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DOW

Dow Inc.

$58.27

0.47 (0.81%)

, ESV

Ensco Rowan

$14.90

0.05 (0.34%)

10:25
04/16/19
04/16
10:25
04/16/19
10:25

Fly Intel: Top five analyst initiations

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Dow Inc. (DOW) initiated with a Top Pick at RBC Capital. 2. Ensco Rowan (ESV) initiated with an Overweight at Morgan Stanley. 3. Micron (MU) initiated with a Neutral at Nomura Instinet. 4. SkyWest (SKYW) initiated with a Buy at Stifel. 5. Forestar Group (FOR) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

DOW

Dow Inc.

$58.27

0.47 (0.81%)

ESV

Ensco Rowan

$14.90

0.05 (0.34%)

MU

Micron

$42.58

0.75 (1.79%)

SKYW

SkyWest

$58.85

0.63 (1.08%)

FOR

Forestar Group

$18.35

0.28 (1.55%)

  • 25

    Apr

  • 06

    May

  • 07

    May

  • 22

    May

  • 29

    May

DOW Dow Inc.
$58.27

0.47 (0.81%)

04/16/19
RBCM
04/16/19
INITIATION
Target $68
RBCM
Top Pick
Dow Inc. initiated with a Top Pick at RBC Capital
RBC Capital initiated Dow Inc. with a Top Pick and $68 price target.
04/15/19
04/15/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Disney (DIS) upgraded to Neutral from Sell at BTIG with analyst Richard Greenfield saying the rating change was prompted more by the commentary from CEO Bob Iger on CNBC than by the company's investor day presentation unveiling Disney+. 2. Western Digital (WDC) upgraded to Buy from Neutral at Longbow with analyst Nikolay Todorov saying NAND fundamentals are bottoming and "there is a line of sight to cyclical recovery." 3. Dow Inc. (DOW), Huntsman (HUN), LyondellBasell (LYB), and Eastman Chemical (EMN) upgraded to Buy from Neutral at Nomura Instinet, while Olin (OLN) and Westlake Chemical (WLK) were upgraded to Neutral from Reduce. 4. Waste Management (WM) upgraded to Buy from Hold at Stifel with analyst Michael Hoffman saying even with potential divestitures to get the deal approved, adding Advanced Disposal "dramatically lowers" Waste Management's cost of capital, reduces capital spending, converts more of the fleet to CNG, and stimulates tuck-in activity that should all drive sustainable free cash flow growth. 5. Sony (SNE) upgraded to Buy from Hold at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/15/19
NOMU
04/15/19
UPGRADE
NOMU
Nomura Instinet upgrades six in Chemicals ahead of Q1 earnings
Nomura Instinet analyst Aleksey Yefremov upgraded six names in Cyclical Chemicals ahead of the Q1 reporting season. The analyst sees the valuations as "encouraging" versus more defensive chemicals and the broader market. Select commodity prices are confirming better macro data, but large supply additions "are a limiting factor on how high stocks can go," Yefremov tells investors in a research note. China macro data continued to improve recently and valuations for the six upgrades are below cycle-average, says the analyst. He upgraded to Buy from Neutral shares of Dow Inc. (DOW), Eastman Chemical (EMN), Huntsman (HUN) and LyondellBasell (LYB) and to Neutral from Sell shares of Westlake Chemical (WLK) and Olin (OLN).
04/16/19
RBCM
04/16/19
INITIATION
Target $68
RBCM
Top Pick
Dow Inc. initiated with a Top Pick at RBC Capital
RBC Capital analyst Arun Viswanathan initiated the newly spun-off Dow Inc with a Top Pick rating and a price target of $68, citing its opportunity as an "ultimate commodity cash machine" with an option on polyethylene, improving free cash flow profile, and commitment to capital returns. The analyst notes that the stock offers a "54% EBITDA exposure to trough earnings conditions", adding that buying at the bottom of the multiple margin cycle is the "safest way to play commodity stocks." Viswanathan further anticipates Dow Inc to add up to 1,400kT of new polyethylene capacity through "de-bottlenecking projects."
ESV Ensco Rowan
$14.90

0.05 (0.34%)

03/08/19
HSBC
03/08/19
UPGRADE
HSBC
Buy
Ensco upgraded to Buy from Hold at HSBC
04/11/19
SBSH
04/11/19
INITIATION
Target $4.3
SBSH
Neutral
Ensco resumed with a Neutral at Citi
Citi analyst Scott Gruber resumed coverage of Ensco with a Neutral rating and $4.30 price target. The company is expected to swing to positive free cash flow by 2022, but still needs refinancings to avoid tapping its revolvers, Gruber tells investors in a research note.
04/16/19
MSCO
04/16/19
INITIATION
Target $25
MSCO
Overweight
Ensco Rowan initiated with an Overweight at Morgan Stanley
Following the completion of the merger of Ensco and Rowan to create Ensco Rowan plc, Morgan Stanley analyst Connor Lynagh initiated coverage of the newly combined company with an Overweight rating and $25 price target, noting that analyst estimates vary widely as of now. He believes Ensco Rowan has a strong portfolio of assets and an "undemanding valuation" compared to U.S.-listed peers and sees the discount narrowing as the market gains further clarity.
01/09/19
DNBM
01/09/19
UPGRADE
DNBM
Buy
Ensco upgraded to Buy from Hold at DNB Markets
MU Micron
$42.58

0.75 (1.79%)

04/08/19
04/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. General Electric (GE) downgraded to Underweight from Neutral at JPMorgan with analyst Stephen Tusa saying with the stock up 38% year-to-date, many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of "small positives." 2. Starbucks (SBUX) downgraded to Neutral from Buy at UBS with analyst Dennis Geiger saying the risk/reward on shares "appears balanced" with the stock up 55% since June. 3. Boeing (BA) downgraded to Neutral from Buy at BofA/Merrill with analyst Ronald Epstein citing the company's announcement that it will cut 737 production rates to 42 per month from 52 per month, which he takes to likely mean that the 737 delay could last longer than previously expected. 4. Micron (MU) downgraded to Market Perform from Outperform at Cowen with analyst Karl Ackerman saying his field work indicates Micron's profitability will decline again in calendar year 2020. 5. Roku (ROKU) downgraded to Sell from Neutral at Citi with analyst Mark May saying the stock is up 110% year-to-date and near all-time highs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/08/19
COWN
04/08/19
DOWNGRADE
Target $45
COWN
Market Perform
Cowen downgrades Micron, sees profitability declining again in 2020
Cowen analyst Karl Ackerman downgraded Micron Technology to Market Perform from Outperform and lowered his price target for the shares to $45 from $46. The stock in premarket trading is down 2%, or 86c, to $42.46. The analyst's field work indicates Micron's profitability will decline again in calendar year 2020. The work shows a "confluence of a sea change in the competitive environment" as well as an erosion in the company's NAND cost leadership, Ackerman tells investors in a research note. He thinks this is a "stark contrast to what is contemplated by most investors." Channel checks indicate producers have already undercut each other in supplying server DRAM modules and enterprise solid state drives to data center customers, says the analyst. He believes Samsung's willingness to outgrow the industry in a "fairly depressed demand environment" should stymie Micron's margin progression for the balance of 2019.
04/08/19
COWN
04/08/19
DOWNGRADE
COWN
Market Perform
Micron downgraded to Market Perform from Outperform at Cowen
04/16/19
NOMU
04/16/19
INITIATION
Target $45
NOMU
Neutral
Micron initiated with a Neutral at Nomura Instinet
Nomura Instinet analyst David Wong started Micron Technology with a Neutral rating and $45 price target. The analyst expects continuing pressure on memory profitability through 2019 as the semiconductor industry works through the downturn that began in late 2018. However, he sees Micron's margins bottoming in the August quarter and thinks structural improvements in the memory industry should allow the company to maintain profitability levels going forward that are similar to what we have seen in the last four years.
SKYW SkyWest
$58.85

0.63 (1.08%)

12/21/18
IMPC
12/21/18
UPGRADE
Target $63
IMPC
Outperform
SkyWest upgraded to Outperform from In-Line at Imperial Capital
Imperial Capital analyst Michael Derchin upgraded SkyWest to Outperform and raised his price target for the shares to $63 from $58 following the sale of ExpressJet. The current valuation discounts the company's margin outlook, cash flow generation, balance sheet improvement, and growth opportunities despite scope clause constraints, Derchin tells investors in a research note. The analyst estimates ExpressJet, "which was consistently in the red," dragged down SkyWest's fiscal 2018 pretax margins by roughly 300 basis points. Derchin points out SkyWest shares are down 35% from their summer highs.
04/15/19
STFL
04/15/19
INITIATION
Target $68
STFL
Buy
SkyWest initiated with a Buy at Stifel
Stifel analyst Joseph DeNardi started SkyWest with a Buy rating and a $68 price target, stating that he views it as the best and most diversified regional airline operator. He sees opportunities for SkyWest to grow its business through taking share and modest increases in scope, DeNardi tells investors.
02/04/19
IMPC
02/04/19
NO CHANGE
Target $69
IMPC
Outperform
SkyWest price target raised to $69 from $63 at Imperial Capital
Imperial Capital analyst Michael Derchin raised his price target for SkyWest to $69 citing the company's better than expected fiscal 2019 outlook. SkyWest indicated its FY19 earnings are expected to increase in the low-double digits versus high-single digits previously, Derchin tells investors in a research note. He finds the shares are attractive saying current valuations discounting its margin outlook, cash flow generation, balance sheet improvement, and growth opportunities despite scope clause constraints. The analyst keeps an Outperform rating on SkyWest.
03/01/19
DBAB
03/01/19
DOWNGRADE
DBAB
Hold
Deutsche downgrades American Airlines, Delta on global market exposure
Deutsche Bank analyst Michael Linenberg downgraded both American Airlines (AAL) and Delta Air Lines (DAL) to Hold from Buy. Recent global macro data points "have been less encouraging of late" suggesting that airline industry risks are now more biased to the downside, Linenberg tells investors in a research note. As a result, the analyst is finding it more difficult to advocate "new money" positions in names with the most exposure to global markets. This drives his downgrade of both American and Delta to Hold. Linenberg lowered his price target for American to $40 from $47 and for Delta to $55 from $66. He also lowered his target for Buy-rated Alaska Air (ALK) to $73 from $75, for Buy-rated Allegiant Travel (ALGT) to $160 from $169, for Buy-rated JetBlue (JBLU) to $20 from $22, for Buy-rated SkyWest (SKYW) to $68 from $75, for Buy-rated Spirit Airlines (SAVE) to $75 from $79, for United Continental (UAL) to $105 from $109, and for Buy-rated Mesa Air (MESA) to $17 from $18.
FOR Forestar Group
$18.35

0.28 (1.55%)

04/16/19
04/16/19
INITIATION
Target $23

Buy
Forestar Group initiated with a Buy at BTIG
As previously reported, BTIG analyst Ryan Gilbert initiated Forestar Group (FOR) with a Buy rating and a price target of $23, saying that along with its majority shareholder D.R. Horton (DHI), the company's new development model called "lot manufacturing" can "produce higher returns and more consistent growth" than other developers. The analyst believes that Forestar Group can "rapidly expand its model into new markets" and capture share from undercapitalized, fragmented private developers, forecasting the company to grow annual revenue by an average of 122% per year over the next 3 years. Gilbert contends that Forestart Group's growth potential is not priced in.
04/15/19
BTIG
04/15/19
INITIATION
Target $23
BTIG
Buy
Forestar Group initiated with a Buy at BTIG
BTIG initiated Forestar Group with a Buy rating and a price target of $23.

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FB

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PKG

Packaging Corp.

$98.86

0.33 (0.33%)

17:29
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TSLA

Tesla

$258.70

-5.15 (-1.95%)

17:29
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