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CG

Carlyle Group

$23.35

-0.31 (-1.31%)

, BEN

Franklin Resources

$34.97

-0.33 (-0.93%)

08:06
07/09/19
07/09
08:06
07/09/19
08:06

Morgan Stanley sees C-corp conversion announcement coming from Carlyle

Morgan Stanley analyst Michael Cyprys said he recommends owning Carlyle Group (CG) shares into the quarter, as he believes the company will announce plans to convert to a C-corporation along with its upcoming report, "albeit with a delayed effective date" to allow time for the complex underlying tax impact analysis. He thinks a conversion could bring greater clarity and visibility into targets, which could increase long only interest in the stock, Cyprys tells investors. In his broader preview of the earnings season for the Asset Manager group, the analyst noted that he lowered his Q2 EPS estimates by about 4% on average, cutting his estimates for Traditionals by 0.5%, for Alts by 11.5% and for Market Structure companies by 1.6%.

CG

Carlyle Group

$23.35

-0.31 (-1.31%)

BEN

Franklin Resources

$34.97

-0.33 (-0.93%)

BLK

BlackRock

$472.20

-6.05 (-1.27%)

IVZ

Invesco

$20.59

-0.38 (-1.81%)

LM

Legg Mason

$37.73

-0.205 (-0.54%)

TROW

T. Rowe Price

$108.95

-1.48 (-1.34%)

VCTR

Victory Capital

$18.01

-0.47 (-2.54%)

VRTS

Virtus Investment

$105.61

-2.08 (-1.93%)

WOR

Worthington

$39.34

-0.73 (-1.82%)

WETF

WisdomTree

$6.12

-0.16 (-2.55%)

APO

Apollo Global

$35.15

-0.685 (-1.91%)

ARES

Ares Management

$27.02

-0.07 (-0.26%)

BX

Blackstone

$46.24

-0.96 (-2.03%)

KKR

KKR

$25.40

-0.55 (-2.12%)

VIRT

Virtu Financial

$22.44

0.135 (0.61%)

TW

Tradeweb Markets

$46.85

0.58 (1.25%)

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CG Carlyle Group
$23.35

-0.31 (-1.31%)

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
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
FBCO
05/21/19
DOWNGRADE
FBCO
Neutral
Carlyle Group downgraded to Neutral from Outperform at Credit Suisse
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.
BEN Franklin Resources
$34.97

-0.33 (-0.93%)

04/15/19
SBSH
04/15/19
UPGRADE
SBSH
Neutral
Franklin Resources upgraded to Neutral from Sell at Citi
Citi analyst William Katz upgraded Franklin Resources to Neutral from Sell.
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).
04/15/19
SBSH
04/15/19
UPGRADE
Target $35
SBSH
Neutral
Citi upgrades Franklin Resources, Artisan to Neutral from Sell
Citi analyst William Katz upgraded both Franklin Resources (BEN) and Artisan Partners (APAM) to Neutral from Sell. The analyst raised his price target to $35 from $28 for the former and to $25 from $20 for the latter. Ahead of the Q1 earnings season, however, the analyst favors the Alternatives. His top picks are Och-Ziff Capital (OZM), Brookfield (BAM) and Blackstone (BX). Katz, though, is "tactically less negative" on the Traditional asset managers.
04/29/19
KBWI
04/29/19
DOWNGRADE
Target $33
KBWI
Underperform
Franklin Resources downgraded to Underperform at Keefe Bruyette
Keefe Bruyette analyst Robert Lee downgraded Franklin Resources to Underperform from Market Perform and lowered his price target for the shares to $33 from $34. The company's outflows are unlikely to abate despite some recent improvement, Lee tells investors in a research note.
BLK BlackRock
$472.20

-6.05 (-1.27%)

01/29/19
01/29/19
UPGRADE
Target $468

Buy
BlackRock upgraded to Buy on continued industry-leading growth at Jefferies
As previously reported, Jefferies analyst Daniel Fannon upgraded BlackRock to Buy from Hold, stating that it is benefiting from both structural shifts in investor behavior as well as secular trends and he believes the company can continue to deliver industry leading organic growth and capital return. Given the reset in earnings expectations, Fannon argues that the current risk/reward "is as attractive as it has been in 4 years." He raised his price target on BlackRock shares to $468 from $427.
01/29/19
01/29/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nvidia (NVDA) upgraded to Buy from Neutral at UBS with analyst Timothy Arcuri saying the 20% fiscal Q4 revenue miss preannounced and the stock drop "finally sets the stage for a new positive revision cycle starting this summer." 2. American Express (AXP) upgraded to Overweight from Neutral at Atlantic Equities. 3. BlackRock (BLK) upgraded to Buy from Hold at Jefferies with analyst Daniel Fannon saying it is benefiting from both structural shifts in investor behavior as well as secular trends and he believes the company can continue to deliver industry leading organic growth and capital return. 4. British American Tobacco (BTI) upgraded to Overweight from Neutral at Piper Jaffray with analyst Michael Lavery saying he views the stock's valuation as attractive at current levels and feels "modestly more comfortable" with Glo's patent litigation risk in Japan. 5. 3D Systems (DDD) and Stratasys (SSYS) were upgraded to Overweight from Neutral at Piper Jaffray. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/14/19
LEHM
03/14/19
NO CHANGE
Target $490
LEHM
Overweight
BlackRock price target raised to $490 from $472 at Barclays
Barclays analyst Jeremy Campbell raised his price target for BlackRock to $490 from $472 citing recent increases in assets under management. The analyst keeps an Overweight rating on the shares.
04/17/19
WELS
04/17/19
NO CHANGE
Target $480
WELS
Market Perform
BlackRock price target raised to $480 from $460 at Wells Fargo
Wells Fargo analyst Christopher Harris raised his price target for BlackRock to $480 from $460 as the shares outperformed on the day of the Q1 earnings report, seemingly because of solid organic growth, better-than-expected base fee revenue and average fee rate and no change in expense guidance despite year to date stock market strength. The analyst reiterates a Market Perform rating on the shares.
IVZ Invesco
$20.59

-0.38 (-1.81%)

06/07/19
JEFF
06/07/19
DOWNGRADE
Target $23
JEFF
Hold
Invesco downgraded to Hold from Buy at Jefferies
Jefferies analyst Daniel Fannon downgraded Invesco to Hold from Buy and lowered his price target for the shares to $23 from $24.
06/07/19
JEFF
06/07/19
DOWNGRADE
Target $23
JEFF
Hold
Jefferies downgrades Invesco on 'challenged' organic growth outlook
Jefferies analyst Daniel Fannon downgraded Invesco to Hold from Buy and lowered his price target for the shares to $23 from $24. While the combination with OFI will generate significant expense synergies, the outlook for organic growth remains "challenged," Fannon tells investors in a research note. The analyst expects continued attrition within Invesco's core active business and sees added uncertainty as the OFI integration takes hold. With the stock up 23% year-to-date, he views the risk/reward as "fairly balanced."
05/13/19
05/13/19
DOWNGRADE
Target $18

Sell
Invesco downgraded to Sell from Neutral at UBS
As previously reported, UBS analyst Brennan Hawken downgrades Invesco to Sell with a price target of $18 and recommends that investors fade the year-to-date rally after its stock appreciated by 27% - the most of any asset manager. The analyst expects the company's earnings multiple to contract after expanding even as the consensus estimates for 2020 have declined. Hawken further anticipates deal accretion to come below Invesco's targets, flat earnings, and "fundamental headwinds" for both Invesco and its acquired OppenheimerFunds.
05/13/19
UBSW
05/13/19
DOWNGRADE
UBSW
Sell
Invesco downgraded to Sell from Neutral at UBS
LM Legg Mason
$37.73

-0.205 (-0.54%)

05/22/19
05/22/19
UPGRADE
Target $35

In Line
Legg Mason upgraded to In Line at Evercore ISI on progress toward stability
As previously reported, Evercore ISI analyst Glenn Schorr upgraded Legg Mason to In Line from Underperform and raised his price target on the shares to $35 from $32. The analyst argues that with Legg Mason having made "a bunch of progress" toward accomplishing the mission of becoming a more stable company and now with the presence of an activist that should help them extract some more expense synergies, it does not feel like an underperform to him anymore.
05/22/19
EVER
05/22/19
UPGRADE
Target $35
EVER
In Line
Legg Mason upgraded to In Line from Underperform at Evercore ISI
Evercore ISI analyst Glenn Schorr upgraded Legg Mason to In Line from Underperform and raised his price target for the shares to $35 from $32.
05/14/19
RBCM
05/14/19
NO CHANGE
Target $39
RBCM
Outperform
Legg Mason price target raised to $39 from $35 at RBC Capital
RBC Capital analyst Kenneth Lee raised his price target on Legg Mason to $39 to reflect the upward drift in its peer group multiples since his last revision. The analyst also notes that the company's Q4 earnings were "in-line" and reduces his FY20 EPS outlook by 12c to $3.25 given his expected impact from its strategic restructuring and assumption of no buybacks this year, but keeps his Outperform rating on Legg Mason shares.
05/22/19
05/22/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Flir Systems (FLIR) upgraded to Outperform from In-Line at Imperial Capital with analyst Jeff Kessler saying after attending recent conferences, he believes prospects for Flir's safe cities and other civilian projects will improve starting in 2020. 2. Legg Mason (LM) upgraded to In Line from Underperform at Evercore ISI with analyst Glenn Schorr saying that with Legg Mason having made "a bunch of progress" toward accomplishing the mission of becoming a more stable company and now with the presence of an activist that should help them extract some more expense synergies, it does not feel like an underperform to him anymore. 3. Ericsson (ERIC) upgraded to Buy from Neutral at BofA/Merrill with analyst Tal Liani citing its 5G leadership and potential for longer-term share gains as well as the U.S. pressures on Huawei, which he thinks may add to Ericsson share gains. 4. Redfin (RDFN) upgraded to Neutral from Underperform at DA Davidson with analyst Tom White saying his proprietary data suggest that the company's listing share trends are not only improving but "establishing new highs." 5. AES Corp. (AES) upgraded to Buy from Hold at Argus with analyst Gary Hovis saying the company is now better positioned to generate "more consistent" earnings and dividend growth while trading at a "reasonable" valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
TROW T. Rowe Price
$108.95

-1.48 (-1.34%)

01/31/19
EVER
01/31/19
UPGRADE
EVER
Outperform
T. Rowe Price upgraded to Outperform from In Line at Evercore ISI
02/27/19
FBCO
02/27/19
NO CHANGE
Target $121
FBCO
Outperform
T. Rowe Price price target raised to $121 from $107 at Credit Suisse
Credit Suisse analyst Craig Siegenthaler raised his price target for T. Rowe Price to $121 from $107 after attending the company's 3rd Annual Investor Day. The analyst believes T. Rowe Price's investments in product, distribution and vehicles, when combined with its strong investment performance and attractively priced offerings, will all help the firm to continue to generate organic growth that is 300-400bps faster than peers. Additionally, Siegenthaler looks for expense growth to continue to decline as the pace of its investments decelerate with 4%-7% growth in 2019 comparing to 9% in 2018 and 12% in 2017. He reiterates an Outperform rating on the shares.
04/01/19
JEFF
04/01/19
NO CHANGE
Target $119
JEFF
Buy
T. Rowe Price price target raised to $119 from $103 at Jefferies
Jefferies analyst Daniel Fannon raised his price target for T. Rowe Price to $119 from $103 and keeps a Buy rating on the shares after spending time with management. With normal seasonality as a tailwind, T. Rowe appears on track to generate industry leading organic growth in Q1, Fannon tells investors in a research note. The company's "differentiated investment performance across all relevant time periods continues to distinguish it from the peer group," adds the analyst.
VCTR Victory Capital
$18.01

-0.47 (-2.54%)

05/16/19
RBCM
05/16/19
NO CHANGE
Target $19
RBCM
Outperform
Victory Capital price target raised to $19 from $16 at RBC Capital
RBC Capital analyst Kenneth Lee raised his price target on Victory Capital to $19 and kept his Outperform rating after its Q1 results. The analyst notes that while earnings were in-line and revenues missed consensus, the management has indicated that fund flows have improved "sharply" in April-May after larger than expected outflows last quarter. Lee adds that the timeframe for realization of the company's USAA Asset Management deal has also accelerated, with the updated guidance anticipating $110M in expense synergies vs. $100M prior forecast.
07/02/19
RILY
07/02/19
NO CHANGE
Target $24
RILY
Buy
Victory Capital price target raised to $24 from $20 at B. Riley FBR
B. Riley FBR analyst Randy Binner raised his price target for Victory Capital to $24 from $20 and keeps a Buy rating on the shares following the close of the USAA acquisition. Victory announced that it expects 2019 earnings to grow more than 40%, with 2020 expected at more than 100%, Binner tells investors in a research note.
06/10/19
OPCO
06/10/19
INITIATION
OPCO
Perform
Victory Capital initiated with a Perform at Oppenheimer
Oppenheimer started Victory Capital with a Perform rating and no price target. The firm believes "execution and retention" are needed for the stock to move higher.
06/11/19
06/11/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. FormFactor (FORM) initiated with a Buy at Needham. 2. Victory Capital (VCTR) initiated with a Perform at Oppenheimer. 3. Agilent (A) initiated with an Overweight at Piper Jaffray. 4. Danaher (DHR) initiated with a Neutral at Piper Jaffray. 5. Amag Pharmaceuticals (AMAG) initiated with an Overweight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
VRTS Virtus Investment
$105.61

-2.08 (-1.93%)

01/14/19
FBCO
01/14/19
NO CHANGE
Target $113
FBCO
Outperform
Virtus Investment price target lowered to $113 from $150 at Credit Suisse
Credit Suisse analyst Ari Ghosh lowered his price target for Virtus Investment to $113 from $150 ahead of quarterly results. The analyst reiterates an Outperform rating on the shares.
WOR Worthington
$39.34

-0.73 (-1.82%)

05/13/19
KEYB
05/13/19
NO CHANGE
KEYB
Chinese tariffs negative for Schnitzer Steel, positive for Luxfer, says KeyBanc
KeyBanc analyst Philip Gibbs notes that the Trump administration announced the U.S. will be ratcheting up import tariffs to 25% from 10% on about $200B worth of Chinese goods. All else equal, Gibbs sees this as a modest negative for steel producers as key consumables remain sticky, and a relative neutral for ArcelorMittal (MT) given its global exposure. On steelmaking raw materials, the analyst sees this as a neutral for Cleveland-Cliffs (CLF) and a negative for Schnitzer Steel (SCHN), with the latter in the heart of challenged non-ferrous export markets. He also views this largely as a neutral for distributors, with perhaps a modest positive of Worthington's (WOR) Cylinders segment. Clearer winners appear to be Global Brass and Copper (BRSS), Luxfer (LXFR), and Materion (MTRN), whereby it will be tougher for the Chinese to compete within the U.S. in its core businesses.
WETF WisdomTree
$6.12

-0.16 (-2.55%)

02/04/19
SBSH
02/04/19
DOWNGRADE
Target $4
SBSH
Sell
WisdomTree downgraded to Sell from Neutral at Citi
Citi analyst William Katz downgraded WisdomTree Investments to Sell and cut his price target for the shares to $4 from $7. The company reported "disappointing" Q4 results and expense guidance, Katz tells investors in a research note. To reflect higher compensation, lower margins and further fee rate pressure, the analyst dropped his 2019 and 2020 earnings estimates by 32%.
07/31/18
07/31/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. JEFFERIES UPS RATING, TARGET FOR CHIPOTLE: Jefferies analyst Andy Barish upgraded Chipotle Mexican Grill (CMG) to Buy from Hold and raised his price target for the shares to $550 from $400. Barish believes Chipotle is one of the better positioned companies to benefit from the ongoing shift to digital/off-premise. The company's operations are now poised to again handle increased volume and throughput, the analyst contended. Further, he believes new management's plans are "credible" and should help drive results in 2019 and beyond. The analyst called the stock a top mid-cap pick. NOMURA UPGRADES TWITTER TO NEUTRAL: Nomura Instinet analyst Mark Kelley upgraded Twitter (TWTR) to Neutral from Reduce with an unchanged price target of $31. After selling off 27% since the Q2 earnings report on July 27, expectations have been appropriately reset, Kelley told investors. The analyst believes Twitter's investments to clean up the platform will prove a longer term positive and lead to a more engaged user base. BARCLAYS PREFERS DEERE TO CATERPILLAR: Barclays analyst Adam Seiden downgraded Caterpillar (CAT) to Equal Weight from Overweight and lowered his price target for the shares to $155 from $170. The company's largest end-markets are no longer at trough, and the analyst believes Caterpillar's second half of 2018 price initiatives, directed towards offsetting supply chain and materials cost increases, will limit its ability to expand margins. The analyst prefers shares of Deere (DE) and CNH Industrial (CNH), which he says are at similar valuations but are earlier in their market cycles. CITI SAYS SELL WISDOMTREE: Citi analyst William Katz placed a low probability on Franklin Resources (BEN) acquiring WisdomTree (WETF), and downgraded WisdomTree to Sell, lowering his price target for the shares to $7 from $10. The analyst downgraded the shares to Neutral on July 13. Katz believes WisdomTree's price-to-earnings multiple can further contract amid mixed flow dynamics and flat earnings growth prospects out to 2020. JPMORGAN SAYS GOPRO MAY SEE SHORT SQUEEZE: JPMorgan analyst Paul Coster believes "muted" expectations and elevated short-interest could position GoPro (GPRO) shares for a "short squeeze" rally after the company's Q2 results. The analyst expects the company to post an in-line quarter. GoPro must entice existing users to upgrade to a new flagship camera expected to be released in early Q4, and convert new users for a product category that "feels a bit long in the tooth now," Coster said. He lowered his price target for GoPro shares to $7 from $8 and kept a Neutral rating on GoPro.
12/18/18
SBSH
12/18/18
UPGRADE
Target $6.5
SBSH
Neutral
Citi upgrades both WisdomTree, Federated Investors to Neutral from Sell
Citi analyst William Katz upgraded both WisdomTree Investments (WETF) and Federated Investors (FII) to Neutral from Sell and raised his price target for the former to $6.50 from $6.00 and for the latter to $24 from $21. For WisdomTree, the analyst sees improving organic growth and a more balanced risk/reward at current share levels. However, he wants to see a "sustained pick up in flows" before recommending the shares with a Buy rating. For Federated, the analyst's upgrade reflects a more constructive money market outlook and less negative view of long-term flows. However, Katz remains on the sidelines pending a more "decisive upturn" in the company's long-term flows.
12/18/18
SBSH
12/18/18
UPGRADE
SBSH
Neutral
WisdomTree upgraded to Neutral from Sell at Citi
Citi analyst William Katz upgraded WisdomTree to Neutral.
APO Apollo Global
$35.15

-0.685 (-1.91%)

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).
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.
06/27/19
SBSH
06/27/19
NO CHANGE
SBSH
Blackstone removed from U.S. Focus List at Citi
Citi analyst William Katz removed Blackstone (BX) from his firm's U.S. Focus List following the stock's 40% year-to-date appreciation. The analyst sees greater upside elsewhere but believes Blackstone's fundraising and business diversification "remains best-in-class." value. Apollo Global (APO) now sits atop the analyst's ranks given the company's "incrementally more attractive risk/reward paired with favorable C-Corp catalysts."
ARES Ares Management
$27.02

-0.07 (-0.26%)

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.
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%."
BX Blackstone
$46.24

-0.96 (-2.03%)

06/25/19
SBSH
06/25/19
INITIATION
Target $23
SBSH
Buy
Tallgrass Energy reinstated with a Buy at Citi
Citi analyst Timm Schneider reinstated coverage of Tallgrass Energy (TGE) following the company's transaction with Blackstone (BX) and keeps a Buy rating and $23 price target on the shares. He expects lower volumetric throughput and tariff rates from 2020 onwards given contract expirations amid what may be a challenging re-contracting environment.
06/05/19
MSCO
06/05/19
NO CHANGE
Target $50
MSCO
Overweight
Morgan Stanley lays out 3 reasons to buy Blackstone after C-Corp conversion
Morgan Stanley analyst Michael Cyprys laid out three reasons he sees for buying Blackstone in the wake of the company's announcement to convert to a C-Corporation. Namely, he believes the stock is under-owned; he forecasts faster revenue growth for the company than he does for other financials; and he views the shares as valued "well below" other high quality financial services stocks. Cyprys, who keeps an Overweight rating on Blackstone shares, raised his price target on the stock to $50 from $45 as he shifted his valuation focus to P/E from sum-of-the-parts.
07/08/19
JMPS
07/08/19
DOWNGRADE
JMPS
Market Perform
Blackstone downgraded to Market Perform from Outperform at JMP Securities
JMP Securities analyst Devin Ryan downgraded Blackstone to Market Perform from Outperform, stating that his conversations with investors lead him to believe that many generalist money managers have been underweight Financials for some time and that this accelerated when the yield curve inverted earlier in the year. While he remains bullish on fundamentals, Ryan thinks the risk/reward in some of the more recent outperformers, such as Blackstone, is becoming more balanced, he said.
KKR KKR
$25.40

-0.55 (-2.12%)

05/21/19
05/21/19
DOWNGRADE
Target $29

Neutral
KKR downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler downgraded KKR to Neutral from Outperform, with a $29 price target. The analyst cited a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. Siegenthaler 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
FBCO
05/21/19
DOWNGRADE
FBCO
Neutral
KKR downgraded to Neutral from Outperform at Credit Suisse
04/02/19
BERN
04/02/19
DOWNGRADE
BERN
Underperform
KKR downgraded to Underperform from Market Perform at Bernstein
VIRT Virtu Financial
$22.44

0.135 (0.61%)

06/25/19
RSBL
06/25/19
INITIATION
Target $29
RSBL
Buy
Virtu Financial initiated with a Buy at Rosenblatt
Rosenblatt initiated Virtu Financial with a Buy rating and $29 price target.
06/26/19
06/26/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Slack Technologies (WORK) initiated with an Outperform at Baird. 2. Virtu Financial (VIRT) initiated with a Buy at Rosenblatt. 3. Kadmon (KDMN) initiated with an Outperform at Oppenheimer. 4. Baxter (BAX) initiated with a Sector Weight at KeyBanc. 5. LiveRamp (RAMP) initiated with a Positive at Susquehanna. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/04/19
MSCO
01/04/19
NO CHANGE
MSCO
Morgan Stanley says buy TD Ameritrade ahead of earnings, negative on Virtu
Morgan Stanley analyst Michael Cyprys lowered his Q4 EPS estimates by 11% for the Asset Manager and Broker group given that the S&P 500 fell nearly 14% in the quarter, upending what had been a positive year for equity markets up until that point. For 2019, he favors the discount brokers - TD Ameritrade (AMTD), E-Trade (ETFC) and Charles Schwab (SCHW) - given their more defensive earnings profiles. Ahead of the Q4 earnings season he sees TD Ameritrade as "compelling" given its greater skew to trading revenues among the eBrokers, greater derivative mix and rising client cash levels, Cyprys tells investors. He also views concerns around commission price cuts as overdone as doe not expect Charles Schwab to cut, the analyst added. Ahead of Q4 reporting, Cyprys is negative on Virtu Financial (VIRT), as he thinks expectations are too high and notes the stock has recently outperformed.
01/04/19
GSCO
01/04/19
UPGRADE
Target $120
GSCO
Buy
Virtu Financial upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Alexander Blostein upgraded Virtu Financial to Buy from Neutral with a price target of $29. The analyst cites the "cyclical recovery in volatility" supporting higher rates of growth for Virtu's revenue and earnings. Blostein also expects the company's earnings to be amplified by the accretion from its recent ITG deal, modeling FY19 EPS at $1.95. The analyst anticipates that over the longer term, "further consolidation in the market-making and agency execution space" should remain favorable amid subsiding cost pressures and higher efficiencies across the capital market ecosystem.
TW Tradeweb Markets
$46.85

0.58 (1.25%)

06/17/19
RAJA
06/17/19
INITIATION
RAJA
Market Perform
Tradeweb Markets initiated with a Market Perform at Raymond James
Raymond James analyst Patrick O'Shaughnessy started Tradeweb Markets with a Market Perform rating saying the company is "attractive" but trades at a "premium" valuation.
06/18/19
RAJA
06/18/19
INITIATION
RAJA
Market Perform
Tradeweb 'attractive,' but trades at 'premium' valuation, says Raymond James
Raymond James analyst Patrick O'Shaughnessy started Tradeweb Markets with a Market Perform rating saying the company is "attractive" but trades at a "premium" valuation. In a research note to investors, the analyst says he believes the company can sustain mid-to-high single-digit revenue growth while also generating positive operating leverage due to a relatively fixed cost base, but feels that Tradeweb's current valuation offers limited upside for investors. O'Shaughnessy says he prefers to remain on the sidelines waiting for a more attractive entry point.
04/29/19
04/29/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Iovance Biotherapeutics (IOVA) initiated with an Overweight at Piper Jaffray. 2. Tradeweb Markets (TW) initiated with a Market Perform at Wells Fargo, a Hold at Jefferies and Sandler O'Neill, an Equal Weight at Morgan Stanley and Barclays, as well as a Neutral at BofA/Merrill, Goldman Sachs, Credit Suisse, and Citi. 3. Penn Virginia (PVAC) initiated with an Outperform at Imperial Capital. 4. NGM Biopharmaceuticals (NGM) initiated with an Outperform at Cowen as well as a Buy at Goldman Sachs and Citi. 5. Silk Road Medical (SILK) initiated with an Overweight at JPMorgan, an Outperform at BMO Capital, a Buy at Stifel, and a Neutral at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/29/19
WELS
04/29/19
INITIATION
Target $40
WELS
Market Perform
Tradeweb Markets initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Christopher Harris started coverage of Tradeweb Markets with a Market Perform rating and a $40 price target. The analyst believes the shares offer equity investors a rare play on the electronification of the fixed income markets, which he expects to be a multi-year theme and significant growth driver for the company. Yet, following material appreciation since the IPO, the shares are trading at a fairly high premium to exchange and financial technology peers, he contends.

TODAY'S FREE FLY STORIES

BHVN

Biohaven Pharmaceutical

$44.16

-0.61 (-1.36%)

18:12
07/19/19
07/19
18:12
07/19/19
18:12
Hot Stocks
Biohaven receives CRL from FDA for application seeking NURTEC approval »

Biohaven Pharmaceutical…

03/08/13
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03/06/13
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  • 09

    Sep

CE

Celanese

$107.01

0.9 (0.85%)

18:01
07/19/19
07/19
18:01
07/19/19
18:01
Hot Stocks
Celanese announces acetyl intermediates price increases »

Celanese Corporation…

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  • 23

    Jul

F

Ford

$10.20

-0.06 (-0.58%)

17:48
07/19/19
07/19
17:48
07/19/19
17:48
Periodicals
Ford plans to lay off 185 employees at Ontario plant, Reuters reports »

A union local said that…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 24

    Jul

  • 23

    Oct

RTN

Raytheon

$178.55

2.45 (1.39%)

17:48
07/19/19
07/19
17:48
07/19/19
17:48
Hot Stocks
Raytheon awarded $191.01M Air Force contract modification »

Raytheon has been awarded…

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  • 25

    Jul

UTX

United Technologies

$132.37

1.08 (0.82%)

17:44
07/19/19
07/19
17:44
07/19/19
17:44
Hot Stocks
United Technologies awarded $253.71M Air Force contract »

United Technologies has…

03/08/13
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03/08/13
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03/06/13
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  • 23

    Jul

LMT

Lockheed Martin

$356.90

0.675 (0.19%)

17:40
07/19/19
07/19
17:40
07/19/19
17:40
Hot Stocks
Lockheed Martin awarded $1.47B Missile Defense Agency contract modification »

Lockheed Martin has been…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 23

    Jul

ARES

Ares Management

$28.13

-0.305 (-1.07%)

17:33
07/19/19
07/19
17:33
07/19/19
17:33
Syndicate
Breaking Syndicate news story on Ares Management »

Ares Management files…

03/08/13
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03/06/13
Citigroup
03/06/13
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  • 31

    Jul

  • 06

    Aug

HAFC

Hanmi Financial

$21.68

-0.105 (-0.48%)

17:33
07/19/19
07/19
17:33
07/19/19
17:33
Hot Stocks
Hanmi Financial to delay release of Q2 results »

Hanmi Financial announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
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Citigroup
03/06/13
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  • 23

    Jul

PAYS

Paysign

$17.49

-0.48 (-2.67%)

17:32
07/19/19
07/19
17:32
07/19/19
17:32
Syndicate
Breaking Syndicate news story on Paysign »

Paysign files $150M mixed…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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MEOH

Methanex

$43.19

0.83 (1.96%)

17:28
07/19/19
07/19
17:28
07/19/19
17:28
Hot Stocks
Methanex reaches final investment decision on methanol plant in Geismar, LA »

Methanex Corporation…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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  • 01

    Aug

17:17
07/19/19
07/19
17:17
07/19/19
17:17
Conference/Events
Credit Suisse biotech analysts to hold an analyst/industry conference call »

Biotech Analysts provide…

17:14
07/19/19
07/19
17:14
07/19/19
17:14
Conference/Events
UBS retail/hardlines analyst to hold an analyst/industry conference call »

Retail/Hardlines Analyst…

SHIP

Seanergy Marine

$0.64

-0.0425 (-6.25%)

17:05
07/19/19
07/19
17:05
07/19/19
17:05
Hot Stocks
Seanergy Maritime receives noncompliance notice from Nasdaq »

Seanergy Maritime…

03/08/13
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03/08/13
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03/06/13
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SONM

Sonim

$13.42

0.24 (1.82%)

16:41
07/19/19
07/19
16:41
07/19/19
16:41
Conference/Events
Sonim management to meet with Oppenheimer »

Meetings to be held on…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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  • 24

    Jul

  • 25

    Jul

  • 26

    Jul

  • 12

    Sep

KINS

Kingstone Companies

$8.81

0.09 (1.03%)

16:30
07/19/19
07/19
16:30
07/19/19
16:30
Hot Stocks
Kingstone names Barry Goldstein CEO »

Kingstone Companies…

03/08/13
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  • 07

    Aug

  • 09

    Aug

16:30
07/19/19
07/19
16:30
07/19/19
16:30
Options
Preliminary option volume of 22.6M today »

Preliminary option volume…

BA

Boeing

$377.34

16.17 (4.48%)

, MSFT

Microsoft

$136.62

0.33 (0.24%)

16:24
07/19/19
07/19
16:24
07/19/19
16:24
On The Fly
Fly Intel: Wall Street's top stories for Friday »

Stocks were tentatively…

BA

Boeing

$377.34

16.17 (4.48%)

MSFT

Microsoft

$136.62

0.33 (0.24%)

AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

AAPL

Apple

$202.62

-3.02 (-1.47%)

WMT

Walmart

$113.91

-0.77 (-0.67%)

DIS

Disney

$139.86

-1.76 (-1.24%)

GCI

Gannett

$9.43

1.53 (19.37%)

CRWD

Crowdstrike

$83.50

10.75 (14.78%)

SKX

Skechers

$39.00

4.25 (12.23%)

PACB

Pacific Biosciences

$5.34

-0.53 (-9.03%)

ILMN

Illumina

$293.10

-5.44 (-1.82%)

CHWY

Chewy

$30.70

-2.09 (-6.37%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 24

    Jul

  • 25

    Jul

  • 29

    Jul

  • 30

    Jul

  • 03

    Aug

  • 06

    Aug

  • 06

    Aug

  • 08

    Aug

  • 15

    Aug

  • 03

    Sep

  • 25

    Sep

  • 13

    Nov

VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
07/19/19
07/19
16:20
07/19/19
16:20
Options
Closing CBOE SPX and VIX Index summary for July 19th »

The CBOE Volatility Index…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
07/19/19
07/19
16:17
07/19/19
16:17
Technical Analysis
NASDAQ market internals summary »

Volume was average for…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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BCBP

BCB Bancorp

$12.71

-0.09 (-0.70%)

16:17
07/19/19
07/19
16:17
07/19/19
16:17
Earnings
BCB Bancorp reports Q2 EPS 30c, consensus 30c »

Net interest margin was…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
07/19/19
07/19
16:16
07/19/19
16:16
Technical Analysis
NYSE market internals summary »

Volume was below average…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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CNXM

CNX Midstream Partners

$14.30

-0.205 (-1.41%)

16:16
07/19/19
07/19
16:16
07/19/19
16:16
Hot Stocks
CNX Midstream Partners raises quarterly distribution 3.6% to 38.65c per unit »

CNX Midstream Partners…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 30

    Jul

TELL

Tellurian

$7.25

0.22 (3.13%)

16:16
07/19/19
07/19
16:16
07/19/19
16:16
Syndicate
Breaking Syndicate news story on Tellurian »

Tellurian files to sell…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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16:15
07/19/19
07/19
16:15
07/19/19
16:15
General news
Breaking General news story  »

Boston Federal Reserve…

ROKU

Roku

$106.83

-2.18 (-2.00%)

16:13
07/19/19
07/19
16:13
07/19/19
16:13
Conference/Events
Roku management to meet with Oppenheimer »

Bull/Bear Luncheon to be…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 22

    Jul

  • 07

    Aug

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