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FAST

Fastenal

$67.96

-2.92 (-4.12%)

, MSM

MSC Industrial

$82.55

-1.38 (-1.64%)

06:33
05/07/19
05/07
06:33
05/07/19
06:33

William Blair downgrades Fastenal, MSC Industrial, Wesco to Market Perform

William Blair analyst Ryan Merkel downgraded Fastenal (FAST), MSC Industrial (MSM) and Wesco (WCC) to Market Perform from Outperform while maintaining an Outperform rating on Systemax (SYX). With growth challenges rising distributor earnings estimates are too high for 2019 and 2020, Merkel tells investors in a research note. He believes "several industrial indicators are flashing yellow," including global trade volumes, durable goods orders, manufacturing inventory growth, and a strong U.S. dollar. Further, the analyst is concerned by trends in the automotive, oil and gas, mining, and machinery end-markets. Merkel believes stock valuations are risk given his "late-cycle concerns." He believes fair value for Fastenal is $72 per share, fair value for MSC Industrial is $75 per share and fair value for Wesco is $51 per share.

FAST

Fastenal

$67.96

-2.92 (-4.12%)

MSM

MSC Industrial

$82.55

-1.38 (-1.64%)

WCC

Wesco

$55.59

-1.46 (-2.56%)

SYX

Systemax

$23.54

0.08 (0.34%)

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FAST Fastenal
$67.96

-2.92 (-4.12%)

02/12/19
02/12/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. BHP Billiton (BHP) downgraded to Neutral from Buy at Goldman Sachs. 2. Gilead (GILD) downgraded to Neutral from Buy at Citi and to Market Perform from Outperform at Wells Fargo. 3. Cisco (CSCO) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst James Faucette saying Cisco's multiple has meaningfully expanded over the past 1.5 years as estimates and expectations have built in a likely benefit from security-driven networking. 4. Take-Two (TTWO) downgraded to Underperform from Market Perform at BMO Capital with analyst Gerrick Johnson saying that after a 2-year "hype machine" blast for its Red Dead Redemption 2 title and its "strong" premier, the buzz around the game has "dissipated markedly." 5. Fastenal (FAST) downgraded to Sector Weight from Overweight at KeyBanc with analyst Steve Barger saying he continues to view the company as a "best-in-class" distributor with a "sizable first-mover advantage" in OnSite and Vending, but he finds the stock's risk/reward as more balanced near his prior price target of $62. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/12/19
GDHS
04/12/19
DOWNGRADE
Target $270
GDHS
Underperform
Grainger downgraded to Underperform from Hold at Gordon Haskett
Gordon Haskett analyst John Inch downgraded Grainger (GWW) to Underperform from Hold and cut his price target to $270 from $300 due to his view of the risk that Grainger's U.S. sales significantly decelerate, driven by his analysis of web data. Considering his view that much of Grainger's share price appreciation in the past two years has likely been driven by U.S. results that surprised to the upside, Inch believes the stock's multiple could contract in the case of U.S. miss, he tells investors. The "lackluster" web traffic trends, at a minimum, are a sign that Grainger's on-line market share gains are no longer accelerating, said Inch, who also cites strong results from Fastenal (FAST).
04/15/19
NRCS
04/15/19
DOWNGRADE
NRCS
Neutral
Fastenal downgraded to Neutral on valuation at Northcoast
Northcoast analyst Ryan Cieslak downgraded Fastenal to Neutral from Buy citing valuation.
05/07/19
WBLR
05/07/19
DOWNGRADE
WBLR
Market Perform
Fastenal downgraded to Market Perform from Outperform at William Blair
MSM MSC Industrial
$82.55

-1.38 (-1.64%)

02/08/19
SPHN
02/08/19
DOWNGRADE
Target $92
SPHN
Equal Weight
MSC Industrial downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Blake Hirschman downgraded MSC Industrial to Equal Weight from Overweight as he sees the stock being range-bound stock and lacking a catalyst in the near-term. The company's FY19 guidance is heavily back-end-weighted, added Hirschman, who lowered his price target on the stock to $92 from $116.
04/11/19
BMOC
04/11/19
NO CHANGE
Target $86
BMOC
Market Perform
MSC Industrial price target lowered to $86 from $90 at BMO Capital
BMO Capital analyst R. Scott Graham lowered his price target on MSC Industrial to $86 and kept his Market Perform rating after its Q2 earnings miss and below-consensus Q3 guidance. The analyst notes that while price realizations were strong, organic revenue growth slowed, and he lowered his FY19 EPS view to $5.48 from $5.72 and FY20 view to $5.95 from $6.26. Graham adds that MSC Industrial management remains upbeat on the maintenance, repair and operation markets, but the company's sales and margins have been "inconsistent".
05/07/19
WBLR
05/07/19
DOWNGRADE
WBLR
Market Perform
MSC Industrial downgraded to Market Perform from Outperform at William Blair
04/11/19
WELS
04/11/19
NO CHANGE
Target $80
WELS
Market Perform
MSC Industrial price target lowered to $80 from $85 at Wells Fargo
Wells Fargo analyst Allison Poliniak-Cusic lowered her price target for MSC Industrial to $80 from $85 following the company's Q2 miss. The analyst believes the downward share reaction was more indicative of company specific issues MSC Industrial is facing as it transitions its growth and service structure with the addition of lower margin Mexico operations, bringing vending services in house and building out the technical salesforce. She reiterates a Market Perform rating on the shares.
WCC Wesco
$55.59

-1.46 (-2.56%)

05/07/19
WBLR
05/07/19
DOWNGRADE
WBLR
Market Perform
Wesco downgraded to Market Perform from Outperform at William Blair
03/18/19
WELS
03/18/19
NO CHANGE
Target $65
WELS
Outperform
Wesco price target raised to $65 from $60 at Wells Fargo
Wells Fargo analyst Allison Poliniak-Cusic raised her price target for Wesco to $65 from $60 reflecting a 7 times EV/EBITDA multiple on her 2020 estimates based on increasing confidence in her 2019 estimates. The analyst reiterates an Outperform rating on the shares.
12/10/18
BUCK
12/10/18
INITIATION
BUCK
Buy
Wesco initiated with a Buy at Buckingham
Buckingham analyst Robert Barry initiated Wesco with a Buy rating and $59 price target. Barry said, looking into 2019 for Wesco, he sees "achievable estimates, with some bias to the upside, strong free cash flow and a best-in-class yield, plus rising repo activity, and a healthy B/S."
10/12/18
STPT
10/12/18
UPGRADE
STPT
Buy
Wesco upgraded to Buy from Hold at Standpoint Research
SYX Systemax
$23.54

0.08 (0.34%)

10/31/18
WBLR
10/31/18
UPGRADE
WBLR
Outperform
Systemax upgraded to Outperform from Market Perform at William Blair
William Blair analyst Ryan Merkel upgraded Systemax to Outperform following the company's "strong" Q3 results. The analyst sees "good visibility" to 20% growth in 2019.
08/29/18
WBLR
08/29/18
INITIATION
WBLR
Market Perform
Systemax initiated with a Market Perform at William Blair
William Blair analyst Ryan Merkel started Systemax with a Market Perform rating.
08/29/18
08/29/18
INITIATION

Market Perform
William Blair starts Systemax at Market Perform on 'full valuation'
As previously reported, William Blair analyst Ryan Merkel earlier today initiated coverage of Systemax (SYX) with a Market Perform rating. Systemax is well positioned to achieve its near-term target of 10% EBITDA margins and sales of $1B, Merkel tells investors in a research note. The analyst, however, views the company's current valuation as "full" and thinks the industrial cycle is potentially nearing its peak.
08/29/18
08/29/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Weight Watchers (WTW) initiated with an Outperform at Oppenheimer. 2. Systemax (SYX) initiated with a Market Perform at William Blair. 3. Broadridge (BR) initiated with a Buy at SunTrust. 4. Mercury General (MCY) initiated with an Outperform at Keefe Bruyette. 5. Immune Design (IMDZ) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

BCYC

Bicycle Therapeutics

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IDYA

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MDT

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Hormel Foods

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HFC

HollyFrontier

$42.69

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Pluralsight

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Microsoft

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Recommendations
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GTE

Gran Tierra

$2.09

-0.03 (-1.42%)

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PGR

Progressive

$80.47

0.44 (0.55%)

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CRM

Salesforce

$157.60

1.83 (1.17%)

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MRCY

Mercury Systems

$70.96

0.08 (0.11%)

19:05
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RNG

RingCentral

$122.58

0.14 (0.11%)

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RingCentral CEO: We have an all in one solution for business communications »

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LB

L Brands

$24.29

1.605 (7.08%)

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Vipshop

$7.75

0.095 (1.24%)

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CPRT

Copart

$64.99

-0.91 (-1.38%)

CTRP

Ctrip

$37.78

-0.09 (-0.24%)

SNPS

Synopsys

$115.10

-0.63 (-0.54%)

AVP

Avon Products

$4.07

0.875 (27.39%)

GILD

Gilead

$67.25

0.73 (1.10%)

IOVA

Iovance Biotherapeutics

$17.71

1.5 (9.25%)

AMGN

Amgen

$173.23

3.61 (2.13%)

NTAP

NetApp

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SCVL

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HTHT

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HMC

Honda

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DSNKY

Daiichi Sankyo

$0.00

(0.00%)

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SPOT

Spotify

$127.10

-5.06 (-3.83%)

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IDXX

Idexx Laboratories

$250.45

1.24 (0.50%)

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OMC

Omnicom

$79.79

-0.3 (-0.37%)

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Omnicom CEO sells 60.5K shares of common stock »

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BSX

Boston Scientific

$37.74

0.04 (0.11%)

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CTRP

Ctrip

$37.63

-0.24 (-0.63%)

18:03
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CTRP

Ctrip

$37.63

-0.24 (-0.63%)

18:02
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CTRP

Ctrip

$37.63

-0.24 (-0.63%)

18:01
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CE

Celanese

$100.10

-0.18 (-0.18%)

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XRAY

Dentsply Sirona

$54.64

-0.25 (-0.46%)

17:57
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SIM

Grupo Simec

$9.23

(0.00%)

17:55
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17:55
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CPRT

Copart

$64.78

-1.12 (-1.70%)

17:51
05/22/19
05/22
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17:51
Earnings
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NVS

Novartis

$83.94

1.555 (1.89%)

17:51
05/22/19
05/22
17:51
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17:51
Periodicals
Novartis CEO sees Zolgensma price 'far lower' than $4M-$5M range, Reuters says »

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