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STT

State Street

$56.81

0.29 (0.51%)

, BK

BNY Mellon

$44.53

-0.1 (-0.22%)

07:30
07/08/19
07/08
07:30
07/08/19
07:30

Morgan Stanley cuts large cap banks view, double downgrades State Street, BNY

As previously reported, Morgan Stanley analyst Betsy Graseck double downgraded State Street (STT) and BNY Mellon (BK), each to Underweight from Overweight, and downgraded her industry view for large cap banks to In-Line from Attractive. The group is up 23% year-to-date, but the next 6-18 months look tougher as global GDP is slowing, inflation expectations are dimming and the Fed is expected to cut rates in 2019 and 2020, which will make it "much harder for bank stocks to deliver positive surprises in operating leverage," Graseck tells investors. While she is not double downgrading the group to Cautious, because credit remains strong, Graseck sees trust banks as most exposed to the yield curve ahead of what she foresees as "18 months of rate cuts," the analyst added. She lowered her price targets on a number of large cap banks and cut her target on State Street to $55 from $69 while dropping her target for BNY to $41 from $50.

STT

State Street

$56.81

0.29 (0.51%)

BK

BNY Mellon

$44.53

-0.1 (-0.22%)

  • 17

    Jul

  • 19

    Jul

  • 06

    Aug

STT State Street
$56.81

0.29 (0.51%)

06/26/19
UBSW
06/26/19
DOWNGRADE
UBSW
Neutral
State Street downgraded to Neutral from Buy at UBS
06/26/19
UBSW
06/26/19
DOWNGRADE
Target $58
UBSW
Neutral
State Street downgraded to Neutral from Buy at UBS
UBS analyst Brennan Hawken downgraded State Street to Neutral from Buy and lowered his price target to $58 from $68. In a research note to investors, the analyst says he has "very little confidence" in when the company will be able to get past the headwinds it is facing. While the analyst notes that the past year has been difficult for State Street and its valuation reflects that, he feels estimates are still too high which limits his confidence in any positive catalyst emerging.
06/26/19
06/26/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. State Street (STT) downgraded to Neutral from Buy at UBS with analyst Brennan Hawken saying he has "very little confidence" in when the company will be able to get past the headwinds it is facing. 2. Allergan (AGN) downgraded to Neutral from Buy at Mizuho with analyst Irina Koffler saying she views the AbbVie (ABBV) deal as "a hard-fought and timely exit" for shareholders, citing her concerns about the weakness in Allergan's aesthetics portfolio and the company's growth challenges. 3. Kinder Morgan (KMI) downgraded to Market Perform from Outperform at Raymond James with analyst Justin Jenkins saying shares are up approximately 35% year-to-date and trade at an above-peer multiple despite a mixed outlook for the asset portfolio. 4. Papa John's (PZZA) downgraded to Neutral from Buy at Kalinowski. 5. Illinois Tool Works (ITW) downgraded to Sell from Neutral at Northcoast with the firm's analyst citing concentrated Automotive exposure. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/08/19
MSCO
07/08/19
DOWNGRADE
MSCO
Underweight
State Street downgraded to Underweight from Overweight at Morgan Stanley
Morgan Stanley analyst Betsy Graseck double downgraded State Street to Underweight from Overweight.
BK BNY Mellon
$44.53

-0.1 (-0.22%)

01/09/19
SBSH
01/09/19
DOWNGRADE
Target $52
SBSH
Neutral
BNY Mellon downgraded to Neutral from Buy at Citi
Citi analyst Keith Horowitz downgraded BNY Mellon to Neutral with a $52 price target. The analyst believes the company's valuation relative to peers has gotten full and says he cannot justify a strong case for 15% plus upside from current levels. He views BK as fairly valued at current prices.
04/18/19
RBCM
04/18/19
NO CHANGE
Target $52
RBCM
Sector Perform
BNY Mellon price target lowered to $52 from $58 at RBC Capital
RBC Capital analyst Gerard Cassidy lowered his price target on BNY Mellon to $52 and kept his Sector Perform rating, saying the company hit an "air pocket" in Q1 as revenues underperformed expectations due to pricing pressure and negative core business trends. The analyst notes that BNY Mellon is "focused on optimizing profitability through organic growth" but the stock may continued trading at the lower end of its historical multiple range until there is an improvement in pricing, a more benign outlook for interest rates, and more consistent positive operating leverage.
06/18/19
DBAB
06/18/19
DOWNGRADE
Target $44
DBAB
Hold
BNY Mellon downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Brian Bedell downgraded Charles Schwab to Hold from Buy and lowered his price target for the shares to $44 from $50. The analyst is downgrading some interest rate sensitive stocks in the Brokers and Asset Managers space ahead of the Q2 reporting season.
07/08/19
MSCO
07/08/19
DOWNGRADE
MSCO
Underweight
BNY Mellon downgraded to Underweight from Overweight at Morgan Stanley
Morgan Stanley analyst Betsy Graseck double downgraded BNY Mellon to Underweight from Overweight.

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Goldman Sachs

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HRTG

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UGAZ

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TTM

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  • 25

    Jul

DGAZ

VelocityShares 3x Inv Natural Gas ETN

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APRN

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  • 06

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REKR

Rekor Systems

$2.53

0.21 (9.05%)

, NVDA

Nvidia

$165.73

-1.51 (-0.90%)

09:58
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Rekor Systems

$2.53

0.21 (9.05%)

NVDA

Nvidia

$165.73

-1.51 (-0.90%)

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  • 15

    Aug

JBHT

J.B. Hunt

$99.00

6.5 (7.03%)

, R

Ryder

$58.12

1.39 (2.45%)

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FDX

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Goldman Sachs

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3.14 (1.48%)

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GS

Goldman Sachs

$214.61

3.06 (1.45%)

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  • 16

    Jul

SBUX

Starbucks

$90.02

-0.13 (-0.14%)

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Starbucks rating change at OTR Global »

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  • 25

    Jul

GS

Goldman Sachs

$213.56

2.01 (0.95%)

, TW

Tradeweb Markets

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Goldman Sachs

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2.01 (0.95%)

TW

Tradeweb Markets

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JNJ

Johnson & Johnson

$132.30

-2.37 (-1.76%)

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  • 16

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IMRN

Immuron

$6.62

3.78 (133.10%)

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TWLO

Twilio

$146.09

0.735 (0.51%)

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  • 16

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SPAR

Spartan Motors

$11.68

1.77 (17.86%)

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  • 06

    Aug

LEA

Lear

$127.00

-8.08 (-5.98%)

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  • 26

    Jul

ARW

Arrow Electronics

$64.20

-4.62 (-6.71%)

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UGAZ

VelocityShares 3x Long Natural Gas ETN

$16.31

-1.67 (-9.29%)

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  • 25

    Jul

APRN

Blue Apron

$8.37

0.72 (9.41%)

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  • 06

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