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CMA

Comerica

$76.90

-0.07 (-0.09%)

, ZION

Zions Bancorp

$47.17

0.24 (0.51%)

06:51
04/04/19
04/04
06:51
04/04/19
06:51

JPMorgan downgrades Comerica, Zions and KeyCorp, upgrades Signature Bank

In an attempt to reduce interest rate "sensitivity," JPMorgan analyst Steven Alexopoulos downgraded Comerica (CMA), Zions Bancorp (ZION) and KeyCorp (KEY) to Neutral from Overweight and upgraded Signature Bank (SBNY) to Overweight from Neutral. The analyst says his bearish call on the bank sector "remains fully intact" even though the stock are "technically now much cheaper" since his October 2018 call. The tailwinds that helped bottom line growth for banks over the past several years will "fully start transitioning into headwinds" during 2019, Alexopoulos tells investors in a research note. He suggests repositioning portfolios away from asset sensitive banks while simultaneously increasing exposure to liability sensitive banks.

CMA

Comerica

$76.90

-0.07 (-0.09%)

ZION

Zions Bancorp

$47.17

0.24 (0.51%)

KEY

KeyCorp

$16.43

-0.01 (-0.06%)

SBNY

Signature Bank

$128.81

-1.05 (-0.81%)

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CMA Comerica
$76.90

-0.07 (-0.09%)

04/04/19
GSCO
04/04/19
DOWNGRADE
GSCO
Neutral
Comerica downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Ryan Nash downgraded Comerica to Neutral from Buy and lowered his price target for the shares to $84 from $89.
04/04/19
JPMS
04/04/19
DOWNGRADE
Target $79
JPMS
Neutral
Comerica downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Steven Alexopoulos downgraded Comerica to Neutral from Overweight and lowered his price target for the shares to $79 from $89.
03/13/19
03/13/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Roku (ROKU) downgraded to Sell from Hold at Loop Capital and to Neutral from Outperform at Macquarie. 2. Hercules Capital (HTGC) downgraded to Market Perform from Outperform at Keefe Bruyette and to Neutral from Buy at Compass Point as well as B. Riley FBR. 3. Credit Suisse (CS) downgraded to Neutral from Overweight at JPMorgan with analyst Kian Abouhossein saying the company's investment banking strategy is "value destroying." 4. Comerica (CMA) downgraded to Neutral from Outperform at Wedbush with analyst Peter Winter saying he believes earnings growth will be more challenging in 2020 given less earnings levers, the benefit from lower expenses is behind, and share buyback activity is set to slow in 2020. 5. NuStar Energy (NS) downgraded to Underweight from Neutral at JPMorgan analyst Jeremy Tonet saying he sees lower return potential following the stock's "significant outperformance" year-to-date. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/04/19
GSCO
04/04/19
DOWNGRADE
Target $84
GSCO
Neutral
Goldman downgrades Comerica to Neutral from Buy as rate hikes wane
Goldman Sachs analyst Ryan Nash downgraded Comerica (CMA) to Neutral from Buy and lowered his price target for the shares to $84 from $89. While loan growth has begun to improve from the lows, a lack of additional interest rate hikes, along with more exposure to consumer deposits continuing to re-price higher, likely means that the company's margins will begin to compress beyond Q1, Nash tells investors in a research note. He believes this will "pressure" consensus estimates. In the Regional Banks space, the analyst is most upbeat on Signature Bank (SBNY), Citizens Financial (CFG) and Cadence Bancorp (CADE) into Q1. He's less optimistic on First Horizon (FHN) and Huntington Bancshares (HBAN).
ZION Zions Bancorp
$47.17

0.24 (0.51%)

01/23/19
WEDB
01/23/19
NO CHANGE
Target $50
WEDB
Neutral
Zions Bancorp price target raised to $50 from $44 at Wedbush
Wedbush analyst Peter Winter raised his price target for Zions Bancorp to $50 from $44 following quarterly results. The analyst reiterates a Neutral rating on the shares.
02/14/19
02/14/19
DOWNGRADE
Target $83

Market Perform
Comerica downgraded to Market Perform from Outperform at BMO Capital
As previously reported, BMO Capital analyst Lana Chan downgraded Comerica (CMA) to Market Perform and kept her $83 price target, saying the stock has reached her prior price objective and now trades "in line with Regional bank peers" on forward earnings basis. The analyst also lowers her FY19 EPS view by 15c to $8.10 to take out her prior assumption of one additional interest rate hike this year. Chan further contemplates Comerica as a potential candidate for a merger-of-equals with Zions Bancorp (ZION).
02/21/19
BOFA
02/21/19
NO CHANGE
BOFA
BB&T added to US 1 List, Zions Bancorp removed at BofA/Merrill
04/04/19
JPMS
04/04/19
DOWNGRADE
Target $50
JPMS
Neutral
Zions Bancorp downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Steven Alexopoulos downgraded Zions Bancorp to Neutral from Overweight and lowered his price target for the shares to $50 from $53.
KEY KeyCorp
$16.43

-0.01 (-0.06%)

04/04/19
JPMS
04/04/19
DOWNGRADE
Target $17
JPMS
Neutral
KeyCorp downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Steven Alexopoulos downgraded KeyCorp to Neutral from Overweight and lowered his price target for the shares to $17 from $18.
03/29/19
03/29/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) upgraded to Market Perform from Underperform at Raymond James with analyst David Long saying the retirement of CEO Tim Sloan removes a "headwind." 2. Viacom (VIA, VIAB) upgraded to Buy from Hold at Loop Capital with analyst Alan Gould citing the company's loss of its biggest distributor AT&T (T) having been de-risked which, he believes, raises the likelihood of a Viacom merger with CBS (CBS). 3. F5 Networks (FFIV) upgraded to Neutral from Underweight at Piper Jaffray with analyst James Fish saying after underperforming the tech sector and the market over the last six months by ~20%, some of the main downside share catalysts have played out. 4. Mosaic (MOS) upgraded to Neutral from Underperform at Credit Suisse with analyst Chris Parkinson citing modest downside to Chinese cash operating costs, lower immediate-term ammonia and sulfur costs, evidence of near-term volume discipline, the emphasis on long-term cost reduction programs and balance sheet stability. 5. KeyCorp (KEY) upgraded to Neutral from Reduce at Nomura Instinet with analyst Bill Carcache saying he believes the shares are near a fair valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/29/19
NOMU
03/29/19
UPGRADE
Target $16
NOMU
Neutral
KeyCorp upgraded to Neutral from Reduce at Nomura Instinet
Nomura Instinet analyst Bill Carcache upgraded KeyCorp to Neutral from Reduce with an unchanged price target of $16. The analyst believes the shares are near a fair valuation.
02/08/19
02/08/19
NO CHANGE

Odeon's Bove says buy SunTrust, Midwest banks after deal announcement
Odeon analyst Dick Bove recommends investors buy shares of SunTrust (STI) following the company's announcement of an agreement to merge with BB&T (BBT), stating that the deal is expected to be accretive by 2021, but likely to be dilutive before this time. He also thinks investors should consider buying a group of Midwestern banks, as the deal puts "significant pressure" on those banks to merge. Banks such as Fifth Third (FITB) and KeyCorp (KEY) "need to join forces," while PNC (PNC) and U.S. Bancorp (USB) "need to buy more scale," Bove stated in his research note.
SBNY Signature Bank
$128.81

-1.05 (-0.81%)

04/04/19
JPMS
04/04/19
UPGRADE
Target $150
JPMS
Overweight
Signature Bank upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Steven Alexopoulos upgraded Signature Bank to Overweight from Neutral and raised his price target for the shares to $150 from $133.
03/15/19
WELS
03/15/19
NO CHANGE
Target $150
WELS
Outperform
Wells Fargo boosts Signature Bank target to $150, keeps as top 2019 pick
Wells Fargo analyst Jared Shaw says the macro environment continues to benefit Signature Bank and that the stock remains a top pick for 2019. The analyst sees less earnings from a slowing Fed and normalizing credit, and thinks the company's recent entry into California and the launching of new business lines "provide underappreciated potential for core deposit growth." Shaw raised his price target for Signature Bank to $150 from $135 and keeps an Outperform rating on the shares.
03/25/19
WEDB
03/25/19
NO CHANGE
Target $150
WEDB
Outperform
Signature Bank added to Best Ideas List at Wedbush
Wedbush analyst David Chiaverini added Signature Bank to the Best Ideas List as he believes it is one of the best positioned banks to benefit from the Fed having become more dovish than the market anticipated in its most recent FOMC meeting last week. Furthermore, Trump's nomination of Stephen Moore to the Fed board could tilt the board to be even more dovish given Moore has publicly criticized Fed chairman Powell's interest rate policy as being too tight, the analyst contends. Chiaverini reiterated an Outperform rating and $150 price target on the shares.

TODAY'S FREE FLY STORIES

CPRI

Capri Holdings

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CLB

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AVP

Avon Products

$3.13

0.175 (5.92%)

13:49
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DLPH

Delphi Technologies

$22.60

-2 (-8.13%)

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Delphi call volume above normal and directionally bullish »

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ADTN

Adtran

$17.39

-0.38 (-2.14%)

13:40
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AVYA

Avaya

$20.22

0.895 (4.63%)

13:34
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TECK.B

Teck Corp.

$0.00

(0.00%)

13:34
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Conference/Events
Teck Corp. management to meet with B.Riley FBR »

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  • 30

    Apr

CWT

California Water Service

$49.43

-0.57 (-1.14%)

13:32
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13:32
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California Water Service rating change  »

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BHC

Bausch Health

$23.18

0.16 (0.70%)

13:30
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Breaking Hot Stocks news story on Bausch Health »

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    May

AVYA

Avaya

$20.20

0.875 (4.53%)

13:28
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Periodicals
Mitel offers to combine with Avaya in stock deal, WSJ says »

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  • 15

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CLVS

Clovis

$19.43

-0.4 (-2.02%)

13:25
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Clovis call volume above normal and directionally bullish »

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  • 07

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AGN

Allergan

$140.66

0.98 (0.70%)

, TEVA

Teva

$15.07

0.065 (0.43%)

13:25
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Conference/Events
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AGN

Allergan

$140.66

0.98 (0.70%)

TEVA

Teva

$15.07

0.065 (0.43%)

ALDR

Alder Biopharmaceuticals

$13.95

0.29 (2.12%)

AMGN

Amgen

$179.82

1.56 (0.88%)

BHVN

Biohaven Pharmaceutical

$62.30

-0.855 (-1.35%)

LLY

Eli Lilly

$117.99

(0.00%)

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03/06/13
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03/06/13
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ZM

Zoom Video

$64.49

1.175 (1.86%)

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Zoom, Slack announce new partnership »

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BHC

Bausch Health

$23.18

0.16 (0.70%)

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  • 06

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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BA

Boeing

$382.62

7.3 (1.95%)

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BA

Boeing

$382.62

7.3 (1.95%)

13:15
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FAA targeting May 23 for meeting over 737 MAX changes, Aviation Week says »

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General news
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RSG

Republic Services

$79.29

-0.01 (-0.01%)

13:10
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LUV

Southwest

$54.00

1.08 (2.04%)

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LUV

Southwest

$54.00

1.08 (2.04%)

, BA

Boeing

$379.25

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BA

Boeing

$379.25

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BUD

AB InBev

$86.38

-1.82 (-2.06%)

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