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TRI

Thomson Reuters

$70.43

2.925 (4.33%)

, BX

Blackstone

$49.29

0.01 (0.02%)

19:28
07/28/19
07/28
19:28
07/28/19
19:28

Fly Intel: Top five weekend stock stories

Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Thomson Reuters (TRI) confirmed that it and private equity funds affiliated with Blackstone (BX) are in discussions related to a possible acquisition of Refinitiv by the London Stock Exchange (LNSTY) for a total enterprise value of approximately $27B. New London Stock Exchange shares are contemplated to be issued as consideration in full for Refinitiv's equity value, after adjusting for Refinitiv's net debt and other adjustments. The parties anticipate that the transaction would result in Thomson Reuters holding an approximate 15% stake in the London Stock Exchange if completed. The Refinitiv business is currently 55% owned by private equity funds managed by Blackstone and 45% by Thomson Reuters. Reuters News 30-year agreement signed last year with Refinitiv will continue if ownership of Refinitiv changes. 2. Using his Twitter account, Tesla (TSLA) CEO Elon Musk said that, "Ability to stream YouTube [GOOGL] & Netflix [NFLX] when car is stopped coming to your Tesla soon! Has an amazingly immersive, cinematic feel due to the comfy seats & surround sound audio. [...] When full self-driving is approved by regulators, we will enable video while moving." 3. Cable - and its satellite TV sibling - was an awesome technology 20/30 years ago when competition was over-the-air broadcasting but in the era of Netflix, Hulu, and other streaming services, cable is fading, Eric Savitz wrote in this week's edition of Barron's. Between AT&T (T), Comcast (CMCSA), Dish (DISH), Verizon (VZ), Charter (CHTR) and Altice USA (ATUS), subscriber losses in just two years reach about 8M, but investors don't seem to mind as losing video subscribers actually boots the profitability of the cablecos and telcos, since video carries lower profit margins than broadband, which continues to thrive, the author contended. And while the trend should be a boon to virtual cable services like AT&T's DirectTV Now and Google's (GOOG) YouTube TV, the virtual TV bundles are no magic cure for what ails pay tv and a wave of price increases has made services less appealing, the report added. 4. Disney's (DIS) "The Lion King" took in $75.5M in its sophomore outing for a domestic cume of $350M and a global cume of $962.7M. As the movie approaches the $1B mark, Disney also announced that it has now reached $7.67B in 2019 global ticket sales, surpassing the industry record it set back in 2016 with $7.61B. "The Lion King" received 55% on Rotten Tomatoes and an A CinemaScore. 5. PG&E (PCG), Microsoft (MSFT), Cisco (CSCO), IBM (IBM), HP (HPQ), Texas Instruments (TXN), Intel (INTC), Oracle (ORCL), Apple (AAPL) and SoftBank (SFTBY, SFTBF) saw positive mentions in this week's edition of Barron's.

TRI

Thomson Reuters

$70.43

2.925 (4.33%)

BX

Blackstone

$49.29

0.01 (0.02%)

LNSTY

London Stock Exchange

$0.00

(0.00%)

TSLA

Tesla

$227.99

-0.74 (-0.32%)

GOOG

Alphabet

$1,240.00

105.66 (9.31%)

GOOGL

Alphabet Class A

$1,236.00

99.31 (8.74%)

NFLX

Netflix

$336.00

9.46 (2.90%)

T

AT&T

$34.16

0.35 (1.04%)

CMCSA

Comcast

$44.64

0.01 (0.02%)

CMCSK

Comcast

$0.00

(0.00%)

DISH

Dish

$39.51

0.36 (0.92%)

VZ

Verizon

$57.08

0.7 (1.24%)

CHTR

Charter

$398.84

-6.83 (-1.68%)

ATUS

Altice USA

$26.42

0.575 (2.22%)

DIS

Disney

$144.62

1.44 (1.01%)

PCG

PG&E

$18.69

0.35 (1.91%)

MSFT

Microsoft

$141.34

1.13 (0.81%)

CSCO

Cisco

$56.50

-0.13 (-0.23%)

IBM

IBM

$151.40

1.02 (0.68%)

HPQ

HP Inc.

$21.52

0.19 (0.89%)

TXN

Texas Instruments

$128.15

0.8 (0.63%)

INTC

Intel

$51.56

-0.6 (-1.15%)

ORCL

Oracle

$58.50

0.2 (0.34%)

AAPL

Apple

$207.78

0.76 (0.37%)

SFTBY

SoftBank

$0.00

(0.00%)

SFTBF

SoftBank

$0.00

(0.00%)

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TRI Thomson Reuters
$70.43

2.925 (4.33%)

06/25/19
MACQ
06/25/19
DOWNGRADE
MACQ
Neutral
Thomson Reuters downgraded to Neutral from Outperform at Macquarie
07/15/19
BOFA
07/15/19
INITIATION
Target $70
BOFA
Neutral
Thomson Reuters reinstated with a Neutral at BofA/Merrill
BofA Merrill Lynch analyst Gary Bisbee reinstated coverage of Thomson Reuters (TRI) with a Neutral rating and $70 price target, telling investors that the company's sale of a 55% stake in Refinitiv to Blackstone (BX) is a win-win and that the "new" Thomson is a "cleaner, faster growth story." However, he also sees this being largely priced in after a run-up in the stock over the last twelve months.
07/24/19
ADAM
07/24/19
DOWNGRADE
Target $58
ADAM
Sell
Canaccord downgrades Thomson Reuters to Sell following 'prolific' rally
As previously reported, Canaccord analyst Aravinda Galappatthige downgraded Thomson Reuters to Sell from Hold ahead of the company's earnings report on August 1, stating that he expects year-over-year revenue growth of about 10% and organic revenue growth of about 4% in Q2. While the core business is performing well, he believes there is some downside risk to the embedded valuation of over $10B for Refinitiv and notes that the stock is trading at an "unprecedented" valuation after its "prolific" 41% year-to-date advance. Galappatthige keeps a $58 price target on Thomson Reuters shares.
07/24/19
ADAM
07/24/19
DOWNGRADE
ADAM
Sell
Thomson Reuters downgraded to Sell from Hold at Canaccord
BX Blackstone
$49.29

0.01 (0.02%)

07/19/19
MSCO
07/19/19
NO CHANGE
Target $56
MSCO
Overweight
Blackstone price target raised to $56 after earnings at Morgan Stanley
Morgan Stanley analyst Michael Cyprys raised his price target on Blackstone shares to $56 from $54 following the company's "strong" Q2 results, telling investors that the firm's asset gathering "is coming in faster and larger than expected." The fundraising gives him confidence that Blackstone will hit its $2.00 per share run rate in management fee earnings by the end of 2020 and he sees room for the stock's multiple to expand further, said Cyprys,who keeps an Overweight rating on Blackstone shares.
07/09/19
MSCO
07/09/19
NO CHANGE
MSCO
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%.
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.
LNSTY London Stock Exchange
$0.00

(0.00%)

TSLA Tesla
$227.99

-0.74 (-0.32%)

07/25/19
NEED
07/25/19
NO CHANGE
NEED
Underperform
Needham cautious on Tesla's second half goals
Needham analyst Rajvindra Gill kept his Underperform rating on Tesla after its "significant" loss reported in Q2 along with a "slight" increase in its margins hurt by average selling price reductions across all of its vehicle models. The analyst notes that while the company affirmed its FY19 delivery target and forecast profitability in Q4, he is cautious on that outlook as it would require a "significant snapback" in the second half of the year. Gill sees Tesla remaining challenged by "structurally low margins" and growing competition.
07/25/19
WEDB
07/25/19
NO CHANGE
Target $220
WEDB
Neutral
Tesla price target lowered to $220 from $230 at Wedbush
Wedbush analyst Daniel Ives lowered his price target for Tesla to $220 from $230 to reflect a softer margin profile and pushed out profitability looking ahead. The analyst notes that the company delivered some bad news that will weigh on shares on Thursday as the company significantly missed the Street on the bottom line with "disappointing" gross margins that fundamentally call into question its ability to show sustainable profitability on the heels of lower margin Model 3 units going forward. Ives reiterates a Neutral rating on the shares.
07/25/19
ROTH
07/25/19
NO CHANGE
Target $224
ROTH
Neutral
Tesla price target lowered to $224 from $238 at Roth Capital
Roth Capital analyst Craig Irwin lowered his price target for Tesla to $224 form $238 after the company posted weak Q2 EPS, with automotive margins marking the lowest levels since Q1 of 2018. The analyst reiterates a Neutral rating on the shares.
07/25/19
FBCO
07/25/19
NO CHANGE
Target $189
FBCO
Underperform
Tesla to be challenged to meet delivery guidance, says Credit Suisse
Credit Suisse analyst Dan Levy notes that Tesla posted a Q2 EPS miss. Broadly, while Tesla has maintained its narrative, the analyst expects the stock to be under pressure near-term, as expectations had risen post the Q2 deliveries release earlier this month. Levy reiterates an Underperform rating and $189 price target on the shares as the Q2 results reminded him of the challenges ahead for Tesla in gross margin, especially as it relates to Models S/X. While Tesla has maintained its delivery guidance, he believes the company will be challenged to meet it given challenges to S/X volumes and the phase-out of the U.S. EV tax credit.
GOOG Alphabet
$1,240.00

105.66 (9.31%)

07/26/19
SUSQ
07/26/19
NO CHANGE
Target $1550
SUSQ
Positive
Alphabet price target raised to $1,550 from $1,500 at Susquehanna
Susquehanna analyst Shyam Patil raised the price target on Alphabet shares to $1,550 following the company's "strong" Q2 and "very confident outlook commentary." The secular ad growth story, driven by mobile search and YouTube, is also being paired with better expense management and more shareholder-friendly capital returns, said Patil, who keeps a Positive rating on Alphabet shares.
07/26/19
MSCO
07/26/19
NO CHANGE
Target $1450
MSCO
Overweight
Alphabet price target raised to $1,450 from $1,400 at Morgan Stanley
Morgan Stanley analyst Brian Nowak raised his price target on Alphabet shares to $1,450 from $1,400 after the company reported what he identified as its third largest acceleration in four years. The company's continued use of machine learning and innovation drove a roughly 150 basis points sequential acceleration in ex-FX Websites growth, noted Nowak, who estimates that the largest driver of the acceleration was mobile search. The analyst, who sees a favorable set-up for Alphabet's ability to drive faster than expected growth given that he thinks its product pipeline for Google Websites is "robust" heading into the second half and 2020, keeps an Overweight rating on the stock.
07/26/19
JEFF
07/26/19
NO CHANGE
Target $1500
JEFF
Buy
Alphabet price target raised to $1,500 from $1,450 at Jefferies
Jefferies analyst Brent Thill raised his price target for Alphabet (GOOGL) to $1,500 from $1,450 saying the company's Q2 results Q2 "bounced from Q1's dip." The rebound was broad-based across geographies and major segments, Thill tells investors in a research note. He believes Alphabet's valuation remains attractive and reiterates a Buy rating on the shares.
07/26/19
FBCO
07/26/19
NO CHANGE
Target $1500
FBCO
Outperform
Alphabet price target raised to $1,500 from $1,400 at Credit Suisse
Credit Suisse analyst Stephen Ju raised his price target for Alphabet to $1,500 from $1,400 and maintained an Outperform rating following the company's "clean" second quarter report. In a research note to investors, Ju says that while he was preparing to wait until the first quarter of 2020 to see possibilities for revenue growth acceleration, the narrative now shifts from fears of ongoing deceleration to possibilities of incremental ad budget share capture as the company turns on monetization of its Discover feed and other new products recently announced at Marketing Live 2019 gain adoption.
GOOGL Alphabet Class A
$1,236.00

99.31 (8.74%)

07/26/19
RBCM
07/26/19
NO CHANGE
Target $1425
RBCM
Outperform
Alphabet price target raised to $1,425 from $1,300 at RBC Capital
RBC Capital analyst Mark Mahaney raised his price target on Alphabet to $1,425 and kept his Outperform rating after its better than expected Q2 results that followed a "softer" Q1. The analyst attributes the strength to the company's "Three Horsemen" of growth, Mobile Search, Cloud, and YouTube, contending that the trajectory for Alphabet remains "intact". Mahaney further cites Alphabet's record-high stock buyback in the quarter at $3.6B and the announcement of a new $25B authorization.
07/26/19
KEYB
07/26/19
NO CHANGE
Target $1516
KEYB
Overweight
Alphabet price target raised to $1,516 from $1,430 at KeyBanc
KeyBanc analyst Andy Hargreaves reiterated an Overweight rating on Alphabet and raised his price target to $1,516 from $1,430 following the company's "very good" second quarter results. In a research note to investors, Hargreaves says results showed stability in core Sites ad revenue and likely acceleration in GCP, which along with other significant growth opportunities suggest the potential for solid revenue and profit growth for the foreseeable future.
07/26/19
WEDB
07/26/19
NO CHANGE
Target $1500
WEDB
Outperform
Alphabet price target raised to $1,500 from $1,350 at Wedbush
Wedbush analyst Michael Pachter raised his price target for Alphabet to $1,500 from $1,350 and said an Outperform rating is "warranted" given valuation upside an an "unrivaled" collection of high-profile core platforms and products. In a research note to investors, Pachter says he expects revenues and profit to continue to grow for the foreseeable future following a "solid" top-line performance in the second quarter that surpassed estimates.
NFLX Netflix
$336.00

9.46 (2.90%)

07/18/19
ADAM
07/18/19
NO CHANGE
Target $415
ADAM
Buy
Netflix subscriber weakness likely temporary, says Canaccord
Canaccord analyst Michael Graham noted Netflix reported mixed results as the subscriber net additions missed guidance and his estimates, but revenue growth accelerated for the second straight quarter, and Q3 subscriber growth should accelerate on international strength. The analyst said the subscriber miss may weigh on the shares but he still sees a strong content strategy and room to add large numbers of international subscriptions going forward. Graham reiterated his Buy rating and $415 price target on Netflix shares.
07/18/19
WBLR
07/18/19
NO CHANGE
WBLR
Outperform
Netflix fundamentals unchanged after Q2 subscriber miss, says William Blair
In three of the last four second quarters, including last night, Netflix has missed subscriber guidance, William Blair analyst Ralph Schackart tells investors in a research note. In 2016 and 2018, misses in Q2 were both followed by "strong beats" to the tune of 1M subscribers in Q3, added the analyst. Further, he notes that management said Q3 of 2019 was off to a strong start in terms of subscriber additions, attributable to Stranger Things. Schackart believes Netflix's fundamentals have not changed as the company "continues its march into streamed TV." From here, the analyst sees roughly 18% share upside over the next 12 months using a long-term earnings valuation framework, which models compounded earnings growth of 34% through 2025 and a multiple of 26 times forward earnings. He forecasts 298M global subscribers at year-end 2025, and a stock price of roughly a $621 stock by 2024, with a discounted value today of roughly $378. Schackart keeps an Outperform rating on Netflix shares.
07/18/19
MSCO
07/18/19
NO CHANGE
Target $450
MSCO
Overweight
Morgan Stanley offers reasons 'not to overreact' to Netflix subscriber miss
Morgan Stanley analyst Benjamin Swinburne offered several "arguments not to overreact" to Netflix's Q2 subscriber miss, beginning by noting that the company has missed its quarterly net additions forecast once a year in each of the last three years. In all three of these cases, the company has outperformed meaningfully the following quarter, he pointed out and in two cases the miss came in the seasonally light second quarter. Additionally, the magnitude of this miss relative to the size of the business is similar to prior misses, said Swinburne, who contends that Netflix's ability to forecast has not meaningfully changed. The analyst, whose full year net additions, revenue and earnings estimates are largely unchanged following last night's report, keeps an Overweight rating and $450 price target on Netflix shares.
07/19/19
NEED
07/19/19
NO CHANGE
NEED
Hold
Netflix sub losses are the 'new normal', says Needham
Needham analyst Laura Martin keeps her Hold rating on Netflix (NFLX) after its Q2 net subscriber adds missed expectations with a loss of 130K U.S. subs, saying her survey of subscribers to glean the cause of churn suggests that losses may be the "new normal" for the company. The analyst notes that the churn has been linked to the "relative perceived content quality" each month with SVOD services being "not additive", as evidenced by 12% of Netflix's subscribers responding that they turned off their service to watch Game of Thrones in Q2. Martin adds that the launch of Disney+ (DIS) priced at $5.83 per month with a 1-year contract will hurt Netflix's U.S. subs unless it can also discount its service.
T AT&T
$34.16

0.35 (1.04%)

07/25/19
07/25/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. UPS (UPS) upgraded to Buy from Neutral at BofA/Merrill with analyst Ken Hoexter saying the "e-commerce revolution" continues to drive airfreight industry growth. 2. AT&T (T) upgraded to Neutral from Underperform at Credit Suisse with analyst Douglas Mitchelson saying he believes video subscriber losses peaked in Q2/Q3 and he does not see risk to consensus 2019 estimates. Additionally, AT&T's valuation is supported by its 6.1% dividend yield, said Mitchelson. 3. Freeport McMoRan (FCX) upgraded to Sector Perform from Underperform at RBC Capital with analyst Sam Crittenden saying he is turning more "cautiously optimistic" on copper heading into 2020 and believes the stock could follow that rally. 4. Activision Blizzard (ATVI) upgraded to Buy from Neutral at BofA/Merrill with analyst Ryan Gee saying the stock is on the "verge of inflection" after a period of investment in people and content set up its "potent" content slate. 5. Etsy (ETSY) upgraded to Buy from Neutral at BTIG with analyst Marvin Fong saying a number of new catalysts has led to a "meaningful" increase in its intrinsic value. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/25/19
OPCO
07/25/19
NO CHANGE
Target $90
OPCO
Outperform
T-Mobile/Sprint merger negative for tower, cable stocks, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that recent reports suggest that the DOJ is set to approve the T-Mobile (TMUS)/Sprint (S) merger, which will "dramatically alter" the wireless landscape. The combined entity has double the spectrum of Verizon (VZ), more cell sites and spends as much on CAPX, but it trades at almost one-half the value per subscriber, he contends. The analyst expects churn to pick through the process, which he sees as positive for AT&T (T)/Verizon. Additionally, Horan sees this merger as negative for the tower and cable stocks, all of which are fully valued. He has an Outperform rating and a $90 price target on T-Mobile's shares.
07/26/19
TIGR
07/26/19
NO CHANGE
TIGR
Neutral
Tigress Financial neutral on IBM near term until ramp in higher margin business
Tigress Financial analyst Ivan Feinseth kept his Neutral rating on IBM (IBM) after its most recent quarterly report, saying the company's performance remains mixed with strength in hybrid cloud and data analytics offset by the decline in Systems revenue and its Z product line. The analyst is positive on IBM's Red Hat acquisition and recent expanded partnership with AT&T (T), but sees little opportunity for outperformance in the near term and opts to await for the company to ramp up its higher-growth businesses.
07/25/19
COWN
07/25/19
NO CHANGE
Target $40
COWN
Outperform
AT&T price target raised to $40 from $34 at Cowen
Cowen analyst Colby Synesael raised his price target on AT&T to $40 from $34 following Q2 results which saw the company meeting/beating revenue/EBITDA for each segment except International versus his estimates. The analyst said the company is on pace to meet/exceed its 2019 guidance. Synesael reiterated his Outperform rating on AT&T shares.
CMCSA Comcast
$44.64

0.01 (0.02%)

07/10/19
07/10/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Comcast (CMCSA) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Brett Feldman saying he estimates Comcast will sustain "strong growth" over next three years with annual earnings growth of 11%, free cash flow per share of 12% and dividends of 15%, driven by "healthy fundamentals across its key businesses." 2. Total (TOT) upgraded to Outperform from Neutral at Credit Suisse with analyst Thomas Adolff saying he believes the company's Strategy Day in September will serve as a catalyst. 3. DMC Global (BOOM) upgraded to Buy from Neutral at Sidoti. 4. Core Laboratories (CLB) upgraded to Buy from Neutral at BofA/Merrill with analyst Chase Mulvehill saying he sees the stock being set to reverse its outperformance after having fallen 10% year-to-date. 5. HCA Healthcare (HCA) upgraded to Buy from Neutral at Goldman Sachs with analyst Stephen Tanal saying he has a "greater appreciation for the resiliency" of the economic model of certain acute hospitals, notably HCA. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/10/19
STFL
07/10/19
NO CHANGE
Target $10
STFL
Buy
Harmonic price target raised to $10 from $7 at Stifel
After Harmonic (HLIT) announced yesterday that a Comcast (CMCSA) affiliate committed to a $175M purchase of software licenses over the next four years, Stifel analyst John Marchetti raised his 2019 and 2020 estimates, stating that he believes the Comcast deal represents the first in several such awards. The analyst, who said he views Harmonic's vCCAP as best positioned to take share as the industry begins to deploy Distributed Access Architecture, keeps a Buy rating on Harmonic shares and raised his price target on the stock to $10 from $7.
07/10/19
GSCO
07/10/19
UPGRADE
Target $54
GSCO
Conviction Buy
Comcast upgraded to Conviction Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Brett Feldman upgraded Comcast to Buy from Neutral and added the shares to his firm's Conviction List. He also boosted his price target for the stock to $54 from $44. Feldman estimates Comcast will sustain "strong growth" over next three years with annual earnings growth of 11%, free cash flow per share of 12% and dividends of 15%, driven by "healthy fundamentals across its key businesses." He expects cable margins will grow 100 basis points annually through 2024, NBC Universal revenue will grow annually at 4% through 2024, and that increasing video penetration, recent price increases and moderating increases in sports programming costs position Sky for a "material ramp" in EBITDA in the second half of 2019. Further, he views Comcast's current valuation as attractive.
07/08/19
JPMS
07/08/19
DOWNGRADE
JPMS
Neutral
JPMorgan downgrades BCE to Neutral, Rogers to Underweight
JPMorgan analyst Richard Choe downgraded BCE (BCE) to Neutral from Overweight and Rogers Communications (RCI) to Underweight from Neutral. The analyst cut his price target for BCE to C$60 from C$63 and for Rogers to C$69 from C$71. Choe also reduced his price target for Neutral-rated Telus (TU) to C$49 from $C51. Rogers on June 12 announced the launch of its unlimited plan offering for its premium postpaid brand and BCE as well as Telus quickly followed, Choe tells investors in a research note. The analyst says he's starting to see a slowdown in subscriber growth. In addition, potential average revenue per user pressure from the migration to unlimited plans creates risk to the premium multiples the Canadian Communications companies have traded at versus U.S. and global peers, contends the analyst. He recommends stepping away from Canadian carriers at this level and prefers AT&T (T) and Comcast (CMCSA) in the U.S.
CMCSK Comcast
$0.00

(0.00%)

11/08/18
MSCO
11/08/18
INITIATION
Target $46
MSCO
Overweight
Comcast resumed with an Overweight at Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne resumed coverage of Comcast (CMCSA) with an Overweight rating and $46 price target, stating that while the burden of proof is on the company to successfully execute its Sky (SKYAY) acquisition, the stock's multiple has compressed even though his expectation for Comcast's consolidated growth outlook has not materially changed. In the near-term, Sky will be accretive to that growth rate, Swinburne added. He also said that Comcast "remains first and foremost a US cable business," and he sees broadband as a secular growth driver with a long-term runway.
12/07/18
WOLF
12/07/18
INITIATION
Target $48
WOLF
Outperform
Comcast Comcast initiated with an Outperform at Wolfe Research
Wolfe Research initiated Comcast with an Outperform rating and $48 price target.
02/11/19
KEYB
02/11/19
NO CHANGE
Target $216
KEYB
Overweight
Workday price target raised to $216 from $179 at KeyBanc
KeyBanc analyst Brent Bracelin raised his price target for Workday (WDAY) to $216 from $179 on improving cloud growth prospects. The analyst notes that analysis of Key First Look Data: Jobs has exposed an unannounced F50 HCM win at UPS (UPS) that began hiring for the global HR transformation team in January. The data also exposed unannounced F100 HCM wins at Comcast (CMCSA; CMCSK), CapitalOne (COF), and Centene (CNC), although job dates suggest these deals may have closed in the October quarter. The January data also exposed a new cloud financials win at Adecco (AHEXY), Bracelin adds. The analyst reiterates an Overweight rating on Workday's shares.
10/30/18
MSCO
10/30/18
NO CHANGE
Target $95
MSCO
Overweight
WWE shares 'on sale' after pullback, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne noted that WWE (WWE) shares are down by over 30% this month, which he sees as a "rare opportunity" to buy shares of a company that he sees having both highly visible earnings growth and growing intellectual property value. He attributes the rapid selloff primarily to a broader market rotation out of risk assets due to rising interest rates and concerns over achieving long-term growth, but he thinks this "does not make sense" given that WWE's EBITDA opportunity "is not a decade away, but rather a year away," Swinburne tells investors. Two contracts underwritten by Comcast (CMCSA) and Fox (FOXA) drive the bulk of its earnings growth and its financial outlook has no immediate exposure to ratings or cord-cutting, Swinburne added. While he trimmed his price target on WWE shares to $95 from $105 after bumping up his investment expectations for 2019, the analyst maintains an Overweight rating on the stock.
DISH Dish
$39.51

0.36 (0.92%)

07/25/19
MOFT
07/25/19
DOWNGRADE
MOFT
Sell
Dish downgraded to Sell from Neutral at MoffettNathanson
07/25/19
07/25/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Electronic Arts (EA) downgraded to Neutral from Buy at BofA/Merrill with analyst Ryan Gee saying he anticipated Apex to drive "significant upside" for the stock in FY20, but the interest in the title had "moderated sharply." 2. Caterpillar (CAT) downgraded to Neutral from Buy at Buckingham with analyst Neil Frohnapple lowering his 2019 EPS estimate to reflect the company's weaker than expected Q2 results. Frohnapple says he struggles to identify a catalyst to drive the stock significantly higher in the near-term and thinks the probability of lower earnings growth, or even a decline, in 2020 is rising given persistent trade uncertainty and global growth concerns. He cut his price target on Caterpillar shares to $140 from $162. 3. PTC (PTC) downgraded to Neutral from Buy at Guggenheim, to Hold from Buy at Stifel, to Sector Weight from Overweight at KeyBanc, and to Sector Perform from Outperform at RBC Capital. 4. Spirit Airlines (SAVE) downgraded to Hold from Buy at Deutsche Bank and to In Line from Outperform at Evercore ISI. 5. Dish (DISH) downgraded to Sell from Neutral at MoffettNathanson. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/19/19
SBSH
06/19/19
NO CHANGE
SBSH
Citi sees 'several benefits' for Verizon by acquiring Dish
Citi analyst Michael Rollins said he sees "several benefits" for Verizon (VZ) if the company were to acquire Dish (DISH), including accelerated access to mid-band spectrum for 5G use, improved annual programming costs for FiOS, and the potential for such a deal to reduce some uncertainty in the industry by eliminating the "possibly disruptive scenario" for the proposed merger of Sprint and T-Mobile (TMUS). Even if Verizon were to pay $95 per share in a theoretical takeover, the deal would potentially be only moderately dilutive, said Rollins.
06/18/19
SBSH
06/18/19
NO CHANGE
SBSH
Citi opens 'Catalyst Watch' on Dish ahead of potential agreement
Citi analyst Jason Bazinet opened a "Catalyst Watch" on Dish (DISH) saying the company may reach some type of agreement with Sprint (S) and T-Mobile (TMUS) to help facilitate the two firms' merger. This development, if it happens, is apt to be a positive for Dish shares for three reasons, Bazinet tells investors in a research note. Such a deal would reduce the likelihood that the Federal Communications Commission repossesses Dish's spectrum, would reduce the company's liquidity risk, and "may lay the groundwork" for Dish to ultimately transition from a holder of spectrum to a true operating business, the analyst contends. He keeps a Buy rating on Dish shares.
VZ Verizon
$57.08

0.7 (1.24%)

07/08/19
SBSH
07/08/19
DOWNGRADE
Target $62
SBSH
Neutral
Citi downgrades Verizon to Neutral on rising long-term industry risks
Citi analyst Michael Rollins downgraded Verizon Communications (VZ) to Neutral from Buy with an unchanged price target of $62. Rising long-term industry risks and the stock's current valuation premium are likely to limit returns over the next 12-months, Rollins tells investors in a research note. He believes long-term risks are rising for industry pricing and margins given the "widening array of possible outcomes" for the proposed merger of T-Mobile (TMUS) and Sprint (S). Rollins thinks national wireless firms that take more aggressive steps to shape their long-term strategic and competitive position in the industry have a better chance of creating value over the next 12-months. As such, he maintains Buy ratings on T-Mobile, AT&T (T), Telephone and Data (TDS) and U.S. Cellular (USM).
07/08/19
07/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Sell from Neutral at Rosenblatt with analyst Jun Zhang citing his view that its fundamental will deteriorate over the next 6-12 months. 2. Verizon (VZ) downgraded to Neutral from Buy at Citi with analyst Michael Rollins saying rising long-term industry risks and the stock's current valuation premium are likely to limit returns over the next 12-months. 3. F5 Networks (FFIV) downgraded to Sell from Neutral at Goldman Sachs with analyst Rod Hall saying the company's earnings risks are increasing due to the weaker short-term spending environment and increasing competitive threat. 4. BNY Mellon (BK) and State Street (STT) were double downgraded to Underweight from Overweight at Morgan Stanley. 5. American Airlines (AAL) downgraded to Underperform from Neutral at Credit Suisse with analyst Jose Caiado citing labor and Boeing (BA) 737 Max risk. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/11/19
FBCO
07/11/19
NO CHANGE
Target $556
FBCO
Outperform
Equinix price target raised to $556 from $506 at Credit Suisse
Credit Suisse analyst Sami Bad raised his price target for Equinix (EQIX) to $556 from $506, citing his firm's CIO July 2019 Survey indicating further strength for colocation vendors, a 5G interconnection inflection projected as early as Q4, leading to an acceleration of interconnectivity growth, and organic growth continuing to accelerate as the company laps its recent acquisitions including Verizon (VZ) data centers, Itconic, Zenium-Istanbul, Metronode Australia, and Infomart Dallas. The analyst reiterates an Outperform rating on Equinix's shares.
CHTR Charter
$398.84

-6.83 (-1.68%)

07/10/19
NOMU
07/10/19
NO CHANGE
Target $350
NOMU
Neutral
Charter headwinds not reflected in valuation, says Nomura Instinet
Nomura Instinet analyst Gregory McNiff believes the headwinds facing Charter Communications are not fully reflected in the company's valuation. With most of the integration complete, the analyst expects the company's margins to improve "modestly" and capital intensity to decline over time. However, he does not believe the mobile broadband threat, "difficult" mobile virtual network economics, and ongoing video deterioration are reflected in the shares. McNiff keeps a Neutral rating on Charter with a $350 price target.
06/14/19
06/14/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. National Vision (EYE) initiated with a Hold at Loop Capital. 2. Yunji (YJ) initiated with an Overweight at JPMorgan. 3. Charter (CHTR) and Comcast (CMCSA) were initiated with a Buy at Rosenblatt. 4. ING Groep (ING) initiated with an Underweight at Barclays. 5. Hemispherx (HEB) initiated with a Buy at Maxim. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/12/19
PIVT
07/12/19
NO CHANGE
Target $500
PIVT
Buy
Charter price target raised to $500 from $425 at Pivotal Research
Pivotal Research analyst Jeffrey Wlodarczak raised his price target for Charter Communications to $500 from $425, which he notes is the Street's high. The analyst cites a move to a 2020 year-end target from year-end 2019 and to a lesser extent an increase in his average revenue per user growth forecasts. He keeps a Buy rating on the shares.
07/18/19
TDSI
07/18/19
DOWNGRADE
TDSI
Hold
Charter downgraded to Hold from Buy at TD Securities
ATUS Altice USA
$26.42

0.575 (2.22%)

03/27/19
JPMS
03/27/19
NO CHANGE
JPMS
Fundamentals across cable remain strong, says JPMorgan
Sustained household formation and wage growth, along with a pullback in promotional activity at AT&T (T), the main competitor to most multi-service operators, keeps fundamentals across cable strong, JPMorgan analyst Philip Cusick tells investors in a research note. In 2018, the U.S. added ~1.5m households for the second year in a row, "which sets up the wireline video and broadband ecosystems well in 2019," says the analyst. Altice USA (ATUS) and Charter Communications (CHTR) are both on the JPMorgan's Analyst Focus List, and Comcast (CMCSA) is Cusick's favorite mega-cap service provider. The analyst is "wary" of the multiple of Underweight-rated Cable One (CABO), but admits its operational momentum seems strong.
06/14/19
PIVT
06/14/19
NO CHANGE
Target $32
PIVT
Buy
Altice USA price target raised to $32 from $28 at Pivotal Research
Pivotal Research analyst Jeffrey Wlodarczak raised his price target for Altice USA to $32 from $28 and says he sees "plenty of room" for the stock to move higher. The analyst views his new target as conservative. He expects "another solid" Q2 report as Altice management "continues to deliver despite a relatively lean relative cost structure." Wlodarczak views the recent relative weakness in the stock as an opportunity and keeps a Buy rating on the name.
05/21/19
JPMS
05/21/19
NO CHANGE
Target $28
JPMS
Overweight
Russell reconstitution a positive for Altice USA, says JPMorgan
JPMorgan analyst Philip Cusick believes the reconstitution of the Russell 3000 Index and Altice USA being added to the Russell 1000 Index, which becomes effective on June 28, will be a positive for the shares. His firm's strategist estimates that indexer demand will be 16,746,467 shares, or 420.6% of Altice USA's average daily volume for a notional value of $390M. Altice's notional addition is the 355 largest of 2,056 by market cap and accounts for 1.4% of the Russell's total notional increase, Cusick tells investors in a research note. Cusick has an Overweight rating on Altice USA with a $28 price target.
04/17/19
GSCO
04/17/19
NO CHANGE
GSCO
Sprint, T-Mobile headlines positive for Dish, Intelsat, says Goldman Sachs
Goldman Sachs analyst Brett Feldman, while taking no view on the outcome of the proposed merger between Sprint (S) and T-Mobile (TMUS), laid out his thoughts for other industry participants following the Wall Street Journal's report that the Department of Justice is unlikely to approve the deal as currently structured. The analyst believes investors will initially see the headlines as negative for the other major wireless carriers, namely AT&T (T) and Verizon (VZ), since they "create uncertainty over long-term industry structure." Further, investors will initially see these headlines as a slight positive for tower operators American Tower (AMT), Crown Castle (CCI) and SBA Communications (SBAC) as they "imply less risk of material cell site decommissioning," Feldman told investors earlier in a research note. The analyst also thinks investors will view the Journal's report as positive for owners of excess spectrum such as Dish (DISH) and Intelsat (I) and a slight positive for cable operators like Altice USA (ATUS), Charter (CHTR) and Comcast (CMCSA).
DIS Disney
$144.62

1.44 (1.01%)

07/18/19
BMOC
07/18/19
NO CHANGE
Target $440
BMOC
Outperform
Netflix price target lowered to $440 from $470 at BMO Capital
BMO Capital analyst Daniel Salmon lowered his price target on Netflix (NFLX) to $440 after its reported shortfall on subscriber addition in Q2, which he expects to "fuel the debate" about the company's pricing power and the role of new content. Given the sequential decline in its U.S. markets and the approaching launch of Disney+ (DIS), the analyst contends that this may be a "more than just the usual" earnings-miss driven debate. Longer term however, Salmon believes that the company's revenue trend remains on track, keeping his Outperform rating on the stock and recommending Netflix, Amazon (AMZN), and Disney as a "collective investment" in the global streaming race.
07/11/19
UBSW
07/11/19
NO CHANGE
Target $420
UBSW
Buy
Netflix is widening its 'competitive moat', says UBS
UBS analyst Eric Sheridan kept his Buy rating and $420 price target on Netflix (NFLX), saying he sees the company's competitive moat growing in strength. The analyst notes that while the launch of Disney+ (DIS) at the end of this year remains an unknown, the pricing power and content success of Netflix have resulted in "only modest" churn dynamics and "broad-based" add trends.
07/23/19
MSCO
07/23/19
NO CHANGE
MSCO
Overweight
Disney has strong odds against immense execution challenge, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne said Disney faces an "immense execution challenge" to meet its streaming ambitions, but he thinks the company has "a strong chance of success" given its brands and content position. Disney, which once was unsure if Marvel would be included in Disney Plus, has now made it clear that "Marvel plays a critical role and perhaps the most critical role in building the service's value for consumers," the analyst said after Phase 4 of the Marvel Cinematic Universe was announced last weekend. Swinburne, who noted that his Disney thesis assumes adjusted earnings can nearly double to $11-$12 per share in FY24 as the company builds a streaming customer base of over 130M members, keeps an Overweight rating on Disney shares.
PCG PG&E
$18.69

0.35 (1.91%)

06/20/19
BOFA
06/20/19
UPGRADE
Target $13
BOFA
Neutral
Bloom Energy upgraded to Neutral from Underperform at BofA/Merrill
BofA Merrill Lynch analyst Julien Dumoulin-Smith upgraded Bloom Energy (BE) to Neutral from Underperform as he sees shares being supported by shifting trends in its core California markets amid proactive deenergizations by PG&E (PCG) as well as more broadly across the U.S. East Coast. Following a call with Generac (GNRC) that pointed to a meaningful inflection in California customers' demand for stand-by generators, the analyst expects increased demand for Bloom's micro-grid solution, he said. He also thinks the increased focus and need for reliability with the 5G build-out for major telecom companies will support demand for Bloom products, the analyst added. He has a $13 price target on Bloom Energy shares.
06/28/19
WOLF
06/28/19
DOWNGRADE
WOLF
Peer Perform
PG&E downgraded to Peer Perform from Outperform at Wolfe Research
07/01/19
MZHO
07/01/19
NO CHANGE
MZHO
Buy
Mizuho views changes to California bill as 'constructive' for state utilities
Early Friday morning the California Senate released their changes to AB 1054 which addresses the wildfire risk for each of the state's utilities, Mizuho analyst Paul Fremont tells investors in a research note. The analyst views the changes as "constructive" for the California utilities. Utilities will fund $7.5B of the $18B Wildfire Mitigation fund, and will be able to get recovery, but not a return on, $5B worth of wildfire mitigation capital expenditures, the analyst points out. Further, until PG&E (PCG) emerges from bankruptcy, which is expected in March 2020, the Wildfire Mitigation Fund will only pay out 40% of allowed claims, adds Fremont. He keeps a Buy rating on Edison International (EIX) and Neutral rating on PG&E.
06/21/19
MSCO
06/21/19
NO CHANGE
MSCO
Equal Weight
California proposal only a 'partial fix' for PG&E, says Morgan Stanley
After Bloomberg reported yesterday that California Governor Gavin Newsom is encouraging the state's legislature to adopt several of the Wildfire Commission's recommendations, including a liquidity fund seeded by at least $10B in Department of Water Resources bonds and $7.5B in utility equity contributions, Morgan Stanley analyst Stephen Byrd said he thinks the plan outlined in the report is only a "partial fix" and would not be satisfactory for large institutional equity investors, for whom some type of cap on future liability is critical. The analyst, who thinks long-term investors will likely require more steps than those outlined in the Bloomberg report before buying PG&E shares, keeps an Equal Weight rating on the stock.
MSFT Microsoft
$141.34

1.13 (0.81%)

07/25/19
ARGS
07/25/19
NO CHANGE
Target $158
ARGS
Buy
Microsoft price target raised to $158 from $145 at Argus
Argus analyst Joseph Bonner raised his price target on Microsoft to $158 and kept his Buy rating, also raising his FY20 EPS view by 25c to $5.26 after the company's "strong" performance in FY19. The analyst says CEO Satya Nadella has succeeded in pivoting the company toward a "high-value commercial and cloud application businesses", adding that its commercial revenues are well-positioned to grow given Microsoft's "massive" user base.
07/26/19
PIPR
07/26/19
NO CHANGE
Target $145
PIPR
Overweight
Proofpoint price target raised to $145 from $140 at Piper Jaffray
Piper Jaffray analyst Andrew Nowinski raised his price target for Proofpoint (PFPT) to $145 from $140 saying the company's Q2 results were "very consistent with historical standards," beating the high-end of revenue guidance by 1.2% and billings by 0.9%.Management only raised the annual guidance by roughly the same amount as the beat, likely setting up for another beat in Q3, Nowinski tells investors in a research note. He believes Proofpoint continues to extend its lead in terms of market share over Microsoft (MSFT) and others, and reiterates an Overweight rating on the shares.
07/25/19
JMPS
07/25/19
NO CHANGE
Target $325
JMPS
Market Perform
ServiceNow price target raised to $325 from $280 at JMP Securities
JMP Securities analyst Patrick Walravens raised his price target on ServiceNow (NOW) to $325 but kept his Market Perform rating after its mixed Q2 results with an earnings beat and a miss in subscription revenue and billings. The analyst notes however that the company's mid-30% growth of its Recovery Point Objective, or RPO, business is a positive, and also cites the management's spending discipline and partnership expansion with Microsoft (MSFT).
07/23/19
BTIG
07/23/19
INITIATION
Target $46
BTIG
Buy
Adaptive Biotechnologies initiated with a Buy at BTIG
BTIG analyst Amanda Murphy initiated Adaptive Biotechnologies (ADPT) with a Buy rating and a price target of $46, saying the company's "clinical immunomics database" represents its "differentiating asset" and offers "incredible value" to biopharma companies. The analyst further cites Adaptive Biotechnologies' partnership with Roche (RHHBY) that should allow it to develop new diagnostics for early detection of diseases where antigens are unknown and also its "strategic" deal with Microsoft (MSFT), whose machine learning capabilities support its immune medicine platform.
CSCO Cisco
$56.50

-0.13 (-0.23%)

07/10/19
JEFF
07/10/19
NO CHANGE
JEFF
Jefferies says buy Ciena following Cisco, Acacia Communications deal
Jefferies analyst George Notter says Cisco Systems' (CSCO) acquisition of Acacia Communications (ACIA) reinforces his view that the Optical Systems space will continue to consolidate from a market share perspective with Ciena (CIEN) as a primary beneficiary. Ciena remains the analyst's favorite long idea among the Optical Systems suppliers. He recommends buying the stock.
07/10/19
UBSW
07/10/19
DOWNGRADE
Target $70
UBSW
Neutral
Acacia Communications downgraded to Neutral from Buy at UBS
UBS analyst Tejas Venkatesh downgraded Acacia (ACIA) to Neutral but raised his price target to $70 from $64 after the company agreed to be acquired by Cisco (CSCO) at that target price.
07/10/19
JPMS
07/10/19
NO CHANGE
Target $60
JPMS
Overweight
Cisco acquisition of Acacia strengthens core portfolio, says JPMorgan
Cisco Systems (CSCO) continues to strengthen its core networking portfolio with the announcement of its intention to acquire Acacia Communications (ACIA), JPMorgan analyst Samik Chatterjee tells investors in a research note. While the deal's valuation represents a "strong" premium to the other publicly traded optical assets, it does present a "very strong" strategic rationale in expanding and strengthening Cisco's core optical portfolio, adds the analyst. He reiterates an Overweight rating on Cisco with a $60 price target.
07/10/19
PIPR
07/10/19
NO CHANGE
Target $58
PIPR
Overweight
Piper has 'mixed view' of Cisco's Acacia acquisition
Piper Jaffray analyst James Fish believes Cisco Systems' (CSCO) Infrastructure Platform products will "significantly benefit" from the vertical integration of the acquisition of Acacia Communications (ACIA) with greater performance. The analyst, however, would have preferred Cisco further transform its portfolio towards software instead of acquiring Luxtera and Acacia. The analyst has a "mixed view" on the Acacia acquisition, but reiterates an Overweight rating on Cisco with a $58 price target.
IBM IBM
$151.40

1.02 (0.68%)

07/18/19
MSCO
07/18/19
NO CHANGE
MSCO
IBM showing growth 'in all the right places,' says Morgan Stanley
Morgan Stanley analyst Katy Huberty noted that IBM's Q2 revenue was "just in-line," but she said the company is showing growth in "all the right places" as the segments aligning with its strategy of helping customers digitally transform to cloud and cognitive enterprises were strong. Cloud & Data Software constant currency revenue growth accelerated to 5% and Global Business Services delivered revenue and margin expansion for another quarter, noted Huberty. The analyst, who added that she thinks the company's tone on the earnings conference call "seemed bullish," does not have a rating on IBM shares.
07/18/19
JPMS
07/18/19
INITIATION
Target $147
JPMS
Neutral
IBM reinstated with a Neutral at JPMorgan
JPMorgan analyst Tien-tsin Huang reinstated coverage of IBM with a Neutral rating and $147 price target following a period of restriction. The rating is unchanged while the price target is reduced from $160. The analyst, who views last night's Q2 results as "fine," says he lacks conviction on near-term stock upside potential from the Red Hat deal.
07/19/19
STFL
07/19/19
NO CHANGE
Target $155
STFL
Buy
Microsoft price target raised to $155 from $150 at Stifel
Stifel analyst Brad Reback raised his price target for Microsoft (MSFT) to $155 from $150 saying the company last night posted a "strong" Q4. Microsoft is effectively tapping into "sizable" Tier-1 enterprise workloads, a segment of the market that has historically been reserved for legacy providers like IBM (IBM), Oracle (ORCL) and SAP (SAP), Reback tells investors in a research note. He believes this leads to a "significant expansion" in Microsoft's total addressable market and should support growth at scale for many years to come. The analyst keeps a Buy rating on the shares.
HPQ HP Inc.
$21.52

0.19 (0.89%)

06/20/19
DBAB
06/20/19
INITIATION
Target $20
DBAB
Hold
Deutsche Bank starts HP Inc. with Hold rating, $20 price target
Deutsche Bank analyst Jeriel Ong last night initiated coverage of HP Inc. with a Hold rating and $20 price target. The Printing and PCs are markets in "secular decline," and long-term expansion in HP's stock price requires revenue growth, which would require "significant" market share again, Ong tells investors in a research note.
06/05/19
EVER
06/05/19
INITIATION
Target $23
EVER
Outperform
HP Inc. initiated with an Outperform at Evercore ISI
Evercore ISI started HP Inc. with an Outperform rating and $23 price target.
06/06/19
EVER
06/06/19
INITIATION
Target $23
EVER
Outperform
HP Inc.'s current valuation more than discounts headwinds, says Evercore ISI
Evercore ISI analyst Amit Daryanani started HP Inc. with an Outperform rating and $23 price target, saying he sees the current valuation more than discounting ongoing headwinds. In a research note to investors, Daryanani says he sees an upside bias on the stock from a quicker supplies recovery and more resilient free cash flow generation. The analyst thinks HP has an "impressive" management team that has executed well in the last several years and thinks it is prudent to be positively biased given the 10%+ free cash flow yield and the potential for supplies revenues to stabilized in the second half of 2019.
06/19/19
DBAB
06/19/19
INITIATION
Target $20
DBAB
Hold
HP Inc. initiated with a Hold at Deutsche Bank
Deutsche Bank started HP Inc. with a Hold rating and $20 price target.
TXN Texas Instruments
$128.15

0.8 (0.63%)

07/24/19
FBCO
07/24/19
NO CHANGE
Target $140
FBCO
Outperform
Texas Instruments price target raised to $140 from $130 at Credit Suisse
Credit Suisse analyst John Pitzer raised his price target for Texas Instruments to $140 form $130 following quarterly results. The analyst reiterates an Outperform rating on the shares.
07/24/19
OPCO
07/24/19
NO CHANGE
Target $130
OPCO
Outperform
Texas Instruments price target raised to $130 from $120 at Oppenheimer
Oppenheimer analyst Rick Schafer raised his price target for Texas Instruments to $130 from $120 following quarterly results. The analyst reiterates an Outperform rating on the shares.
07/24/19
BMOC
07/24/19
NO CHANGE
Target $150
BMOC
Outperform
Texas Instruments price target raised to $150 from $130 at BMO Capital
BMO Capital analyst Ambrish Srivastava raised his price target on Texas Instruments to $150 and kept his Outperform rating after its Q2 earnings beat that was driven by lower operating expense and better gross margins. The analyst also raises his FY19 and FY20 EPS forecasts by 33c and 17c to $5.37 and $6.17 respectively, saying he sees "meaningfully higher free cash flows and earnings potential" as the company's 300mm manufacturing footprint continues to grow.
07/24/19
LOOP
07/24/19
NO CHANGE
Target $140
LOOP
Buy
Texas Instruments price target raised to $140 from $126 at Loop Capital
Loop Capital analyst Cody Acree raised his price target on Texas Instruments to $140 and kept his Buy rating after the company's "solid upside" reported in Q2 along with a "more steady and constructive tone" conveyed by its management in the earnings call. The analyst says that in the prior earnings call, Texas Instruments was "more dour" about the "broad based" semiconductor weakness and limited visibility along with the uncertainty related to U.S.-China trade. Acree sees the stock as well positioned to manage the industry correction cycle and return to sector growth.
INTC Intel
$51.56

-0.6 (-1.15%)

07/26/19
JEFF
07/26/19
NO CHANGE
Target $40
JEFF
Underperform
Jefferies reiterates Underperform on Intel despite Q2 beat
Intel (INTC) beat and raised in Q2 with better revenue and margins, although part of the Q3 upside is due to a one-time NAND factory grant, Jefferies analyst Mark Lipacis tells investors in a research note. The analyst reiterates an Underperform rating on Intel with a $40 price target. His field checks continue to indicate a positive reception for AMD's (AMD) next gen Ryzen and Rome server MPU. The analyst expects Intel to lose share to AMD.
07/26/19
ROTH
07/26/19
NO CHANGE
Target $60
ROTH
Buy
Intel's 5G modem business divestiture 'encouraging,' says Roth Capital
Roth Capital analyst Suji Desilva maintained a Buy rating and $60 price target on Intel after the company's second quarter results beat estimates and guidance also exceeded consensus. In a research note to investors, Desilva says he expects steadily recovering growth opportunity as the company ramps its 10nm products and says he is also encouraged by the announced divestiture of the 5G modem business.
07/26/19
NORL
07/26/19
NO CHANGE
Target $48
NORL
Underperform
Intel uncertainty remains despite good quarter, says Northland
Northland analyst Gus Richard says that while Intel reported a "very strong quarter" last night, uncertainty and increasing competition remain. He raised his price target to $48 from $38 to reflect sector multiple expansion and keeps an Underperform rating on Intel. While the company cited tough comps and inventory digestion for the data center weakness, Richard believes Intel is losing share of bill of material.
07/26/19
RAJA
07/26/19
NO CHANGE
RAJA
Underperform
Intel demand pull forward unlikely to be sustainable, says Raymond James
Raymond James analyst Chris Caso, in a note entitled "Not Out of the Woods Yet," reiterated his Underperform rating on Intel (INTC). June quarter results benefitted from one-time costs and some demand pull forward that isn't likely to be sustainable, said Caso. Cloud and service provider revenue may accelerate over the next few quarters, but Intel has already set the bar high for the Data Center Group and it faces rising competitive challenges from AMD (AMD), added Caso.
ORCL Oracle
$58.50

0.2 (0.34%)

06/20/19
RAJA
06/20/19
NO CHANGE
Target $61
RAJA
Outperform
Oracle price target raised to $62 from $57 at Raymond James
Raymond James analyst Michael Turits raised his price target for Oracle to $61 from $57 following a "strong" 4Q report with revenue upside driven by database/middleware license, guidance for CC revenue acceleration into 2020 reiterated, and double digit 2020 EPS growth guidance established. The analyst reiterates an Outperform rating on the shares.
06/26/19
WEDB
06/26/19
NO CHANGE
WEDB
Pentagon JEDI contract to be 'defining moment' for cloud arms race, says Wedbush
Wedbush analyst Daniel Ives believes a "defining moment" for the cloud arms race will be the announcement of the winner of the long-awaited Pentagon JEDI contract, which is worth roughly $10B over the next decade in this landmark deal representing the cloud "grand prize" for Amazon (AMZN) and Microsoft (MSFT). The analyst notes that the timing on the announcement of a winner could be late August/early September with the ongoing Oracle (ORCL) lawsuit a wild card that could push the timeline out further depending on the outcome. While AWS/Amazon have been in pole position to win this deal over the last year, Ives continues to hear from his Beltway contacts that Microsoft has made "steady and impressive progress" and significantly narrowed the gap over the last six months with the odds of a win looking more like a realistic possibility.
06/20/19
WBLR
06/20/19
NO CHANGE
WBLR
Market Perform
Oracle Q4 solid, 'but too early to call a trend,' says William Blair
William Blair analyst Jason Ader says that while Oracle last night reported "solid" fiscal Q4 results, it is "too early to call a trend." It is too soon to determine if Oracle is turning a corner, especially as its Q1 revenue guidance was below consensus, Ader tells investors in a research note. The analyst, who sees "some light at the end of the tunnel for the first time in a while," keeps a Market Perform rating on Oracle shares.
AAPL Apple
$207.78

0.76 (0.37%)

07/24/19
DBAB
07/24/19
NO CHANGE
Target $205
DBAB
Hold
Apple reward profile balanced into fiscal Q3 results, says Deutsche Bank
Ahead of Apple's fiscal Q3 results, Deutsche Bank analyst Jeriel Ong keeps a Hold rating on the shares with a $205 price target. When considering Apple's valuation with the company's fundamental levers for further earnings upside, the analyst sees a balanced reward profile "relative to the risks." Ong agrees that its Services revenues are likely to grow at a "strong" double-digit growth rate in the next few years. However, the analyst sees a "difficult path" for Apple's core Hardware-related revenues to consistently maintain low single digit year-over-year revenue growth.
07/25/19
FBCO
07/25/19
NO CHANGE
Target $209
FBCO
Neutral
Greater China remains key swing factor for Apple, says Credit Suisse
Ahead of Apple's quarterly results, Credit Suisse analyst Matthew Cabral says greater China remains the key swing factor, with units down about 12% year over year in the quarter and weakness accelerating in the month of June as trade tensions re-ramped. While the analyst sees the potential in the longer-term shift to Services, he balances that opportunity against sizeable near-term iPhone declines ahead of a more incremental fall refresh before 5G in 2020. Cabral has a Neutral rating and $209 price target on the shares.
07/23/19
ROTH
07/23/19
NO CHANGE
Target $2.5
ROTH
Buy
Apple talks to buy Intel modem business reduces merchant competition, says Roth Capital
Roth Capital analyst Scott Searle notes that The Wall Street Journal reported ongoing "advanced talks" between Apple (AAPL) and Intel (INTC) related to the largely trailing edge Intel wireless modem business. While plausible, this would address long speculated Apple intentions to vertically integrate within mobile devices and provide additional leverage in ongoing Qualcomm (QCOM) negotiations, the analyst contends. Overall, Searle would view this event as positive as it underscores the inherent 4G and 5G value of Sequans (SQNS). With all indicators leading to a Cat M1/NB IoT ramp, he reiterates a Buy rating and $2.50 price target on Sequans' shares.
07/23/19
BERN
07/23/19
NO CHANGE
BERN
Apple buying Intel modem business should not be a surprise, says Bernstein
Bernstein analyst Stacy Rasgon notes that The Wall Street Journal reported that Intel (INTC) was in advanced talks to sell its smartphone modem business to Apple (AAPL), with the article suggesting that the latter could pay "$1B or more" for patents and staff. If true, while it may help sentiment momentarily this should not be a surprise, the analyst contends, adding that Intel has been vocal about its plans to exit the business, and Apple is the most natural buyer.
SFTBY SoftBank
$0.00

(0.00%)

08/06/18
UBSW
08/06/18
INITIATION
UBSW
Buy
SoftBank initiated with a Buy at UBS
UBS analyst Kei Takahashi started SoftBank Group with a Buy rating and 12,900 yen price target. The stock is still trading at a discount relative to the company's asset holdings, Takahashi tells investors in a research note. The analyst sees potential share upside of 40%.
07/08/19
WBLR
07/08/19
NO CHANGE
WBLR
Outperform
AeroVironment can take 'material' share in $15B market, says William Blair
AeroVironment (AVAV) can take "material" market share from the $15B per year satellite manufacturing industry as a supplier to Softbank (SFTBY), William Blair analyst Louie DiPalma tells investors in a research note after meeting with the head of Softbank's Advanced Technology Division, Ryuji Wakikawa. The analyst points out that Softbank in January 2018 formed a joint venture with AeroVironment called HAPSMobile to develop high-altitude, solar-powered drones for the purpose of providing next-generation Internet of Things connectivity. HAPSMobile now represents nearly 20% of AeroVironment's sales, DiPalma says. He affirms an Outperform rating on AeroVironment shares.
08/06/18
08/06/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Global Blood Therapeutics (GBT) initiated with an Overweight at Piper Jaffray. 2. Welltower (WELL) reinstated with a Neutral at Goldman Sachs. 3. Sage Therapeutics (SAGE) initiated with an Overweight at Piper Jaffray. 4. SoftBank (SFTBY) initiated with a Buy at UBS. 5. Alder Biopharmaceuticals (ALDR) initiated with an Overweight at Piper Jaffray. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/28/19
BTIG
02/28/19
NO CHANGE
Target $60
BTIG
Buy
SoftBank price target raised to $60 from $50 at BTIG
BTIG analyst Walter Piecyk raised his price target on SoftBank (SFTBY) to $60 and kept his Buy rating, citing his "better understanding" of the previously acquired ARM Holdings business which warrants a higher multiple. The analyst also sees a major catalyst coming in the "imminent decision" around Sprint (S) / T-Mobile (TMUS) deal, which could amount to additional $14 price target impact on Softbank shares.
SFTBF SoftBank
$0.00

(0.00%)

12/12/18
RBCM
12/12/18
NO CHANGE
Target $230
RBCM
Outperform
Nvidia price target lowered to $230 from $260 at RBC Capital
RBC Capital analyst Mitch Steves lowered his price target on Nvidia (NVDA) to $230 after yesterday's report that Softbank (SFTBF) is exploring the sale of its stake in the company early next year. The analyst believes that in the near-term, the speculation is a negative since Softbank has "solid information on overall Data Center trends". Steves maintains his Outperform rating however, stating that a number of long-only investment managers have not participated in the run-up of the stock price. The analyst adds that Nvidia's long-term investment story around "AI/VR/AR/Autonomous" driving remains intact.
09/07/18
OPCO
09/07/18
NO CHANGE
Target $275
OPCO
Outperform
Palo Alto Networks price target raised to $275 from $235 at Oppenheimer
Oppenheimer analyst Shaul Eyal maintained an Outperform rating on Palo Alto Networks (PANW) and raised his price target to $275 from $235 following the company's "robust" Q4 results, noting that the results "beat almost every possible metric." In a research note to investors, Eyal says that the CEO transition appears to be progressing smoothly and he "appreciated" constructive conference call commentary from CEO Nikesh Arora about his strategic vision, even though he is only 90 days into the new role. Eyal contends that Palo Alto Networks remains a "builder rather than a buyer," and that Arora's former experience -- at Google (GOOGL) and SoftBank (SFTBF) -- should not be interpreted as a sign of "future splashy acquisitions."

TODAY'S FREE FLY STORIES

CRSP

Crispr Therapeutics

$67.31

-1.15 (-1.68%)

19:29
11/20/19
11/20
19:29
11/20/19
19:29
Syndicate
Breaking Syndicate news story on Crispr Therapeutics »

Crispr Therapeutics 4.25M…

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

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  • 07

    Dec

  • 21

    Nov

PFGC

Performance Food Group

$44.66

-0.13 (-0.29%)

19:26
11/20/19
11/20
19:26
11/20/19
19:26
Syndicate
Performance Food Group upsized 10.1M share offering said to price at $44.25 »

Report from Bloomberg. …

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

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  • 20

    Nov

  • 21

    Nov

INVH

Invitation Homes

$30.05

0.13 (0.43%)

19:10
11/20/19
11/20
19:10
11/20/19
19:10
Periodicals
Breaking Periodicals news story on Invitation Homes »

Invitation Homes stock…

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

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  • 21

    Nov

KRTX

Karuna Therapeutics

$108.42

-15.58 (-12.56%)

19:03
11/20/19
11/20
19:03
11/20/19
19:03
Syndicate
Karuna Therapeutics 2.6M share Secondary priced at $96.00 »

The deal priced below the…

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

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  • 21

    Nov

GOOG

Alphabet

$1,302.26

-12.45 (-0.95%)

, GOOGL

Alphabet Class A

$1,301.34

-11.25 (-0.86%)

18:58
11/20/19
11/20
18:58
11/20/19
18:58
Hot Stocks
Google to limit election ads audience targeting, will prohibit 'deep fakes' »

Alphabet's Google…

GOOG

Alphabet

$1,302.26

-12.45 (-0.95%)

GOOGL

Alphabet Class A

$1,301.34

-11.25 (-0.86%)

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

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CAN

Canaan

$0.00

(0.00%)

18:56
11/20/19
11/20
18:56
11/20/19
18:56
Syndicate
Canaan 10M share IPO priced at $9.00 »

The deal priced at low…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 21

    Nov

NUAN

Nuance

$16.60

0.11 (0.67%)

, CPRT

Copart

$84.69

-1.64 (-1.90%)

18:51
11/20/19
11/20
18:51
11/20/19
18:51
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: Nuance…

NUAN

Nuance

$16.60

0.11 (0.67%)

CPRT

Copart

$84.69

-1.64 (-1.90%)

LB

L Brands

$16.00

-1.19 (-6.92%)

JACK

Jack in the Box

$84.89

-0.08 (-0.09%)

SONO

Sonos

$13.87

-0.635 (-4.38%)

NTGN

Neon Therapeutics

$1.44

-0.04 (-2.70%)

TIF

Tiffany

$123.32

-0.16 (-0.13%)

UBER

Uber

$28.02

0.99 (3.66%)

LZB

La-Z-Boy

$36.23

-0.265 (-0.73%)

CUB

Cubic

$73.63

0.8 (1.10%)

NTES

NetEase

$287.68

-1.09 (-0.38%)

OPTN

Optinose

$11.42

0.84 (7.94%)

MTEM

Molecular Templates

$8.28

0.19 (2.35%)

PYPL

PayPal

$104.09

-0.85 (-0.81%)

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

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  • 20

    Nov

  • 20

    Nov

  • 20

    Nov

  • 20

    Nov

  • 20

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 04

    Dec

  • 05

    Dec

  • 05

    Dec

  • 06

    Dec

  • 10

    Dec

  • 10

    Dec

  • 21

    Nov

  • 21

    Nov

WNC

Wabash

$15.05

-0.2 (-1.31%)

18:48
11/20/19
11/20
18:48
11/20/19
18:48
Initiation
Wabash initiated  »

Wabash initiated with a…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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ALSN

Allison Transmission

$45.51

-0.56 (-1.22%)

18:47
11/20/19
11/20
18:47
11/20/19
18:47
Initiation
Allison Transmission initiated  »

Allison Transmission…

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

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NAV

Navistar

$30.97

-0.97 (-3.04%)

18:47
11/20/19
11/20
18:47
11/20/19
18:47
Initiation
Navistar initiated  »

Navistar initiated with a…

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

Paccar

$78.85

-0.59 (-0.74%)

18:47
11/20/19
11/20
18:47
11/20/19
18:47
Initiation
Paccar initiated  »

Paccar initiated with a…

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

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CMI

Cummins

$180.59

-2.36 (-1.29%)

18:46
11/20/19
11/20
18:46
11/20/19
18:46
Initiation
Cummins initiated  »

Cummins initiated with a…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 21

    Nov

VMC

Vulcan Materials

$140.72

-0.485 (-0.34%)

18:45
11/20/19
11/20
18:45
11/20/19
18:45
Initiation
Vulcan Materials initiated  »

Vulcan Materials…

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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SUM

Summit Materials

$24.18

0.3 (1.26%)

18:45
11/20/19
11/20
18:45
11/20/19
18:45
Initiation
Summit Materials initiated  »

Summit Materials…

03/08/13
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03/06/13
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  • 04

    Dec

MLM

Martin Marietta

$263.10

1.36 (0.52%)

18:45
11/20/19
11/20
18:45
11/20/19
18:45
Initiation
Martin Marietta initiated  »

Martin Marietta initiated…

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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THC

Tenet

$31.36

-0.38 (-1.20%)

18:33
11/20/19
11/20
18:33
11/20/19
18:33
Hot Stocks
Tenet General Counsel sells 65K shares of common stock »

In a regulatory filing,…

03/08/13
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PFPT

Proofpoint

$119.56

1.25 (1.06%)

18:23
11/20/19
11/20
18:23
11/20/19
18:23
Hot Stocks
Proofpoint's Salle sells 10,479 common shares »

In a regulatory filing,…

03/08/13
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03/06/13
Citigroup
03/06/13
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  • 09

    Dec

  • 12

    Dec

LVMUY

LVMH

$0.00

(0.00%)

, TIF

Tiffany

$123.32

-0.16 (-0.13%)

18:21
11/20/19
11/20
18:21
11/20/19
18:21
Periodicals
Tiffany gives LVMH access to its books after raised bid, Reuters says »

LVMH (LVMUY) has…

LVMUY

LVMH

$0.00

(0.00%)

TIF

Tiffany

$123.32

-0.16 (-0.13%)

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

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  • 05

    Dec

CPRT

Copart

$84.69

-1.64 (-1.90%)

18:05
11/20/19
11/20
18:05
11/20/19
18:05
Earnings
Copart reports Q1 non-GAAP EPS 65c, consensus 59c »

Reports Q1 revenue…

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

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  • 21

    Nov

  • 06

    Dec

NTES

NetEase

$287.68

-1.09 (-0.38%)

18:04
11/20/19
11/20
18:04
11/20/19
18:04
Earnings
NetEase reports Q3 adjusted ADS $5.12, consensus $3.12 »

Reports Q3 revenue…

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

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  • 20

    Nov

LVMUY

LVMH

$0.00

(0.00%)

, TIF

Tiffany

$123.32

-0.16 (-0.13%)

17:58
11/20/19
11/20
17:58
11/20/19
17:58
Periodicals
LVMH, Tiffany in deal talks after LVMH boosts bid, Bloomberg reports »

LVMH (LVMUY) and Tiffany…

LVMUY

LVMH

$0.00

(0.00%)

TIF

Tiffany

$123.32

-0.16 (-0.13%)

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

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  • 05

    Dec

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$310.82

-1.07 (-0.34%)

17:51
11/20/19
11/20
17:51
11/20/19
17:51
Periodicals
Trump expected to sign bill supporting Hong Kong protesters, Bloomberg reports »

U.S. President Donald…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$310.82

-1.07 (-0.34%)

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

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TRPX

Therapix Biosciences

$1.50

-0.13 (-7.98%)

17:49
11/20/19
11/20
17:49
11/20/19
17:49
Hot Stocks
Therapix Biosciences to appeal Nasdaq delisting notice »

Therapix Biosciences…

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

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LOW

Lowe's

$117.84

4.43 (3.91%)

17:47
11/20/19
11/20
17:47
11/20/19
17:47
Recommendations
Lowe's analyst commentary  »

Lowe's price target…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 20

    Nov

  • 03

    Dec

NDAQ

Nasdaq

$105.68

0.52 (0.49%)

17:39
11/20/19
11/20
17:39
11/20/19
17:39
Periodicals
Nasdaq executive Nelson Griggs sees fewer IPOs in 2020, Bloomberg says »

Nelson Griggs, executive…

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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