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DD

DuPont

$67.41

-15.1601 (-18.36%)

, CTVA

Corteva

$24.82

-2.32 (-8.55%)

10:05
06/03/19
06/03
10:05
06/03/19
10:05

Fly Intel: Top five analyst initiations

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. DuPont (DD) initiated with an Overweight at Morgan Stanley. 2. Corteva (CTVA) was initiated with an Outperform at BMO Capital, an Equal Weight at Morgan Stanley, a Neutral at Goldman Sachs and Citi, as well as a Hold at SunTrust and Deutsche Bank. 3. Axcella (AXLA) was initiated with an Overweight at JPMorgan, an Outperform at SVB Leerink, and a Buy at Goldman Sachs. 4. Cortexyme (CRTX) was initiated with an Outperform at JMP Securities, a Buy at Canaccord, a Neutral at BofA/Merrill, and an Underperform at Credit Suisse. 5. Mayville Engineering (MEC) was initiated with an Outperform at Baird, a Buy at Jefferies and Citi, and a Neutral at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

DD

DuPont

$67.41

-15.1601 (-18.36%)

CTVA

Corteva

$24.82

-2.32 (-8.55%)

AXLA

Axcella

$14.01

-0.19 (-1.34%)

CRTX

Cortexyme

$26.26

(0.00%)

MEC

Mayville Engineering

$16.03

-0.32 (-1.96%)

  • 25

    Jun

  • 26

    Jun

DD DuPont
$67.41

-15.1601 (-18.36%)

06/03/19
MSCO
06/03/19
INITIATION
Target $78
MSCO
Overweight
DuPont initiated with an Overweight at Morgan Stanley
Morgan Stanley analyst Vincent Andrews initiated "new" DuPont (DD) with an Overweight rating and $78 price target, stating that he sees value either if the stock is re-rated over time as a true multi-industry company, like 3M (MMM), or if the company were to pursue a separation of its four segments. While Andrews believes investors would prefer the latter, he thinks that nothing structural or strategic is likely to be announced before September 1, which would be the two-year anniversary of the DowDuPont merger, for tax reasons. He also acknowledges that a PFAS liability overhang may exist and, if one does, it could continue for some time.
06/03/19
SBSH
06/03/19
UPGRADE
Target $79
SBSH
Buy
DuPont upgraded to Buy from Neutral at Citi
Citi analyst P.J. Juvekar upgraded DuPont to Buy from Neutral with a $79 price target. With the separation of Corteva and Dow now behind the company, investors can focus on DuPont's "compelling standalone fundamentals," Juvekar tells investors in a research note.
CTVA Corteva
$24.82

-2.32 (-8.55%)

06/03/19
RHCO
06/03/19
INITIATION
Target $29
RHCO
Hold
Corteva initiated with a Hold at SunTrust
SunTrust analyst James Sheehan initiated Corteva with a Hold rating and a price target of $29. The analyst says the company should generate strong growth thanks to its "dominant market position and product pipeline" relative to its peers, with cost synergies still expected to be driven by the merger of DuPont and Dow. Sheehan also warns that Corteva's near-term upside may be contained by the headwinds in the U.S. business and the escalating trade tensions, adding that its 9-times expected forward EBITDA valuation is "fair."
06/03/19
MSCO
06/03/19
INITIATION
Target $32
MSCO
Equal Weight
Corteva initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Vincent Andrews initiated Corteva with an Equal Weight rating and $32 price target, stating that he sees the risk-reward as balanced for the DowDuPont (DWDP) spinoff. The seeds and crop chemicals operating environment remains challenging, but the company has a number of offsets, including scarcity, cost synergies, improved competitive positioning and discipline on R&D and capital, according to Andrews.
06/03/19
BMOC
06/03/19
INITIATION
Target $37
BMOC
Outperform
Corteva initiated with an Outperform at BMO Capital
BMO Capital analyst Joel Jackson initiated Corteva (CTVA) with an Outperform rating and a price target of $37. The analyst notes that some investors may have been disappointed by the company's cost and earnings trajectory ahead of its spinoff by DowDuPont (DWDP), but sees it as a "scarce, high-quality ag chems pure play" offering attractive valuation upside of 11-times enterprise value to expected FY20 EBITDA multiple along with optionaliity in the near- and mid-term.
06/03/19
SBSH
06/03/19
INITIATION
SBSH
Neutral
Corteva initiated with a Neutral at Citi
AXLA Axcella
$14.01

-0.19 (-1.34%)

06/03/19
JPMS
06/03/19
INITIATION
Target $20
JPMS
Overweight
Axcella initiated with an Overweight at JPMorgan
JPMorgan analyst Jessica Fye started Axcella with an Overweight rating and $20 price target. The company's data readouts over the next 12-18 months could lend further support to the company's mechanism of action and drive upside over time, Fye tells investors in a research note. The analyst sees am "interesting entry point" in a company with potential for long-term value creation.
06/03/19
LEER
06/03/19
INITIATION
Target $21
LEER
Outperform
Axcella initiated with an Outperform at SVB Leerink
SVB Leerink analyst Geoffrey Porges started Axcella Health with an Outperform rating and $21 price target.
06/02/19
GSCO
06/02/19
INITIATION
Target $25
GSCO
Buy
Axcella initiated with a Buy at Goldman Sachs
Goldman Sachs started coverage of Axcella with a Buy rating and a $25 price target.
CRTX Cortexyme
$26.26

(0.00%)

06/03/19
ADAM
06/03/19
INITIATION
Target $42
ADAM
Buy
Cortexyme initiated with a Buy at Canaccord
Canaccord analyst Sumant Kulkarni initiated Cortexyme with a Buy rating citing its development of a new disease-modifying approach it believes could target a key underlying cause of Alzheimer's disease. Specifically, the company believes a bacterium that causes gum disease; P. gingivalis and its secretions called gingipains are present in Alzheimer's brains. Kulkarni has a $42 price target on Cortexyme shares.
06/03/19
FBCO
06/03/19
INITIATION
Target $14
FBCO
Underperform
Cortexyme initiated with an Underperform at Credit Suisse
Credit Suisse analyst Martin Auster started coverage of Cortexyme with an Underperform rating and $14 price target. The analyst notes that this is a "high-risk, high-reward" Alzheimer's disease speculation with multi-billion annual revenue potential should COR388 prove marketable. However, disease-modifying AD drug development has universally failed so far, owing to a limited understanding of disease pathology, he contended.
06/03/19
BOFA
06/03/19
INITIATION
Target $28
BOFA
Neutral
Cortexyme initiated with a Neutral at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad started Cortexyme with a Neutral rating and $28 price target. The analyst applies a 10% likelihood of success for COR388 given the historically high failure rates in Alzheimer's disease and the limited clinical data available thus far.
06/03/19
JMPS
06/03/19
INITIATION
Target $53
JMPS
Outperform
Cortexyme initiated with an Outperform at JMP Securities
JMP Securities analyst Jason Butler started Cortexyme with an Outperform rating and $53 price target. Cortexyme is developing a "highly novel and differentiated" therapy to treat Alzheimer's disease, which may address a key causative driver of the disease and provide potential to truly halt disease progression, Butler tells investors in a research note. Should the company's Phase 2/3 trial for COR388 in mild-to-moderate Alzheimer's, anticipated by the end of 2021, confirm a disease-modifying effect, it would represent a "seminal advance in the treatment of AD," says Butler.
MEC Mayville Engineering
$16.03

-0.32 (-1.96%)

06/03/19
JEFF
06/03/19
INITIATION
Target $24
JEFF
Buy
Mayville Engineering initiated with a Buy at Jefferies
Jefferies analyst Stephen Volkmann started Mayville Engineering with a Buy rating and $24 price target. The company is a pure play on outsourcing of metal fabrication for heavy equipment, powersports and other industries, Volkmann tells investors in a research note. He views Mayville as a "rare beneficiary" of potential reshoring of parts back to the U.S. in the new trade environment as well as on continued outsourcing trends.
06/03/19
UBSW
06/03/19
INITIATION
Target $17
UBSW
Neutral
Mayville Engineering initiated with a Neutral at UBS
UBS analyst Steven Fisher initiated Mayville Engineering with a Neutral rating and a price target of $17. The analyst believes that the company is "well positioned to benefit from structural growth" even though it is facing cyclical headwinds.
06/03/19
SBSH
06/03/19
INITIATION
Target $21
SBSH
Buy
Mayville Engineering initiated with a Buy at Citi
Citi started Mayville Engineering with a Buy rating and $21 price target.
06/03/19
BARD
06/03/19
INITIATION
Target $19
BARD
Outperform
Mayville Engineering initiated with an Outperform at Baird
Baird analyst Mircea Dobre initiated Mayville Engineering with an Outperform rating and $19 price target.

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