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QCOM

Qualcomm

$57.68

-0.02 (-0.03%)

, AAPL

Apple

$195.39

1.69 (0.87%)

07:51
04/04/19
04/04
07:51
04/04/19
07:51

Qualcomm CFO exit immaterial, says Argus

Argus analyst Jim Kelleher is keeping his Buy rating and $85 price target on Qualcomm (QCOM), saying the latest announcement that its CFO George Davis is stepping down to join Intel (INTC) is immaterial and a "side show". The analyst sees the real "main event" risk with the company's upcoming trial this month in a dispute with Apple (AAPL), which has alleged that Qualcomm's licensing model is illegal. Kelleher contends however that Qualcomm's licensing model has "repeatedly been validated" and the company has "withstood multiple legal challenges over the past two decades".

QCOM

Qualcomm

$57.68

-0.02 (-0.03%)

AAPL

Apple

$195.39

1.69 (0.87%)

INTC

Intel

$55.52

0.99 (1.82%)

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QCOM Qualcomm
$57.68

-0.02 (-0.03%)

03/27/19
03/27/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Qualcomm (QCOM) initiated with a Neutral at JPMorgan. 2. Occidental Petroleum (OXY) initiated with a Perform at Oppenheimer. 3. Boeing (BA) resumed with a Buy at Citi. 4. Square (SQ) initiated with an Outperform at Macquarie. 5. Frontdoor (FTDR) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/27/19
MSCO
03/27/19
NO CHANGE
MSCO
Morgan Stanley still unsure who will have upper hand in Qualcomm, Apple fight
Morgan Stanley analyst James Faucette called yesterday a "modestly good one" for Qualcomm (QCOM) in terms of its legal fight with Apple (AAPL), though he calls the final ruling on ITC case #1 for patent '490 "confusing." Also "somewhat confusingly," the ITC issued its preliminary findings in a separate case, which he calls case #2. That ruling was an "unequivocal positive" for Qualcomm, though its magnitude is uncertain. Following the mixed developments in the ITC cases, Faucette said he still doesn't know who will have the upper hand, though he expects these and other upcoming rulings will ultimately push Qualcomm and Apple to a reconciliation. However, unless there is strong demand for 5G phones during 2019, Apple may be willing to bide its time and not seek a full resolution during this year, Faucette concluded.
03/27/19
WELS
03/27/19
NO CHANGE
WELS
Market Perform
Wells Fargo sees Qualcomm action against Apple as further posturing for leverage
Wells Fargo analyst Aaron Rakers notes that shares of Apple (AAPL) were under pressure following the U.S. International Trade Commission issuing a final initial determination related to Qualcomm's (QCOM) patent claims against Apple. This is related to Apple's use of Intel (INTC) modems in some iPhone models, replacing Qualcomm, he notes. The analyst continues to view Qualcomm's actions against Apple as further posturing for leverage as it relates to the companies' separate license royalty dispute. Rakers would expect Apple to appeal the ruling. He reiterates a Market Perform rating on Apple's shares.
03/27/19
JPMS
03/27/19
INITIATION
Target $54
JPMS
Neutral
Qualcomm initiated with a Neutral at JPMorgan
JPMorgan analyst Samik Chatterjee initiated Qualcomm (QCOM) with a Neutral rating and $54 price target. Target $54. In a research note to investors, Chatterjee cited "limited" visibility on the outcome of litigation with Apple (AAPL), and says risk is weighted to the downside on the most likely outcomes. The FTC litigation is his main focus given the wide ramifications to Qualcomm's licensing patents, the analyst adds. Additionally, the analyst cites growth opportunities for the QCT segment on the back of an expanding total addressable market, cost-reduction initiatives driving earnings growth, and the maturation of the handset market for the Neutral rating.
AAPL Apple
$195.39

1.69 (0.87%)

04/02/19
04/02/19
UPGRADE
Target $85

Overweight
Qorvo upgraded to Overweight on increased confidence after Asia trip at KeyBanc
As previously reported, KeyBanc analyst Weston Twigg upgraded Qorvo (QRVO) to Overweight from Sector Weight, with an with an $85 price target given increasing confidence from his Asia trip indicating market share gains in the next-generation Apple (AAPL) iPhone in the mid-high band PAD. Further, the analyst believes the company is significantly better positioned to benefit from the 5G upgrade cycle given the architectural shift to massive MIMO and its ascending position with its GaN IP and assets, and sees stabilizing iPhone demand and improving China smartphone demand related to Huawei pull-ins. Additionally, Twigg sees favorable risk/reward from a stock perspective, as there is a significant amount of skepticism in Qorvo's ability to regain share.
04/03/19
UBSW
04/03/19
NO CHANGE
Target $215
UBSW
Buy
Apple's iPhone may be 'already at replacement', says UBS
UBS analyst Timothy Arcuri kept his Buy rating and $215 price target on Apple (AAPL), saying that while his "field work" suggests that the company may not be able to ship a 5G iPhone in 2020 because Intel (INTC) may not be "ready with a single chip backward compatible 5G modem", he sees iPhones as being "already at replacement". The analyst adds that Intel should or will discontinue or sell its modem operations, and that the buyer could be Apple.
04/04/19
GUGG
04/04/19
DOWNGRADE
Target $72
GUGG
Neutral
Guggenheim downgrades Roku on increasing competition from Apple, Amazon
Guggenheim analyst Michael Morris downgraded Roku (ROKU) to Neutral from Buy and lowered his price target for the shares to $72 from $77. The stock closed yesterday down 3%, or $2.04, to $68.60. Morris this morning also upgraded Facebook (FB) to Buy from Neutral with a $200 price target. Apple's (AAPL) video product unveiled on March 25 represents an additional risk to Roku's active user base, the analyst tells investors in a research note. Further, Amazon's (AMZN) and Viacom's (VIAB) greater pushes into advertising video on demand are also increasing competition on Roku, Morris contends. He adds that Roku CFO Steve Louden's sale of 100,000 shares has also "shaken" his confidence in the stock. Nonetheless, the analyst's view of the "strong" secular streaming and targeted video advertising tailwinds that the company is positioned to benefit from is unchanged.
04/02/19
KEYB
04/02/19
NO CHANGE
Target $335
KEYB
Overweight
Broadcom price target raised to $335 from $310 at KeyBanc
KeyBanc analyst Weston Twigg raised his price target for Broadcom (AVGO) to $335 from $310 given stabilizing Apple (AAPL) iPhone demand. While losing share to Qorvo (QRVO) in the next-generation iPhone represents a slight negative for Broadcom, the analyst sees minimal risk to forward estimates, as he believes this will be more than offset by content gains associated with the iPhone adoption of 802.11ax, easy year over year unit iPhone compares, and RF FE TAM expansion. Twigg reiterates an Overweight rating on the shares.
INTC Intel
$55.52

0.99 (1.82%)

04/03/19
MKMP
04/03/19
NO CHANGE
Target $58
MKMP
Buy
Intel innovation day highlights its data-centric portfolio, says MKM Partners
MKM Partners analyst Ruben Roy kept his Buy rating and $58 price target on Intel after the company's "innovation day" presentations by executives and industry partners "highlighted the key trends driving data growth and the opportunities ahead in cloud computing applications and emerging 5G networks." The analyst cites the event's key takeaways being Intel's "enhanced data-centric product portfolio, the launch of 2nd-generation Xeon Scalable CPUs with integrated learning acceleration, new network optimized products including platform solutions for 5G and cloud applications, and updated Optane persistent memory for data center applications. Roy contends that Intel's diversification toward data-centric businesses reflect its confidence of being able to participate in a $300B data-centric total addressable market.
04/03/19
BOFA
04/03/19
NO CHANGE
Target $62
BOFA
Buy
Intel Innovation Day shows alignment with 'major megatrends', says BofA/Merrill
BofA/Merrill analyst Vivek Arya kept his Buy rating and $62 price target on Intel (INTC) after its "Data-Centric Innovation Day" event. The analyst says the tone of the discussions was "positive" and the presentations showcased the company's continued alignment with "major megatrends" which include "transition to the cloud, AI proliferation, and the 'cloudification' of the network." Arya adds that Intel's expanding product breadth "can help offset share losses to AMD (AMD) ahead of its expected launch of its next-gen 7nm server CPUs this summer.
04/03/19
04/03/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. GrubHub (GRUB) initiated with a Buy at BTIG. 2. AMD (AMD) and Intel (INTC) initiated with a Buy at Nomura Instinet, while Nvidia (NVDA) and Xilinx (XLNX) were initiated with a Neutral. 3. Futu (FHL) initiated with a Neutral at Goldman Sachs. 4. Square (SQ) initiated with a Market Perform at Bernstein. 5. DowDuPont (DWDP) and Dow Inc. (DOW) initiated with a Buy at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/03/19
STFL
04/03/19
NO CHANGE
Target $50
STFL
Hold
Stifel 'not convinced' market looking for 'all-Intel' data solution
Coming away from Intel's (INTC) "well attended" Data Centric Day where the company announced seven new products, Stifel analyst Kevin Cassidy said he views the highlight of the event as the "impressive list" of customer testimonials that came from companies including AWS (AMZN), Google (GOOGL), Microsoft Azure (MSFT) and SAP (SAP). He sees Intel's developing strategy to transform from a PC centric company to a data centric one as addressing the indirect competitive threats from GPUs, FPGAs, ASICs, and Network Processors, but Cassidy said he is not convinced the market is looking for an "all-Intel" solution. He keeps a Hold rating and $50 price target on Intel shares.

TODAY'S FREE FLY STORIES

MMM

3M

$195.01

-24.23 (-11.05%)

12:18
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NASDAQ Market Internals

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$NYE

NYSE Market Internals

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3M

$195.55

-23.69 (-10.81%)

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Honeywell

$170.63

-0.63 (-0.37%)

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JPMorgan's Tusa says 3M should trade at discount to Honeywell »

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3M

$195.55

-23.69 (-10.81%)

HON

Honeywell

$170.63

-0.63 (-0.37%)

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3M

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-23.63 (-10.78%)

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MAS

Masco

$38.51

-1.47 (-3.68%)

12:10
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3K Masco May 37 - 39 put spreads sold at 83c »

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NITE

Nightstar Therapeutics

$25.54

0.01 (0.04%)

, BIIB

Biogen

$230.56

6.24 (2.78%)

12:07
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Polygon discloses 7.97% stake in Nightstar, sends letters to board »

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NITE

Nightstar Therapeutics

$25.54

0.01 (0.04%)

BIIB

Biogen

$230.56

6.24 (2.78%)

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FNB

F.N.B.

$11.99

0.01 (0.08%)

12:04
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First National Bank appoints Samuel Kirsch as chief digitial officer »

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CRC

California Resources

$22.75

-3.55 (-13.50%)

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California Resources falls -13.4% »

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HZO

MarineMax

$16.59

-3.255 (-16.41%)

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CLS

Celestica

$7.19

-1.42 (-16.50%)

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AAN

Aaron's

$58.07

4.745 (8.90%)

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Aaron's rises 9.0% »

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WAB

Wabtec

$71.90

-4.67 (-6.10%)

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Downside put buy in Wabtec as shares wobble after earnings »

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OIS

Oil States

$20.53

2.11 (11.45%)

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ASPN

Aspen Aerogels

$3.56

0.36 (11.25%)

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NWL

Newell Brands

$13.84

-0.4 (-2.81%)

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Newell Brands put volume heavy and directionally bearish »

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11:50
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11:50
General news
U.S. Treasury tax receipts continue to surge »

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GILD

Gilead

$63.57

0.75 (1.19%)

11:48
04/25/19
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11:48
Recommendations
Gilead analyst commentary at Piper Jaffray »

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IMMR

Immersion

$9.27

0.03 (0.32%)

11:45
04/25/19
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Options
Immersion call volume above normal and directionally bullish »

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11:45
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Treasury's $85 B 4- and 8-week bill auctions were mixed »

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11:43
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FB

Facebook

$193.51

10.87 (5.95%)

, TSLA

Tesla

$251.50

-7.2 (-2.78%)

11:38
04/25/19
04/25
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11:38
On The Fly
Facebook upgrade, Tesla downgrade among today's top calls »

Check out today's top…

FB

Facebook

$193.51

10.87 (5.95%)

TSLA

Tesla

$251.50

-7.2 (-2.78%)

PTC

PTC

$90.78

-11.16 (-10.95%)

XLNX

Xilinx

$116.64

-23.15 (-16.56%)

GD

General Dynamics

$178.46

-2.21 (-1.22%)

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PAGS

PagSeguro Digital

$26.34

-0.14 (-0.53%)

11:35
04/25/19
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11:35
Options
PagSeguro Digital put volume heavy and directionally bearish »

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