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PRGO

Perrigo

$48.51

0.975 (2.05%)

, APO

Apollo Global

$28.79

0.14 (0.49%)

11:48
04/04/19
04/04
11:48
04/04/19
11:48

Perrigo pharmaceuticals unit draws several PE bidders, Bloomberg says

Apollo Global (APO) and CVC Capital are among suitors seeking to acquire Perrigo's (PRGO) prescription pharmaceuticals unit, Gillian Tan and Manuel Baigorri of Bloomberg report, citing people familiar with the matter. Carlyle (CG), Altaris Capital, and Cerberus Capital have also proceeded to the next round of bidding for the Generic Rx arm, the authors say. The business could bring in slightly over $2.5B in a deal, Tan and Baigorri report. Reference Link

PRGO

Perrigo

$48.51

0.975 (2.05%)

APO

Apollo Global

$28.79

0.14 (0.49%)

CG

Carlyle Group

$18.55

-0.1 (-0.54%)

  • 01

    May

PRGO Perrigo
$48.51

0.975 (2.05%)

04/04/19
RHCO
04/04/19
NO CHANGE
Target $46
RHCO
Hold
Perrigo price target lowered to $46 from $51 at SunTrust
SunTrust analyst Gregg Gilbert lowered his price target on Perrigo to $46 and kept his Hold rating, saying his analysis suggests that the earnings dilution from the sale or spin of its Rx Pharma business would be "significant" at over 20%. The analyst adds that his new price target is based on the company's "more conservative growth assumptions" as he looks ahead to more specifics on the separation of its Rx business at the May 9th Investor Day.
12/21/18
CANT
12/21/18
NO CHANGE
Target $107
CANT
Overweight
Cantor Fitzgerald says don't read too much into Perrigo tax headlines
Cantor Fitzgerald analyst Louise Chen tells investors not to read too much into the headlines from Perrigo last night regarding an Irish corporation tax liability. In a research note titled "Bah-Humbug, Don't Let Headlines Ruin The Holidays," Chen says it is "unclear that there is much of a case here." The analyst keeps an Overweight rating on Perrigo with a $107 price target.
03/19/19
RHCO
03/19/19
INITIATION
Target $51
RHCO
Hold
Perrigo initiated with a Hold at SunTrust
SunTrust analyst Gregg Gilbert initiated Perrigo with a Hold rating and a price target of $51, saying that while he remains positive on the durability of the company's consumer-focused businesses, the risk-reward on the stock is "balanced" because of "less clear" growth potential of those businesses. The analyst adds that while the management's decision to separate the Rx business from the Consumer business could be a positive in the long-term, it may take some time for the market to "assess the financial and operational merits of the separation."
02/01/19
WELS
02/01/19
NO CHANGE
Target $46
WELS
Market Perform
Perrigo's ProAir opportunity 'may be vaporizing,' says Wells Fargo
Wells Fargo analyst David Maris noted that GlaxoSmithKline (GSK) launched an authorized generic of Ventolin on January 15 and he has now learned that Teva (TEVA) may have "surprisingly launched" an authorized generic of ProAir in response to the generic Ventolin pressure prior to Perrigo's (PRGO) approval. Pricing pressure from generic Ventolin, in addition to the launch of an authorized generic well ahead of Perrigo's own generic ProAir launch, seem to have significantly diminished Perrigo's generic ProAir opportunity, Maris tells investors. He keeps a Market Perform rating and $46 price target on Perrigo shares.
APO Apollo Global
$28.79

0.14 (0.49%)

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.
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.
CG Carlyle Group
$18.55

-0.1 (-0.54%)

03/29/19
03/29/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) downgraded to Hold from Buy at Deutsche Bank with analyst Matt O'Connor saying he sees management and earnings uncertainty after the company announced that CEO and President Tim Sloan will step down effective immediately. 2. RH (RH) downgraded to Hold from Buy at Deutsche Bank with analyst Mike Baker saying he continues to believe in the long-term prospects for RH and acknowledges "that it is one of the few retailers growing sales, margins, profit dollars and earnings." 3. Carlyle Group (CG) downgraded to Neutral from Buy at BofA/Merrill. 4. Comcast (CMCSA) and Charter (CHTR) downgraded to Sector Perform from Outperform at RBC Capital. 5. Mosaic (MOS) downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying following Mosaic's analyst day, he feels phosphate fundamentals have weakened in the near term and are unlikely to pick-up significantly "despite the company acting as a swing supplier by curtailing capacity." 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
BOFA
03/29/19
DOWNGRADE
BOFA
Neutral
Carlyle Group downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst Michael Carrier downgraded Carlyle Group to Neutral from Buy.
01/14/19
SBSH
01/14/19
NO CHANGE
SBSH
Citi gets more defensive on Brokers & Asset Managers, downgrades five
Citi analyst Citi analyst William Katz is taking a more defense stance on the traditional Brokers & Asset Managers to reflect what he sees as "weak" fundamentals and "still elevated" consensus estimates. The analyst reduced his target multiples across the group and downgraded Affiliated Managers (AMG) and Brightsphere Investment Group (BSIG) to Neutral from Buy as well as Artisan Partners (APAM), Waddell & Reed (WDR) and Franklin Resources (BEN) to Sell from Neutral. Katz calls Och-Ziff Capital (OZM) and LPL Financial (LPLA) his top ideas and also opened a "30 Day Positive Catalyst Watch" for Carlyle Group (CG) and Legg Mason (LM). The analyst recommends pair trades of Overweight AllianceBernstein (AB), underweight Artisan Partners (APAM), and overweight BlackRock (BLK), underweight T. Rowe Price (TROW).
01/04/19
GSCO
01/04/19
UPGRADE
Target $21
GSCO
Buy
Carlyle Group upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Alexander Blostein upgraded Carlyle Group to Buy from Neutral with a price target of $21. The analyst contends that the 31% decline in its stock price, which is about double of the 15% peer average decline, does not account for "considerable change" in the company's cash flow stability profile, citing its "significant growth in fee-related earnings and improving backdrop for incentive income". Blostein expects Carlyle Group to deliver a 23% annualized revenue growth through 2020 in spite of the softer macro backdrop.

TODAY'S FREE FLY STORIES

WEC

WEC Energy

$77.97

1.01 (1.31%)

14:12
04/25/19
04/25
14:12
04/25/19
14:12
Earnings
WEC Energy sees FY19 EPS at high end of $3.48-$3.52 range, consensus $3.51 »

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F

Ford

$9.41

-0.17 (-1.77%)

, GM

General Motors

$39.12

-0.61 (-1.54%)

14:10
04/25/19
04/25
14:10
04/25/19
14:10
Earnings
Fly Intel: What to watch in auto sector earnings reports »

Ford (F) is scheduled to…

F

Ford

$9.41

-0.17 (-1.77%)

GM

General Motors

$39.12

-0.61 (-1.54%)

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    Oct

CPRI

Capri Holdings

$44.85

-1.26 (-2.73%)

14:05
04/25/19
04/25
14:05
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14:05
Options
Capri Holdings call volume above normal and directionally bullish »

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Treasury Action: the market has eroded slightly »

Treasury Action: the…

CLB

Core Laboratories

$66.31

-6.595 (-9.05%)

13:51
04/25/19
04/25
13:51
04/25/19
13:51
Recommendations
Core Laboratories analyst commentary at Stifel »

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AVP

Avon Products

$3.13

0.175 (5.92%)

13:49
04/25/19
04/25
13:49
04/25/19
13:49
Periodicals
Natura said to be in advanced talks to acquire Avon, Valor Economico says »

Natura is in advanced…

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  • 02

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DLPH

Delphi Technologies

$22.60

-2 (-8.13%)

13:45
04/25/19
04/25
13:45
04/25/19
13:45
Options
Delphi call volume above normal and directionally bullish »

Bullish option flow…

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  • 02

    May

ADTN

Adtran

$17.39

-0.38 (-2.14%)

13:40
04/25/19
04/25
13:40
04/25/19
13:40
Earnings
Adtran VP Roger Shannon sold over $100K in company shares »

Adtran VP Roger Shannon…

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  • 07

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AVYA

Avaya

$20.22

0.895 (4.63%)

13:34
04/25/19
04/25
13:34
04/25/19
13:34
Periodicals
Mitel offering to combine with Avaya in stock deal worth over $2B, WSJ says »

Avaya is in talks to…

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  • 15

    May

TECK.B

Teck Corp.

$0.00

(0.00%)

13:34
04/25/19
04/25
13:34
04/25/19
13:34
Conference/Events
Teck Corp. management to meet with B.Riley FBR »

Meeting to be held in…

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  • 30

    Apr

CWT

California Water Service

$49.43

-0.57 (-1.14%)

13:32
04/25/19
04/25
13:32
04/25/19
13:32
Upgrade
California Water Service rating change  »

California Water Service…

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  • 25

    Apr

BHC

Bausch Health

$23.18

0.16 (0.70%)

13:30
04/25/19
04/25
13:30
04/25/19
13:30
Hot Stocks
Breaking Hot Stocks news story on Bausch Health »

Bausch Health trading…

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  • 06

    May

  • 06

    May

  • 06

    May

AVYA

Avaya

$20.20

0.875 (4.53%)

13:28
04/25/19
04/25
13:28
04/25/19
13:28
Periodicals
Mitel offers to combine with Avaya in stock deal, WSJ says »

Mitel's bid values…

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  • 15

    May

CLVS

Clovis

$19.43

-0.4 (-2.02%)

13:25
04/25/19
04/25
13:25
04/25/19
13:25
Options
Clovis call volume above normal and directionally bullish »

Bullish option flow…

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  • 07

    May

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    May

AGN

Allergan

$140.66

0.98 (0.70%)

, TEVA

Teva

$15.07

0.065 (0.43%)

13:25
04/25/19
04/25
13:25
04/25/19
13:25
Conference/Events
Piper Jaffray specialty pharma analysts to hold analyst/industry conference call »

Specialty Pharmaceuticals…

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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    Jun

ZM

Zoom Video

$64.49

1.175 (1.86%)

13:21
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04/25
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13:21
Hot Stocks
Zoom, Slack announce new partnership »

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BHC

Bausch Health

$23.18

0.16 (0.70%)

13:21
04/25/19
04/25
13:21
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13:21
Hot Stocks
Bausch Health announces FDA approval of Duobrii for plaque psoriasis »

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
04/25/19
04/25
13:17
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13:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

13:16
04/25/19
04/25
13:16
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13:16
Technical Analysis
NYSE market internals summary »

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BA

Boeing

$382.62

7.3 (1.95%)

13:16
04/25/19
04/25
13:16
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13:16
Recommendations
Boeing analyst commentary at Bernstein »

Bernstein says Aviation…

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BA

Boeing

$382.62

7.3 (1.95%)

13:15
04/25/19
04/25
13:15
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13:15
Periodicals
FAA targeting May 23 for meeting over 737 MAX changes, Aviation Week says »

The FAA is targeting May…

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13:12
04/25/19
04/25
13:12
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13:12
General news
7-Yr Note Auction Coupon Rate data reported »

7-Yr Note Auction Coupon…

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13:12
General news
7-Yr Note Auction Total Amount data reported »

7-Yr Note Auction Total…

RSG

Republic Services

$79.29

-0.01 (-0.01%)

13:10
04/25/19
04/25
13:10
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13:10
Options
Upside call buys in Republic Services ahead of earnings »

Upside call buys in…

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LUV

Southwest

$54.00

1.08 (2.04%)

13:06
04/25/19
04/25
13:06
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13:06
Hot Stocks
Breaking Hot Stocks news story on Southwest »

Southwest continues to…

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