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BPY

Brookfield Property

$19.32

-0.26 (-1.33%)

, SPG

Simon Property

$154.92

-0.21 (-0.14%)

19:32
08/11/19
08/11
19:32
08/11/19
19:32

Fly Intel: Top five weekend stock stories

Catch up on the weekend's top five stories with this list compiled by The Fly: 1. AMS AG (AMSSY) offered $4.1B for Osram (OSAGY), the second attempt by the light and sensor maker to acquire its rival and potentially triggering a bidding war, Bloomberg's Oliver Sachgau reported. AMS AG's offer is higher than the EUR35 per share accepted by Osram's board from Bain Capital and Carlyle Group (CG) that valued the former Siemens AG (SIEGY) unit at EUR3.4B, the author noted. 2. BlackRock (BLK) announced that entities affiliated with its Long Term Private Capital, or LTPC, strategy have made a strategic investment in Authentic Brands Group. LTPC will become the largest investor in Authentic Brands Group and will work closely alongside its management, led by founder, Chairman and CEO James Salter and President and CMO Nick Woodhouse. LTPC joins existing Authentic Brands Group investors including founding investor Leonard Green & Partners, General Atlantic, Lion Capital, Simon Property Group (SPG), Brookfield Properties' retail group (BPY) and Shaquille O'Neal. 3. iHeartMedia (IHRT) is ready for its next chapter after exiting from Chapter 11 looking slimmer and fitter, Andrew Bary wrote in this week edition of Barron's. Its debt was cut to $5.8B from $16B before bankruptcy, and it is well-positioned in the fast-growing and competitive digital streaming and podcasting businesses, the author noted, adding that the shares look appealing as creditors who received shares in bankruptcy sell their holdings. 4. Comcast (CMCSA) subsidiary Universal's "Fast & Furious Presents: Hobbs & Shaw" won the North American box office again with $25.4M, crossing the $100M mark domestically. Overseas, the movie took in another $60.8M for a global cume of $332.6M. The "Fast & Furious" spinoff received an A- CinemaScore and 67% no Rotten Tomatoes. 5. Amazon (AMZN), Arista Networks (ANET), Equinix (EQIX), Merck (MRK), Broadcom (AVGO), Target (TGT), Verizon Communications (VZ), Weyerhaeuser (WY), Take-Two Interactive (TTWO), Shopify (SHOP), Match Group (MTCH), and AMD (AMD) saw positive mentions in this week's edition of Barron's, while Domino's Pizza (DPZ), Molson Coors Brewing (TAP), PayPal (PYPL), Dish (DISH), MSG Networks (MSGN) and Dropbox (DBX) were mentioned cautiously.

BPY

Brookfield Property

$19.32

-0.26 (-1.33%)

SPG

Simon Property

$154.92

-0.21 (-0.14%)

BLK

BlackRock

$426.27

-11.66 (-2.66%)

SIEGY

Siemens

$0.00

(0.00%)

CG

Carlyle Group

$22.49

-0.7 (-3.02%)

AMSSY

AMS AG

$0.00

(0.00%)

IHRT

iHeartMedia

$12.96

-0.05 (-0.38%)

CMCSA

Comcast

$42.93

0.26 (0.61%)

CMCSK

Comcast

$0.00

(0.00%)

ANET

Arista Networks

$228.76

-5.64 (-2.41%)

AMZN

Amazon.com

$1,808.53

-25.23 (-1.38%)

EQIX

Equinix

$552.72

2.75 (0.50%)

MRK

Merck

$85.51

0.75 (0.88%)

AVGO

Broadcom

$275.71

4.81 (1.78%)

TGT

Target

$82.39

-1.39 (-1.66%)

VZ

Verizon

$55.78

-0.04 (-0.07%)

WY

Weyerhaeuser

$24.74

-0.4 (-1.59%)

TTWO

Take-Two

$128.86

-2.48 (-1.89%)

SHOP

Shopify

$369.95

12.13 (3.39%)

MTCH

Match Group

$85.61

-1.5 (-1.72%)

AMD

AMD

$34.17

0.23 (0.68%)

DPZ

Domino's Pizza

$247.96

1.275 (0.52%)

TAP

Molson Coors

$52.66

-0.065 (-0.12%)

PYPL

PayPal

$104.83

-1.92 (-1.80%)

DISH

Dish

$32.40

-0.46 (-1.40%)

MSGN

MSG Networks

$18.31

-0.26 (-1.40%)

DBX

Dropbox

$18.70

-2.76 (-12.86%)

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BPY Brookfield Property
$19.32

-0.26 (-1.33%)

01/02/19
RBCM
01/02/19
UPGRADE
RBCM
Top Pick
Brookfield Property upgraded to Top Pick from Outperform at RBC Capital
05/07/19
RBCM
05/07/19
DOWNGRADE
RBCM
Outperform
Brookfield Property downgraded to Outperform from Top Pick at RBC Capital
08/07/19
CIBC
08/07/19
INITIATION
Target $25
CIBC
Outperformer
Brookfield Property initiated with an Outperformer at CIBC
CIBC analyst Dean Wilkinson initiated Brookfield Property with an Outperformer rating and $25 price target, citing what he sees as its above-average growth runway, sustainable and above-average yield, and "sector-leading" liquidity. Wilkinson said there is little indication that high-quality malls in the U.S., which represent the vast majority of Brookfield Property 's retail assets, are seeing a significant deterioration in operating metrics.
08/07/19
08/07/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Bilibili (BILI) initiated with a Buy at Goldman Sachs. 2. Waste Connections (WCN) was initiated with an Overweight at JPMorgan, while Waste Management (WM) and Republic Services (RSG) were initiated with a Neutral. 3. Neurocrine (NBIX) initiated with an Outperform at RBC Capital. 4. Brookfield Property (BPY) initiated with an Outperformer at CIBC. 5. Dropbox (DBX) initiated with an Underperform at Bernstein. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
SPG Simon Property
$154.92

-0.21 (-0.14%)

02/04/19
LEHM
02/04/19
NO CHANGE
LEHM
Barclays upgrades U.S. REITs sector to Positive from Neutral
Barclays analyst Ross Smotrich upgraded his sector rating on U.S. Real Estate Investment Trusts to Positive from Neutral. Late cycle concerns around slowing growth, rising interest rates and full asset values are overdone, Smotrich tells investors in a research note. The analyst believes that real estate fundamentals "have a good runway for continued strength, particularly compared to the slowing broader market." In Multifamily, the analyst upgraded the sub-sector to Positive, reiterates Overweight ratings on Essex Property Trust (ESS) and MAA (MAA), upgraded Camden Property Trust (CPT) to Overweight from Equal Weight for exposure to "18 hour cities" and downgraded Aimco (AIV) to Equal Weight from Overweight on slowing growth. In Office, Smotrich keeps a Neutral sub-sector rating "with a Positive tilt." His outlook for the sector is improving given "healthy underlying fundamentals and attractive valuations." He upgraded both SL Green Realty (SLG) and Brandywine Realty (BDN) to Overweight from Equal Weight, and Douglas Emmett (DEI) to Equal Weight from Underweight. The analyst maintain Overweight ratings on Alexandria Real Estate (ARE), Boston Properties (BXP) and Hudson Pacific (HPP). In Retail, the analyst tells investors to stay selective. He prefers larger companies with "better-quality assets, balance sheet flexibility, the ability to take share and grow earnings even as retailers evolve and rationalization store counts." Smotrich upgraded Regency Centers (REG) to Overweight from Equal Weight, reaffirmed Overweights on both Kimco Realty (KIM) and Simon Property (SPG), and downgraded Kite Realty Group (KRG) to Equal Weight from Overweight.
02/08/19
WELS
02/08/19
NO CHANGE
WELS
Wells downgrades Regional Mall REIT sector to Market Weight from Overweight
Wells Fargo analyst Jeffrey Donnelly reduced his rating on the Regional Mall REIT sector to Market Weight from Overweight. The ongoing "revenue disruption" from small-shop and anchor turnover combined with the anchor redevelopment initiatives will be a persistent source of earnings pressure in 2019 and 2020, Donnelly tells investors in a research note. Amid "low and decelerating" core earnings growth relative to other property types, the analyst believes "all but the very best capitalized companies may continue to trade as value ideas." He views Simon Property (SPG) as the dominant global player due to its "strong liquidity, robust balance sheet capacity, high-quality assets, and the depth of personnel capable of undertaking extensive redevelopment programs." Donnelly this morning also downgraded Macerich (MAC) to Market Perform from Outperform and kept an Underperform rating on CBL & Associates (CBL).
02/15/19
MZHO
02/15/19
DOWNGRADE
Target $193
MZHO
Neutral
Simon Property downgraded to Neutral from Buy at Mizuho
Mizuho analyst Haendel St. Juste downgraded Simon Property Group to Neutral with a $193 price target citing valuation. The analyst believes the shares are fairly valued following their "massive outperformance" versus Mall REIT peers since the start of 2018. Further, he sees a "decelerating" earnings profile into 2019 for Simon Property.
06/20/19
MSCO
06/20/19
NO CHANGE
Target $30
MSCO
Underweight
Macerich price target lowered to $30 from $45 at Morgan Stanley
Morgan Stanley analyst Richard Hill said he sees cash flow headwinds accelerating at Macerich (MAC) and believes the market underappreciates its deterioration in free cash flow. The analyst, who projects a $150M-$200M cash shortfall every year after payment of the dividend, lowered his price target on Macerich shares to $30 from $45 and keeps an Underweight rating on the stock. He also lowered his price target on Taubman Centers (TCO) to $45 from $50 and cut his price target for Simon Property (SPG) to $170 from $180 to reflect the challenging retail environment. He has Equal Weight ratings on Taubman and Simon shares.
BLK BlackRock
$426.27

-11.66 (-2.66%)

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.
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%.
SIEGY Siemens
$0.00

(0.00%)

02/26/19
02/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exact Sciences (EXAS) upgraded to Buy from Neutral at Goldman Sachs by analyst Patrick Donnelly, who said the current momentum of the Cologuard commercial ramp provides "strong basis" for the company's premium valuation while the combination of positive Cologuard catalysts and new product roll-outs provide upside to current levels, even after the stock's 75% rally since the beginning of 2018. Exact Sciences is a "must-own growth stock" given the "clean runway forward that is largely in its control with potential for discovery value in the pipeline outside of Cologuard," the analyst said. 2. Siemens (SIEGY) upgraded to Overweight from Neutral at JPMorgan by analyst Andreas Willi, who sees a relative valuation opportunity after the stock's 27% underperformance over the past two years. He believes investor sentiment can improve "after a period where the story has drifted." 3. Kadmon (KDMN) upgraded to Buy from Neutral at Citi by analyst Robyn Karnauskas, who assigned a 50% probability to KD-025 in chronic graft versus host disease with an unadjusted ~$900M market opportunity. However, upside to the stock will depend on quality of the data likely, Karnauskas said. 4. EverQuote (EVER) upgraded to Buy following Q4 beat at BofA/Merrill by analyst Mat Schindler, who said user growth has re-accelerated, supporting evidence of a turnaround, and thinks estimates are conservative and views the risk/reward as attractive. 5. Ally Financial (ALLY) upgraded to Buy from Hold at Sandler O'Neill by analyst Christopher Donat, who said he believes Ally's near-prime auto finance book is "meaningfully less risky" than Santander Consumer's (SC) book or the unsecured credit cards of Discover (DFS) and Capital One (COF), yet all four stocks trade at similar multiples. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/21/19
FBCO
05/21/19
UPGRADE
FBCO
Outperform
Siemens upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Andre Kukhnin upgraded Siemens to Outperform from Neutral and raised his price target for the shares to EUR 143 from EUR 115.
07/15/19
UBSW
07/15/19
DOWNGRADE
Target $11.5
UBSW
Neutral
General Electric downgraded to Neutral from Buy at UBS
UBS analyst Damian Karas downgraded General Electric (GE) to Neutral and lowered his price target to $11.50 from $13, saying that a "notable" decline in interest rates and the continued weakness in the power market combine toward a "more balanced" upside with downside. The analyst states however that after the 20% relative year-to-date outperformance in the stock price, General Electric will continue its multi-year turnaround and transformation, with the Power segment becoming increasingly more important to investor sentiment given the concerns around China demand and Siemens' (SIEGY) intended listing of their Gas & Power unit.
07/23/19
SOCG
07/23/19
UPGRADE
SOCG
Buy
Siemens upgraded to Buy from Hold at Societe Generale
CG Carlyle Group
$22.49

-0.7 (-3.02%)

05/21/19
05/21/19
DOWNGRADE
Target $22

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

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. KKR (KKR) downgraded to Neutral from Outperform at Credit Suisse analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. 2. Ocular Therapeutix (OCUL) downgraded to Market Perform from Strong Buy at Raymond James and to Market Perform from Outperform at Cowen. 3. CAE (CAE) downgraded to Market Perform from Outperform at BMO Capital and to Hold from Buy citing "limited potential returns." 4. Tremont Mortgage Trust (TRMT) downgraded to Neutral from Buy at UBS with analyst Brock Vandervliet saying last week's surprising capital raise has eroded shareholder value. 5. Carlyle Group (CG) downgraded to Neutral from Outperform at Credit Suisse with analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's mid-30% total return year to date. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/05/19
LEHM
08/05/19
INITIATION
Target $25
LEHM
Equal Weight
Carlyle Group initiated with an Equal Weight at Barclays
Barclays analyst Jeremy Campbell started Carlyle Group with an Equal Weight rating and $25 price target. The analyst sees longer term upside but prefers to stay on the sidelines for now.
AMSSY AMS AG
$0.00

(0.00%)

10/23/18
JPMS
10/23/18
DOWNGRADE
JPMS
Neutral
AMS AG downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Sandeep Deshpande downgraded AMS AG to Neutral and lowered his price target for the shares to 45 francs from 120 francs. The analyst expects "significant" 2019 estimate cuts following the company's Q3 results.
10/24/18
10/24/18
DOWNGRADE

AMS AG downgraded to Hold from Buy at Liberum
Liberum analyst Janardan Menon downgraded AMS AG to Hold.
IHRT iHeartMedia
$12.96

-0.05 (-0.38%)

11/15/18
BRRR
11/15/18
NO CHANGE
BRRR
Market Perform
Barrington says Clear Channel float could increase following iHeart bankruptcy
Barrington analyst James Goss notes that 90% of Clear Channel Outdoor (CCO) has been held by iHeartMedia and that ownership now seems likely to transfer to the iHeart lenders as it nears an exit from bankruptcy. Only about 10% of Clear Channel has been publicly traded, but there is now an opportunity for the public stake to increase, he said. Given that potential, there is "hope" that Clear Channel's positive fundamentals could be more fully reflected in its stock price, added Goss, who keeps a Market Perform rating on the stock.
08/02/19
JPMS
08/02/19
INITIATION
Target $21
JPMS
Overweight
iHeartMedia initiated with an Overweight at JPMorgan
JPMorgan analyst Sebastiano Petti started iHeartMedia with an Overweight rating and $21 price target. The company emerged from bankruptcy in May with an improved capital structure, Petti tells investors in a research note. He views iHeartMedia as the leading broadcast radio platform in the U.S. with a "strong and growing" digital presence and finds the stock attractively valued at current levels.
08/02/19
08/02/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Alphabet (GOOG, GOOGL), Facebook (FB), and Amazon.com (AMZN) initiated with a Buy at MKM Partners. 2. iHeartMedia (IHRT) initiated with an Overweight at JPMorgan. 3. NuStar Energy (NS) initiated with a Neutral at Mizuho. 4. Ultragenyx (RARE) assumed with an Outperform at Wedbush. 5. Avantor (AVTR) initiated with a Neutral at Cleveland Research. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
CMCSA Comcast
$42.93

0.26 (0.61%)

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
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.
07/29/19
FBCO
07/29/19
NO CHANGE
FBCO
Credit Suisse sees virtually no impact for AT&T, Verizon from Dish near-term
Following the Justice Department's settlement with T-Mobile (TMUS) and Sprint (S), Credit Suisse analyst Douglas Mitchelson notes that for Altice USA (ATUS), the settlement requires mobile virtual network operator contracts to be extended through at least 7 years post closing, which he views as a "significant positive" for Altice. For cable broadly, Dish (DISH) would represent an "intriguing option" for entry into the wireless business longer-term if CEO decided to sell the company, he contends. The analyst would expect that Comcast (CMCSA) and Charter (CHTR) would wait until the point where wireless pricing and valuations are thought to have bottomed. For AT&T (T) and Verizon (VZ), Mitchelson sees virtually no impact from Dish the next few years as the company will be just focused on scaling marketing of its T-Mobile MVNO while building its wireless network. Longer-term, while Dish might be in a position to deflate wireless pricing, AT&T and Verizon should still have superior coverage, network density, backhaul, scale, and quality of service, he adds.
08/01/19
OTRG
08/01/19
NO CHANGE
OTRG
Broadcast and cable upfront pricing higher than expected, says OTR Global
OTR Global said its checks with U.S. media buyers and ad executives indicated that broadcast and cable networks increased upfront ad unit pricing higher than buyers expected. 2019 upfront prices were up 7%-10% year-over-year for broadcast and up 6%-9% year-over year for cable, exceeding sources' expectations of flat or slightly higher pricing, the firm noted, citing its checks.
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.
ANET Arista Networks
$228.76

-5.64 (-2.41%)

07/29/19
NEED
07/29/19
NO CHANGE
Target $340
NEED
Buy
Arista Networks price target lowered to $340 from $385 at Needham
Needham analyst Alex Henderson lowered his price target on Arista Networks (ANET) to $340 ahead of its earnings this week, saying that after reviewing commentary about CapEx and spending from other large tech firms, he believes that the "soft spot" in spending on Web 2.0 will continue through the second half of 2019. The analyst keeps his Buy rating on Arista Networks longer term, stating that it is gaining market share at a "healthy pace" while offering "superior technology" relative to Cisco (CSCO) and Juniper (JNPR).
08/02/19
JMPS
08/02/19
NO CHANGE
JMPS
Arista Networks price target lowered to $280 from $315 at JMP Securities
JMP Securities analyst Erik Suppiger maintained a Market Outperform rating on Arista Networks, but lowered his price target on shares to $280 from $315 after the company reported Q2 earnings results and Q3 guidance. The analyst lowered his estimates following the report, and trimmed his price target to reflect a reduced price-earnings multiple of 27x, with the prior multiple being 30x.
08/07/19
LEHM
08/07/19
INITIATION
Target $284
LEHM
Overweight
Arista Networks initiated with an Overweight at Barclays
Barclays analyst Tim Long initiated Arista Networks with an Overweight rating and a price target of $284. The analyst believes that the company can continue to gain market share in data center switching in spite of slower industry growth, with 100G technology lasting longer and 400G representing an upgrade cycle. Long also notes that Arista Networks continues to grow its routing business.
08/07/19
LEHM
08/07/19
INITIATION
Target $27
LEHM
Equal Weight
Juniper initiated with an Equal Weight at Barclays
Barclays analyst Tim Long initiated Juniper (JNPR) with an Equal Weight rating and a price target of $27. The analyst says the company has lost market share in the "challenging" telco routing end market, noting that while its average selling prices have stabilized, the performance of that business could be "volatile". Long adds that Cisco (CSCO) and Arista Networks (ANET) competition have kept Juniper from making share gains in the switching business.
AMZN Amazon.com
$1,808.53

-25.23 (-1.38%)

08/08/19
RSBL
08/08/19
UPGRADE
Target $134
RSBL
Buy
Rosenblatt upgrades 'runaway train' Roku to Buy with $134 price target
Rosenblatt analyst Mark Zgutowicz upgraded Roku (ROKU) to Buy from Neutral and raised his price target for the shares to $134 from $77. The stock in premarket trading is up 17%, or $17.63, to $118.60. The company last night reported a second consecutive "trifecta" of strong account, average revenue per user, and hours growth, Zgutowicz tells investors in a research note. The analyst now believes Roku's brand and audience reach is essentially "out-scaling" the unowned content model. While Amazon (AMZN) will always be an imminent threat, Roku TV is a "runaway train," with many retailers suggesting it consistently outsells Fire TVs by up to five-times, says Zgutowicz. He sees Roku's brand positioning "continuing to snowball from here," extending its "dominant" household penetration.
08/08/19
DADA
08/08/19
NO CHANGE
Target $135
DADA
Buy
Roku price target raised to $135 from $110 at DA Davidson
DA Davidson analyst Tom Forte raised his price target on Roku (ROKU) to $135 and kept his Buy rating after its above-consensus Q2 results. The analyst says the company is "one of the pioneers" in the secular shift toward over-the-top video consumption with "massive" potential of content spending by Amazon (AMZN), Apple (AAPL), Disney (DIS), and Netflix (NFLX) enhancing Roku's platform.
08/08/19
MSCO
08/08/19
NO CHANGE
MSCO
Equal Weight
Financial impact of Amazon break-up limited for FedEx, says Morgan Stanley
After various media sources indicated yesterday that FedEx (FDX) and Amazon (AMZN) each confirmed that they will not renew their ground-delivery contract, Morgan Stanley analyst Ravi Shanker said he thinks the financial impact to FedEx should be limited, but "the symbolic impact for Parcels is significant." One of the two largest e-commerce parcel delivery companies in the U.S. is no longer doing any business with the dominant e-commerce player, which "would have been unthinkable 5-7 years ago," wrote Shanker, who questions if UPS (UPS) cannot afford to similarly break up with Amazon given their outsized exposure to them as a customer. He also questions when Amazon's contract with UPS is up for renewal and what they will do when that happens given Amazon's recent history of suddenly pulling or not renewing deals, such as with FedEx and XPO Logistics (XPO). Shanker has an Equal Weight rating on FedEx and an Underweight rating on UPS.
08/09/19
DADA
08/09/19
NO CHANGE
Target $48
DADA
Buy
Yelp CFO departure another indication of possible sale, says DA Davidson
DA Davidson analyst Tom Forte views the upcoming departure of CFO Lanny Baker as "another indication that Yelp (YELP) may be sold." Forte believes the company could be worth as much as $60 per share in a buyout. Yelp in afternoon trading is up 8%, or $2.93, to $37.76. Of the companies he covers, Forte says Yelp is the most likely to be sold given the low price of its shares, the involvement of an activist, and its strategic value to potential acquirers like Amazon.com (AMZN), Apple (AAPL), Facebook (FB) or Alphabet (GOOG, GOOGL). The analyst has a Buy rating on Yelp with a $48 price target.
EQIX Equinix
$552.72

2.75 (0.50%)

07/02/19
GUGG
07/02/19
NO CHANGE
Target $540
GUGG
Buy
Equinix price target raised to $540 from $505 at Guggenheim
Guggenheim analyst Robert Gutman raised his price target on Equinix shares to $540 from $505 after the company launched its xScale joint venture, which will sell to hyperscale customers in Europe, and received an investment grade rating from Fitch that elevates it to full investment grade status. Though he sees limited near-term earnings contribution from both developments, Gutman called both significant steps forward in the company's longer-term strategic plan, stating that the first opens up a large, underserved addressable market in the Europe and the second ensures available liquidity at a better cost. He keeps a Buy rating on Equinix shares.
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.
08/01/19
JPMS
08/01/19
NO CHANGE
Target $580
JPMS
Overweight
Equinix price target raised to $580 from $524 at JPMorgan
JPMorgan analyst Philip Cusick raised his price target for Equinix to $580 from $524 saying the company reported "strong" Q2 results with "robust" signings. Equinix remains the analyst's top real estate investment trust pick with an Overweight rating. Equinix's retail-dominated business has largely avoided issues within the wholesale datacenter space, Cusick tells investors in a research note.
08/01/19
OPCO
08/01/19
NO CHANGE
Target $550
OPCO
Outperform
Equinix price target raised to $550 from $500 at Oppenheimer
Oppenheimer analyst Timothy Horan raised his price target for Equinix to $550 from $500 following another "beat and raise," driven by international demand. The analyst reiterates an Outperform rating on the shares.
MRK Merck
$85.51

0.75 (0.88%)

07/11/19
RAJA
07/11/19
NO CHANGE
RAJA
Death of drug rebate rule a win for PBMs and distributors, says Raymond James
After multiple media outlets, including Politico, reported that the Trump Administration has decided to withdraw the drug rebate rule, Raymond James analyst Chris Meekins called the news "a win" for pharmacy benefit managers and drug distributors and "a slight negative" for the pharmaceutical makers. The cost of the proposal to the government was ultimately too high with little guarantee that list prices would go down, said Meekins. However, President Trump hinted something "major" on drug pricing was coming over the next week during his kidney care speech and the analyst thinks the President is planning to move forward with an executive order on pricing. Publicly traded pharmaceutical distributors include McKesson (MCK), Cardinal Health (CAH), Amerisource (ABC) and Patterson (PDCO). Owners of pharmacy benefit managers include CVS Health (CVS), UnitedHealth (UNH), Anthem (ANTM) and Cigna (CI). Publicly traded large cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
07/17/19
RAJA
07/17/19
NO CHANGE
RAJA
Investors shouldn't overreact to drug proposal headlines, says Raymond James
Raymond James analyst Chris Meekins noted that President Donald Trump has indicated an Executive Order on drug pricing is coming soon, but he believes investors "should be cautious not to overreact" to drug related proposal headlines as he "cannot think of a single proposal that was finalized and also survived a court challenge resulting in a negative impact on earnings" yet from the Trump Administration. Given the history of the current White House to date, Meekins said he is increasingly skeptical the Administration will get anything meaningful finalized and overcome legal challenges that will impact drugmakers' earnings before the 2020 election, he tells investors in a healthcare policy note. Publicly traded large cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
07/22/19
OPCO
07/22/19
DOWNGRADE
OPCO
Perform
Oppenheimer downgrades Intec Pharma after 'major setback' of trial miss
As previously reported, Oppenheimer analyst Jay Olson downgraded Intec Pharma (NTEC) to Perform from Outperform after the company announced "a major setback" as the ACCORDANCE study did not achieve statistical superiority to Sinemet on the primary endpoint of reduction in daily OFF time. He noted that the company still has additional opportunities with other drugs, including proprietary partnerships with Novartis (NVS) and Merck (MRK), but said the read across from AP-CD/LD to other AP applications in different diseases is uncertain following this morning's news.
08/07/19
ARGS
08/07/19
NO CHANGE
Target $105
ARGS
Buy
Merck price target raised to $105 from $95 at Argus
Argus analyst David Toung raised his price target on Merck to $105 and kept his Buy rating after its "strong" Keytruda-driven Q2 earnings beat, also boosting his FY19 and FY20 EPS view by 16c and 10c to $4.89 and $5.35 respectively. The analyst sees Merck's "blockbuster" Keytruda drug on track for additional indications in the U.S., Japan, China and Europe, with additional growth drivers coming from its Gardasil, Bridion, Lynparza, and Lenvima programs.
AVGO Broadcom
$275.71

4.81 (1.78%)

07/24/19
RHCO
07/24/19
NO CHANGE
Target $133
RHCO
Hold
Texas Instruments price target raised to $133 from $122 at SunTrust
SunTrust analyst William Stein raised his price target on Texas Instruments (TXN) to $133 after its Q2 earnings beat, but kept his Hold rating, saying bottom in fundamentals for semiconductor names is being extended to Q3 from Q2. The analyst also contends that the recovery in Texas Instruments is "mostly priced in", favoring semi sector stocks that have recently underperformed such as NXP Semi (NXPI), Microchip (MCHP), and Broadcom (AVGO).
07/31/19
OPCO
07/31/19
NO CHANGE
OPCO
Following Apple's Q3, Broadcom called top Apple supply chain pick by Oppenheimer
Oppenheimer analyst Rick Schafer said he prefers content increase stories and consistent execution within Apple's (AAPL) supply chain, identifying Broadcom (AVGO) as his top Apple supply chain pick on the heels of the iPhone maker's Q3 report as he believes the chipmaker is set to recapture the share it lost in 2018 this year, implying incremental revenue of about $400M in 2020. He remains on the sidelines on Cirrus Logic (CRUS), citing headwinds from the removal of the digital-to-analog audio converter in 2018 and likely lack of content expansion this year. In terms of Qorvo (QRVO), Schafer said much of the benefit from the mid/high-band iPhone PAD last year "appears lost in the 2019 refresh."
08/09/19
KEYB
08/09/19
NO CHANGE
Target $330
KEYB
Overweight
Broadcom price target raised to $330 from $310 at KeyBanc
KeyBanc analyst John Vinh raised his price target for Broadcom (AVGO) to $330 from $310 and maintained an Overweight rating following the company's announcement that it will acquire Symantec's (SYMC) enterprise security business for $10.7B. In a research note to investors, Vinh says that while he sees limited opportunities for revenue synergies from the deal, he is constructive as it remains consistent with the Broadcom consolidation playbook of acquiring highly profitable businesses that are mature in consolidated sectors with a "sticky" customer base.
08/09/19
MSCO
08/09/19
UPGRADE
Target $27
MSCO
Equal Weight
Symantec upgraded to Equal Weight from Underweight at Morgan Stanley
Morgan Stanley analyst Keith Weiss upgraded Symantec (SYMC) to Equal Weight from Underweight and raised his price target on the stock to $27 from $14, contending that the pending acquisition by Broadcom (AVGO) of the company's Enterprise Business puts a floor on the valuation of that unit. The remaining Consumer Business, while a "slowly declining asset," should support $15 per share in value to add to the $12 per share in value from Enterprise, estimates Weiss.
TGT Target
$82.39

-1.39 (-1.66%)

07/15/19
DBAB
07/15/19
INITIATION
Target $85
DBAB
Hold
Target assumed with a Hold at Deutsche Bank
Target $85.Deutsche Bank analyst Paul Trussell assumed coverage of Target with a Hold rating and $85 price target. The analyst continues to see a shift in dollar share with the rise of e-commerce, fresh, and limited assortment stores, in addition to wholesale clubs and supercenters, at the expense of independents and other regional grocers.
08/05/19
DBAB
08/05/19
UPGRADE
DBAB
Buy
Target upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell upgraded Target to Buy from Hold.
08/05/19
DBAB
08/05/19
UPGRADE
Target $99
DBAB
Buy
Deutsche Bank upgrades Target to Buy, boosts price target to $99 from $85
Deutsche Bank analyst Paul Trussell upgraded Target to Buy from Hold and raised his price target for the shares to $99 from $85. The retailer closed Friday down $1.10 to $81.52. Target is "growing profitably" with EBITDA dollars up mid-single-digits in Q1, a pace that can be sustained through supply chain enhancements, market share gains in key categories often with higher margin private brands, and strong returns on remodels and new small format stores, Trussell tells investors in a research note. Despite the company's "unequivocal success recently," the shares still trade at a multiple slightly below its historical average and now "well below other strong comping staple retail peers," says the analyst. Trussell believes a "robust" Q2 earnings report is possible, driving Target toward its first double-digit two-year stack comp since 2006. With that, investor doubts "should subside and the stock should move closer to a market multiple," he contends.
08/05/19
08/05/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Target (TGT) upgraded to Buy from Hold at Deutsche Bank with analyst Paul Trussell saying Target is "growing profitably" with EBITDA dollars up mid-single-digits in Q1, a pace that can be sustained through supply chain enhancements, market share gains in key categories often with higher margin private brands, and strong returns on remodels and new small format stores. 2. Owens-Illinois (OI) upgraded to Neutral from Sell at Goldman Sachs with analyst Brian Maguire saying the negative catalysts around lower volume and higher taxes have materialized with the stock underperforming since reporting a miss in Q2 earnings last week. 3. AB InBev (BUD) upgraded to Hold from Underperform at Jefferies with analyst saying the company is pivoting to growth while concerns on its leverage are easing. 4. CF Industries (CF) upgraded to Neutral from Underperform at BofA/Merrill with analyst Steve Byrne saying the company's "strong" Q2 results show operational strength and an improving outlook. 5. Builders FirstSource (BLDR) upgraded to In Line from Underperform at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VZ Verizon
$55.78

-0.04 (-0.07%)

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.
07/29/19
KEYB
07/29/19
NO CHANGE
KEYB
T-Mobile, Sprint deal negative for AT&T/Verizon, says KeyBanc
Commenting on T-Mobile (TMUS)/Sprint (S) deal approval and Dish (DISH) acquisition of Sprint's Prepaid business and Sprint's 800MHz Spectrum for a total of $5.0B, KeyBanc analyst Brandon Nispel says he continues to believe the wireless industry is getting more competitive with the entrance of cable providers and that this merger is a driving force to take competition to another level as it enables T-Mobile to be more aggressive, while also enabling Dish to advance its wireless ambitions. Given the increasing competitive nature of the wireless market, Nispel thinks the implications are negative for AT&T (T) and Verizon (VZ) given their already low gross add share and potential for churn to rise through a more active promotional environment.
07/29/19
WELS
07/29/19
NO CHANGE
WELS
Sprint, T-Mobile merger mixed for towers, says Wells Fargo
Wells Fargo analyst Jennifer Fritzsche sees the Sprint (S)/T-Mobile (TMUS) deal as mixed for towers. One "major positive" is that Dish (DISH) will have the option to assume leases on certain cell sites that are decommissioned by New T-Mobile for 5 years, which lessens the looming churn risk the towers faced as Sprint sites would be decommissioned, but it also lessens the "manna from heaven" impact of bringing in a new carrier that would have a Greenfield tower build, she contends. Additionally, the analyst notes that those towers which were now benefiting from some Dish work could see some near-term pause given the removal of its March 2020 build deadline. Fritzsche also argues that longer term, a new competitor is an incremental negative for AT&T (T) and Verizon (VZ) given Dish's disruptive nature.
WY Weyerhaeuser
$24.74

-0.4 (-1.59%)

04/02/19
GHSC
04/02/19
INITIATION
GHSC
Neutral
Rayonier initiated with a Neutral at Seaport Global
Seaport Global analyst Mark Weintraub started Rayonier (RYN) with a Neutral rating and no price target. The stock's valuation is "perhaps a bit less attractive" relative to the other timber real estate investment trusts, Weintraub tells investors in a research note. The analyst this morning also initiated coverage of PotlatchDeltic (PCH) with a Buy rating and reiterated a Buy rating on Weyerhaeuser (WY). Weintraub admits, however, that Rayonier is more of a "pure-play" in the timberland space than those two companies and that its management has made good decisions of late for its shareholders.
04/05/19
SPHN
04/05/19
UPGRADE
SPHN
Overweight
Weyerhaeuser upgraded to Overweight from Equal Weight at Stephens
04/05/19
SPHN
04/05/19
UPGRADE
Target $32
SPHN
Overweight
Weyerhaeuser upgraded to Overweight on lower rate risk at Stephens
As previously reported, Stephens analyst Mark Connelly upgraded Weyerhaeuser to Overweight from Equal Weight, noting that the stock, which is generally viewed as an income play, has sold off on rate concerns and slower starts. However, he sees much less rate risk "with the Fed clearly in a more accommodating mood lately" and also expects housing activity to pick up gradually. Weyerhaeuser's balance sheet is strong and Connelly sees little risk to the current dividend, he added in his note to investors. He raised his price target on Weyerhaeuser shares to $32 from $25.
04/05/19
04/05/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bed Bath & Beyond (BBBY) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Simeon Gutman saying he believes activist intervention presents the potential for upside for the stock in the near-term. 2. Snap (SNAP) upgraded to Hold from Sell at Summit Insights. 3. Northrop Grumman (NOC) upgraded to Positive from Neutral at Susquehanna. 4. Weyerhaeuser (WY) upgraded to Overweight from Equal Weight at Stephens with analyst Mark Connelly saying the stock, which is generally viewed as an income play, has sold off on rate concerns and slower starts. 5. Viacom (VIA, VIAB) upgraded to Outperform from Sector Perform at RBC Capital with analyst Steven Cahall saying the company's "less contentious" than feared DirecTV (T) deal improves its standing and "paves the way toward merger talks" with CBS (CBS). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
TTWO Take-Two
$128.86

-2.48 (-1.89%)

08/06/19
KEYB
08/06/19
NO CHANGE
Target $150
KEYB
Overweight
Take-Two price target raised to $150 from $145 at KeyBanc
KeyBanc analyst Tyler Parker raised his price target for Take-Two to $150 from $145 after the company reported a "solid" quarter to start 2020, with upside to expectations largely driven by strong RCS growth out of NBA 2K19. The analyst maintains that Take-Two is best-in-class in terms of driving ongoing engagement and consumer spending, which sets up well with the ongoing ramp of Red Dead Online and the upcoming launch of Borderlands 3. Parker reiterates an Overweight rating on the shares.
08/06/19
JEFF
08/06/19
NO CHANGE
Target $125
JEFF
Hold
Take-Two price target raised to $125 from $115 at Jefferies
Jefferies analyst Alex Giaimo raised his price target for Take-Two Interactive Software to $125 from $115 saying core franchises drove an "impressive beat" in fiscal Q1. The "encouraging" quarter improves the analyst's confidence in the staying power of Take-Two's core franchises. Giaimo, who acknowledges that the company's fundamentals are strong, views valuation as "the biggest hurdle." He keeps a Hold rating on the shares.
08/06/19
FBCO
08/06/19
NO CHANGE
Target $125
FBCO
Neutral
Take-Two price target raised to $125 from $118 at Credit Suisse
Credit Suisse analyst Stephen Ju raised his price target for Take-Two to $125 from $118 following the company's Q1 "high-quality" report that showcased not only the improving mix of recurrent consumer spend from GTA Online and NBA 2k, but also the lasting durability of ongoing sales of GTA V as well, which has now sold in 110M units. The analyst reiterates a Neutral rating on the shares given balanced risk/reward.
08/06/19
WEDB
08/06/19
NO CHANGE
Target $144
WEDB
Outperform
Take-Two price target raised to $144 from $134 at Wedbush
Wedbush analyst Michael Pachter raised his price target for Take-Two to $144 from $134 as he believes the company's Q1 beat and raise reflects strength of digital execution and franchise power. The analyst reiterates an Outperform rating on the shares.
SHOP Shopify
$369.95

12.13 (3.39%)

08/02/19
KEYB
08/02/19
NO CHANGE
Target $385
KEYB
Overweight
Shopify price target raised to $385 from $350 at KeyBanc
KeyBanc analyst Josh Beck raised his price target for Shopify to $385 from $350 and maintained an Overweight rating following the company's quarterly results, saying Shopify beat expectations as international momentum contributed to an acceleration in GMV to 51% y/y as 11 new languages were rolled out. Beck tells investors in a research note that the growth runway at Shopify is "substantial," and his firm's checks at three recent conferences reinforced product differentiation and market receptivity.
08/02/19
ADAM
08/02/19
NO CHANGE
Target $385
ADAM
Buy
Shopify price target raised to $385 from $360 at Canaccord
Canaccord analyst David Hynes raised his price target on Shopify to $385 from $360 following strong Q2 results. The analyst said the quarter was highlighted by its best ever period for international merchant adds and GMV that surpassed $1B per week. Hynes said he would look for pullbacks to add to positions and he reiterated his Buy rating on Shopify shares.
08/02/19
ADAM
08/02/19
NO CHANGE
Target $385
ADAM
Shopify price target raised to $385 from $360 at Canaccord
Canaccord analyst David Hynes raised his price target on Shopify to $385 from $360 following strong Q2 results. The analyst said the quarter was highlighted by its best ever period for international merchant adds and GMV that surpassed $1B per week. Hynes said he would look for pullbacks to add to positions and he reiterated his Buy rating on Shopify shares.
08/02/19
RBCM
08/02/19
NO CHANGE
Target $400
RBCM
Outperform
Shopify price target raised to $400 from $347 at RBC Capital
RBC Capital analyst Paul Treiber raised his price target on Shopify to $400 and kept his Outperform rating after its Q2 earnings beat and raised FY19 guidance. The analyst cites the company's increase in gross merchandise volume take rate, the rise in its Plus platform fees, along with re-negotiated pricing and margin payment terms, stating that Shopify appears to be capturing "more of the economics per e-commerce transaction."
MTCH Match Group
$85.61

-1.5 (-1.72%)

08/09/19
FBCO
08/09/19
NO CHANGE
Target $284
FBCO
Outperform
IAC price target raised to $284 from $263 at Credit Suisse
Credit Suisse analyst Stephen Ju raised his price target for InterActiveCorp (IAC) to $284 from $263 and maintained an Outperform rating following the company's second quarter results. Ju tells investors in a research note that his investment thesis is based on ongoing traction with Tinder monetization coupled with stabilization of legacy Match.com (MTCH) and OkCupid properties,continued realization of both platform and cost synergies at Angi Homeservices (ANGI) and optionality for incremental share gains for Vimeo among content producers as IAC looks to aggressively acquire new subscribers.
08/09/19
OPCO
08/09/19
NO CHANGE
Target $310
OPCO
Outperform
IAC price target raised to $310 from $285 at Oppenheimer
Oppenheimer analyst Jason Helfstein raised his price target for IAC (IAC) to $310 from $285 and maintained an Outperform rating, citing the increase in Match.com (MTCH) stock, partially offset by a lower target value for Angi Homeservices (ANGI). In a research note to investors, Helfstein says he expects Match.com spun off in a tax-free transaction, after IAC shifts debt to Match, and says the restructured balance sheet should benefit Angi and allow larger acquisitions.
08/09/19
BNCH
08/09/19
NO CHANGE
Target $300
BNCH
Buy
IAC price target raised to $300 from $250 at Benchmark
Benchmark analyst Daniel Kurnos said potential excitement around a long-awaited spin announcement finally coming from IAC (IAC) was offset by a third straight miss for Angi Homeservices (ANGI) that came with a material cut to its forward outlook. He expects Angi shares "will remain in the penalty box near-term," making Match Group (MTCH) seem like the likeliest spinoff candidate following its own earnings "blowout," Kurnos tells investors. He raised his price target on IAC to $300 from $250 on an expansion of his Match multiple in his sum-of-the-parts analysis and believes IAC shares provide "perhaps the best short-term play on the spin catalyst." Kurnos keeps a Buy rating on IAC shares.
08/09/19
LEHM
08/09/19
NO CHANGE
Target $311
LEHM
Overweight
IAC price target raised to $311 from $295 at Barclays
Barclays analyst Ross Sandler raised his price target for IAC to $311 from $295 saying the while the company's Q2 results were "mixed," there are catalysts "within reach." Management "finally" publically stated that it will consider spinning out its two public assets, Match Group (MTCH) and Angi Homeservices (ANGI), and is expected to make a decision by next quarter, Sandler tells investors in a research note. IAC's spins create have historically created value, says the analyst, who keeps an Overweight rating on the shares.
AMD AMD
$34.17

0.23 (0.68%)

08/01/19
08/01/19
INITIATION

Fly Intel: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. AMD (AMD) and Maxim Integrated (MXIM) initiated with a Hold at Benchmark. 2. Amag Pharmaceuticals (AMAG) and Cassava Sciences (SAVA) initiated with a Buy at H.C. Wainwright. 3. Crispr Therapeutics (CRSP) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/19
WEDB
08/07/19
NO CHANGE
Target $39
WEDB
Outperform
Wedbush still anticipates favorable server CPU upcycle ahead for AMD
Wedbush analyst Matt Bryson notes that AMD is expected to launch its 2nd generation Epyc server part "Rome" on Wednesday at its event in San Francisco. The analyst continues to anticipate a favorable server CPU upcycle ahead for AMD and expects commentary from the event will corroborate this view, including management previewing strong performance specifications for the new parts. Bryson has an Outperform rating and a $39 price target on the shares.
08/08/19
JEFF
08/08/19
NO CHANGE
Target $40
JEFF
Buy
Jefferies has more conviction in AMD after second generation launch
AMD announced launched the first 7nm EPYC second generation "Rome" processors and announced deployment at Google, Twitter, HPE, Lenovo, Dell and Cray, Jefferies analyst Mark Lipacis tells investors in a research note. With this launch, the analyst has "higher conviction" that AMD is on track to gain its targeted double digit market share in the higher margin sever markets. He expects AMD will have a one-year transistor lead in its 7nm server and desktop MPUs, noting those ramp in the second half of 2019. He reiterates a Buy rating on AMD with a $40 price target.
08/09/19
RBCM
08/09/19
NO CHANGE
Target $44
RBCM
Outperform
AMD announcement with Cray didn't get attention it deserved, says RBC Capital
RBC Capital analyst Mitch Steves said the focus during AMD's (AMD) launch event was clearly on Google Cloud (GOOGL) and enterprise wins with HPE (HPE) and Dell (DELL), but he contends that the company's announcement with Cray (CRAY) "did not get the attention it deserved." Looking at the build of materials for the Cray products, the combined content for AMD is likely around 25% and he "wouldn't be surprised to see 15-20%" of the $1B in bookings go to AMD, said Steves, who raised his "Street high" price target on AMD shares to $44 from $43 and keeps an Outperform rating on the stock.
DPZ Domino's Pizza
$247.96

1.275 (0.52%)

07/29/19
DBAB
07/29/19
INITIATION
Target $208
DBAB
Sell
Domino's Pizza initiated with a Sell at Deutsche Bank
Deutsche Bank started Domino's Pizza with a Sell rating and $208 price target.
07/29/19
GSCO
07/29/19
INITIATION
Target $280
GSCO
Neutral
Domino's Pizza initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Katherine Fogertey started Domino's Pizza with a Neutral rating and $280 price target. The analyst believes the company's underlying fundamentals are strong, but she sees third-party aggregators as a "net-headwind." Fogertey this morning initiated coverage of the Restaurants sector, which she believes is benefiting from "very strong" low end consumer spending, refranchising, digital engagement that is enabling profits, and delivery that is driving higher checks and traffic.
07/29/19
DBAB
07/29/19
INITIATION
DBAB
Sell
Deutsche Bank starts Domino's at Sell on third-party delivery risk
Deutsche Bank analyst Brian Mullan initiated coverage of Domino's Pizza with a Sell rating and $208 price target. The stock in premarket trading is down 2% to $253.33. The "competitive intrusion" of third-party delivery aggregators will increase in magnitude over the next two-to-three-year period, Mullan tells investors in a research note. The aggregators are a problem for Domino's because they enable a material increase in delivery supply availability of additional restaurant menu types outside of quick service pizza, which, in turn, creates an increase in delivery choices for the company's existing customer base, cautions the analyst. As such, Mullan views the aggregators as true competitors to Domino's Pizza for delivery transactions.
07/29/19
07/29/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Domino's Pizza (DPZ) initiated with a Sell at Deutsche Bank and a Neutral at Goldman Sachs. 2. Oaktree Specialty Lending (OCSL) initiated with a Neutral at Janney Montgomery Scott. 3. Chipotle (CMG) initiated with a Conviction Buy at Goldman Sachs, while McDonald's (MCD), Starbucks (SBUX), and Shake Shack (SHAK) were initiated with a Buy, Restaurant Brands (QSR) and Yum! Brands (YUM) were initiated with a Neutral, and Wendy's (WEN) and Jack in the Box (JACK) were initiated with a Sell. 4. PepsiCo (PEP) and Coca-Cola (KO) initiated with an Overweight at Atlantic Equities. 5. Dell Technologies (DELL) initiated with an Outperform at Wells Fargo. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
TAP Molson Coors
$52.66

-0.065 (-0.12%)

07/15/19
BOFA
07/15/19
DOWNGRADE
BOFA
Underperform
Molson Coors downgraded to Underperform from Buy at BofA/Merrill
07/15/19
BOFA
07/15/19
DOWNGRADE
Target $50
BOFA
Underperform
BofA/Merrill double downgrades Molson Coors to Underperform
As previously reported, BofA Merrill Lynch analyst Bryan Spillane downgraded Molson Coors (TAP) two notches, to Underperform from Buy, citing the heightened potential he sees that the company will need to increase spending to stabilize core brands' market share and invest in premium and "beyond" beer segments. To support his view, Spillane notes that Molson Coors has continued to lose market share in FY19 as competitors such as AB InBev (BUD), Heineken (HEINY), Constellation (STZ) and Boston Beer (SAM) have increased marketing/brand support and that products like hard seltzers and canned wine pose further risk to domestic light beer. He lowered his price target on Molson Coors shares to $50 from $70.
08/01/19
GUGG
08/01/19
NO CHANGE
Target $52
GUGG
Neutral
Molson Coors price target lowered to $52 from $63 at Guggenheim
Guggenheim analyst Laurent Grandet said Molson Coors reported an "especially weak" Q2 with volumes declining at an "alarming rate" in the U.S. and Europe. He lowered his estimates for FY19-FY21 following the report and cut his price target on Molson Coors shares to $52 from $63 while maintaining a Neutral rating on the stock.
08/01/19
BMOC
08/01/19
NO CHANGE
Target $65
BMOC
Outperform
Molson Coors price target lowered to $65 from $80 at BMO Capital
BMO Capital analyst Amit Sharma lowered his price target on Molson Coors to $65 after the company posted "another quarter of weaker performance" with a "less sanguine" outlook for the back half of 2019. The analyst warns that Molson Coor's increased MG&A costs and "minimal" inventory benefit will weigh on its ability to achieve 2019 free cash flow guidance.
PYPL PayPal
$104.83

-1.92 (-1.80%)

07/25/19
SPHN
07/25/19
NO CHANGE
SPHN
Overweight
PayPal revenue issues mostly due to timing, says Stephens
Stephens analyst Brett Huff said he expects PayPal shares to suffer this morning after the company gave weaker than consensus Q3 revenue guidance, but he believes that the revenue issues are mostly due to timing and doesn't "want to lose the forest for the trees." Though he expects the stock to be range-bound for a few quarters until revenue returns, he keeps an Overweight rating on PayPal, citing its excellent growth, margin expansion, market position, secular trends and good management team. Huff trimmed his price target to $125 from $126 on the stock, which is down $4.46, or 3.7%, to $116.84 in early trading.
07/29/19
GUGG
07/29/19
DOWNGRADE
Target $104
GUGG
Sell
PayPal downgraded to Sell from Neutral at Guggenheim
Guggenheim analyst Jeff Cantwell downgraded PayPal Holdings to Sell from Neutral with a $104 price target.
07/29/19
07/29/19
DOWNGRADE
Target $104

Sell
PayPal downgraded to Sell on challenging 2020 at Guggenheim
As previously reported, Guggenheim analyst Jeff Cantwell downgraded PayPal (PYPL) to Sell from Neutral, with a $104 price target, as he believes shares will begin underperforming. The analyst sees management's lowered 2019 guidance as unwelcome ahead of what he expects will be a challenging 2020 for PayPal. Headwinds include the eBay (EBAY) separation, Brexit, and regulatory changes in Europe, he contends, adding that he expects these factors will cause a deceleration in TPV and revenue growth next year and new partnerships are unlikely to be enough to fully offset these significant headwinds in 2020.
08/08/19
KEYB
08/08/19
NO CHANGE
Target $55
KEYB
Overweight
PagSeguro Digital price target raised to $55 from $36 at KeyBanc
KeyBanc analyst Josh Beck raised his price target for PagSeguro Digital (PAGS) to $55 from $36 on sum-of-the-parts valuation. The analyst believes the narrative around the consumer-focused PagBank digital account could start to develop similar to other successful FinApps like Square (SQ)/Cash App or PayPal (PYPL)/Venmo. He reiterates an Overweight rating on PagSeguro Digital's shares.
DISH Dish
$32.40

-0.46 (-1.40%)

07/29/19
MSCO
07/29/19
NO CHANGE
Target $29
MSCO
Equal Weight
Dish deal a win for wireless plans, impact on stock unclear, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne said Dish's (DISH) deal with Sprint (S) and T-Mobile (TMUS) is a "clear positive" for the former's wireless plans, contending that securing an MVNO, a customer base and extending its construction milestones was "in many ways about as positive a development as Dish could have hoped for" given its levered balance sheet, declining free cash flow and need for a substantial network build-out. However, he thinks the implications for Dish shares are less clear as the wireless project remains risky and the company still has a stretched capital structure and significant planned capital needs. The company has already spent over $20B on spectrum and network capex, with plans to spend potentially another $10B, and it is unclear if it can build a wireless business with a value of over $30B, said Swinburne, who acknowledges that the deal does give Dish the "two key wins" of more time and flexibility. He keeps an Equal Weight rating on Dish shares with a $29 price target.
07/29/19
07/29/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Starbucks (SBUX) downgraded to Neutral from Overweight at JPMorgan and to Neutral from Outperform at Baird. 2. Dow Inc. (DOW) downgraded to Neutral from Positive at Susquehanna and to Neutral from Buy at Citi. 3. Dish (DISH) downgraded to Underweight from Equal Weight at Barclays with analyst Kannan Venkateshwar saying both Dish and T-Mobile (TMUS) "have a tricky transition path to wade through" following the Justice Department's approval of the latter's merger with Sprint (S). 4. RA Pharmaceuticals (RARX) double downgraded to Market Perform at Raymond James with analyst Steven Seedhouse saying shares are fairly valued given the company's "long, competitive road ahead." 5. UPS (UPS) downgraded to Hold from Buy at Stifel with analyst David Ross saying with the shares now above his price target, the analyst prefers to move to the sidelines and wait for a better entry point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/30/19
KEYB
07/30/19
NO CHANGE
Target $259
KEYB
Overweight
SBA Communications price target raised to $259 from $252 at KeyBanc
KeyBanc analyst Brandon Nispel raised his price target for SBA Communications (SBAC) to $259 from $252 as Q2 results beat expectations and 2019 U.S. organic growth was raised. The analyst continues to expect accelerating rates of organic growth throughout 2019 and into 2020 with a "very bullish scenario" looming from T-Mobile (TMUS)/Sprint (S) and Dish (DISH). The dividend announcement came earlier than expected and he expects the company to continue to allocate capital toward accretive M&A, which he finds attractive. Nispel reiterates an Overweight rating on SBA Communications' shares.
MSGN MSG Networks
$18.31

-0.26 (-1.40%)

02/05/19
IMPC
02/05/19
NO CHANGE
IMPC
Imperial Capital 'happy' with MSG Networks after Q2 results
Imperial Capital analyst David Miller maintained an Outperform rating and $32 price target on MSG Networks after the company reported Q2 earnings that beat on revenue, although the analyst noted that EPS was "drowned out by cash taxes." Miller was also positive on MSG Networks aggressive deleveraging, noting that it "continues to accrete to equity holders, and yet, the company is not getting credit for this in a stock price that still hovers in the low-$20s."
05/02/19
IMPC
05/02/19
NO CHANGE
Target $32
IMPC
Outperform
MSG Networks shares down on subscriber declines, says Imperial Capital
Imperial Capital analyst David Miller attributes the post-earnings selloff today in shares of MSG Networks to the company's subscriber declines in fiscal Q3. The analyst, however, keeps an Outperform rating on the shares with a $32 price target. He views MSG Networks' revenue growth in Q3 as "impressive" and notes its advertising revenue was "up nicely" despite the poor performances this season by the Knicks and Rangers.
06/12/19
IMPC
06/12/19
NO CHANGE
Target $32
IMPC
Outperform
MSG Networks selloff reflects 'emotion reaction,' says Imperial Capital
Imperial Capital analyst David Miller says the pullback yesterday in shares of MSG Networks reflects an "emotional reaction" and that the stock at current levels is a "classic small-cap value trade." The reason for the selling pressure was due to the injury suffered by Golden State Warriors superstar forward Kevin Durant during Game 5 of the NBA Finals, Miller tells investors in a research note. The analyst says his research indicates that it takes an average of 271 days to fully recover from a torn Achilles. However, there was never any guarantee Durant would join the New York Knicks, adds Miller. He maintains an Outperform rating on MSG Networks shares with a $32 price target. The analyst sees "many other free agents other than Kevin Durant" and believes the company's fiscal 2020 "could be incredibly compelling."
07/19/19
JPMS
07/19/19
DOWNGRADE
Target $19
JPMS
Underweight
MSG Networks downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Alexia Quadrani downgraded MSG Networks to Underweight from Neutral and lowered her price target for the shares to $19 from $23. Worsening trends for legacy video subscribers could lead to lower consensus estimates and further multiple contraction, Quadrani tells investors in a research note. As such, the analyst views MSG Networks' risk/reward as skewed to the downside through year-end.
DBX Dropbox
$18.70

-2.76 (-12.86%)

08/08/19
JEFF
08/08/19
NO CHANGE
JEFF
Jefferies expects in-line quarter for Dropbox
Jefferies analyst John DiFucci maintained a Buy rating and $32 price target on Dropbox ahead of the company's Q2 earnings results. The analyst expects a "largely in-line" quarter for the "best-of-breed" software company, and is expecting an update on recent initiatives including pricing increases and its new Plus plan. DiFucci believes the valuation is attractive at current levels considering Dropbox's attractive cash flow profile, and believes in the company's long term viability and the sustainability of its business model.
08/09/19
JEFF
08/09/19
NO CHANGE
Target $32
JEFF
Buy
Dropbox posted 'solid' quarter and 'positive' outlook, says Jefferies
Dropbox last night reported Q2 revenue slightly ahead of expectations, though billings was a bit shy due to a higher mix of monthly invoicing, Jefferies analyst John DiFucci tells investors in a research note. The company expects continued paid users growth and average revenue per user expansion, however, which should benefit from the new Dropbox unified workspace app, adds the analyst. He believes Dropbox posted a "solid" quarter with a "positive" outlook and keeps a Buy rating on the shares with a $32 price target.
08/09/19
WBLR
08/09/19
NO CHANGE
WBLR
Outperform
Dropbox reported 'solid beat-and-raise quarter,' says William Blair
William Blair analyst Jason Ader says Dropbox last night reported a "solid beat-and-raise quarter." Bears, however, will point to weaker than expected average revenue per user expansion and billings growth, as well as a smaller revenue beat than what Dropbox has delivered in prior quarters, Ader tells investors in a research note titled "Confidence-Building Print in Face of Heightened Scrutiny." Amid the recent negativity that has weighed on Dropbox shares, and the changes to product pricing and features, the analyst views the guidance raise to Q3 and 2019 and revenue as a "welcome relief." The positives in Dropbox's business "significantly outweigh the negatives at this juncture," says Ader, who keeps an Outperform rating on the shares.

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$52.14

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Maxim Integrated's Jain sells 12,683 common shares »

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SPDR Gold Shares holdings rise to 859.83MT to 854.84MT »

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Intracoastal Capital reports 9.99% passive stake in DelMar Pharmaceuticals »

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17:22
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Raytheon awarded $534M Army contract »

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Intellia Therapeutics

$15.77

-1.08 (-6.41%)

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Breaking Syndicate news story on Intellia Therapeutics »

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NVLN

Novelion Therapeutics

$0.66

-0.0523 (-7.37%)

17:17
08/23/19
08/23
17:17
08/23/19
17:17
Hot Stocks
Stonepine Capital reports 6.1% passive stake in Novelion Therapeutics »

Stonepine Capital…

03/08/13
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LMT

Lockheed Martin

$376.85

-8.91 (-2.31%)

17:14
08/23/19
08/23
17:14
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17:14
Hot Stocks
Lockheed Martin awarded $2.43B Navy contract modification »

Lockheed Martin has been…

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ONCS

OncoSec

$1.84

-0.03 (-1.60%)

17:14
08/23/19
08/23
17:14
08/23/19
17:14
Syndicate
Breaking Syndicate news story on OncoSec »

OncoSec files $50M mixed…

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TNXP

Tonix Pharmaceuticals

$0.42

-0.0249 (-5.60%)

17:09
08/23/19
08/23
17:09
08/23/19
17:09
Syndicate
Breaking Syndicate news story on Tonix Pharmaceuticals »

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  • 25

    Sep

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$284.86

-7.5 (-2.57%)

17:08
08/23/19
08/23
17:08
08/23/19
17:08
General News
Trump to raises tariff rates on Chinese goods, CNBC says »

U.S. President Donald…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$284.86

-7.5 (-2.57%)

03/08/13
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ATIS

Attis Industries

$1.03

-0.08 (-7.21%)

17:06
08/23/19
08/23
17:06
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17:06
Hot Stocks
Attis Industries provides update on status of Nasdaq listing »

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CVEO

Civeo

$1.32

-0.07 (-5.04%)

17:04
08/23/19
08/23
17:04
08/23/19
17:04
Syndicate
Breaking Syndicate news story on Civeo »

Civeo files $300M mixed…

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AGO

Assured Guaranty

$42.56

-1.09 (-2.50%)

16:58
08/23/19
08/23
16:58
08/23/19
16:58
Hot Stocks
Assured Guaranty CEO sells 30,300 common shares »

In a regulatory filing,…

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