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DFS

Discover

$78.73

0.48 (0.61%)

, CFG

Citizens Financial

$34.84

0.39 (1.13%)

04:55
06/12/19
06/12
04:55
06/12/19
04:55

Morgan Stanley to hold a conference

10th Annual Financials Conference will be held in New York on June 11-12.

DFS

Discover

$78.73

0.48 (0.61%)

CFG

Citizens Financial

$34.84

0.39 (1.13%)

PYPL

PayPal

$114.59

-1.05 (-0.91%)

RF

Regions Financial

$14.47

0.29 (2.05%)

APO

Apollo Global

$32.89

0.05 (0.15%)

MS

Morgan Stanley

$43.67

0.37 (0.85%)

CIT

CIT Group

$50.05

0.585 (1.18%)

FLT

FleetCor

$266.82

0.575 (0.22%)

BBT

BB&T

$50.05

0.48 (0.97%)

AB

AllianceBernstein

$28.11

-0.19 (-0.67%)

STT

State Street

$55.10

-2.12 (-3.71%)

ARES

Ares Management

$25.89

-0.05 (-0.19%)

LC

LendingClub

$2.92

-0.04 (-1.35%)

C

Citi

$67.88

0.78 (1.16%)

CG

Carlyle Group

$21.56

0.2 (0.94%)

COF

Capital One

$91.35

0.89 (0.98%)

MC

Moelis

$33.26

0.61 (1.87%)

CADE

Cadence Bancorp

$19.65

0.115 (0.59%)

PLD

Prologis

$78.82

0.39 (0.50%)

BSIG

BrightSphere

$11.04

-0.07 (-0.63%)

CHFC

Chemical Financial

$38.95

0.09 (0.23%)

NTRS

Northern Trust

$87.80

-0.61 (-0.69%)

ATH

Athene Holding

$43.38

0.35 (0.81%)

ALLY

Ally Financial

$29.73

0.1 (0.34%)

HST

Host Hotels

$18.58

0.1 (0.54%)

SPGI

S&P Global

$222.65

-4.49 (-1.98%)

FITB

Fifth Third

$27.42

0.42 (1.56%)

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DFS Discover
$78.73

0.48 (0.61%)

05/07/19
OPCO
05/07/19
DOWNGRADE
OPCO
Perform
Discover downgraded to Perform from Outperform at Oppenheimer
05/07/19
05/07/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Fluor (FLR) downgraded to Neutral from Buy at Goldman Sachs with analyst Jerry Revich seeing an unclear medium-term margin outlook amid the company's CEO transition and further project writedowns in Q1. 2. Gardner Denver (GDI) downgraded to Neutral from Buy at UBS with analyst Damian Karas downgraded saying the shares are due for a "breather" following the recent run. 3. Boeing (BA) downgraded to Equal Weight from Overweight at Barclays with analyst David Strauss expecting the recovery of 737 Max production to take longer than expected. 4. Discover (DFS) downgraded to Perform from Outperform at Oppenheimer with analyst Dominick Gabriele seeing limited upside in the shares following the rally year-to-date now that his estimates are in-line with the consensus. 5. Cambrex (CBM) downgraded to Outperform from Strong Buy at First Analysis with analyst Steven Schwartz saying the company's valuation multiple is now in-line with peers following the recent share price appreciation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/03/19
RBCM
05/03/19
INITIATION
Target $96
RBCM
Outperform
Discover assumed with an Outperform at RBC Capital
RBC Capital analyst Jon Arfstrom assumed coverage of Discover with a Outperform rating and a price target of $96, saying the company is "attractively valued" and also "well positioned" to produce strong consumer loan growth with high return generation. The analyst further cites Discover's expense discipline and technology deployment that contribute to its "peer-leading high-30% efficiency ratio" while noting that its credit quality is "manageable" despite the gradual rise its in net charge-offs.
05/07/19
OPCO
05/07/19
DOWNGRADE
OPCO
Perform
Oppenheimer downgrades Discover on limited upside after recent rally
Oppenheimer analyst Dominick Gabriele downgraded Discover Financial Services to Perform from Outperform without a price target. The analyst sees limited upside in the shares following the rally year-to-date now that his estimates are in-line with the consensus. While Discover's loan growth "could speed back up" and credit could be slightly better in 2019 relative to expectations, the stock's recent outperformance reflects this, Gabriele tells investors in a research note.
CFG Citizens Financial
$34.84

0.39 (1.13%)

03/12/19
BMOC
03/12/19
INITIATION
Target $17
BMOC
Outperform
Regions Financial initiated with an Outperform at BMO Capital
BMO Capital analyst Lana Chan started Regions Financial (RF) with an Outperform rating and $17 price target. The analyst left the company's recent investor day "impressed" with its three-year strategy to improve profitability through further efficiency gains and with "seemingly moderate" credit risk. This would "upshift" Regions' profitability and should improve its "historically discounted" valuation to peers, Chan tells investors in a research note. The analyst's order of preference among Outperform-rated regional banks are BB&T (BBT), Regions, and Citizens Financial (CFG).
04/04/19
GSCO
04/04/19
DOWNGRADE
Target $84
GSCO
Neutral
Goldman downgrades Comerica to Neutral from Buy as rate hikes wane
Goldman Sachs analyst Ryan Nash downgraded Comerica (CMA) to Neutral from Buy and lowered his price target for the shares to $84 from $89. While loan growth has begun to improve from the lows, a lack of additional interest rate hikes, along with more exposure to consumer deposits continuing to re-price higher, likely means that the company's margins will begin to compress beyond Q1, Nash tells investors in a research note. He believes this will "pressure" consensus estimates. In the Regional Banks space, the analyst is most upbeat on Signature Bank (SBNY), Citizens Financial (CFG) and Cadence Bancorp (CADE) into Q1. He's less optimistic on First Horizon (FHN) and Huntington Bancshares (HBAN).
01/07/19
GSCO
01/07/19
UPGRADE
Target $40
GSCO
Conviction Buy
Citizens Financial upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman Sachs analyst Ryan Nash added Citizens Financial to his firm's Americas Conviction List while keeping a Buy rating on the name. The current valuation presents a "compelling entry point" following the recent selloff, Nash tells investors in a research note. He believes the market appears to be pricing in an 80% probability of a moderate recession. However, if this doesn't happen over the next 12-18 months, the shares should advance 25%-plus, says the analyst. Nash lowered his price target for Citizens Financial to $40 from $44.
01/09/19
SBSH
01/09/19
UPGRADE
Target $37
SBSH
Buy
Citizens Financial upgraded to Buy from Neutral at Citi
Citi analyst Keith Horowitz upgraded Citizens Financial Group to Buy with a $37 price target. The analyst believes the company offers one of the most attractive tactical buying opportunities given its current "dislocated" valuation.
PYPL PayPal
$114.59

-1.05 (-0.91%)

05/28/19
CHLM
05/28/19
NO CHANGE
Target $125
CHLM
Buy
Facebook crypto, Marketplace could drive growth for PayPal, says Craig-Hallum
Craig-Hallum analyst Brad Berning notes that investors have been worried about the impact of PayPal (PYPL) losing eBay (EBAY) and missing out on market share opportunities by not participating in Amazon's (AMZN) platform. However, the analyst points out that Facebook's (FB) crypto currency may be coming sooner than expected, which will have large implications for the payments industry as Facebook looks to co-op partners for loading payments, processing FX settlements, and providing exit points to spend the money in cash, crypto, digital wallets and cards networks. Additionally, Berning believes Facebook's Marketplace initiative could be a large positive for PayPal, with the potential to sustain its strong TPV growth rate in the 2021/2022 timeframe, despite eBay unwinding starting in the second half of 2020. The analyst reiterates a Buy rating and $125 price target on PayPal's shares.
05/30/19
BMOC
05/30/19
NO CHANGE
Target $121
BMOC
Market Perform
TSYS price target raised to $121 from $103 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on TSYS (TSS) to $121 after its merger-of-equals with Global Payments (GPN) announcement. The analyst is also keeping his Market Perform rating after the 20% deal-related run-up in TSYS shares which demonstrated the "attractiveness of merchant acquirers and the benefits of scale." Fotheringham notes that from current levels, there is greater potential in other financial technology names under his coverage like Visa (V) and Paypal (PYPL).
05/06/19
BTIG
05/06/19
NO CHANGE
Target $130
BTIG
Buy
PayPal price target raised to $130 from $114 at BTIG
BTIG analyst Mark Palmer raised his price target on PayPal to $130 and kept his Buy rating, saying that while the stock has rallied over 45% since its December low, the company's "operational momentum", expanding margins, and robust total payment volume growth warrant a higher valuation. Among the drivers, the analyst cites the monetization progress at Venmo, significant optionality of PayPal's $9.5B cash balance and strong free cash flows, continued rapid growth of active accounts, and rising customer engagement. Palmer is also positive on the company's accelerating international expansion and the opportunity that comes with progress toward in-store payments following its acquisition of iZettle.
05/21/19
BOFA
05/21/19
NO CHANGE
BOFA
FIS, Diamondback Energy added to US 1 List, PayPal removed at BofA/Merrill
RF Regions Financial
$14.47

0.29 (2.05%)

04/23/19
MACQ
04/23/19
DOWNGRADE
MACQ
Underperform
Regions Financial downgraded to Underperform from Neutral at Macquarie
03/25/19
03/25/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Regions Financial (RF) upgraded to Buy from Hold at Sandler O'Neill with analyst Stephen Scouten saying he does not believe there is more than 3%-5% of potential downside to 2021 numbers if there are not a couple of Fed rate reductions in 2020. 2. TAL Education (TAL) and New Oriental Education (EDU) upgraded to Overweight from Equal Weight at Morgan Stanley. 3. First Bancorp (FBNC) and MidSouth Bancorp (MSL) upgraded to Buy from Hold at Sandler O'Neill. 4. Lexicon (LXRX) upgraded to Hold from Sell at Gabelli with analyst Kevin Kedra citing the company's announcement that the FDA had issued a complete response letter for sotagliflozin to treat type 1 diabetes, consistent with his expectations. 5. Hibbett Sports (HIBB) upgraded to Positive from Neutral at Susquehanna. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/29/19
NOMU
03/29/19
UPGRADE
Target $14
NOMU
Neutral
Regions Financial upgraded to Neutral from Reduce at Nomura Instinet
Nomura Instinet analyst Bill Carcache upgraded Regions Financial to Neutral from Reduce with an unchanged price target of $14. The analyst believes the shares are near a fair valuation.
05/15/19
RHCO
05/15/19
NO CHANGE
Target $14
RHCO
Buy
Green Sky's loss of Regions as funding partner 'not material,' says SunTrust
After Green Sky (GSKY) disclosed in a 10Q this morning that it has lost Regions Financial (RF) as a funding partner for its indirect lending product, SunTrust analyst Andrew Jeffrey said the news is "clearly a negative," as Regions is about 17% of the company's total max funding commitment, he does not believe this loss alone will constrain the calendar 2019 revenue growth outlook. Based on the 10Q, less than $150M of the funding commitment was unused, and therefore, Jeffrey contends that it is likely not material to the $4.5B in total funding the company highlighted on its recent conference call. Jeffrey, who has a Buy rating and $14 price target on Green Sky shares, says he "likes" the company's competitive position, value proposition, potential upside from new Healthcare offerings and the new American Express (AXP) relationship.
APO Apollo Global
$32.89

0.05 (0.15%)

06/11/19
06/11/19
DOWNGRADE
Target $57

Hold
Shutterfly downgraded to Hold at SunTrust on Apollo bid
As previously reported, SunTrust analyst Youssef Squali downgraded Shutterfly (SFLY) to Hold from Buy with an unchanged price target of $57 after the company's board agreed to be acquired by Apollo Global (APO). The analyst states that the probability of a competitive bid is "low", with the board having run a "comprehensive process" that included 40 potential buyers. Squali further cites the absence of a go-shop provision in the bid as well as a "nominal" $51M break-up fee that Shutterfly would be required to pay to Apollo.
06/11/19
RAJA
06/11/19
DOWNGRADE
RAJA
Market Perform
Shutterfly acquisition price 'somewhat disappointing,' says Raymond James
Raymond James analyst Aaron Kessler downgraded Shutterfly (SFLY) to Market Perform from Outperform after the company reached an agreement to be acquired by Apollo Global (APO), saying that while the deal was largely anticipated, he is "somewhat disappointed" in the lower-than-expected acquisition price. He feels the price likely reflects uncertainty around Shutterfly's core organic growth and level of synergies with Lifetouch.
06/11/19
06/11/19
DOWNGRADE

Sector Weight
Shutterfly downgraded to Sector Weight at KeyBanc
As previously reported, KeyBanc analyst downgraded Shutterfly (SFLY) to Sector Weight from Overweight after the company board agreed to the proposed acquisition by Apollo Global (APO). The analyst thinks Apollo can move quickly to monetize synergies, particularly with synergies from Snapfish. Given that Shutterfly ran a public and complete process, the stock should move to the proposed deal price, he contends.
06/11/19
SPHN
06/11/19
DOWNGRADE
SPHN
Equal Weight
Stephens downgrades Tegna, thinks Dispatch deal makes takeover less likely
As previously reported, Stephens analyst Kyle Evans downgraded Tegna (TGNA) to Equal Weight from Overweight and lowered his price target on the shares to $17 from $19 after the company agreed to acquire stations in Indianapolis and Columbus for $535M in cash from Dispatch Broadcast Group. While he said he likes the free cash flow accretion, increased scale and addition of an Ohio station ahead of the 2020 political cycle, Evans thinks current valuation and the growing scale make Tegna a less likely target for Apollo (APO).
MS Morgan Stanley
$43.67

0.37 (0.85%)

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.
04/18/19
SBSH
04/18/19
DOWNGRADE
Target $48
SBSH
Neutral
Morgan Stanley downgraded to Neutral from Buy at Citi
Citi analyst Keith Horowitz downgraded Morgan Stanley to Neutral from Buy with an unchanged price target of $48. The analyst finds the stock fairly valued following the company's Q1 results.
04/18/19
SBSH
04/18/19
DOWNGRADE
Target $48
SBSH
Neutral
Citi downgrades Morgan Stanley to Neutral despite 'strong' Q1 results
Citi analyst Keith Horowitz downgraded Morgan Stanley to Neutral from Buy with an unchanged price target of $48. The stock in premarket trading is down 45c to $47.81. Morgan reported "strong" Q1 results but the shares are fairly valued, Horowitz tells investors in a research note. The analyst points out the stock has outperformed peers by rallying 22% year-to-date. Though Morgan Stanley has "very high quality" franchises and the potential to continue to gain market share, "we'd rather be on the sidelines in the near-term," says Horowitz.
04/18/19
BMOC
04/18/19
NO CHANGE
Target $68
BMOC
Outperform
Morgan Stanley price target raised to $68 from $65 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on Morgan Stanley to $68 and kept his Outperform rating after its "broad based" Q1 earnings beat, also raising his FY19 and FY20 EPS view by 22c and $1.11 to $5.16 and $5.95 respectively. The analyst contends that at a 2-year-forward rolling earnings multiple of 7.9-times, the market "fails to appreciate" Morgan Stanley's wealth management-rich business mix, while also pointing to the "pent-up deal pipeline" for the rest of the 2019.
CIT CIT Group
$50.05

0.585 (1.18%)

04/24/19
OPCO
04/24/19
NO CHANGE
Target $71
OPCO
Outperform
CIT Group price target raised to $71 from $63 at Oppenheimer
Oppenheimer analyst Chris Kotowski raised his price target for CIT Group to $71 from $63 on higher earnings and a higher market multiple. The analyst notes that the first-quarter had "no noteworthy items" for the first time in memory. He reiterates an Outperform rating on the shares.
04/24/19
SBSH
04/24/19
NO CHANGE
Target $62
SBSH
Buy
CIT Group price target raised to $62 from $55 at Citi
Citi analyst Arren Cyganovich raised his price target for CIT Group to $62 from $55 citing an improved earnings outlook following the company's Q1 results. Fundamentals "appear to be in good shape, and the pause in rate hikes likely helps CIT given its higher-cost online deposit franchise positioning," Cyganovich tells investors in a research note. He reiterates a Buy rating on the stock.
01/30/19
OPCO
01/30/19
NO CHANGE
Target $61
OPCO
Outperform
CIT Group price target raised to $61 from $49 at Oppenheimer
Oppenheimer analyst Chris Kotowski raised his price target for CIT Group to $61 from $49 following better than expected quarterly results. The analyst reiterates an Outperform rating on the shares.
01/25/19
OPCO
01/25/19
NO CHANGE
OPCO
Outperform
Bank stocks still 'resoundingly cheap,' says Oppenheimer
Oppenheimer analyst Chris Kotowski told investors in a research note that one reason he is so "incessantly bullish" on bank stocks is that investors "still so incessantly hate them." The stocks still remain resoundingly cheap at a 63% relative P/E multiple even though bank balance sheets are arguably the best they have ever been, and the business models decidedly less capital-intensive, he contends. He continues to recommend Outperform-rated Bank of America (BAC), CIT (CIT), Citi (C), Goldman (GS), Jefferies (JEF), Morgan Stanley (MS) and U.S. Bancorp (USB).
FLT FleetCor
$266.82

0.575 (0.22%)

06/05/19
BTIG
06/05/19
NO CHANGE
Target $18
BTIG
Buy
Verra Mobility may be a good fit to be acquired by FleetCor, says BTIG
BTIG analyst Mark Palmer kept his Buy rating and $18 price target on Verra Mobility (VRRM), saying that in addition to having a "competitive moat" created by its long-dated relationships with its rental car and fleet management customers, the company would also be a good fit for FleetCor Technologies (FLT) in a potential acquisition. Calling it a "win-win" proposition, the analyst says the deal would be "instantly accretive", as Fleet Cor would immediately take a "near-monopolistic position in the U.S. tolling payment space while diversifying away from its fleet fuel card business." Palmer also believes that Verra Mobility could be complementary to FleetCor's other business lines.
06/05/19
GSCO
06/05/19
UPGRADE
Target $225
GSCO
Buy
Wex upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst James Schneider upgraded Wex (WEX) to Buy from Neutral and raised his price target for the shares to $225 from $193 Both FleetCor (FLT) and Wex have "substantially" improved their execution over the past year and are on track to deliver "consistent," mid-to-high teens earnings growth over the next two years, Schneider tells investors in a research note. He sees improving organic growth in the core fleet card business as well as a secular market opportunity in business-to-business "where the companies are in leading positions." Further, both stocks currently trade at a discount to historical levels, adds Schneider. For Wex, he believes new client wins and growth in oil portfolios should drive continued growth in its Fleet Solutions unit.
06/05/19
06/05/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Roku (ROKU) upgraded to Buy from Neutral at Guggenheim with analyst Michael Morris saying he sees "strong secular tailwinds" for streaming video consumption and believes the company's Q1 results were representative of the core trajectory for its key metrics. 2. Cronos Group (CRON) double upgraded to Buy from Underperform at BofA/Merrill with analyst Christopher Carey saying he has improved confidence that Cronos is near announcing a launch in the U.S., following recent comments by management. 3. Medtronic (MDT) upgraded to Outperform from Market Perform at Wells Fargo with analyst Lawrence Biegelsen saying the company's late stage pipeline will accelerate its growth into fiscal 2021. 4. e.l.f. Beauty (ELF) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Dara Mohsenian saying he views valuation as more reasonable following the 53% drop in the stock over the last year. 5. FleetCor (FLT) and Wex (WEX) upgraded to Buy from Neutral at Goldman Sachs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/05/19
GSCO
06/05/19
UPGRADE
Target $305
GSCO
Buy
FleetCor upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst James Schneider upgraded FleetCor Technologies (FLT) to Buy from Neutral and raised his price target for the shares to $305 from $243. Both FleetCor and Wex (WEX) have "substantially" improved their execution over the past year and are on track to deliver "consistent," mid-to-high teens earnings growth over the next two years, Schneider tells investors in a research note. He sees improving organic growth in the core fleet card business as well as a secular market opportunity in business-to-business "where the companies are in leading positions." Further, both stocks currently trade at a discount to historical levels, adds Schneider. For FleetCor, he believes the company now has "significant" excess balance sheet capacity to potentially pursue acquisitions, which he says would further accelerate its growth.
BBT BB&T
$50.05

0.48 (0.97%)

04/04/19
RAJA
04/04/19
DOWNGRADE
RAJA
Market Perform
BB&T downgraded to Market Perform from Outperform at Raymond James
04/04/19
04/04/19
UPGRADE
Target $44

Strong Buy
Synovus upgraded to Strong Buy at Raymond James
As previously reported, Raymond James analyst David Lon upgraded Synovus (SNV) to Strong Buy from Outperform, with a $44 price target. The analyst cited the recent pullback in the stock and what he sees as an outsized opportunity for market share gain stemming from the recently announced BB&T (BBT)-SunTrust (STI) mega merger.
04/04/19
RAJA
04/04/19
DOWNGRADE
RAJA
Market Perform
BB&T downgraded to Market Perform on near-term noise at Raymond James
As previously reported, Raymond James analyst David Lon downgraded BB&T (BBT) to Market Perform from Outperform and reducing his EPS estimates. The analyst cited the nearer-term noise surrounding its merger with SunTrust (STI) and his view that BB&T shares are unlikely to outperform until there is greater clarity on when the deal will actually close and its ability to retain key talent with the combined company's footprint. Moreover, larger acquirer stock prices generally haven't reacted favorably over the past few years, he contends.
03/26/19
03/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bed Bath & Beyond (BBBY) upgraded to Strong Buy from Market Perform at Raymond James , to Hold from Sell at Loop Capital, and to Sector Weight from Underweight at KeyBanc. 2. BB&T (BBT) upgraded to Buy from Hold at Deutsche Bank with analyst Matt O'Connor saying after meeting with CEO of SunTrust (STI), he remains positive on the merger and the combined stock. 3. Vertex (VRTX) upgraded to Outperform from Market Perform at William Blair with analyst Y. Katherine Xu citing expectations that the company's cystic fibrosis franchise will continue dominating after Proteostasis (PTI) reported disappointing triplet data. 4. Allegiant Travel (ALGT) upgraded to Outperform from Neutral at Macquarie with analyst Susan Donofrio citing her meetings with its management last week. 5. TransAlta (TAC) upgraded to Buy from Hold at TD Securities with analyst John Mould saying Brookfield Renewable Partners (BEP) $750M investment in TransAlta improves the company's financial flexibility, accelerates its ability to return capital to shareholders and advance the coal-to-gas conversion. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AB AllianceBernstein
$28.11

-0.19 (-0.67%)

01/14/19
SBSH
01/14/19
NO CHANGE
SBSH
Citi gets more defensive on Brokers & Asset Managers, downgrades five
Citi analyst Citi analyst William Katz is taking a more defense stance on the traditional Brokers & Asset Managers to reflect what he sees as "weak" fundamentals and "still elevated" consensus estimates. The analyst reduced his target multiples across the group and downgraded Affiliated Managers (AMG) and Brightsphere Investment Group (BSIG) to Neutral from Buy as well as Artisan Partners (APAM), Waddell & Reed (WDR) and Franklin Resources (BEN) to Sell from Neutral. Katz calls Och-Ziff Capital (OZM) and LPL Financial (LPLA) his top ideas and also opened a "30 Day Positive Catalyst Watch" for Carlyle Group (CG) and Legg Mason (LM). The analyst recommends pair trades of Overweight AllianceBernstein (AB), underweight Artisan Partners (APAM), and overweight BlackRock (BLK), underweight T. Rowe Price (TROW).
STT State Street
$55.10

-2.12 (-3.71%)

03/14/19
DBAB
03/14/19
DOWNGRADE
DBAB
Hold
State Street downgraded to Hold from Buy at Deutsche Bank
03/14/19
DBAB
03/14/19
DOWNGRADE
Target $70
DBAB
Hold
State Street downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Brian Bedell downgraded State Street to Hold and lowered his price target to $70 from $84, saying he no longer sees any near- or intermediate-term positive catalysts for the stock given the likely continued revenue growth pressures this year. The analyst cites "flat-to-negative average market levels, pricing pressure in asset servicing, weak volumes in FX trading / securities lending, outflows in active products, and stable net interest revenue with mild net interest margin expansion offsetting slightly lower deposit levels." Bedell also believes that State Street shares will trade in a range near current levels for the balance of the year.
03/15/19
03/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Oracle (ORCL) downgraded to Market Perform from Outperform at BMO Capital with analyst Keith Bachman saying he believes Oracle can sustain ~2% constant currency revenue growth, but is "dubious" the company can improve its revenue growth rates. 2. Zillow (ZG, Z) downgraded to Underweight from Equal Weight at Barclays with analyst Deepak Mathivanan citing his expectations for a "material erosion" in unit economics in its Homes division, the operational challenges facing the company in buying, fixing up, and selling homes at scale and the fact that he thinks the company's efforts to slowly transition its core PA business closer to transaction will keep revenue growth muted in the near-term. 3. State Street (STT) downgraded to Hold from Buy at Deutsche Bank with analyst Brian Bedell saying he no longer sees any near- or intermediate-term positive catalysts for the stock given the likely continued revenue growth pressures this year. 4. Live Nation (LYV) downgraded to Neutral from Buy at Citi with analyst Jason Bazinet saying he continues to like Live Nation's business model and long-term growth prospects, but he views the valuation as "full" at current share levels. 5. Adobe (ADBE) downgraded to Sector Weight from Overweight at KeyBanc with analyst Brent Bracelin citing the company's fiscal Q1 results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/24/19
KBWI
02/24/19
DOWNGRADE
Target $70
KBWI
Underperform
State Street downgraded to Underperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Brian Kleinhanz downgraded State Street to Underperform and lowered his price target for the shares to $70 from $72.
ARES Ares Management
$25.89

-0.05 (-0.19%)

08/21/18
08/21/18
UPGRADE
Target $25

Outperform
Ares Management upgraded to Outperform on underappreciated fee ramp-up at Wells Fargo
As previously reported, Wells Fargo analyst Christopher Harris upgraded Ares Management to Outperform from Market Perform and raised his price target on the shares to $25 from $24. The analyst sees several positive potential catalysts for the stock including significant fee earnings ramp through 2020, resumption of asset growth at the ARCC affiliate and the planned conversion to a C-Corp structure by year end.
06/28/18
JEFF
06/28/18
INITIATION
Target $26
JEFF
Buy
Ares Management initiated with a Buy at Jefferies
Jefferies analyst Gerald O'Hara started Ares Management with a Buy rating and $26 price target. The company continues to scale at a double-digit organic rate while steadily building out an increasingly diversified product set, O'Hara tells investors in a research note. He believes Ares is well positioned to deliver a "consistent all-weather return stream behind its $50B core direct lending credit franchise."
08/21/18
WELS
08/21/18
UPGRADE
WELS
Outperform
Ares Management upgraded to Outperform from Market Perform at Wells Fargo
01/04/19
GSCO
01/04/19
UPGRADE
Target $23
GSCO
Conviction Buy
Ares Management upgraded to Conviction Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Alexander Blostein upgraded Ares Management to Conviction Buy from Neutral with a price target of $23. The analyst believes that the asset manager is not getting enough credit for a "much more defensive earnings mix" with a decline of 23% in its shares during Q4 and expects the company to be "a lot more resilient in an event of a downturn given 75% of the firm's cash earnings come from fee-related earnings". Blostein acknowledges that credit market concerns continue to linger, but sees any impact on fee-related earnings as "manageable at less than 5%."
LC LendingClub
$2.92

-0.04 (-1.35%)

09/14/18
SPHN
09/14/18
NO CHANGE
SPHN
Subprime lenders weakness may be opportunity, says Stephens
Stephens analyst Vincent Caintic attributes weakness in shares of subprime consumer lenders to news that U.S. Bancorp (USB) is re-entering the small dollar, high yield lending business after Fifth Third (FITB) re-entered two months ago. However, he views the OCC's push for banks to offer small dollar loans as a positive for online lenders and notes that the recent bank announcements are for loans yielding 40%-70%, which competes against products from Regional Management (RM) and World Acceptance (WRLD) but should not impact online lenders. Subprime online lenders include Enova (ENVA) and Elevate Credit (ELVT). Other publicly traded companies in the FinTech space include LendingClub (LC) and On Deck Capital (ONDK).
05/08/19
WEDB
05/08/19
UPGRADE
Target $5
WEDB
Outperform
LendingClub upgraded to Outperform from Neutral at Wedbush
Wedbush analyst Henry Coffey upgraded LendingClub to Outperform from Neutral and raised his price target for the shares to $5 from $3.75.
05/08/19
WEDB
05/08/19
UPGRADE
Target $5
WEDB
Outperform
LendingClub upgraded to Outperform at Wedbush following quarterly results
Wedbush analyst Henry Coffey upgraded LendingClub to Outperform from Neutral and raised his price target on the shares to $5 from $3.75. Reflecting "significant" gains across all fronts over the last 3 years, the company now operates with a more complex, more diversified source of loan buying/funding, a tighter focus around its primary credit niche, and a focus on operating efficiency that has it within eye sight of generating an adjusted EBITDA margin of 20% by the end of 2019, he contends. The analyst thinks adjusted EBTIDA margins will continue to grow and that the business will succeed at growing revenue at 12%-15% for a sustainable period per year.
05/08/19
05/08/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Mosaic (MOS) upgraded to Overweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas stating that following the stock's underperformance on a one, three, five, and ten year period, Mosaic shares now offer a favorable risk/reward balance. 2. Qorvo (QRVO) upgraded to Buy from hold at Canaccord with analyst T. Michael Walkley saying he expects Qorvo to remain focused on developing integrated solutions to drive dollar content growth to grow faster than the slow growing smartphone market and anticipates improving growth trends as 5G ramps in F2021. 3. LendingClub (LC) upgraded to Outperform from Neutral at Wedbush with analyst Henry Coffey sayinh the company now operates with a more complex, more diversified source of loan buying/funding, a tighter focus around its primary credit niche, and a focus on operating efficiency that has it within eyesight of generating an adjusted EBITDA margin of 20% by the end of 2019. 4. US Foods (USFD) upgraded to Buy from Neutral at Buckingham with analyst Bob Summers continuing to have a "very favorable" sector view as he believes that food away from home trends will continue and the industry fragmentation favors large, well-capitalized operators. 5. Office Properties (OPI) upgraded to Hold from Underperform at Jefferies with analyst Jonathan Petersen noting the market now well understands the earnings dilution from the FPO acquisition. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
C Citi
$67.88

0.78 (1.16%)

05/30/19
05/30/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Citi (C) upgraded to Buy from Neutral at Goldman Sachs with analyst Richard Ramsden saying he sees a "realistic path" to a 13% return on tangible common equity in 2020 for Citi, or 100 basis points ahead of market expectations, which he notes is not contingent on either higher interest rates or strengthening global growth trends. 2. Comcast (CMCSA) upgraded to Buy from Neutral at Guggenheim with analyst Mike McCormack saying the company's successful pivot from primarily a video distributor to a connectivity company "has been fairly smooth." 3. Zynga (ZNGA) upgraded to Overweight from Equal Weight at Stephens with analyst Jeff Cohen saying the continued acceleration of recent acquisitions and the fact that Social Casino could be poised for a second half re-acceleration give him additional confidence in Zynga's live service portfolio. 4. Penumbra (PEN) upgraded to Overweight from Neutral at JPMorgan with analyst Robert Marcus saying the Street is overly focused on competitive entrants to the stroke aspiration market. 5. Cypress Semiconductor (CY) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Craig Hettenbach citing press reports indicating that the company is exploring strategic options. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/25/19
WELS
04/25/19
NO CHANGE
Target $90
WELS
Outperform
Citi price target raised to $90 from $82 at Wells Fargo
Wells Fargo analyst Mike Mayo raised his price target for Citi to $90 from $82 given more confidence that ROTCE will improve from 11% to 13% in 2021. The analyst reiterates an Outperform rating on the shares.
05/30/19
GSCO
05/30/19
UPGRADE
Target $77
GSCO
Buy
Citi upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Richard Ramsden upgraded Citi to Buy from Neutral and raised his price target for the shares to $77 from $71. The stock closed yesterday down 9c to $63.71. Ramsden sees a "realistic path" to a 13% return on tangible common equity in 2020 for Citi, or 100 basis points ahead of market expectations, which he notes is not contingent on either higher interest rates or strengthening global growth trends. While there is a risk that Citi may back away from its 13.5%-plus ROTCE target, neither consensus expectations for 2020 or the current valuation discount achieving the target, Ramsden tells investors in a research note. The analyst believes the market is "overly pessimistic" on Citi's revenue growth inflection, targeted expense savings, and outlook for credit costs. As a result, he sees 21% upside potential from current share levels.
05/03/19
WELS
05/03/19
NO CHANGE
Target $90
WELS
Outperform
Wells Fargo says consensus EPS forecasts for Citi too low
After meeting with the CEO and CFO of Citi, Wells Fargo analyst Mike Mayo noted that both executives repeated expectations that Citi should achieve its ROTCE targets. Those targets imply that 2020 consensus EPS is too low by about 15%, contends Mayo, who added that the executives also pointed to a turn in Asia, from which the bank stands to benefit. Mayo maintains an Outperform rating on Citi with a $90 price target.
CG Carlyle Group
$21.56

0.2 (0.94%)

03/29/19
03/29/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) downgraded to Hold from Buy at Deutsche Bank with analyst Matt O'Connor saying he sees management and earnings uncertainty after the company announced that CEO and President Tim Sloan will step down effective immediately. 2. RH (RH) downgraded to Hold from Buy at Deutsche Bank with analyst Mike Baker saying he continues to believe in the long-term prospects for RH and acknowledges "that it is one of the few retailers growing sales, margins, profit dollars and earnings." 3. Carlyle Group (CG) downgraded to Neutral from Buy at BofA/Merrill. 4. Comcast (CMCSA) and Charter (CHTR) downgraded to Sector Perform from Outperform at RBC Capital. 5. Mosaic (MOS) downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying following Mosaic's analyst day, he feels phosphate fundamentals have weakened in the near term and are unlikely to pick-up significantly "despite the company acting as a swing supplier by curtailing capacity." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/21/19
05/21/19
DOWNGRADE
Target $22

Neutral
Carlyle Group downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler downgraded Carlyle Group to Neutral from Outperform, with a $22 price target, due to a lower relative 12-month total return forecast and following the stock's mid-30% total return year to date. The analyst is re-focusing on the alts that will benefit from recent/future C-Corp conversions, generate stronger than expected fee-related earnings growth and experience less negative earnings revisions in the next economic recession
05/21/19
05/21/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. KKR (KKR) downgraded to Neutral from Outperform at Credit Suisse analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. 2. Ocular Therapeutix (OCUL) downgraded to Market Perform from Strong Buy at Raymond James and to Market Perform from Outperform at Cowen. 3. CAE (CAE) downgraded to Market Perform from Outperform at BMO Capital and to Hold from Buy citing "limited potential returns." 4. Tremont Mortgage Trust (TRMT) downgraded to Neutral from Buy at UBS with analyst Brock Vandervliet saying last week's surprising capital raise has eroded shareholder value. 5. Carlyle Group (CG) downgraded to Neutral from Outperform at Credit Suisse with analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's mid-30% total return year to date. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/21/19
FBCO
05/21/19
DOWNGRADE
FBCO
Neutral
Carlyle Group downgraded to Neutral from Outperform at Credit Suisse
COF Capital One
$91.35

0.89 (0.98%)

05/14/19
05/14/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Tyson Foods (TSN) upgraded to Outperform from Neutral at Credit Suisse and to Buy from Hold at Argus. 2. Coca-Cola (KO) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Dara Mohsenian saying the company's growth outlook is "clearly superior" relative to the packaged goods space, but this is not reflected in the current share price. 3. Capital One (COF) upgraded to Buy from Hold at Jefferies with analyst John Hecht saying he expects the stock to benefit from "bigger payouts and improving efficiencies." 4. Deckers Brands (DECK) upgraded to Positive from Neutral at Susquehanna. 5. Agco (AGCO) upgraded to Overweight from Neutral at JPMorgan with analyst Ann Duignan saying given Agco's limited exposure to the U.S. row crop sector, the recent sell-off in the shares is overdone. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/11/19
SBSH
06/11/19
NO CHANGE
Target $105
SBSH
Buy
Capital One best positioned with all-in tech strategy, says Citi
Citi analyst Jill Shea thinks Capital One Financial's all-in tech strategy and digital transformation will be a key differentiator as consumer expectations continue to increase and behavior changes. She reiterates a Buy rating on the shares with a $105 price target. Capital One is best positioned to deliver a set of capabilities with speed, efficiency and with the innovation required to keep up with a digital age, Shea tells investors in a research note.
05/14/19
JEFF
05/14/19
UPGRADE
Target $115
JEFF
Buy
Capital One upgraded to Buy from Hold at Jefferies
Jefferies analyst John Hecht upgraded Capital One Financial to Buy from Hold and raised his price target for the shares to $115 from $95.
05/14/19
JEFF
05/14/19
UPGRADE
Target $115
JEFF
Buy
Jefferies upgrades Capital One to Buy from Hold with $115 price target
Jefferies analyst John Hecht upgraded Capital One Financial to Buy from Hold and raised his price target for the shares to $115 from $95. The analyst expects the stock to benefit from "bigger payouts and improving efficiencies." Capital One's digital bank is "meaningfully" ahead of peers, which should accrue "meaningfully" to shareholders within three-to-five years, Hecht tells investors in a research note. The company's digital bank initiative will enable operating efficiencies that should provide a platform for earnings growth, adds the analyst. Further, he sees Capital One improving its payout ratio, providing more return to shareholders, as well as an attractive valuation at current share levels.
MC Moelis
$33.26

0.61 (1.87%)

01/04/19
KBWI
01/04/19
INITIATION
Target $43
KBWI
Outperform
Moelis assumed with an Outperform at Keefe Bruyette
Keefe Bruyette analyst Michael Brown assumed coverage of Moelis with an Outperform rating and $43 price target. Before suspending coverage KBW had a Market Perform rating on the shares. The analyst believes the deal advisers are trading at "trough multiples" and that the market is pricing in "an imminent end to the current M&A cycle."
04/11/19
BOFA
04/11/19
DOWNGRADE
BOFA
Underperform
Moelis downgraded to Underperform from Buy at BofA/Merrill
04/11/19
04/11/19
DOWNGRADE

Neutral
Lazard, Moelis downgraded at BofA/Merrill on slowing M&A activity
As previously reported, BofA/Merrill analyst Michael Needham downgraded Lazard (LAZ) to Neutral from Buy and also downgraded Moelis (MC) by two notches to Underperform from Buy to reflect the slowdown in M&A activity, saying he expects Q1 to be the "first quarter in quite some time" when M&A advisors report lower revenues. The analyst also lowers his price targets on Lazard to $41 from $47 and on Moelis to $37 from $50, noting that deal pipelines started the year down 18%. Needham believes that while the Q2 deal pipeline should be stronger, it will still be hard for M&A advisors to meet consensus expectations, which call for average revenue growth of 8% of the next two years.
12/07/18
12/07/18
UPGRADE
Target $45

Buy
Moelis upgraded to Buy following post-earnings pullback at Sandler O'Neill
As previously reported, Sandler O'Neill analyst Jeffery Harte upgraded Moelis to Buy from Hold following the 29% decline in Q4 to-date, the bulk of which was driven by a 17% single day decline after the company reported what he viewed as "a relatively modest" Q3 revenue miss. He did not find 22% year-over-year revenue growth and an 8% revenue miss relative to his expectations to be "that disappointing" and does not believe "the punishment fits the crime," Harte tells investors. The analyst, who also notes that Moelis' visible transaction backlog has improved meaningfully during Q4, has a $45 price target on the shares.
CADE Cadence Bancorp
$19.65

0.115 (0.59%)

03/05/19
GSCO
03/05/19
INITIATION
Target $23
GSCO
Buy
Cadence Bancorp reinstated with a Buy at Goldman Sachs
Goldman Sachs analyst Ryan Nash reinstated coverage on Cadence Bancorp with a Buy and $23 price target saying it remains an attractive compounder of book value and believes executing on its strategy will drive shares.
12/13/18
BARD
12/13/18
NO CHANGE
Target $28
BARD
Outperform
Cadence Bancorp price target cut to $28 from $32 at Baird
Baird analyst Bryce Rowe maintained an Outperform rating on Cade Bancorp (CADE) and cut his price target to $28 from $32, telling investors in a research note that Cadence is his top idea. Rowe says regional banks have underperformed the broader markets since early summer and that he believes there is ~15%-20% absolute upside available in small-cap bank stocks if a risk-on trade reemerges and that small-cap bank stocks can outperform on a relative basis should broader market weakness persist. The analyst also upgraded Union Bankshares (UBSH) this morning to Outperform.
01/04/19
RHCO
01/04/19
NO CHANGE
Target $18
RHCO
Cadence Bancorp price target lowered to $18 from $24 at SunTrust
SunTrust analyst Jennifer Demba lowered her price target on Cadence Bancorp (CADE) to $18 and kept her Hold rating after the completed State Bank Financial acquisition (STBZ) on January 2nd. The analyst also attributes the price target revision to lower industry valuation levels, adding that the discount on the shares is appropriate based on its lower loan and deposit mix. Demba notes that the bank trades at 7.3-times forward earnings vs. the regional bank per median of 9.7-times.
PLD Prologis
$78.82

0.39 (0.50%)

05/20/19
05/20/19
DOWNGRADE
Target $78

In Line
Prologis downgraded to In Line on valuation at Evercore ISI
As previously reported, Evercore ISI analyst Steve Sakwa downgraded Prologis to In Line from Outperform given its sharp gains year to date and outperformance versus the REIT index. While the analyst is still positive on industrial fundamentals and believes the operational setup is strong over the next 12-24 months, he thinks much of this good news is priced into the stock and the risk/reward seems more balanced. Sakwa also raised his price target on the shares to $78 from $75.
05/20/19
EVER
05/20/19
DOWNGRADE
EVER
In Line
Prologis downgraded to In Line from Outperform at Evercore ISI
05/20/19
EVER
05/20/19
UPGRADE
Target $100
EVER
In Line
Life Storage upgraded to In Line from Underperform at Evercore ISI
Evercore ISI analyst Steve Sakwa this morning upgraded Life Storage (LSI) to In Line from Underperform with an unchanged price target of $100. The stock year-to-date has underperformed peers even though the company, on an operational basis, performed relatively in line during Q1, Sakwa tells investors in a research note. The analyst, who believes it is too early to know how the peak leasing season will turn out, cites valuation for his upgrade of Life Storage to In Line. Sakwa this morning also downgraded Prologis (PLD) to In Line from Outperform.
05/15/19
GSCO
05/15/19
INITIATION
Target $87
GSCO
Conviction Buy
Prologis initiated with a Conviction Buy at Goldman Sachs
Goldman Sachs analysts led by Caitlin Burrows initiated coverage of five Industrial REITs with a favorable outlook, citing the view that demand will be driven by secular growth in e-commerce and cyclical factors and will remain strong. Burrows and the team started Prologis with a Buy rating and placed the stock on the Americas Conviction List, citing the strong SS NOI growth that is being driven by its strategy of prioritizing rate growth. They set a price target of $87 on Prologis shares.
BSIG BrightSphere
$11.04

-0.07 (-0.63%)

05/03/19
05/03/19
DOWNGRADE
Target $15

In Line
BrightSphere downgraded to In Line on valuation at Evercore ISI
As previously reported, Evercore ISI downgraded BrightSphere to In Line from Outperform and raised its price target to $15 from $14. Analyst Glenn Schorr said shares are up almost 35% for the year and the pay-off from investments will take time to materialize.
05/03/19
EVER
05/03/19
DOWNGRADE
EVER
In Line
BrightSphere downgraded to In Line from Outperform at Evercore ISI
04/12/19
BOFA
04/12/19
DOWNGRADE
BOFA
Underperform
BrightSphere downgraded to Underperform on valuation at BofA/Merrill
As previously reported, BofA/Merrill downgraded BrightSpere to Underperform from Buy with a $14 price target. Analyst Michael Carrier changed his rating citing year-to-date shares strength, less financial flexibility, a muted flow outlook, and less buybacks and cost savings going forward.
04/12/19
BOFA
04/12/19
DOWNGRADE
BOFA
Underperform
BrightSphere downgraded to Underperform from Buy at BofA/Merrill
CHFC Chemical Financial
$38.95

0.09 (0.23%)

03/26/19
FIGP
03/26/19
UPGRADE
FIGP
Outperform
Chemical Financial upgraded to Outperform from Market Perform at Fig Partners
Fig Partners analyst John Rodis upgraded Chemical Financial to Outperform from Market Perform with a $50 price target citing the recent sell-off in shares.
02/08/19
SDLR
02/08/19
UPGRADE
SDLR
Buy
Chemical Financial, TCF Financial upgraded to Buy at Sandler O'Neill
As previously reported, Sandler O'Neill analyst R. Scott Siefers upgraded Chemical Financial (CHFC) and TCF Financial (TCF), both to Buy from Hold, after sitting down with senior management from both to discuss their pending merger of equals. At the time of the deal announcement, he was still a bit concerned about a potential repeat of the post-close dislocation that has overshadowed the Chemical/Talmer deal, said Siefers, who noted that his conversations with management have served to build his confidence in the merger's likely success, even "beyond the up-front compelling financials." He raised his price target on Chemical Financial shares to $54 from $49 and increased his price target on TCF Financial to $27.45 from $24.90.
02/08/19
SDLR
02/08/19
UPGRADE
SDLR
Buy
Chemical Financial upgraded to Buy from Hold at Sandler O'Neill
01/29/19
01/29/19
DOWNGRADE
Target $24.9

Hold
Sandler O'Neill downgrades TCF Financial to Hold after Chemical Financial deal
As previously reported, Sandler O'Neill analyst R. Scott Siefers downgraded TCF Financial (TCF) to Hold from Buy to align his rating with Chemical Financial (CHFC) after the two announced a merger of equals. He raised his price target on TCF Financial shares to $24.90 from $24.00 as he applied the exchange ratio outlined in the terms of the merger agreement to his Chemical Financial price target.
NTRS Northern Trust
$87.80

-0.61 (-0.69%)

03/14/19
BUCK
03/14/19
UPGRADE
Target $115
BUCK
Buy
Northern Trust upgraded to Buy from Neutral at Buckingham
Buckingham analyst James Mitchell upgraded Northern Trust to Buy and raised his price target to $115 from $104, saying his recent meetings with its management suggest that the market is not "fully appreciating" its model relative to its larger peers with a "vastly different client mix allowing for a more stable fee rate and better underlying growth." The analyst notes that Northern Trust stock is off 20% from its 12-month highs, but expects the quarter-to-date equity market appreciation to drive incremental gains to earnings. Mitchell also believes that Northern Trust has "plenty of runway for further above average organic growth across Europe, the U.S., and in alternatives."
05/08/19
WELS
05/08/19
NO CHANGE
Target $131
WELS
Outperform
Northern Trust price target raised to $131 from $124 at Wells Fargo
Wells Fargo analyst Mike Mayo raised his price target for Northern Trust to $131 from $124 saying it remains his "only trust bank recommendation" given a premium franchise with a depressed valuation. Over 3 years, it should extend best-in-class results with growth in revenues, earnings, and returns at estimated twice the pace of peer, he adds. The analyst reiterates an Outperform rating on the shares.
01/24/19
RBCM
01/24/19
NO CHANGE
Target $108
RBCM
Outperform
Northern Trust price target lowered to $108 from $115 at RBC Capital
RBC Capital analyst Gerard Cassidy lowered his price target on Northern Trust to $108, reflecting his reduced expectations of interest rate hikes. The analyst also keeps his Outperform rating on the stock after its quarterly performance showed a "steady revenue growth, excellent credit quality, and a continued commitment to returning excess capital to shareholders".
03/14/19
BUCK
03/14/19
UPGRADE
BUCK
Buy
Northern Trust upgraded to Buy from Neutral at Buckingham
ATH Athene Holding
$43.38

0.35 (0.81%)

04/30/19
SDLR
04/30/19
DOWNGRADE
SDLR
Hold
American Equity downgraded to Hold on no-deal risk at Sandler O'Neill
As previously reported, Sandler O'Neill analyst John Barnidge downgraded American Equity (AEL) to Hold from Buy as he sees greater downside risk than upside potential for shares if the company provides any commentary with Q1 earnings that its process has ended with no sale about one year after the company first acknowledged market rumors of a transaction. In such a case, Barnidge thinks investors would look to the valuation multiples of Athene Holding (ATH) and FGL Holdings (FG) as proxies, he said.
02/27/19
BMOC
02/27/19
UPGRADE
Target $62
BMOC
Outperform
Athene Holding upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst James Fotheringham upgraded Athene Holding on valuation but also lowered his price target to $62 from $69. The analyst contends that the valuation multiple on the stock may have finally passed its trough at its current 5.5-times two-year forward earnings multiple and believes that its core business should be valued at 6.4-times. Fotheringham also cites Athene Holdings' strong track record of growth-by-acquisition, assigning it with forward excess capital value in his model.
05/21/19
FBCO
05/21/19
NO CHANGE
Target $57
FBCO
Outperform
Athene Holding price target lowered to $57 from $67 at Credit Suisse
Credti Suisse analyst Andrew Kligerman lowered his price target for Athene Holding to $57 from $67 on a change in his risk premium to more conservatively reflect investment risk. The analyst reiterates an Outperform rating on the shares.
02/28/19
02/28/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Fitbit (FIT) upgraded to Buy from Neutral at DA Davidson analyst Tom Forte citing Q4 results and outlook for Q1 and FY19. 2. Hain Celestial (HAIN) upgraded to Overweight from Neutral at JPMorgan with analyst Ken Goldman citing the company's "compelling" investor day, the analyst has increased confidence in Hain's ability to drive margin growth over the next few years. 3. Athene Holding (ATH) upgraded to Outperform from Market Perform at BMO Capital with analyst James Fotheringham saying the valuation multiple on the stock may have finally passed its trough at its current 5.5-times two-year forward earnings multiple and believes that its core business should be valued at 6.4-times. 4. Wabco (WBC) upgraded to Neutral from Underweight at JPMorgan and to Hold from Sell at Vertical Research. 5. Globus Medical (GMED) upgraded to Buy from Neutral at UBS with analyst Matthew Taylor saying the company has delivered several quarters in a row of improving spine growth, which confirms robot placements are leading to implant pull-through. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ALLY Ally Financial
$29.73

0.1 (0.34%)

02/26/19
02/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exact Sciences (EXAS) upgraded to Buy from Neutral at Goldman Sachs by analyst Patrick Donnelly, who said the current momentum of the Cologuard commercial ramp provides "strong basis" for the company's premium valuation while the combination of positive Cologuard catalysts and new product roll-outs provide upside to current levels, even after the stock's 75% rally since the beginning of 2018. Exact Sciences is a "must-own growth stock" given the "clean runway forward that is largely in its control with potential for discovery value in the pipeline outside of Cologuard," the analyst said. 2. Siemens (SIEGY) upgraded to Overweight from Neutral at JPMorgan by analyst Andreas Willi, who sees a relative valuation opportunity after the stock's 27% underperformance over the past two years. He believes investor sentiment can improve "after a period where the story has drifted." 3. Kadmon (KDMN) upgraded to Buy from Neutral at Citi by analyst Robyn Karnauskas, who assigned a 50% probability to KD-025 in chronic graft versus host disease with an unadjusted ~$900M market opportunity. However, upside to the stock will depend on quality of the data likely, Karnauskas said. 4. EverQuote (EVER) upgraded to Buy following Q4 beat at BofA/Merrill by analyst Mat Schindler, who said user growth has re-accelerated, supporting evidence of a turnaround, and thinks estimates are conservative and views the risk/reward as attractive. 5. Ally Financial (ALLY) upgraded to Buy from Hold at Sandler O'Neill by analyst Christopher Donat, who said he believes Ally's near-prime auto finance book is "meaningfully less risky" than Santander Consumer's (SC) book or the unsecured credit cards of Discover (DFS) and Capital One (COF), yet all four stocks trade at similar multiples. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/02/19
MSCO
04/02/19
NO CHANGE
Target $30
MSCO
Equal Weight
Ally buyback approval significantly higher than estimated, says Morgan Stanley
Morgan Stanley analyst Betsy Graseck noted that Fed CCAR instructions released on February 5 exempted banks with assets between $100B-$250B from the 2019 stress test, which meant that Ally Financial did not need to wait for Fed approval in June to announced that its board authorized the repurchase of up to $1.25B in common stock for 3Q19-2Q20. This $1.25B authorization is significantly higher than her $560M estimate, said Graseck, who raised her 2020 EPS estimate for Ally by 14c, or 3.5%, in response to the news. Graseck keeps an Equal Weight rating on Ally shares.
04/22/19
BMOC
04/22/19
NO CHANGE
Target $39
BMOC
Market Perform
Ally Financial price target raised to $39 from $34 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on Ally Financial to $39 after its Q1 earnings beat. The analyst is keeping his Market Perform rating however, saying he is concerned about the company's capital, with 9.3% B3CET1 ratio as the "lowest among its cohort". The analyst add that he prefers other opportunities among his coverage of large-cap banks, specialty lenders, and financial technology stocks.
04/02/19
SBSH
04/02/19
NO CHANGE
SBSH
Buy
Ally Financial buyback plan above forecast, says Citi
Citi analyst Arren Cyganovich says Ally Financial's new repurchase plan of up to $1.25B is above his forecast of $900M. The analyst is "somewhat surprised" by the 25% increase in the authorization with the implementation of the current expected credit loss model beginning on January 1, 2020, but he sees it as a sign of confidence that the company "can withstand the initial phased-in capital hit to book value." Cyganovich has a Buy rating on Ally Financial.
HST Host Hotels
$18.58

0.1 (0.54%)

12/20/18
MSCO
12/20/18
DOWNGRADE
MSCO
Underweight
Host Hotels downgraded to Underweight from Equal Weight at Morgan Stanley
02/20/19
STFL
02/20/19
NO CHANGE
Target $23
STFL
Buy
Host Hotels shares look cheap, says Stifel
Stifel analyst Simon Yarmak said he expects shares of Host Hotels & Resorts to outperform today following the company's Q4 beat and 2019 adjusted EBITDA guidance that topped consensus expectations. The stock is trading at the second lowest multiple in the lodging REIT sector and Host's balance sheet is in "the best position in its history," added Yarmak, who keeps a Buy rating and $23 price target on Host Hotels shares.
12/20/18
MSCO
12/20/18
DOWNGRADE
MSCO
Underweight
Host Hotels, Xenia Hotels downgraded to Underweight at Morgan Stanley
Morgan Stanley analyst Thomas Allen noted that his firm's economists expect business investment spending growth to slow from 6.6% in 2018 to 2.6% in 2019 and GDP growth to slow to 2.3% from 2.9%, adding that history suggests that U.S. hotel room nights should come under pressure due to reduced corporate demand in such a scenario. Given this context, Allen downgraded both Host Hotels (HST) and Xenia Hotels (XHR), each to Underweight from Equal Weight, stating that if RevPAR comes in weaker than expected, and cost inflation accelerates, they are at risk. Allen lowered his price target on Host to $16 from $21 and on Xenia to $17 from $22. Adding that he expects the Lodging REITs he covers to miss comparable consensus EBITDA expectations by 3% in 2019, Allen also lowered his price target on DiamondRock (DRH) to $8 from $11 and on Sunstone Hotel (SHO) to $12 from $15.
03/12/19
WOLF
03/12/19
DOWNGRADE
WOLF
Underperform
Host Hotels downgraded to Underperform from Peer Perform at Wolfe Research
Wolfe Research downgraded Host Hotels to Underperform citing slowing RevPAR growth and margin pressures.
SPGI S&P Global
$222.65

-4.49 (-1.98%)

01/11/19
ATLE
01/11/19
UPGRADE
Target $210
ATLE
Overweight
Atlantic sees better entry point into S&P Global, upgrades to Overweight
As previously reported before the open, Atlantic Equities analyst John Heagerty upgraded S&P Global (SPGI) to Overweight from Neutral, stating that the 20% decline in the shares since July has provided a better entry point into the stock. He lowered his EPS forecasts for both S&P and Moody's (MCO) to account for the fact that corporate debt issuance was "very weak" in Q4. However, he also noted that high yield spreads have narrowed quickly since the beginning of the year, which he believes should provide a steadier platform for issuance in 2019. Also, debt refinancing requirements, particularly for high yield issuers, continue to increase, noted Heagerty, who has a $210 price target on S&P shares.
02/08/19
UBSW
02/08/19
DOWNGRADE
Target $205
UBSW
Neutral
S&P Global downgraded to Neutral from Buy at UBS
UBS analyst Alex Kramm downgraded S&P Global to Neutral while raising his price target for the shares to $205 from $200. The company's outlook "remains highly uncertain for now," Kramm tells investors in a research note.
05/21/19
UBSW
05/21/19
UPGRADE
Target $252
UBSW
Buy
S&P Global upgraded to Buy from Neutral at UBS
UBS analyst Alex Kramm upgraded S&P Global to Buy from Neutral and raised his price target for the shares to $252 from $228. UBS Evidence Lab's recent survey of Chinese corporates indicates upside from Chinese debt ratings opportunities will materialize much sooner than the three-to-five years that S&P management and the market is currently expecting, Kramm tells investors in a research note. While the near-term issuance outlook continues to be uncertain, the "significant upside opportunity from China cannot be ignored," says the analyst. Further, he believes S&P Global's non-ratings segments should help insulate the company's earnings against Ratings volatility in the meantime.
04/05/19
PIPR
04/05/19
NO CHANGE
Target $242
PIPR
Overweight
Piper boosts S&P Global price target to $242, Moody's target to $205
Piper Jaffray analyst Peter Appert raised his price target for Overeight-rated S&P Global (SPGI) to $242 from $220 and for Neutral-rated Moody's (MCO) to $205 from $178. Debt issuance in Q1 was a "mixed bag," with "impressive" strength in investment grade and high yield issuance balanced by weaker performance in the loan and structured finance categories, Appert tells investors in a research note. The analyst's increased price targets reflect confidence in the secular growth story and higher multiples in the peer group. He remains a fan of the rating agency business model with a "modest preference" for S&P Global over Moody's given its "more diversified business mix and greater margin upside."
FITB Fifth Third
$27.42

0.42 (1.56%)

04/04/19
KBWI
04/04/19
UPGRADE
Target $32
KBWI
Outperform
Fifth Third upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Brian Klock upgraded Fifth Third Bancorp to Outperform from Market Perform with an unchanged price target of $32.
04/17/19
JEFF
04/17/19
DOWNGRADE
Target $84
JEFF
Hold
Comerica downgraded to Hold from Buy at Jefferies
Jefferies analyst Kenneth Usdin downgraded Comerica (CMA) to Hold from Buy with an unchanged price target of $84. Following negative earnings revisions post the company's Q1 results, the analyst does not see enough upside to warrant a Buy rating. Comerica's net interest income outlook is "proving even more challenging," with another deposit cost increase in March weighing most on forward estimates, Usdin tells investors in a research note. He prefers putting new money to work into Fifth Third Bancorp (FITB) for exposure to the regional banks.
04/25/19
BMOC
04/25/19
NO CHANGE
Target $33
BMOC
Market Perform
Fifth Third price target raised to $33 from $30 at BMO Capital
BMO Capital analyst Lana Chan raised her price target on Fifth Third to $33 after its "revenue-driven" Q1 earnings beat and better than expected balance sheet growth. The analyst is keeping her Market Perform rating on the stock, saying its discount valuation relative to its regional bank peers is warranted by the "uncertainty" around the company's ability to achieve its 2020 targets.
04/01/19
JEFF
04/01/19
NO CHANGE
JEFF
Jefferies upgrades Fifth Third, Wintrust to Buy, downgrades First Horizon
Jefferies analyst Ken Usdin upgraded both Fifth Third (FITB) and Wintrust Financial (WTFC) to Buy from Hold while downgrading First Horizon National (FHN) to Hold from Buy. Banks head into Q1 earnings season with a "complicated, but more attractive, set-up," Usdin tells investors in a research note. He believes negative earnings revisions based on the flatter curve will be "offset somewhat" by strong credit metrics. The analyst upgraded Fifth Third and raised his price target for the shares to $30 from $29 on earnings upside potential post the MB Financial deal close. Usdin upgraded Wintrust while lowering his price target for the shares to $77 from $78. He sees an attractive entry point following the recent underperformance. Usdin downgraded First Horizon and lowered his price target for the shares to $14 from $16.50 as he sees "meaningful" earnings revision risk.

TODAY'S FREE FLY STORIES

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GLOG

GasLog

$13.13

-0.23 (-1.72%)

, GLOP

GasLog Partners

$21.12

-0.37 (-1.72%)

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GasLog Partners

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GasLog Partners

$21.12

-0.37 (-1.72%)

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GasLog

$13.13

-0.23 (-1.72%)

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GasLog Partners

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GLOG

GasLog

$13.13

-0.23 (-1.72%)

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K

Kellogg

$55.76

0.13 (0.23%)

20:40
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Kellogg rating change at Consumer Edge »

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KRYS

Krystal Biotech

$41.15

11.87 (40.54%)

20:39
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Krystal Biotech 2.5M share Spot Secondary priced at $40.00 »

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FDS

FactSet

$293.20

-4.89 (-1.64%)

, LEN

Lennar

$51.41

0.09 (0.18%)

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FDS

FactSet

$293.20

-4.89 (-1.64%)

LEN

Lennar

$51.41

0.09 (0.18%)

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GNFT

Genfit

$20.19

-0.02 (-0.10%)

, GMDA

Gamida Cell

$7.21

-0.23 (-3.09%)

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Fly Intel: After Hours Movers »

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GNFT

Genfit

$20.19

-0.02 (-0.10%)

GMDA

Gamida Cell

$7.21

-0.23 (-3.09%)

03/08/13
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CGC

Canopy Growth

$40.51

0.31 (0.77%)

19:20
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Periodicals
Canopy Growth CEO says done buying other producers, Reuters says »

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AWK

American Water

$118.43

0.4 (0.34%)

19:18
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Hot Stocks
Illinois American Water investing over $1.8M in Farmington Water System »

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LMT

Lockheed Martin

$359.98

0.555 (0.15%)

19:14
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Periodicals
U.K.'s new F35 stealth aircraft used on operations, Telegraph says »

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GILD

Gilead

$68.86

-0.53 (-0.76%)

19:01
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06/24
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Hot Stocks
Gilead, Carna Biosciences announce research and development collaboration »

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BA

Boeing

$374.10

2.14 (0.58%)

18:59
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Hot Stocks
Boeing CEO approves quarterly dividend »

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  • 09

    Jul

GOOG

Alphabet

$1,115.75

-6.63 (-0.59%)

, GOOGL

Alphabet Class A

$1,117.00

-8.17 (-0.73%)

18:09
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Periodicals
Google tells workers Pride protests are against code of conduct, Verge says »

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GOOG

Alphabet

$1,115.75

-6.63 (-0.59%)

GOOGL

Alphabet Class A

$1,117.00

-8.17 (-0.73%)

03/08/13
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  • 09

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AAPL

Apple

$198.60

-0.17 (-0.09%)

17:53
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Apple to add 2,000 employees in Seattle over next 5 years »

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WMT

Walmart

$111.25

0.08 (0.07%)

, FB

Facebook

$192.56

1.4 (0.73%)

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Walmart in Mexico rolls out grocery delivery via WhatsApp, Reuters says »

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WMT

Walmart

$111.25

0.08 (0.07%)

FB

Facebook

$192.56

1.4 (0.73%)

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  • 10

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CAT

Caterpillar

$134.37

0.43 (0.32%)

17:46
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Caterpillar awarded share of $900M Defense Logistics Agency contract »

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FBK

FB Financial

$35.14

0.06 (0.17%)

17:45
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FB Financial provides update on its exit of wholesale mortgage channels »

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FLR

Fluor

$31.11

-0.99 (-3.08%)

17:44
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Fluor: Stork consortium awarded four-year agreement by Ecopetrol in Colombia »

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ERYP

Erytech Pharma

$6.69

(0.00%)

17:33
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Erytech Pharma announces strategic collaboration with SQZ Biotechnologies »

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LMT

Lockheed Martin

$359.98

0.555 (0.15%)

17:33
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Lockheed Martin awarded $561.80M Army contract »

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MDCO

The Medicines Co.

$35.38

-1.01 (-2.78%)

17:30
06/24/19
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Syndicate
The Medicines Co. files to sell $150M of common stock »

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MHTLY

Metcash

$0.00

(0.00%)

17:30
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Metcash rating change at Goldman Sachs »

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MKTX

MarketAxess

$332.76

-0.24 (-0.07%)

, LLL

L3 Technologies

$256.30

(0.00%)

17:28
06/24/19
06/24
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Hot Stocks
S&P announces changes to S&P 400, 500, 600 indices »

S&P Dow Jones Indices…

MKTX

MarketAxess

$332.76

-0.24 (-0.07%)

LLL

L3 Technologies

$256.30

(0.00%)

AAXN

Axon

$73.22

-0.12 (-0.16%)

MLAB

Mesa Labs

$227.44

-3.4 (-1.47%)

HRS

Harris

$197.28

-0.07 (-0.04%)

USNA

Usana

$72.41

-0.58 (-0.79%)

LION

Fidelity Southern

$30.18

-0.06 (-0.20%)

ABCB

Ameris Bancorp

$37.76

(0.00%)

XNCR

Xencor

$33.86

-1.31 (-3.72%)

HF

HFF Inc.

$45.25

-0.29 (-0.64%)

JLL

Jones Lang LaSalle

$137.43

-2.075 (-1.49%)

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  • 26

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TMSR

TMSR Holding

$1.67

(0.00%)

17:28
06/24/19
06/24
17:28
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17:28
Syndicate
Breaking Syndicate news story on TMSR Holding »

TMSR Holding files $50M…

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