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ICE

IntercontinentalExchange

$75.49

-0.46 (-0.61%)

, NDAQ

Nasdaq

$87.74

0.56 (0.64%)

12:28
02/16/19
02/16
12:28
02/16/19
12:28

Investors interested in U.S. cannabis companies face challenges, Barron's says

Investors interested in U.S. cannabis companies face a daunting challenge as just finding the stocks is hard, Bill Alpert writes in this week's edition of Barron's. Companies can't list on the Nasdaq (NDAQ) or New York Stock Exchange (ICE), while companies that sell only in Canada, like Canopy Growth (CGC), can list in the U.S. and tap deeper-pocketed investors, the report notes. The U.S. companies have disclosed investment risks ranging from federal investigations to allegations of self-dealing, alongside thin trading in Canada's market, but potential problems do not seem to be reflected in U.S. cannabis stock prices, which carry a hefty collective market valuation of $14B, despite modest revenues and the ferocious cash-burn rates at loss-making start-ups, the author contends. Reference Link

ICE

IntercontinentalExchange

$75.49

-0.46 (-0.61%)

NDAQ

Nasdaq

$87.74

0.56 (0.64%)

CGC

Canopy Growth

$47.54

1.49 (3.24%)

  • 18

    Feb

  • 28

    May

  • 15

    Feb

ICE IntercontinentalExchange
$75.49

-0.46 (-0.61%)

01/29/19
DBAB
01/29/19
NO CHANGE
DBAB
Exchange stocks should be bought on any weakness, says Deutsche Bank
Deutsche Bank analyst Brian Bedell recommends buying the stock of Exchanges on any weakness. There may some additional downside risk upon earnings reports as investors revise Q1 estimates down to reflect the slow volume start to the year, Bedell tells investors in a research note. However, he recommends using any weakness as a buying opportunity given his view that the exchange stocks are best positioned to outperform in the later stages of a market cycle.
01/22/19
SBSH
01/22/19
UPGRADE
SBSH
Buy
IntercontinentalExchange upgraded to Buy from Neutral at Citi
Citi analyst Ben Herbert upgraded IntercontinentalExchange to Buy.
01/22/19
SBSH
01/22/19
NO CHANGE
SBSH
Citi upgrades ICE to Buy, puts 'Upside Catalyst Watch' on CME
Citi analyst Ben Herbert upgraded IntercontinentalExchange (ICE) to Buy from Neutral and raised his price target for the shares to $86 from $80. The analyst also placed a "30 Day Upside Catalyst Watch" on his top pick CME Group (CME). He lowered his price target for those shares to $210 from $220 and keeps a Buy rating on the name. On IntercontinentalExchange, the analyst sees a more attractive valuation following the recent pullback and a more favorable volume outlook in 2019. Further, he thinks Data momentum drives an upward bias to revenue estimates in 2019 and 2020. For CME, Herbert expects a favorable NEX Group update relating to margins and revenue opportunities when the company reports Q4 earnings.
01/22/19
01/22/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Under Armour (UA, UAA) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Alexandra Walvis saying Under Armour's gross margins have inflected positively and are set to "expand materially" as the company executes quality of sale initiatives while also benefiting from mix shifts towards international markets and direct-to-consumer. 2. Nike (NKE) upgraded to Outperform from Market Perform at Cowen with analyst John Kernan saying he views Nike's gross margin improvement and speed initiatives as key catalysts to near-term and multi-year upside to margins. 3. IntercontinentalExchange (ICE) upgraded to Buy from Neutral at Citi. 4. TechnipFMC (FTI) upgraded to Neutral from Underperform at Exane BNP Paribas. 5. Cars.com (CARS) upgraded to Buy from Neutral at BTIG with analyst Marvin Fong citing the company's announcement that it is reviewing its strategic alternatives that includes a potential sale last week. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NDAQ Nasdaq
$87.74

0.56 (0.64%)

02/06/19
ARGS
02/06/19
INITIATION
Target $97
ARGS
Buy
Nasdaq initiated with a Buy at Argus
Argus initiated Nasdaq with a Buy and $97 price target.
11/28/18
ATLE
11/28/18
INITIATION
Target $105
ATLE
Overweight
Nasdaq initiated with an Overweight at Atlantic Equities
Atlantic Equities analyst Nadja Heini initiated Nasdaq with an Overweight and $105 price target.
02/06/19
ARGS
02/06/19
INITIATION
Target $97
ARGS
Buy
Nasdaq initiated with a Buy at Argus
As noted earlier, Argus analyst Kevin Heal initiated Nasdaq with a Buy rating and a price target of $97, citing the company's latest Q4 results that showed an 11% growth in organic revenue and a 21% growth in EPS driven by "equity market volatility and gains in its nontrading businesses." The analyst expects Nasdaq to benefit from the "secular trends in its core data and listings business, including increased demand for real-time data and analytics, the growing popularity of passive index investing, and the need for greater price transparency." Heal further expects investor focus to remain on the company's "strong trading volumes".
02/06/19
02/06/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Nasdaq (NDAQ) initiated with a Buy at Argus. 2. Marinus Pharmaceuticals (MRNS) initiated with an Outperform at Leerink. 3. PolyOne (POL) initiated with a Buy at Buckingham. 4. Marathon Petroleum (MPC) initiated with an Outperform at Macquarie. 5. CymaBay (CBAY) initiated with a Neutral at B. Riley FBR.This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
CGC Canopy Growth
$47.54

1.49 (3.24%)

02/15/19
PIPR
02/15/19
NO CHANGE
Target $60
PIPR
Overweight
Canopy Growth sales momentum is on track, says Piper Jaffray
Canopy Growth reported fiscal Q3 net sales of C$83M, up 250% sequentially, driven by legal recreational use sales in Canada, Piper Jaffray analyst Michael Lavery tells investors in a post-earnings research note. He points out that the revenues were modestly below his C$87M estimate, but ahead of consensus of C$81M. The analyst consider this quarter's momentum "to be a good step in its rampup trajectory as the Canadian adult-use market builds." Lavery continues to estimate a $250B-$500B potential long-term global cannabis market, with a $15B-$50B near-term opportunity, and he believes Canopy is well positioned in the sector. The analyst keeps an Overweight rating on the shares with a $60 price target.
02/14/19
COWN
02/14/19
NO CHANGE
COWN
SAFE Act should pass House, Senate path less clear, says Cowen
After the House Financial Services financial institutions subcommittee held a hearing on legislation that would permit banks to provide service to cannabis companies that are in compliance with state law, Cowen analyst Jaret Seiberg said he believes the hearing went well enough for the SAFE Act to pass the committee and the full House later this year. However, the path forward in the Senate is "less clear," said Seiberg. The analyst, whose base call remains that the House passes the SAFE Act and other cannabis laws and that the Senate then pushes through a package before the end of the 116th Congress, expects "positive news by the end of 2020 for cannabis companies," he tells investors. Publicly traded companies in the cannabis space include Aphria (APHA), Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC), MediPharm Labs (MLCPF) and Tilray (TLRY).
01/25/19
PIPR
01/25/19
NO CHANGE
Target $60
PIPR
Overweight
Canopy Growth price target raised to $60 from $40 at Piper Jaffray
Piper Jaffray analyst Michael Lavery raised his price target for Canopy Growth Corporation to $60 from $40 and keeps an Overweight rating on the shares. The cannabis and hemp company closed yesterday up 79c to $44.21. Lavery continues to estimate a $250B-$500B potential long-term global cannabis market, with a $15B-$50B near-term opportunity. Canopy is well positioned in the growing cannabis market, which is transitioning from illicit trade to legal sales, Lavery tells investors in a research note titled "A (US) Journey Of A Thousand Miles Begins With The First Step..." He considers Canopy's recent approval of a New York hemp license to be a "tangible first step forward" in the U.S. that points to the beginning of a "long" U.S. growth trajectory.
01/18/19
CIBC
01/18/19
INITIATION
CIBC
Neutral
Aphria initiated with a Neutral at CIBC
CIBC analyst John Zamparo initiated Aphria (APHA) with a Neutral rating and C$10 price target. He expects cannabis to follow the course of other newborn industries, where investors rush to pour capital into the sector and then very few companies live up to their lofty expectations while the industries develop. The debate over the value of Aphria's international assets and corporate governance concerns have obscured the value of the company's quality domestic assets, but concerns about corporate governance and capital allocation are not without some validity, Zamparo tells investors. He also initiated coverage on two other cannabis stocks, Canopy Growth (CGC) and Cronos Group (CRON), both with Outperformer ratings this morning, citing his favorable view of their management teams.

TODAY'S FREE FLY STORIES

NOK

Nokia

$6.30

0.005 (0.08%)

15:52
03/21/19
03/21
15:52
03/21/19
15:52
Periodicals
Finland to investigate Nokia-branded phones over data breach report,Reuters says »

Finland's data…

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CAL

Caleres

$25.72

-0.11 (-0.43%)

15:34
03/21/19
03/21
15:34
03/21/19
15:34
Options
Caleres options imply 11.8% move in share price post-earnings, above median historical move »

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CURLF

Curaleaf Holdings

$0.00

(0.00%)

, CVS

CVS Health

$57.28

1.11 (1.98%)

15:28
03/21/19
03/21
15:28
03/21/19
15:28
Hot Stocks
Curaleaf Holdings spikes 22% after report of CBD products pact with CVS »

Shares of Curaleaf…

CURLF

Curaleaf Holdings

$0.00

(0.00%)

CVS

CVS Health

$57.28

1.11 (1.98%)

03/08/13
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LYG

Lloyds Banking

$3.27

-0.115 (-3.40%)

15:27
03/21/19
03/21
15:27
03/21/19
15:27
Options
Puts lead calls 140:1 in Lloyds Banking as shares underperform sector »

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IVZ

Invesco

$19.88

0.16 (0.81%)

15:21
03/21/19
03/21
15:21
03/21/19
15:21
Conference/Events
Invesco management to meet with Morgan Stanley »

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BV

BrightView

$15.34

-0.23 (-1.48%)

15:20
03/21/19
03/21
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15:20
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BrightView under investigation for potential securities laws violations »

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  • 26

    Mar

XHB

SPDR Homebuilders

$38.38

0.82 (2.18%)

15:20
03/21/19
03/21
15:20
03/21/19
15:20
Options
Aggressive call buying in SPDR Homebuilders Fund as the sector sees strength »

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15:20
03/21/19
03/21
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15:20
General news
Canada CPI preview »

Canada CPI preview:…

15:20
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03/21
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03/21/19
15:20
General news
Canada retail sales preview »

Canada retail sales…

DLAKY

Lufthansa

$0.00

(0.00%)

15:19
03/21/19
03/21
15:19
03/21/19
15:19
Conference/Events
Lufthansa management to meet with Morgan Stanley »

Meeting to be held in New…

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  • 28

    Mar

JEF

Jefferies Financial Group

$19.35

0.04 (0.21%)

15:19
03/21/19
03/21
15:19
03/21/19
15:19
Options
Jefferies Financial Group options imply 4.0% move in share price post-earnings, below median historical move »

Pre-earnings options…

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  • 28

    Mar

NEXA

Nexa Resources

$12.46

-0.22 (-1.74%)

15:17
03/21/19
03/21
15:17
03/21/19
15:17
Conference/Events
Nexa Resources management to meet with Morgan Stanley »

Meeting to be held in New…

03/08/13
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  • 27

    Mar

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

15:17
03/21/19
03/21
15:17
03/21/19
15:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

15:16
03/21/19
03/21
15:16
03/21/19
15:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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15:15
03/21/19
03/21
15:15
03/21/19
15:15
General news
Canada CPI preview »

Canada CPI preview:…

SPY

SPDR S&P 500 ETF Trust

$284.73

3.29 (1.17%)

, SPX

S&P 500

$0.00

(0.00%)

15:14
03/21/19
03/21
15:14
03/21/19
15:14
Periodicals
DoubleLine's Gundlach surprised by Fed's dovish double-down, CNBC says »

DoubleLine Capital CEO…

SPY

SPDR S&P 500 ETF Trust

$284.73

3.29 (1.17%)

SPX

S&P 500

$0.00

(0.00%)

QQQ

Invesco QQQ Trust

$182.53

2.79 (1.55%)

03/08/13
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TRI

Thomson Reuters

$57.40

0.64 (1.13%)

15:12
03/21/19
03/21
15:12
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15:12
Conference/Events
Thomson Reuters management to meet with Morgan Stanley »

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  • 27

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15:10
03/21/19
03/21
15:10
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15:10
General news
Treasury Closing Summary: »

Treasury Closing Summary:…

USB

U.S. Bancorp

$49.78

-0.59 (-1.17%)

, WFC

Wells Fargo

$49.91

-0.48 (-0.95%)

15:06
03/21/19
03/21
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15:06
Hot Stocks
Bank stocks sit out rally, mirroring concern for broader economy »

Shares of financial…

USB

U.S. Bancorp

$49.78

-0.59 (-1.17%)

WFC

Wells Fargo

$49.91

-0.48 (-0.95%)

MS

Morgan Stanley

$43.45

0.425 (0.99%)

JPM

JPMorgan

$102.96

-1.58 (-1.51%)

C

Citi

$64.24

-0.05 (-0.08%)

GS

Goldman Sachs

$195.08

0.81 (0.42%)

BAC

Bank of America

$28.33

-0.3 (-1.05%)

03/08/13
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  • 26

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ZUO

Zuora

$24.08

0.36 (1.52%)

15:04
03/21/19
03/21
15:04
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15:04
Options
Zuora options imply 16.5% move in share price post-earnings, below median historical move »

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  • 21

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SMG

Scotts Miracle-Gro

$79.39

2.27 (2.94%)

15:02
03/21/19
03/21
15:02
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15:02
Hot Stocks
Scotts Miracle-Gro extends partnership with Major League Baseball »

The Scotts Company and…

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  • 21

    Mar

BA

Boeing

$374.14

-2.27 (-0.60%)

15:00
03/21/19
03/21
15:00
03/21/19
15:00
Periodicals
Boeing to slow work on 737 planes for 3 days next week, Bloomberg reports »

In an emailed statement…

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  • 21

    Mar

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DRI

Darden

$116.09

7.47 (6.88%)

, BLMN

Bloomin' Brands

$19.73

0.37 (1.91%)

14:54
03/21/19
03/21
14:54
03/21/19
14:54
Upgrade
Darden, Bloomin' Brands rating change at Gordon Haskett »

Darden upgraded to Hold…

DRI

Darden

$116.09

7.47 (6.88%)

BLMN

Bloomin' Brands

$19.73

0.37 (1.91%)

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  • 21

    Mar

NSA

National Storage

$28.29

0.5 (1.80%)

14:54
03/21/19
03/21
14:54
03/21/19
14:54
Conference/Events
National Storage management to meet with Morgan Stanley »

Luncheon Meeting to be…

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  • 25

    Mar

AZO

AutoZone

$999.06

17.86 (1.82%)

14:51
03/21/19
03/21
14:51
03/21/19
14:51
Conference/Events
AutoZone management to meet with Morgan Stanley »

Group Dinner Meeting to…

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