vaccine for infants via maternal immunization and the analyst believes the shares can hit a range of $2.00 to $2.25, he told investors. JPMORGAN SUGGESTS BEING SHORT COPART, LONG KAR: JPMorgan analyst Ryan Brinkman downgraded Copart (CPRT) to Underweight and lowered his price target for the shares to $47 from $48. The company reported softer than expected Q4 results this week but trades at "near record multiples" of earnings and EBITDA, Brinkman told investors. The analyst sees a potential pair trade in going long KAR Auction (KAR) shares, and short Copart shares, to capitalize on the "valuation disconnect." LOOP SETS $8.25 TARGET ON HARMONIC: Loop Capital analyst James Kisner initiated Harmonic (HLIT) with a Buy rating and $8.25 price target, saying he believes Harmonic can "drive robust revenue growth on its Cable Edge business as cable operators like Comcast (CMCSA, CMCSK) adopt its virtual CCAP/CMTS solution," and that the company's video business with stabilize. 'DON'T PANIC' OVER DOD PROPOSAL: Morgan Stanley analyst Rajeev Lalwani attributes the underperformance in Defense stocks over the last two days compared to the broader market to heightened concerns around a month old proposal from the Department of Defense to adjust progress and performance payments down to 50% from 80% of cost, which would effectively slow the timing of cash flow receipts closer to when a project is complete. He sees a number of reasons not to panic, mainly because he believes that the Administration will not move forward with a proposal industry-players will paint as being anti-business and anti-defense spending. Publicly-traded defense contractors include General Dynamics (GD), Huntington Ingalls (HII), L3 Technologies (LLL), Lockheed Martin (LMT), Northrop Grumman (NOC) and Raytheon (RTN).
NOC Northrop Grumman
$280.72

0.68 (0.24%)

01/14/19
01/14/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Snap (SNAP) upgraded to Neutral from Sell at Citi with analyst Mark May saying Snap is down 70% since February 2018 and its current valuation is below Twitter (TWTR) and Facebook's (FB) current and four-year average multiple. 2. Northrop Grumman (NOC) upgraded to Outperform from Neutral at Credit Suisse with analyst Robert Spingarn saying the market was not kind to Northrop Grumman in 2018, with the stock trading down about 21% for the year and about 32% off its high in April. 3. Alcoa (AA) and Teck Resources (TECK) were upgraded to Buy from Neutral at Goldman Sachs. 4. Sherwin-Williams (SHW) upgraded to Outperform from Market Perform at Wells Fargo with analyst Stephen East saying with the equity now trading at an 18.0 times PE multiple and the company growing 2019 EPS an estimated 17%-plus year over year, East believes investors appreciate the potential risks, but might not be appreciating the potential upside. 5. Emerson (EMR) upgraded to Neutral from Sell at Citi with analyst Andrew Kaplowtiz saying he continues to expect slowing growth before larger project activity begins to contribute. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/14/19
FBCO
01/14/19
UPGRADE
FBCO
Outperform
Northrop Grumman upgraded to Outperform from Neutral at Credit Suisse
01/14/19
FBCO
01/14/19
UPGRADE
FBCO
Outperform
Northrop Grumman upgraded to Outperform from Neutral at Credit Suisse
01/14/19
01/14/19
UPGRADE
Target $302

Outperform
Northrop Grumman upgraded to Outperform on valuation at Credit Suisse
As previously reported, Credit Suisse analyst Robert Spingarn upgraded Northrop Grumman to Outperform from Neutral, while lowering his price target on the shares to $302 from $311. The analyst notes that the market was not kind to Northrop Grumman in 2018, with the stock trading down about 21% for the year and about 32% off its high in April. While some of this weakness was endemic to its own circumstances, the analyst thinks it is more broadly a reflection of lofty expectations for future budgets and correspondingly elevated ex-pension valuations seen for both Northrop Grumman and across the defense hardware space this past spring. At this point, however, the selloff has created an attractive opening, he contends.
BX Blackstone
$33.12

-0.04 (-0.12%)

01/02/19
SUSQ
01/02/19
UPGRADE
Target $31
SUSQ
Positive
Crocs upgraded to Positive at Susquehanna
As reported previously, Susquehanna analyst Sam Poser upgraded Crocs (CROX) to Positive from Neutral. The analyst cited the recent repurchase and conversion of Blackstone's (BX) preferred stock position as it removes a substantial financial overhang from the company's capital structure and shifts more control of the business into the hands of existing and potential shareholders. In addition, the business continues to accelerate as processes and products improve and the brand gains traction, said Poser, who raised his price target to $31 from $25 on Crocs shares.
11/30/18
MSCO
11/30/18
NO CHANGE
Target $42
MSCO
Overweight
Morgan Stanley more positive on Blackstone growth path after management meeting
After recently hosting an investor meeting with Jon Gray, Blackstone's President and COO, Morgan Stanley analyst Michael Cyprys said he is more positive on the company's growth trajectory, stating that its $130B fundraising pipeline should drive 50% growth in fee-related earnings over the next two years. The analyst, who also thinks a potential C-Corp conversion could unlock value in 2019, keeps an Overweight rating and $42 price target on Blackstone, adding that he thinks the shares could trade near $38 in the near-term if the market begins to assign higher odds to such a C-Corp change.
09/25/18
ARGS
09/25/18
NO CHANGE
Target $46
ARGS
Buy
Blackstone price target raised to $46 from $39 at Argus
Argus analyst Stephen Biggar raised his price target on Blackstone to $46 and kept his Buy rating after its Investor Day presentation on Friday, citing the company's outlined plans to grow its assets under management to $1T from $439B currently. The analyst states that Blackstone is seeing "sees considerable growth in real estate, private equity, infrastructure, tactical opportunities and credit assets", adding that while the $1T target is "aggressive", it is also achievable, requiring "continuing cooperative economic environment and fundraising efforts". Biggar also anticipates Blackstone's "fee-related earnings component to grow significantly over the next two years" as its flagship funds reach key milestones, helping reduce earnings volatility and yielding "more consistent" dividend payouts.
09/24/18
MSCO
09/24/18
NO CHANGE
Target $48
MSCO
Overweight
Blackstone price target raised to $48 from $42 at Morgan Stanley
Morgan Stanley analyst Michael Cyprys said he came away from Blackstone's investor day more positive on the company's superior AUM and fee growth and ability to innovate. Blackstone also said a C-Corp conversion is under active consideration, which is a more positive stance than in it has expressed in the past, Cyprys tells investors. Based on expectations for strong growth in AUM, management fees and performance fee, along with the rising prospects for C-Corp conversion, Cyprys raised his price target on Blackstone shares to $48 from $42 and keeps an Overweight rating on the stock.
BAX Baxter
$71.69

1.47 (2.09%)

01/02/19
01/02/19
UPGRADE
Target $77

Overweight
Baxter upgraded to Overweight from Underweight at Morgan Stanley
Morgan Stanley analyst David Lewis double upgraded Baxter to Overweight from Underweight, stating that the company has the most flexible balance sheet in traditional large cap devices and he believes the company should focus on growth oriented deployment of its resources for multiple transactions, not a transformational deal that would bring significant execution risk and could express a lack of confidence in underlying business recovery. He also believes the stock's current valuation largely reflects the company's 3-4% weighted average market growth rate but not the acceleration by 2020 that he believes could drive Baxter's growth rate back up. Lewis raised his price target on Baxter shares to $77 from $66.
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.
01/02/19
SBSH
01/02/19
UPGRADE
Target $76
SBSH
Buy
Baxter upgraded to Buy from Neutral at Citi
Citi analyst Amit Hazan upgraded Baxter International to Buy and raised his price target for the shares to $76 from $69.
12/17/18
FBCO
12/17/18
INITIATION
Target $77
FBCO
Outperform
Baxter initiated with an Outperform at Credit Suisse
Credit Suisse analyst Matt Miksic initiated Baxter with an Outperform rating and a price target of $77 as part of his broader research note on Medical Supplies and Devices partially titled "No Disruption, No Alpha". The analyst believes that the company can get back on track in 2019 and that the stock is attractively priced, also forecasting over 600bps of margin improvement since 2015. Miksic also cites the company's plans to launch over 50 new products in multiple geographies over the next 5 yeas.
SHW Sherwin-Williams
$404.76

1.81 (0.45%)

01/16/19
KEYB
01/16/19
NO CHANGE
Target $450
KEYB
Overweight
Sherwin-Williams price target lowered to $450 from $500 at KeyBanc
KeyBanc analyst Michael Sison lowered her price target for Sherwin-Williams to $450 from $500 given his lower outlook for 2019. While the analyst is "disappointed" that Q4 results came in weaker for the company and his 2019 outlook is reduced, Sison is reiterates an Overweight rating on Sherwin-Williams as EPS growth in 2019 is still solid year over year and Paint Store demand in December and January accelerated.
01/15/19
SBSH
01/15/19
NO CHANGE
SBSH
PPG could face same issues as Sherwin-Williams, says Citi
Citi analyst P.J. Juvekar says Sherwin-Williams' (SHW) Q4 warning this morning has a negative read-through to PPG (PPG), which is the second largest specialty paint store chain in the U.S. with 900 stores, compared to 4,200 for Sherwin. PPG could also be impacted by any destocking actions in big-box stores, as well as Sherwin's comments that some industrial end markets have slowed, Juvekar tells investors in a research note. The analyst points out that Axalta Coating (AXTA) has no exposure to architectural paint and already reconfirmed its financial guidance for 2018 in late December.
01/16/19
DBAB
01/16/19
NO CHANGE
DBAB
Sherwin-Williams miss negative for Home Depot and Lowe's, says Deutsche Bank
Deutsche Bank analyst Mike Baker views yesterday's negative preannouncement from Sherwin-Williams (SHW) as a net negative for Home Depot (HD) and Lowe's (LOW). Sherwin posted a 3% comp at its North America paint stores versus 5% in Q3 and the fourth worse quarter in a row, Baker tells investors in a research note.
S Sprint
$6.07

0.04 (0.66%)

09/13/18
RILY
09/13/18
INITIATION
Target $46
RILY
Buy
Shenandoah initiated with a Buy at B. Riley FBR
B. Riley FBR analyst Zack Silver started Shenandoah Telecommunications (SHEN) with a Buy rating and $46 price target. The analyst sees the company benefiting from the merger between Sprint (S) and T-Mobile (TMUS).
09/25/18
OPCO
09/25/18
NO CHANGE
Target $24
OPCO
Outperform
CenturyLink CFO departure raises concerns, says Oppenheimer
Oppenheimer analyst Timothy Horan notes CenturyLink (CTL) has announced that CFO Sunit Patel will depart as of September 28th to join T-Mobile (TMUS) to lead the Sprint (S)/T-Mobile merger and integration efforts. The analyst expects weakness in CenturyLink's stock, as investors will likely be concerned with synergy realization after Patel's departure. While Horan says his departure is disappointing, he believes CenturyLink has a deep management bench, and Jeff Storey, CEO, will continue to be the driving force behind restructuring and expense reductions at the company. He reiterates an Outperform rating and $24 price target on the shares.
10/19/18
WELS
10/19/18
NO CHANGE
WELS
Outperform
Wells Fargo raises odds of T-Mobile-Sprint deal closing to 65%-70%
After meeting with some of her regulatory contacts in DC, Wells Fargo analyst Jennifer Fritzsche said her checks indicate that the regulatory review for T-Mobile's (TMUS) planned merger with Sprint (S) "remains fairly drama free thus far." The FCC review appears to be continuing to proceed as expected, while most contacts she spoke with indicated there does not seem to be any "chatter" coming out of DOJ, Fritzsche tells investors. Following the talks, she is increasing her view of the odds of the deal closing to 65%-70%. Fritzsche has an Outperform rating on T-Mobile and Market Perform rating on Sprint.
10/15/18
CHLM
10/15/18
INITIATION
Target $62
CHLM
Buy
pdvWireless initiated with a Buy at Craig-Hallum
Craig-Hallum analyst George Sutton started pdvWireless (PDVW) with a Buy rating and $62 price target. The analyst believes upcoming FCC action is set to "dramatically" increase the value o its spectrum assets. Sutton notes that in 2014 the company made a $100M bet, namely they acquired largely dormant 900 MHz spectrum assets from Sprint (S). Following years of behind the scenes actions by pdvWireless, this bet is finally set to pay off in a big way because the FCC appears ready to reallocate a portion of the 900 MHz band from narrow-band to broadband use, he contends.
HSY Hershey
$105.55

0.54 (0.51%)

12/19/18
BOFA
12/19/18
UPGRADE
Target $120
BOFA
Buy
Hershey upgraded two notches to Buy from Underperform at BofA/Merrill
As reported earlier, BofA/Merrill analyst Bryan Spillane upgraded Hershey by two rating notches to Buy from Underperform and raised his price target to $120 from $92, saying the company should generate improved organic sales and operating profit growth in FY19 based on the investments it made in the past two years. The analyst also cites Hershey's strong balance sheet and cash flows, which he anticipates driving a 10% annual total shareholder return. Spillane further notes that Hershey typically trades at a premium when the market turns more defensive.
10/30/18
FBCO
10/30/18
UPGRADE
FBCO
Neutral
Hershey upgraded to Neutral from Underperform at Credit Suisse
10/30/18
10/30/18
UPGRADE
Target $104

Neutral
Hershey upgraded to Neutral as investments begin to pay off at Credit Suisse
As previously reported, Credit Suisse analyst Robert Moskow upgraded Hershey to Neutral from Underperform and raised his price target on the shares to $104 from $85. The analyst notes that the company has done a better job than he expected of stabilizing its sales trends with investments in packaging, e-commerce, manufacturing capacity, and its new snacking platform. In addition, the consumer shift to online grocery shopping is moving slower than he expected, thus giving Hershey some time to adjust to declining impulse purchase occasions at traditional checkout aisles, Moskow contends.
12/19/18
BOFA
12/19/18
UPGRADE
BOFA
Buy
Hershey upgraded to Buy from Neutral at BofA/Merrill
IP International Paper
$47.22

-0.11 (-0.23%)

01/17/19
DBAB
01/17/19
NO CHANGE
DBAB
Deutsche Bank cuts price targets in containerboard space
In addition to lingering concern over the impact of new supply, investors are now even more cautious on the containerboard stocks due to industry data showing growth moderating and persistently elevated inventories, Deutsche Bank analyst Debbie Jones tells investors in a research note titled "Thinking about downside risk to containerboard stocks." Trade publication Pulp and Paper Week also highlighted some domestic discounting and declining export prices while quoting bearish commentary from industry contacts and analysts regarding market conditions, adds the analyst. She lowered her price target for Hold-rated International Paper (IP) to $46 from $55, for Buy-rated WestRock (WRK) to $51 from $58 and for Hold-rated Packaging Corp. of America to $100 from $120.
01/23/19
SPHN
01/23/19
UPGRADE
SPHN
Overweight
International Paper upgraded to Overweight from Equal Weight at Stephens
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.
01/23/19
01/23/19
UPGRADE
Target $60

Overweight
Stephens says International Paper risk/reward 'compelling', ups to Overweight
As previously reported, Stephens analyst Mark Connelly upgraded International Paper to Overweight from Equal Weight as he contends that the gap between the company's economic potential and its stock price is "unusually high" and the same time that investor confidence in management is "unusually low." Taken together, this makes the risk-reward in the stock "compelling," Connelly tells investors. Investors started worrying about containerboard pricing long before they started pricing in recession risk, and while recession risk is "real," new capacity risk is "probably overstated," Connelly believes. The analyst, who does not expect a markdown of more than about $30/ton for containerboard, raised his price target on International Paper shares to $60 from $50.
BLL Ball Corp.
$51.18

-0.14 (-0.27%)

01/16/19
MSCO
01/16/19
INITIATION
Target $55
MSCO
Overweight
Ball Corp. initiated with an Overweight at Morgan Stanley
Morgan Stanley analyst Neel Kumar started Ball Corp. with an Overweight rating and $55 price target. The analyst rolled out coverage of the Paper & Packaging sector with an In-Line view, though he believes the industry offers "favorable investment characteristics in the current economic environment." Kumar names Ball his top pick, saying the company has among the strongest growth prospects in Packaging. Ball is the global leader in beverage cans, which is an an attractive subsector within Packaging, Kumar tells investors in a research note.
11/02/18
VERF
11/02/18
DOWNGRADE
VERF
Hold
Ball Corp. downgraded to Hold from Buy at Vertical Group
Vertical Group analyst Chip Dillon downgraded Ball Corp. to Hold from Buy following the "explosive stock-price recovery."
11/06/18
RBCM
11/06/18
NO CHANGE
Target $53
RBCM
Outperform
Ball Corp price target raised to $53 from $47 at RBC Capital
RBC Capital analyst Arun Viswanathan raised his price target on Ball Corp to $53 after its "solid" Q3 results driven by 3% increase in the global beverage can volume growth, strong Aluminum Aerosol results, and a "keen" management of freight inflation impact. The analyst believes that the company should deliver "strong" free cash flows of over $1B in 2019, stating that its is operating at the "upper-end" of the packaging group. Viswanathan also keeps his Outperform rating on Ball Corp and expects it to pivot toward increased buybacks in the coming quarters.
12/14/18
BARD
12/14/18
NO CHANGE
Target $55
BARD
Outperform
Ball Corp.'s exit from China a 'net strategic positive,' says Baird
Baird analyst Ghansham Panjabi reiterated an Outperform rating and $55 price target on Ball Corp, telling investors in a research note that he believes that the announced exit from China is a net strategic positive for the company given the decline in regional profitability in the current decade.
ABC AmerisourceBergen
$78.53

-1 (-1.26%)

07/20/18
07/20/18
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. Philip Morris (PM) downgraded to Neutral from Overweight at JPMorgan and to Market Perform from Outperform at Cowen. 2. Skechers (SKX) downgraded to Neutral from Positive at Susquehanna and to Market Perform from Outperform at Wells Fargo. 3. McKesson (MCK), AmerisourceBergen (ABC), and Express Scripts (ESRX) downgraded to Neutral from Outperform at Baird. 4. Five Below (FIVE) downgraded to Neutral from Outperform at Credit Suisse with analyst Judah Frommer saying he is moving to the sidelines as he sees risk/reward balanced at current levels given the stock's material outperformance and back-half comp acceleration that he believes is priced into shares. 5. Yum China (YUMC) downgraded to Underperform from Neutral at BofA/Merrill with analyst Chen Luo saying he expects Yum China to continue to underperform given a likely peak in KFC trends amid China's weakening macro environment, a likely prolonged turnaround at Pizza Hut combined with heavy costs, a slowdown in Chinese consumer consumption, and RMB depreciation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/17/19
UBSW
01/17/19
INITIATION
Target $89
UBSW
Buy
AmerisourceBergen initiated with a Buy at UBS
UBS analyst Kevin Caliendo started AmerisourceBergen with a Buy rating and $89 price target. The fundamentals that have historically driven AmerisourceBergen's stock have all improved in recent months, Caliendo tells investors in a research note. He believes near-term visibility offsets the company's opioid and long-term pressures.
07/20/18
BARD
07/20/18
DOWNGRADE
BARD
Neutral
Express Scripts, AmerisourceBergen, McKesson cut to Neutral at Baird
As previously reported, Baird analyst Eric Coldwell downgraded Express Scripts (ESRX), AmerisourceBergen (ABC) and McKesson (MCK), all to Neutral from Outperform, citing the heavy political attack in recent weeks against PBMs and members of the drug supply chain. Among them, he said AmerisourceBergen remains his preferred name, but he cannot justify putting new money to work in these names in the current environment, stating that visibility has deteriorated further across the supply chain.
07/20/18
07/20/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. BOFA CUTS YUM CHINA TO UNDERPERFORM: BofA Merrill Lynch analyst Chen Luo downgraded Yum China (YUMC) to Underperform from Neutral and cut its price target to $34 from $44.30. Luo said he expects Yum China to continue to underperform given a likely peak in KFC trends amid China's weakening macro environment, a likely prolonged turnaround at Pizza Hut combined with heavy costs, a slowdown in Chinese consumer consumption, and RMB depreciation. Yum China is down 4.8% in late morning trading. CREDIT SUISSE CUTS FIVE BELOW TO NEUTRAL: Credit Suisse analyst Judah Frommer downgraded Five Below (FIVE) to Neutral from Outperform, telling investors that he is moving to the sidelines as he sees risk/reward balanced at current levels given the stock's material outperformance and back-half comp acceleration that he believes is priced into shares. Frommer keeps his $110 price target and says Five Below remains one of the most differentiated concepts in retail. Five Below is down 4.4% in late morning trading. BAIRD MORE CAUTIOUS ON DRUG SUPPLY CHAIN: Baird analyst Eric Coldwell downgraded Express Scripts (ESRX), AmerisourceBergen (ABC), and McKesson (MCK), all to Neutral from Outperform, citing the heavy political attack in recent weeks against pharmacy benefit managers and members of the drug supply chain. Among them, he said AmerisourceBergen remains his preferred name, but he cannot justify putting new money to work in these names in the current environment. SUNTRUST STARTS VIKING WITH A BUY: SunTrust analyst Edward Nash initiated Viking Therapeutics (VKTX) with a Buy rating and a price target of $14, saying its VK2809 drug for lipid disorders "has the potential to become a promising treatment by addressing multiple metabolic issues" associated with the non-alcoholic steatohepatitis disease, or NASH. Viking is up 8.3% in late morning trading. JPMORGAN SAYS BUY GM, SELL TESLA INTO EARNINGS: JPMorgan analyst Ryan Brinkman forecast lower than consensus Q2 earnings for Ford (F) and higher than consensus earnings for General Motors (GM). The analyst is also concerned about the potential for a "large loss and accompanying large cash outflow" at Tesla (TSLA) in Q2 to "make the bridge" to GAAP profitability and positive cash generation in the second half of the year. Brinkman maintained Overweight ratings on GM and Ford, with a preference for GM shares. He also kept his cautious Underweight rating on Tesla shares, seeing 44% downside to his $180 December 2018 price target.
TSCO Tractor Supply
$89.58

-0.29 (-0.32%)

12/14/18
CLVD
12/14/18
NO CHANGE
CLVD
Neutral
Tractor Supply demand strong in Q4 to-date, says Cleveland Research
Cleveland Research analyst Eric Bosshard raised his Q4 comparable sales growth estimate for Tractor Supply to 4%, which above the 3% growth consensus, as his checks suggests demand in Q4 to-date has been strong. He maintains a Neutral rating on Tractor Supply shares.
01/16/19
BARD
01/16/19
NO CHANGE
BARD
Baird remains bullish on Tractor Supply ahead of Q4 earnings
Baird analyst Peter Benedict reiterated an Outperform rating and $100 price target on Tractor Supply shares ahead of the company's Q4 earnings report. He said he remains a buyer as he believes Tractor Supply can outperform this year as "company-specific initiatives help sustain solid top-line momentum, stabilize operating margins, and drive double-digit EPS growth." He said the company remains a top 2019 mid-cap growth pick, and he "sees opportunity for both EPS upside and some multiple expansion as 2019 progresses."
01/04/19
OPCO
01/04/19
NO CHANGE
Target $100
OPCO
Perform
Oppenheimer remains on sidelines with Tractor Supply given oil price exposure
Oppenheimer analyst Brian Nagel tells investors in a research note that he remains on the sidelines with Perform-rated Tractor Supply given the company's exposure to oil prices, which represent a major driver of income and wealth for core customers. Per his math, ~25% of Tractor Supply stores are located in "oily states" such as Texas and Oklahoma, and adds that a trough-ish multiple applied to current 2019E EPS suggests a potential floor of $70-$75.
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.
WRK WestRock
$41.45

0.03 (0.07%)

01/08/19
RBCM
01/08/19
DOWNGRADE
Target $47
RBCM
Sector Perform
WestRock cut to Sector Perform at RBC Capital on c-board/packaging sector risks
As reported earlier, RBC Capital analyst Paul Quinn downgraded WestRock to Sector Perform from Outperform and also lowered his price target to $47 from $64. The analyst cites the well-known "wall of worry" faced by the packaging producers in 2019, stating that while the company represents a "solid longer term investment", he urges investors to be "more selective" in containerboard and packaging sector exposure. Quinn adds that the cost headwinds faced by companies like WestRock have been greater than anticipated, and the lag in industry price increases have been "considerable".
01/08/19
RBCM
01/08/19
DOWNGRADE
RBCM
Sector Perform
WestRock downgraded to Sector Perform from Outperform at RBC Capital
01/07/19
SBSH
01/07/19
DOWNGRADE
Target $42
SBSH
Neutral
WestRock downgraded to Neutral from Buy at Citi
Citi analyst Anthony Pettinari downgraded WestRock (WRK) to Neutral and lowered his price target for the shares to $42 from $52. The analyst says the downgrade reflects a more defensive positioning for Paper & Packaging in 2019. Following 2018's underperformance there are some supportive signs on valuation, with the Packagers' disconnect from Consumer Staples "especially noteworthy," Pettinari tells investors in a research note. Crown Holdings (CCK), Berry Global (BERY) and Graphic Packaging (GPK) are his top picks for 2019.
APO Apollo Global
$27.63

-0.08 (-0.29%)

11/14/18
MSCO
11/14/18
DOWNGRADE
MSCO
Equal Weight
Morgan Stanley downgrades Apollo Global and Carlyle, favors brokers late cycle
As previously reported, Morgan Stanley analyst Michael Cyprys downgraded Apollo Global (APO) and Carlyle Group (CG), each to Equal Weight from Overweight, stating that he sees growing risk to portfolio harvesting and dividends and favors discount brokers in a more volatile, late cycle environment. On Apollo, he said he now has less conviction that cash performance fees can accelerate over the next 12 months given the more volatile market backdrop. On Carlyle, he sees risk to growing cash performance fees with increased market volatility. Cyprys lowered his price target on Apollo shares to $34 from $42 and cut his price target on Carlyle shares to $23 from $31.
11/14/18
MSCO
11/14/18
UPGRADE
MSCO
Overweight
Morgan Stanley upgrades TD Ameritrade, favors brokers late cycle
As previously reported, Morgan Stanley analyst Michael Cyprys upgraded TD Ameritrade (AMTD) to Overweight from Equal Weight, stating that he favors discount brokers in a more volatile, late cycle environment. Among the group, TD Ameritrade has the most countercyclical revenue streams, with 27% of revenue tied to trading commissions that tend to spike in volatile environments, Cyprys tells investors. He raised his price target on TD Ameritrade shares to $65 from $61. Cyprys, who also sees growing risk to portfolio harvesting and dividends, lowered his ratings on alternative asset managers Apollo Global (APO) and Carlyle Group (CG), each to Equal Weight.
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.
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.
VLY Valley National
$10.41

0.07 (0.68%)

06/18/18
SBSH
06/18/18
INITIATION
Target $14
SBSH
Neutral
Valley National initiated with a Neutral at Citi
Citi analyst Arren Cyganovich started Valley National Bancorp with a Neutral rating and $14 price target.
04/26/18
SDLR
04/26/18
UPGRADE
SDLR
Buy
Valley National upgraded to Buy from Hold at Sandler O'Neill
06/20/18
PIPR
06/20/18
NO CHANGE
Target $15
PIPR
Overweight
Valley National confusion brings buying opportunity, says Piper Jaffray
Piper Jaffray analyst Matthew Breese remains positive on shares of Valley National Bancorp and believes the company's outlined cost cutting efforts will drive better long term profitability and a better valuation. The analyst does not believe the company's initiatives are fully reflected in Street expense forecasts. Breese would be long Valley shares into the quarter given room for improvement on expense estimates and new details on the forthcoming branch strategy. He thinks confusion has created a buying opportunity and keeps an Overweight rating on Valley National with a $15 price target.
APRN Blue Apron
$1.41

-0.09 (-6.00%)

11/15/18
GUGG
11/15/18
DOWNGRADE
GUGG
Neutral
Blue Apron downgraded to Neutral from Buy at Guggenheim
11/15/18
LEHM
11/15/18
NO CHANGE
Target $1.25
LEHM
Equal Weight
Blue Apron price target lowered to $1.25 from $2.50 at Barclays
Barclays analyst Ross Sandler halved his price target for Blue Apron Holdings to $1.25 following the company's Q3 results. The analyst says that while he's encouraged by the progress the company is seeing in transitioning its model, he remains on the sidelines until the key financial metrics improve. He keeps an Equal Weight rating on the shares.
11/15/18
11/15/18
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. Blue Apron (APRN) downgraded to Neutral from Buy at Guggenheim with analyst Michael Graham saying the company's net loss of 71K customers was higher than anticipated even though EBITDA came in higher than expected. 2. Horizon Pharma (HZNP) downgraded to Neutral from Buy at Mizuho with analyst Irina Koffler saying after she spoke with management about planned investments in teprotumumab pre-launch and the Mirror trial, she reduced her 2019 forecasts for Krystexxa and Actimmune to below consensus. 3. Cabot Oil & Gas (COG) downgraded to Hold from Buy at Tudor Pickering. 4. Hawaiian Electric (HE) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing strong relative share performance on investor activism. 5. PG&E (PCG) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Stephen Byrd saying he sees an "unprecedented" level of uncertainty given that there is currently no liability cap that would be applied to 2018 wildfires. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/18
STFL
11/15/18
NO CHANGE
Target $1.5
STFL
Hold
Blue Apron price target lowered to $1.50 from $2.00 at Stifel
Stifel analyst Scott Devitt noted that Blue Apron's Q3 revenue came in below estimates while its adjusted EBITDA beat expectations. The company also guided to revenue and active customers being down year-over-year in FY19, due to plans to rationalize its marketing spend and streamline its product development efforts to focus primarily on its most loyal users. Devitt, who thinks the reduced marketing and product development spending limits visibility into near-term growth potential, lowered his price target on Blue Apron shares to $1.50 from $2.00 and keeps a Hold rating on the stock.

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Fly Intel: After Hours Movers »

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