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BX

Blackstone

$35.91

-0.08 (-0.22%)

, TRV

Travelers

$135.89

-2.48 (-1.79%)

09:00
04/18/19
04/18
09:00
04/18/19
09:00

Fly Intel: Pre-market Movers

HIGHER: Blackstone (BX), up 8% after reporting earnings and announcing plans to convert to a corporation from a partnership... Venator Materials (VNTR), up 5% after RBC Capital analyst Arun Viswanathan upgraded the stock to Outperform from Sector Perform and raised his price target to $9 from $7. The analyst believes that the titanium dioxide "cycle is turning," with destocking activity nearing completion amid improving global demand and pricing. UP AFTER EARNINGS: Honeywell (HON), up 1%... Travelers (TRV), up 1%... Synchrony (SYF), up 2%... Adtran (ADTN), up 4%. DOWN AFTER EARNINGS: Check Point (CHKP), down 7%... Skechers (SKX), down 13%... Atlassian (TEAM), down 8%... American Express (AXP), down 1%. LOWER: Deutsche Bank (DB), down 1% after Bloomberg reports the bank is prepping "Plan B" if talks with Commerzbank (CRZBY) fall through... Eiger BioPharmaceuticals (EIGR), down 11% after its 4.5M share spot secondary priced at $11.00 per share.

BX

Blackstone

$35.91

-0.08 (-0.22%)

TRV

Travelers

$135.89

-2.48 (-1.79%)

AXP

American Express

$111.78

-0.1 (-0.09%)

VNTR

Venator Materials

$6.83

-0.02 (-0.29%)

HON

Honeywell

$162.92

0.12 (0.07%)

SYF

Synchrony

$33.22

0.06 (0.18%)

ADTN

Adtran

$14.55

-0.145 (-0.99%)

CHKP

Check Point

$129.57

-0.47 (-0.36%)

SKX

Skechers

$35.28

0.17 (0.48%)

TEAM

Atlassian

$111.23

-2.02 (-1.78%)

DB

Deutsche Bank

$8.93

0.065 (0.73%)

EIGR

Eiger BioPharmaceuticals

$13.07

-0.77 (-5.56%)

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BX Blackstone
$35.91

-0.08 (-0.22%)

11/30/18
MSCO
11/30/18
NO CHANGE
Target $42
MSCO
Overweight
Morgan Stanley more positive on Blackstone growth path after management meeting
After recently hosting an investor meeting with Jon Gray, Blackstone's President and COO, Morgan Stanley analyst Michael Cyprys said he is more positive on the company's growth trajectory, stating that its $130B fundraising pipeline should drive 50% growth in fee-related earnings over the next two years. The analyst, who also thinks a potential C-Corp conversion could unlock value in 2019, keeps an Overweight rating and $42 price target on Blackstone, adding that he thinks the shares could trade near $38 in the near-term if the market begins to assign higher odds to such a C-Corp change.
09/25/18
ARGS
09/25/18
NO CHANGE
Target $46
ARGS
Buy
Blackstone price target raised to $46 from $39 at Argus
Argus analyst Stephen Biggar raised his price target on Blackstone to $46 and kept his Buy rating after its Investor Day presentation on Friday, citing the company's outlined plans to grow its assets under management to $1T from $439B currently. The analyst states that Blackstone is seeing "sees considerable growth in real estate, private equity, infrastructure, tactical opportunities and credit assets", adding that while the $1T target is "aggressive", it is also achievable, requiring "continuing cooperative economic environment and fundraising efforts". Biggar also anticipates Blackstone's "fee-related earnings component to grow significantly over the next two years" as its flagship funds reach key milestones, helping reduce earnings volatility and yielding "more consistent" dividend payouts.
01/02/19
SUSQ
01/02/19
UPGRADE
Target $31
SUSQ
Positive
Crocs upgraded to Positive at Susquehanna
As reported previously, Susquehanna analyst Sam Poser upgraded Crocs (CROX) to Positive from Neutral. The analyst cited the recent repurchase and conversion of Blackstone's (BX) preferred stock position as it removes a substantial financial overhang from the company's capital structure and shifts more control of the business into the hands of existing and potential shareholders. In addition, the business continues to accelerate as processes and products improve and the brand gains traction, said Poser, who raised his price target to $31 from $25 on Crocs shares.
04/15/19
SBSH
04/15/19
UPGRADE
Target $35
SBSH
Neutral
Citi upgrades Franklin Resources, Artisan to Neutral from Sell
Citi analyst William Katz upgraded both Franklin Resources (BEN) and Artisan Partners (APAM) to Neutral from Sell. The analyst raised his price target to $35 from $28 for the former and to $25 from $20 for the latter. Ahead of the Q1 earnings season, however, the analyst favors the Alternatives. His top picks are Och-Ziff Capital (OZM), Brookfield (BAM) and Blackstone (BX). Katz, though, is "tactically less negative" on the Traditional asset managers.
TRV Travelers
$135.89

-2.48 (-1.79%)

01/15/19
COMP
01/15/19
INITIATION
Target $155
COMP
Buy
Travelers initiated with a Buy at Compass Point
Compass Point analyst Bijan Moazami initiated Travelers with a Buy and $155 price target. Moazami said Travelers maintains a very competitive expense ratio allowing its positive reserve development to stabilize earnings.
02/27/19
02/27/19
UPGRADE
Target $90

Neutral
Cincinnati Financial upgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Michael Zaremsk upgraded Cincinnati Financial (CINF) to Neutral from Underperform due to stronger-than-appreciated P&C pricing power relative to large-cap peers Travelers (TRV) and Chubb (CB), lower forecast non-catastrophe weather losses in 2019, and less exposure to workers' compensation business, for which he forecasts underlying margin deterioration through 2020 due to mandated pricing decreases. The analyst also raised his price target on Cincinnati Financial's shares to $90 from $75.
01/09/19
LEHM
01/09/19
UPGRADE
Target $145
LEHM
Overweight
Travelers upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Jay Gelb upgraded Travelers to Overweight and raised his price target for the shares to $145 from $135.
01/09/19
LEHM
01/09/19
NO CHANGE
LEHM
Barclays upgrades three P&C Insurers, downgrades RenaissanceRe
Barclays analyst Jay Gelb upgraded Travelers (TRV), Arch Capital Group (ACGL) and Progressive (PGR) to Overweight while downgrading RenaissanceRe to Underweight from Equal Weight. Travelers, Arch and Progressive are among the best managed companies in the Property and Casualty Insurance sector with "sustainably robust earning power, strong balance sheets, and increasingly attractive valuations," Gelb tells investors in a research note. He believes the recent share pullbacks have provided an attractive opportunity. And although he also views RenaissanceRe as well managed company, he thinks the stock's valuation is full and that reinsurance market conditions are unlikely to tighten.
AXP American Express
$111.78

-0.1 (-0.09%)

03/20/19
DZBN
03/20/19
DOWNGRADE
DZBN
Hold
American Express downgraded to Hold from Buy at DZ Bank
04/03/19
STFL
04/03/19
NO CHANGE
Target $85
STFL
Buy
Delta Air Lines price target raised to $85 from $80 at Stifel
Stifel analyst Joseph DeNardi raised his Q1 and 2019 EPS estimates for Delta (DAL) to reflect the company's revised Q1 guidance and increased his price target on the stock to $85 accordingly. Based on the company's comments on its new card deal with American Express (AXP), DeNardi believes Delta's economics from the pact improved by about 10% versus their prior agreement. He maintains a Buy rating on Delta shares.
04/02/19
SPHN
04/02/19
NO CHANGE
Target $63
SPHN
Overweight
Airlines needed some good news, and Delta delivered, says Stephens
With investor sentiment on the airline space negative, the group was in need of some good news and Delta Air Lines delivered a positive surprise this morning, Stephens analyst Jack Atkins tells investors in a research note. The airline pointed Q1 RASM growth to the upper-end of its initial guidance range, lowered its Q1 CASM excluding fuel expectation and raised its Q1 earnings guidance range, says the analyst. Atkins finds it encouraging that Delta noted underlying passenger demand remains solid and that the business market led the way during the quarter. Further, the company announced an extension of its credit card partnership with American Express (AXP), which is expected to double the revenue contribution to $7B by 2023 versus 2018 levels, he notes. Atkins reiterates an Overweight rating on Delta with a $63 price target. The stock in midday trading is up 7% to $55.64. Other names in the airline space include Alaska Air (ALK), American Airlines (AAL), JetBlue (JBLU), Southwest (LUV), Spirit Airlines (SAVE) and United Continental (UAL).
04/01/19
COWN
04/01/19
NO CHANGE
COWN
FTC officials seem to spotlight Facebook, Amazon for scrutiny, says Cowen
After FTC Chairman Joe Simons and Competition Bureau Director Bruce Hoffman spoke at the American Bar Association's annual antitrust conference on Friday, Cowen analyst Paul Gallant said his read of some of Simons' comments on "consummated mergers" is that they seem directed toward Facebook (FB) deals like Instagram and Whatsapp and/or Google's (GOOGL) past ad tech acquisitions. Hoffman "also seemed to lean forward on tech," said Gallant, who sees some of Hoffman's comments on a prior ruling about American Express (AXP) as making Amazon (AMZN) more of an antitrust target than he expected. The analyst also noted that Sarah Oxenham-Allen, Chair of the State Attorney Generals Task Force on Antitrust, spoke at the event and he sees her comments as underscoring that state AGs are a "legitimate threat" on antitrust and privacy for Facebook and Google.
VNTR Venator Materials
$6.83

-0.02 (-0.29%)

02/06/19
UBSW
02/06/19
UPGRADE
UBSW
Buy
Venator Materials upgraded to Buy from Neutral at UBS
02/06/19
UBSW
02/06/19
UPGRADE
Target $7
UBSW
Buy
UBS upgrades Venator to Buy ahead of mid-year earnings 'inflection'
UBS analyst John Roberts upgraded Venator Materials to Buy from Neutral with an unchanged price target of $7. The analyst sees a three-to-one upside/downside ratio for the stock following the 50% drop in the past quarter and 80% decline in the past year. He expects pigment volume declines into the channel to abate before mid-2019, followed by a recovery. He also Venator's thinks margin pressure from lower TiO2 prices and higher ore costs will stabilize in mid-2019, "leading to a mid-year inflection in earnings."
04/18/19
04/18/19
UPGRADE
Target $9

Outperform
Venator Materials upgraded to Outperform at RBC Capital on improving TiO2 cycle
As previously reported, RBC Capital analyst Arun Viswanathan upgraded Venator Materials to Outperform from Sector Perform and raised his price target to $9 from $7. The analyst believes that the titanium dioxide "cycle is turning", with destocking activity nearing completion amid improving global demand and pricing. Viswanathan maintains his FY19 and FY20 EPS estimates, but lifts his target multiple to 6.5-times from 5.5-times earnings to reflect the sentiment, even though he cautions investors about Venator Materials being a "high risk/high reward stock."
04/18/19
RBCM
04/18/19
UPGRADE
RBCM
Outperform
Venator Materials upgraded to Outperform from Sector Perform at RBC Capital
HON Honeywell
$162.92

0.12 (0.07%)

03/25/19
DBAB
03/25/19
NO CHANGE
DBAB
Deutsche Bank makes 'Catalyst Call' to buy Honeywell, sell 3M
Deutsche Bank analyst Nicole DeBlase is making a "Catalyst Call" to buy shares of Honeywell (HON) and sell shares of 3M (MMM). The analyst sees continued potential for earnings beats and full year guidance raises from Honeywell given its "attractive exposure" to late-cycle end markets. These include, according to the analyst, aerospace and defense and non-residential construction, along with secular growth drivers such as warehouse automation. On the other hand, DeBlase forecasts a "substantial" 4% earnings miss in Q1 for 3M. The company is exposed to a number of end markets that have faced quarter-over-quarter deterioration, including automotive and electronics and China, the analyst tells investors in a research note. She does not view even the low end of 3M's guidance as achievable. Moreover, she points out that 3M is the most expensive stock she covers. DeBlase has a Buy rating on Honeywell with a Sell rating on 3M.
02/04/19
ARGS
02/04/19
NO CHANGE
Target $180
ARGS
Buy
Honeywell weakness offers buying opportunity, says Argus
Argus analyst John Eade kept his Buy rating and $180 price target on Honeywell, saying the stock's recent weakness offers a buying opportunity. The analyst notes the recent 10% slide from the highs in the shares because of tariff related concerns, but believes that the company can "generate low double-digit earnings growth over the next five years", benefiting from "diverse product lines as well as presence in the commercial aerospace and commercial construction markets." Eade adds that while China infrastructure growth is slowing, Honeywell's "mid-market" product sales in the country are growing.
02/04/19
DBAB
02/04/19
NO CHANGE
Target $160
DBAB
Buy
Honeywell price target raised to $160 from $153 at Deutsche Bank
Deutsche Bank analyst Nicole DeBlase raised her price target for Honeywell to $160 saying that despite high expectations, the company still delivered in Q4. Management sounded optimistic on the call, citing greater than 15% long-cycle backlog growth and no sign of slowdown in shortcycle markets outside of a few pockets of weakness, DeBlase tells investors in a post-earnings research note titled "A Bird In the Hand." The analyst keeps a Buy rating on the shares.
01/15/19
JPMS
01/15/19
NO CHANGE
JPMS
Neutral
GE risk/reward unfavorable into Q4 report, says JPMorgan's Tusa
JPMorgan analyst Stephen Tusa says the risk/reward on shares of General Electric (GE) is unfavorable into the company's Q4 earnings report. GE shares have bounced over the last month, outperforming the group by over 3,000 basis points, Tusa writes in a research note previewing earnings reports for the group. He believes the recent stock move "is built upon an expectation of more certainty in the path forward." Tusa thinks the focus on the earnings call should turn back to fundamentals, where he continues to see "disconnect with high level analyses from those who apparently ignore the mechanical headwinds from dilutive asset sales, a key aspect as to why FCF remains so weak." The call will "reinforce the Bear case that there is no concrete silver bullet plan, and much remains fluid, also negative," Tusa contends. He recommends Honeywell (HON) and Emerson Electric (EMR) as longs into the quarter and tells investors to avoid Johnson Controls (JCI), 3M (MMM) and Rockwell Automation (ROK). Tusa has a Neutral rating on General Electric.
SYF Synchrony
$33.22

0.06 (0.18%)

03/07/19
LSCM
03/07/19
NO CHANGE
Target $46
LSCM
Buy
Trupanion 12% selloff on Synchrony deal an overreaction, says Lake Street
Lake Street analyst Mark Argento views the 12% selloff yesterday in shares of Trupanion (TRUP) on Synchrony Financial's (SYF) acquisition of Pets Best insurance as an overreaction. Pets Best insurance is a pet health insurance product company underwritten by Trupanion's insurance subsidiary, American Pet Insurance Company, Argento tells investors in a research note. The analyst understands the "knee jerk reaction" to the stock trading off as there is a risk that Synchrony could move underwriting of Pets Best's 125,000 pet policies away from Trupanion. Further, Pets Best with Synchrony is now a more formidable competitor to Trupanion, he adds. However, it is important to note Synchrony is not an insurance company and will likely need to maintain or grow its underwriting relationship with Trupanion, Argento writes. He believes Synchrony's motivation for the acquisition is to cross-sell its CareCredit consumer credit products to Pets Best's 125,000 policyholders and vice versa. This is a consumer credit play for Synchrony and not a foray into the insurance business "from what we can tell at this juncture," says the analyst. Argento keeps a Buy rating on Trupanion with a $46 price target.
04/02/19
RHCO
04/02/19
NO CHANGE
Target $210
RHCO
Buy
Alliance Data price target raised to $210 from $190 at SunTrust
SunTrust analyst Andrew Jeffrey reiterated a Buy rating on Alliance Data (ADS) and raised his price target to $210 from $190, telling investors in a research note that he believes Alliance deserves at least the 10% implied pf PE premium to Synchrony (SYF), its closest competitor, as it becomes more a pure-play, value-added, data-driven card services provider. He also likes Alliance's improving customer mix and its effort to divest non-core businesses.
02/14/19
GSCO
02/14/19
UPGRADE
Target $38
GSCO
Buy
Synchrony upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Ryan Nash upgraded Synchrony Financial to Buy and raised his price target for the shares to $38 from $36. With shares trading at a discount to peers due to credit-related concerns, the current valuation is "compelling," Nash tells investors in a research note. Synchrony shares should outperform now that the contract renewal overhangs have been largely removed post the renewals of four of its five largest partners to 2024 and beyond, the analyst contends. Further, he believes Synchrony's credit normalization has largely subsided with flat underlying losses in 2019 and upside to 2020 consensus losses. In addition, a "robust" capital return program could drive $5B of repurchases over the next six quarters, says Nash.
02/14/19
02/14/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exxon Mobil (XOM) double upgraded to Outperform from Underperform at Macquarie with analyst David Hewitt saying with a "world class" Guyana play, multiple liquefied natural gas developments, the Permian "juggernaut" and growth in the integrated downstream, Exxon is "well positioned for the future, and is not being overly distracted by the energy transition debate." 2. Synchrony (SYF) upgraded to Buy from Neutral at Goldman Sachs with analyst Ryan Nash saying with shares trading at a discount to peers due to credit-related concerns, the current valuation is "compelling." 3. Teva (TEVA) upgraded to Outperform from Market Perform at Raymond James. 4. Elevate Credit (ELVT) upgraded to Buy from Neutral at BTIG with analyst Mark Palmer saying he views the shares as "simply too inexpensive" at current levels. 5. NetApp (NTAP) upgraded to Buy from Hold at Cross Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ADTN Adtran
$14.55

-0.145 (-0.99%)

12/20/18
MKMP
12/20/18
NO CHANGE
Target $17
MKMP
Buy
Adtran price target lowered to $17 from $22 at MKM Partners
MKM Partners analyst Michael Genovese lowered his price target on Adtran to $17, modeling a valuation multiple of 1-times enterprise value to expected FY19 sales. The analyst also keeps his Buy rating on the stock and believes that the 40% decline in its price over the past 3 months is excessive. Genovese claims that Adtran is an "underappreciated potential beneficiary" of security related issues at Huawei while retaining its "share gains in the Cable MSO market related to Fiber Deep architecture" and ramping ups sales to NBN in Australia.
10/18/18
NEED
10/18/18
NO CHANGE
Target $17
NEED
Buy
Adtran price target lowered to $17 at Needham on Q3 revenue slip
Needham analyst Richard Valera nudged his price target on Adtran (ADTN) lower to $17 from $18 and also lowered his FY19 EPS view to 15c from 42c after its Q3 revenues came in "light due to an explainable slip out of shipments to NBN". The analyst also notes the management's more downbeat view of its G.Fast program with AT&T (T), along with a generally more muted outlook for next year. Valera keeps a Buy on Adtran however, stating that although the stock is setting new 52-week lows on a series of disappointments, its valuation multiple of 1.1-times enterprise value to expected 2018 sales is supportive of the rating.
01/29/19
NEED
01/29/19
DOWNGRADE
NEED
Hold
Adtran downgraded to Hold from Buy at Needham
01/29/19
01/29/19
DOWNGRADE

Hold
Adtran downgraded to Hold at Needham on margin pressure
As previously reported, Needham analyst Richard Valera downgraded Adtran to Hold from Buy, saying that while the company posted solid Q4 results, the quarter was aided "by the re- emergence of Telmex" and warns that its shift toward international business will results in "structurally lower margins" and limited earnings power. The analyst further notes that he had previously anticipated AT&T (T) and Verizon (VZ) deals as "potentially significant" North America revenue opportunities, but now sees "little confidence either of these programs will ramp substantially over the near to medium term." Valera adds that the recent bounce in Adtran stock has taken its price to within 10% of his prior target, justifying a neutral stance.
CHKP Check Point
$129.57

-0.47 (-0.36%)

04/15/19
DBAB
04/15/19
NO CHANGE
Target $125
DBAB
Hold
Check Point price target raised to $125 from $110 at Deutsche Bank
Deutsche Bank analyst Karl Keirstead raised his price target for Check Point Software to $125 from $110 following recent channel checks and keeps a Hold rating on the shares. The analyst summarizes Check Point's fundamental outlook as "status quo," and says investor sentiment has improved due to easier year-over-year compares and the year-to-date rally across the Software space.
04/12/19
OTRG
04/12/19
UPGRADE
OTRG
Positive
Check Point upgraded to Positive from Mixed at OTR Global
OTR Global upgraded Check Point to Positive from Mixed following checks that indicate Q1 exceeded plan in North American due to existing customer expansions, brand strength, and new customer acquisitions.
04/15/19
OPCO
04/15/19
NO CHANGE
Target $145
OPCO
Outperform
Check Point price target raised to $145 from $130 at Oppenheimer
Oppenheimer analyst Shaul Eyal raised his price target for Check Point to $145 from $130 ahead of Q1 results. The analyst says his checks with 21 VARs across the U.S. and Europe indicate consistent execution and stabilizing trends should enable the company to meet or slightly exceed consensus revenue estimate, steady regional performance driven by ongoing traction of its mid/high-end appliances provides further support, and infinity continuing to be the focal product aimed at helping customers to do more with fewer resources. Further, Eyal points out that cloud continues to garner greater mindshare via CloudGuard/Dome9, easier year over year comps still provide a decent set-up, and Check Point's momentum seems supported by a still healthy IT spending environment. He reiterates an Outperform rating on the shares.
03/26/19
MZHO
03/26/19
INITIATION
MZHO
Mizuho initiates security software with top picks Palo Alto, CyberArk, Rapid7
Mizuho analyst Gregg Moskowitz initiated coverage of nine Security Software companies. In his industry update note, titled "Welcome to the New Age of Software - Part II," he noted that "macro concerns remain very prevalent and 4Q tech fundamentals were uneven," but added that he expects "security companies will navigate these issues well, due in part to the fact that cybersecurity consistently ranks at or near the top of IT spending priorities by CIOs." The analyst concluded that "while hardly immune, we would expect security spend to be relatively resilient." Moskowitz noted that global security revenue is currently well in excess of $40B, and growing at a roughly high-single digit CAGR. However, Moskowitz also noted that the security market is very fragmented and contains many sub-segments. He sees four security themes that he believes will become increasingly important, and should help to underpin healthy growth in the sector in the coming years -- Zero Trust, Identity Management, Next-gen Endpoint, and Machine Learning/Automation. The analyst expects to see "generally similar levels of security M&A activity in 2019," although he noted that one variable that could cause this to skew higher would be a large security vendor takeout, which is a historical rarity. Moskowitz initiated three stocks with Buy ratings -- Palo Alto Networks (PANW), CyberArk Software (CYBR), and Rapid7 (RPD) -- and six stocks with Neutral ratings -- Check Point Software (CHKP), FireEye (FEYE), Fortinet (FTNT), Okta (OKTA), Proofpoint (PFPT), and Symantec (SYMC).
SKX Skechers
$35.28

0.17 (0.48%)

02/11/19
UBSW
02/11/19
NO CHANGE
Target $37
UBSW
Buy
Skechers price target raised to $37 from $32 at UBS
UBS analyst Jay Sole raised his price target on Skechers to $37 from $32 following its latest earnings report. The analyst said the last two reports indicated the company is entering a long-awaited phase of margin improvement due to a better geographic and channel mix, less discounting, and SG&A control. The analyst noted consensus is modeling EBIT margins to be flat, suggesting the market does not recognize Skechers' margin upside. Sole reiterated his Buy rating on the shares.
02/22/19
STPT
02/22/19
DOWNGRADE
STPT
Hold
Skechers downgraded to Hold from Buy at Standpoint Research
03/27/19
SUSQ
03/27/19
UPGRADE
SUSQ
Positive
Skechers upgraded to Positive from Neutral at Susquehanna
03/27/19
SUSQ
03/27/19
UPGRADE
Target $37
SUSQ
Positive
Skechers upgraded to Positive on signs of increased momentum at Susquehanna
Susquehanna analyst Sam Poser upgraded Skechers to Positive from Neutral, stating that his checks with family footwear and independent retailers and recent results from wholesalers point to increased momentum for its brands. Given the signs he sees that its business is at the beginning of a positive inflection, Poser said he is confident that Skechers' operating margin is "on the road" back to its prior peak level of 11.5%. He raised his price target on Skechers shares to $37 from $32.
TEAM Atlassian
$111.23

-2.02 (-1.78%)

04/18/19
BMOC
04/18/19
NO CHANGE
Target $110
BMOC
Market Perform
Atlassian price target raised to $110 from $100 at BMO Capital
BMO Capital analyst Keith Bachman raised his price target on Atlassian to $110, saying that while its Q3 result was not as "good as it looked", its guidance for Q4 was not as bad. The analyst cites the changes in pricing, which he says "meaningfully exacerbate seasonality of billings", also estimating the company's billings growth at an "impressive" 35%-40%. Bachman is keeping his Market Perform rating on Atlassian, noting that while the company offers a "compelling product suite" with "innovative pricing strategy", its current valuation does not offer a "favorable risk/reward."
04/18/19
COWN
04/18/19
NO CHANGE
Target $125
COWN
Outperform
Atlassian post-earnings pullback a buying opportunity, says Cowen
Cowen analyst J. Derrick Wood said that while Atlassian reported a mixed Q3, with a revenue beat and a billings miss, he would advise to take advantage of the pullback as "dips have historically been an opportune time to buy" the stock. Pull-forward activity in Q2 ahead of a mid-October price increase hurt deferred revenue growth and management said that this will impact Q4 deferred too, but to a lesser degree than Q3 and that the effect should fade each subsequent quarter, noted Wood. He maintains an Outperform rating on Atlassian with a $125 price target.
04/18/19
MZHO
04/18/19
NO CHANGE
Target $125
MZHO
Buy
Mizuho still comfortable buying Atlassian shares despite billings miss
Although Atlassian's fiscal Q3 revenue and earnings upside "was solid," billings were below consensus, Mizuho analyst Gregg Moskowitz tells investors in a post-earnings research note. However, his work indicates a "high likelihood" that this is solely a function of a greater than expected pull forward impact in fiscal Q2. Normalizing for this, the analyst estimates "very healthy" fiscal Q3 billings growth in the high 30% range. Moskowitz remains buying the shares, "especially on any significant weakness." He keeps a Buy rating on Atlassian with a $125 price target.
04/18/19
MSCO
04/18/19
NO CHANGE
Target $99
MSCO
Underweight
Atlassian billings slowdown should make investors reassess, says Morgan Stanley
Morgan Stanley analyst Keith Weiss said he believes that Atlassian "truly is a great company" and "it's hard to be Underweight great companies," but leading into the company's earnings report he thought expectations appeared too high and coming out of the report he thinks the company's sharp deceleration in Q3 billings growth "likely forces investors to reassess the durable growth rate at Atlassian." Billings growth fell sharply to 31% year-over-year in Q3, noted Weiss, who sees "low thirties" as a more durable growth rate for Atlassian. He'd look to get more constructive if multiples better align to the trajectories of Atlassian's durable growth and margin expansion, said the analyst, who maintains an Underweight rating on the stock and raised his price target to $99 from $97.
DB Deutsche Bank
$8.93

0.065 (0.73%)

08/10/18
08/10/18
DOWNGRADE

Underweight
Morgan Stanley cuts Deutsche Bank to Underweight on limited top-line visibility
As previously reported, Morgan Stanley analyst Magdalena Stoklosa downgraded Deutsche Bank to Underweight from Equal Weight, stating that while she gives management "full credit" for its cost cutting efforts, it is hard to have any visibility on the top line. She assumes 2018-20 revenue CAGR of just 1.5%, which is below the average for Eurozone banks and below managements target of 4%. While recognizing the risk of downgrading Deutsche Bank "at the bottom," Stoklosa sees current conditions as unlikely to be conducive to a near-term re-rating, she tells investors. She has an EUR9 target on the bank's shares.
06/01/18
RBCM
06/01/18
DOWNGRADE
RBCM
Underperform
Deutsche Bank downgraded to Underperform from Sector Perform at RBC Capital
08/10/18
MSCO
08/10/18
DOWNGRADE
MSCO
Underweight
Deutsche Bank downgraded to Underweight from Equal Weight at Morgan Stanley
08/13/18
BOFA
08/13/18
DOWNGRADE
Target $9
BOFA
Underperform
Deutsche Bank downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Andrew Stimpson downgraded Deutsche Bank to Underperform from Neutral saying he expects the earnings downgrade cycle to continue given CIB revenue headwinds.
EIGR Eiger BioPharmaceuticals
$13.07

-0.77 (-5.56%)

01/29/19
01/29/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Dell Technologies (DELL) initiated with an Outperform at Raymond James. 2. MasterCard (MA) and Visa (V) were initiated with a Buy at Jefferies. 3. Eiger BioPharmaceuticals (EIGR) initiated with an Outperform at Baird. 4. Arena Pharmaceuticals (ARNA) assumed with an Overweight at Cantor Fitzgerald. 5. Southern Copper (SCCO) reinstated with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/18/18
PIPR
10/18/18
NO CHANGE
Target $24
PIPR
Overweight
Eiger positive data opens HDV triple combo opportunity, says Piper Jaffray
Eiger BioPharmaceuticals last night announced positive end-of-treatment data from the Phase II study of InterferonLambda in hepatitis delta virus patients, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. Importantly, Interferon-Lambda continued to show improved tolerability versus IFN-alfa, which should enable long-term dosing, the analyst contends. He believes the positive data opens up the opportunity for a hepatitis delta virus triple combo. Tenthoff reiterates an Overweight rating on shares of Eiger with a $24 price target.
12/19/18
BTIG
12/19/18
NO CHANGE
Target $47
BTIG
Buy
Eiger BioPharmaceuticals price target raised to $47 from $44 at BTIG
BTIG analyst Robert Hazlett raised his price target for Eiger BioPharmaceuticals to $47 from $44 after the company announced that FDA granted Lonafarnib Breakthrough Therapy for the treatment of Progeria and progeroid laminopathies. The analyst argues that Breakthrough status adds material regulatory and clinical validation to Lonafarnib's accelerated efforts in Progeria and should enable more rapid FDA review. An NDA filing istargeted for early 2019, he notes. Hazlett now models U.S. approval in Progeria in 2019, a Priority Review Voucher awarded and monetized around yearend 2019, and use in progeriod laminopathies, which modestly lifts NPV estimates. The analyst reiterates a Buy rating on the shares.
01/28/19
BARD
01/28/19
INITIATION
Target $47
BARD
Outperform
Eiger BioPharmaceuticals initiated with an Outperform at Baird
Baird analyst Madhu Kumar started Eiger BioPharmaceuticals with an Outperform rating and $47 price target. The company's hepatitis delta virus pipeline could transform the disease, with lonafarnib monotherapy in progeria can provide near-term, high EBIT margin revenue, Kumar tells investors in a research note.

TODAY'S FREE FLY STORIES

BLUE

Bluebird Bio

$76.72

-2.79 (-3.51%)

, BMY

Bristol-Myers

$61.32

1.38 (2.30%)

18:24
12/09/19
12/09
18:24
12/09/19
18:24
Hot Stocks
Bluebird Bio, Bristol-Myers present update on Phase 1 study of bb21217 »

Bluebird bio (BLUE) and…

BLUE

Bluebird Bio

$76.72

-2.79 (-3.51%)

BMY

Bristol-Myers

$61.32

1.38 (2.30%)

03/08/13
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  • 09

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BA

Boeing

$351.25

-2.74 (-0.77%)

18:22
12/09/19
12/09
18:22
12/09/19
18:22
Periodicals
Former Boeing employee Pierson to testify at U.S. House hearing, Reuters says »

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  • 10

    Dec

OXY

Occidental Petroleum

$37.34

-0.07 (-0.19%)

18:21
12/09/19
12/09
18:21
12/09/19
18:21
Hot Stocks
Occidental Petroleum director buys 12.9K shares of common stock »

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  • 09

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OXY

Occidental Petroleum

$37.34

-0.07 (-0.19%)

18:14
12/09/19
12/09
18:14
12/09/19
18:14
Hot Stocks
Occidental Petroleum director buys 10K shares of common stock »

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  • 09

    Dec

EDIT

Editas Medicine

$30.34

-0.6 (-1.94%)

18:02
12/09/19
12/09
18:02
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18:02
Hot Stocks
Editas Medicine announces in vivo proof-of-concept data for EDIT-301 »

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MSB

Mesabi Trust

$23.93

0.71 (3.06%)

, CLF

Cleveland-Cliffs

$8.52

0.38 (4.67%)

17:56
12/09/19
12/09
17:56
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17:56
Hot Stocks
Mesabi Trust initiates arbitration against Northshore Mining, Cleveland-Cliffs »

The Trustees of Mesabi…

MSB

Mesabi Trust

$23.93

0.71 (3.06%)

CLF

Cleveland-Cliffs

$8.52

0.38 (4.67%)

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FFBC

First Financial Bancorp

$24.67

0.12 (0.49%)

17:51
12/09/19
12/09
17:51
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17:51
Hot Stocks
First Financial Bancorp chairman Davis sells 25,000 common shares »

In a regulatory filing,…

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GPRE

Green Plains

$14.26

-0.49 (-3.32%)

17:47
12/09/19
12/09
17:47
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17:47
Hot Stocks
Green Plains CEO Todd Becker sold over 607K in company shares »

Green Plains CEO Todd…

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MDT

Medtronic

$111.12

-2.02 (-1.79%)

17:43
12/09/19
12/09
17:43
12/09/19
17:43
Hot Stocks
Medtronic director buys 5K shares of common stock »

In a regulatory filing,…

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  • 18

    Feb

VAC

Marriott Vacations

$123.77

-0.1 (-0.08%)

17:41
12/09/19
12/09
17:41
12/09/19
17:41
Hot Stocks
Marriott Vacations raises quarterly dividend to 54c from 45c per share »

The dividend is payable…

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FSLY

Fastly

$20.82

-0.35 (-1.65%)

17:36
12/09/19
12/09
17:36
12/09/19
17:36
Hot Stocks
Fastly director Sunil Dhaliwal sells almost $576K in company shares »

Fastly director Sunil…

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  • 09

    Dec

  • 11

    Dec

SFIX

Stitch Fix

$25.17

1.04 (4.31%)

17:36
12/09/19
12/09
17:36
12/09/19
17:36
Hot Stocks
Stitch Fix says saw healthy growth in both women's, men's categories »

Says shows online…

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  • 09

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  • 19

    Dec

F

Ford

$9.00

-0.015 (-0.17%)

17:32
12/09/19
12/09
17:32
12/09/19
17:32
Hot Stocks
Ford expects to roughly halve 2018 China EBIT loss »

During a meeting with…

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  • 09

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  • 07

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  • 04

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VEEV

Veeva

$143.56

-1.115 (-0.77%)

17:28
12/09/19
12/09
17:28
12/09/19
17:28
Hot Stocks
Veeva CMO sells 5K shares of common stock »

In a regulatory filing,…

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  • 11

    Dec

BLDR

Builders FirstSource

$25.71

0.45 (1.78%)

17:25
12/09/19
12/09
17:25
12/09/19
17:25
Hot Stocks
Builders FirstSource acquires assets of Raney Components, Construction »

Builders FirstSource…

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  • 19

    Dec

S

Sprint

$5.40

-0.145 (-2.62%)

, TMUS

T-Mobile

$75.90

-1.87 (-2.40%)

17:16
12/09/19
12/09
17:16
12/09/19
17:16
Periodicals
Judge seeks speedy trial over T-Mobile, Sprint deal, WSJ reports »

U.S. District Judge…

S

Sprint

$5.40

-0.145 (-2.62%)

TMUS

T-Mobile

$75.90

-1.87 (-2.40%)

03/08/13
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03/08/13
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03/06/13
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  • 09

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  • 16

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WEN

Wendy's

$21.72

0.15 (0.70%)

17:15
12/09/19
12/09
17:15
12/09/19
17:15
Hot Stocks
Wendy's sees FY20 FCF of $210M-$220M including impact of settlement »

As a result of the…

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  • 11

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BANX

StoneCastle

$22.99

0.25 (1.10%)

17:15
12/09/19
12/09
17:15
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17:15
Hot Stocks
Breaking Hot Stocks news story on StoneCastle »

StoneCastle trading…

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AIZ

Assurant

$130.91

-0.66 (-0.50%)

17:14
12/09/19
12/09
17:14
12/09/19
17:14
Hot Stocks
Assurant director sells 21.8K shares of common stock »

In a regulatory filing,…

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XAIR

Beyond Air

$4.13

0.005 (0.12%)

17:14
12/09/19
12/09
17:14
12/09/19
17:14
Syndicate
Beyond Air announces offering of common stock, concurrent private placement »

Beyond Air announced that…

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MSFT

Microsoft

$151.35

-0.42 (-0.28%)

, UPWK

Upwork

$11.15

-0.16 (-1.41%)

17:10
12/09/19
12/09
17:10
12/09/19
17:10
Hot Stocks
Upwork CEO Stephane Kasriel to step down, Hayden Brown to succeed »

Upwork (UPWK) announced…

MSFT

Microsoft

$151.35

-0.42 (-0.28%)

UPWK

Upwork

$11.15

-0.16 (-1.41%)

03/08/13
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03/06/13
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  • 09

    Dec

AMZN

Amazon.com

$1,749.61

-1.18 (-0.07%)

, MSFT

Microsoft

$151.35

-0.42 (-0.28%)

17:10
12/09/19
12/09
17:10
12/09/19
17:10
On The Fly
Fly Intel: Wall Street's top stories for Monday »

Stocks slid to kick off…

AMZN

Amazon.com

$1,749.61

-1.18 (-0.07%)

MSFT

Microsoft

$151.35

-0.42 (-0.28%)

ARQL

ArQule

$19.71

10.035 (103.77%)

THOR

Synthorx

$67.72

42.74 (171.10%)

SNY

Sanofi

$45.30

-0.755 (-1.64%)

DPLO

Diplomat Pharmacy

$3.91

-1.91 (-32.82%)

UNH

UnitedHealth

$277.56

-2.62 (-0.94%)

MS

Morgan Stanley

$49.60

-0.2 (-0.40%)

VIAC

ViacomCBS

$38.65

-1.05 (-2.64%)

VIACA

ViacomCBS

$41.78

-1.64 (-3.78%)

FTSV

Forty Seven

$30.44

16.04 (111.39%)

FATE

Fate Therapeutics

$19.32

5.68 (41.64%)

TTWO

Take-Two

$120.07

-3.69 (-2.98%)

THO

Thor Industries

$64.28

-3.485 (-5.14%)

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03/06/13
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  • 09

    Dec

  • 09

    Dec

  • 09

    Dec

  • 09

    Dec

  • 09

    Dec

  • 09

    Dec

  • 09

    Dec

  • 13

    Dec

  • 13

    Dec

  • 13

    Dec

BANX

StoneCastle

$22.99

0.25 (1.10%)

17:09
12/09/19
12/09
17:09
12/09/19
17:09
Hot Stocks
ArrowMark Partners to acquire StoneCastle Asset Management »

StoneCastle Financial…

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WEN

Wendy's

$21.72

0.15 (0.70%)

17:08
12/09/19
12/09
17:08
12/09/19
17:08
Hot Stocks
Wendy's to realign resources in its information technology organization »

On December 5, the Board…

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  • 11

    Dec

INVH

Invitation Homes

$30.14

0.12 (0.40%)

17:05
12/09/19
12/09
17:05
12/09/19
17:05
Hot Stocks
Invitation Homes sells 708 Nashville homes to Tricon for $210M »

Invitation Homes…

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