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ABC

AmerisourceBergen

$78.00

2.31 (3.05%)

, LH

LabCorp

$164.87

2.86 (1.77%)

14:26
05/14/19
05/14
14:26
05/14/19
14:26

Walgreens could target Amerisource, LabCorp if it seeks M&A, says Raymond James

Raymond James analyst John Ransom said he thinks that "the temptation" for Walgreens (WBA) to do "something" in terms of M&A will grow over time and the "something" it may consider could include either acquiring AmerisourceBergen (ABC) or LabCorp (LH). His analysis points to LabCorp being a less complicated, "but much less accretive," deal, said Ransom. Given Walgreens' existing ownership of about a 26% stake in AmerisourceBergen, he estimates 16% accretion from buying the company for $95 per share in cash if he assumes $500M of synergies and $2B of opioid fines financed with debt, the analyst tells investors. Though such a deal would make financial sense, he does not think investors would "be overly excited about the strategic upside," Ransom tells investors. While he argues that LabCorp "offers more strategic upside," such a hypothetical deal also has less financial benefit, according to Ransom.

ABC

AmerisourceBergen

$78.00

2.31 (3.05%)

LH

LabCorp

$164.87

2.86 (1.77%)

WBA

Walgreens Boots Alliance

$52.79

0.66 (1.27%)

  • 19

    May

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    May

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    May

  • 03

    Jun

ABC AmerisourceBergen
$78.00

2.31 (3.05%)

04/11/19
GUGG
04/11/19
INITIATION
GUGG
Buy
AmerisourceBergen initiated with a Buy at Guggenheim
04/10/19
04/10/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Reduce from Hold at HSBC with analyst Erwan Rambourg saying the returns from Apple's recent announcements, including the Apple News+ premium news subscription, the Apple Card in partnership with Goldman Sachs (GS), Apple Arcade games as part of the App store and video subscription Apple TV+, could "take some time to extract." 2. AmerisourceBergen (ABC) downgraded to In Line from Outperform at Evercore ISI with analyst Michael Cherry citing group profit questions, lack of clarity with PharMEDium, and a reduction in multiple for peers Cardinal Health (CAH) and McKesson (MCK). 3. Novartis (NVS) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Mark Purcell saying the spinoff of Alcon will put more attention on the generics risk Novartis faces in its pharma business. 4. TerraForm Power (TERP) downgraded to Sell from Neutral at Goldman Sachs with analyst Brian Lee saying that while the company is in the midst of an operational transition that may improve cash flow and dividend flexibility, the upside appears to be priced in. 5. Foot Locker (FL) assumed with a Neutral from Buy at Citi with analyst Paul Lejuez saying while Foot Locker has "tailwinds at its back" in North America with comps inflecting positively in Q4, the company still faces many of the same headwinds as other specialty retailers given its "significant" mall exposure and EBIT pressure from direct-to-consumer. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/10/19
BOFA
04/10/19
DOWNGRADE
BOFA
Underperform
AmerisourceBergen downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill analyst Michael Cherry downgraded AmerisourceBergen (ABC) two notches to Underperform from Buy citing group profit questions, lack of clarity with PharMEDium, and a reduction in multiple for peers Cardinal Health (CAH) and McKesson (MCK).
04/10/19
EVER
04/10/19
DOWNGRADE
EVER
In Line
AmerisourceBergen downgraded to In Line from Outperform at Evercore ISI
LH LabCorp
$164.87

2.86 (1.77%)

04/23/19
BNCH
04/23/19
NO CHANGE
BNCH
UnitedHealth preferred lab launch a long-term plus for Invitae, says Benchmark
Benchmark analyst Bruce Jackson noted that UnitedHealthcare (UNH) plans to launch a Preferred Laboratory Network to include Invitae (NVTA), which he views as a long-term positive for the latter and "another building block for Invitae's strategy to make genetic testing more widely available and more easily reimbursed." Other labs named to the preferred network include LabCorp (LH), Quest Diagnostics (DGX), and BioReference and GeneDx, which are both part of Opko (OPK), the analyst noted. UnitedHealthcare's current network includes NeoGenomics (NEO) and he doesn't anticipate any impact to NeoGenomics from the preferred network launch, added Jackson.
04/02/19
WOLF
04/02/19
INITIATION
Target $150
WOLF
Underperform
LabCorp initiated with an Underperform at Wolfe Research
Wolfe Research started LabCorp with an Underperform rating and $150 price target, citing concerns about the 2021 impact of PAMA and exposure to patient collections.
04/02/19
04/02/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exelon (EXC) upgraded to Outperform from Market Perform at Wells Fargo with analyst Neil Kalton saying a key tenant to his thesis is that ExGen's nuclear fleet operates through the end of the units' various license extension periods, which will likely require additional policy support. 2. CommScope (COMM) upgraded to Outperform from Neutral at Credit Suisse with analyst Sami Badri citing fundamental strength in the combined business computed in his updated CommScope-Arris (ARRS) merger model with the Arris acquisition expected to close in April 2019. 3. Quest Diagnostics (DGX) and LabCorp (LH) upgraded to Buy from Hold at Jefferies. 4. Hostess Brands (TWNK) upgraded to Buy from Hold at Deutsche Bank with analyst Rob Dickerson saying management execution, a turnaround to profitability in the Chicago bakery and improved pricing could return Hostess to "top-tier revenue growth" this year. 5. Amphenol (APH) upgraded to Buy from Hold at SunTrust with analyst William Stein saying in a world of uncertainty, Amphenol offers more dependable upside. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/30/19
PIPR
04/30/19
NO CHANGE
PIPR
Overweight
Piper says LabCorp may be taking incremental volume from regional payers
After LabCorp (LH) reported a mixed Q1, with better than expected earnings and lower than expected revenue, Piper Jaffray analyst William Quirk said he found it interesting that management noted volumes from UnitedHealth (UNH) and CVS Health's (CVS) Aetna is stable after the initial decline in January. He thinks this implies that LabCorp and Quest (DGX) are likely taking some incremental volume from regional payers, adding that this is sooner than he anticipated following the new managed care deals. However, management "remains coy" about the future impact from other volume consolidating programs, such as UnitedHealth's Preferred Lab Network, according to Quirk. He keeps an Overweight rating on LabCorp shares.
WBA Walgreens Boots Alliance
$52.79

0.66 (1.27%)

04/17/19
GUGG
04/17/19
DOWNGRADE
Target $59
GUGG
Neutral
Walgreens Boots Alliance assumed with a Neutral from Buy at Guggenheim
Guggenheim analyst Glen Santangelo assumed coverage of Walgreens Boots Alliance and downgraded the shares to Neutral from the firm's Buy rating under analyst John Heinbockel. He lowered his price target for the stock to $59 from $75. The analyst is concerned about the continuing structural pressures facing the retail pharmacy industry. Further, the evolution of Walgreens' competitive landscape "will continue to make things difficult for the company," Santangelo tells investors in a research note.
04/25/19
DESJ
04/25/19
INITIATION
DESJ
Buy
Desjardins initiates HEXO Corp, Canopy Growth, Aurora Cannabis with a Buy
Desjardins analyst John Chu initiated HEXO Corp (HEXO), Canopy Growth (CGC), and Aurora Cannabis (ACB) with a Buy rating and respective price targets of C$14, C$74, and C$16.50 as part of a broad research note, saying the "hype" around legalization of adult-use cannabis in Canada remains strong in spite of "underwhelming" early months of sales. The analyst attributes the challenges to ramp-up, logistical and distribution issues, but expects investors to consider the opportunity as a "global" one. Chu believes that "major" consumer packaged goods companies like Constellation (STZ), InBev (BUD), and Altria (MO), as well as retailers like Walgreens (WBA), CVS (CVS), and Rite Aid (RAD) should "help push cannabis and hemp into the mainstream."
04/25/19
BARD
04/25/19
NO CHANGE
Target $336
BARD
Outperform
Smile Direct, CVS news 'good' for Align Technology, says Baird
Smile Direct Club announced an expanded agreement with CVS (CVS) and an agreement with Aetna Dental, which Baird analyst Jeff Johnson could likely drive additional clear aligner awareness, something that should be good for the industry, and, specifically Align Technology (ALGN), where early efforts with Walgreens (WBA) "seem to be developing" and where traction remains strong through DSOs. The analyst maintains an Outperform rating and $336 price target on Align Technology shares.
04/18/19
04/18/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Morgan Stanley (MS) downgraded to Neutral from Buy at Citi with analyst Keith Horowitz saying Morgan Stanley reported "strong" Q1 results but the shares are fairly valued. 2. Snap (SNAP) downgraded to Negative from Mixed at Vertical Group and to Neutral from Outperform at Wedbush. 3. Rite Aid (RAD) downgraded with a Sell from Neutral at Guggenheim while Walgreens Boots Alliance (WBA) was downgraded with a Neutral from Buy. 4. CF Industries (CF) downgraded to Underperform from Buy at BofA/Merrill with analyst Steve Byrne saying he has spoken with 10 key channel contacts in the Cornbelt and several commented that never in their 30-plus year careers have they seen fertilizer applications this far behind, mainly due to the weather. 5. FMC Corporation (FMC) downgraded to Sector Perform from Outperform at RBC Capital with analyst Arun Viswanathan citing the "uncertainty of Rynaxypyr and Cyazypyr patent expiration" as well as the reduced multiple from the recent lithium separation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

UBER

Uber

$41.40

0.94 (2.32%)

17:49
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17:49
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APTO

Aptose Biosciences

$2.01

0.03 (1.52%)

17:46
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Aptose Biosciences files for $40M at-the-market common stock offering »

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TRNX

Taronis Technologies

$0.48

0.004 (0.84%)

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0.0373 (9.10%)

17:25
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AAPL

Apple

$179.03

-0.64 (-0.36%)

17:22
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SPCB

SuperCom

$1.17

-0.005 (-0.43%)

17:21
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U.S. Energy

$0.45

0.0373 (9.10%)

17:20
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MYOV

Myovant Sciences

$12.39

-0.465 (-3.62%)

17:18
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MYOV

Myovant Sciences

$12.39

-0.465 (-3.62%)

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Breaking Syndicate news story on Myovant Sciences »

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NVS

Novartis

$87.49

3.03 (3.59%)

, QGEN

Qiagen

$38.22

-0.255 (-0.66%)

16:57
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Qiagen launches diagnostic for PIK3CA biomarkers in breast cancer »

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NVS

Novartis

$87.49

3.03 (3.59%)

QGEN

Qiagen

$38.22

-0.255 (-0.66%)

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AVH

Avianca

$3.96

0.91 (29.84%)

16:56
05/24/19
05/24
16:56
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16:56
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ANAC suspends flights, operations of Avianca Brasil, Reuters reports »

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AAPL

Apple

$179.03

-0.64 (-0.36%)

16:53
05/24/19
05/24
16:53
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16:53
Periodicals
Apple acquires startup Tueo Health, CNBC reports »

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  • 03

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SHSP

SharpSpring

$16.37

-0.24 (-1.44%)

16:52
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05/24
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16:52
Syndicate
Breaking Syndicate news story on SharpSpring »

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  • 13

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CREG

China Recycling Energy

$0.48

0.005 (1.05%)

16:41
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Breaking Syndicate news story on China Recycling Energy »

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FENC

Fennec

$3.88

(0.00%)

16:36
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16:36
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16:36
Conference/Events
Fennec management to meet with Wedbush »

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TD

Toronto-Dominion

$56.66

0.65 (1.16%)

16:35
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Breaking Syndicate news story on Toronto-Dominion »

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16:30
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Preliminary option volume of 15.7M today »

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CBUS

Cibus

$0.00

(0.00%)

16:25
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BA

Boeing

$355.14

4.57 (1.30%)

16:23
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Boeing 737 MAX return delayed by FAA expanding review, WSJ reports »

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FB

Facebook

$181.03

0.14 (0.08%)

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FB

Facebook

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BA

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UAL

United Continental

$80.77

-0.14 (-0.17%)

SMI

SMIC

$5.23

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HPQ

HP Inc.

$20.03

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HPE

HP Enterprise

$14.36

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NVS

Novartis

$87.49

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CNC

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$56.84

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WCG

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TSS

TSYS

$113.42

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GPN

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HIBB

Hibbett Sports

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DVAX

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$5.77

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FL

Foot Locker

$44.39

-8.455 (-16.00%)

SPLK

Splunk

$119.13

-9.55 (-7.42%)

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VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
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05/24
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16:20
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Closing CBOE SPX and VIX Index summary for May 24th »

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
05/24/19
05/24
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16:17
Technical Analysis
NASDAQ market internals summary »

Volume was average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
05/24/19
05/24
16:16
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16:16
Technical Analysis
NYSE market internals summary »

Volume was below average…

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RHE

Regional Health Properties

$2.06

0.09 (4.57%)

16:15
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05/24
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16:15
Hot Stocks
Regional Health Properties receives NYSE notice over late Form 10-Q filing »

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TBIO

Translate Bio

$9.12

-0.09 (-0.98%)

16:14
05/24/19
05/24
16:14
05/24/19
16:14
Syndicate
Breaking Syndicate news story on Translate Bio »

Translate Bio files to…

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