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HGV

Hilton Grand Vacations

$31.11

2.905 (10.30%)

, APO

Apollo Global

$34.24

0.55 (1.63%)

11:29
08/20/19
08/20
11:29
08/20/19
11:29

Potential consolidation positive for Hilton Grand Vacations, says Goldman Sachs

Goldman Sachs analyst Stephen Grambling notes that the NY Post reported that Apollo (APO) engaged Hilton Grand Vacations (HGV) in discussions to acquire the company and merge the latter's operations with its current portfolio company Diamond Resorts. The article also named Blackstone (BX) as a potential acquirer of Hilton Grand Vacations, he notes. The analyst views the potential for consolidation as a positive for Hilton Grand Vacations as he believes possible competitive bids could provide a backstop to valuation. Moreover, Grambling considers private equity's familiarity with timeshare and Hilton Grand Vacations as a positive sign for fundamentals. The analyst has a Buy rating and a $35 price target on Hilton Grand Vacations shares.

HGV

Hilton Grand Vacations

$31.11

2.905 (10.30%)

APO

Apollo Global

$34.24

0.55 (1.63%)

BX

Blackstone

$48.70

0.85 (1.78%)

  • 26

    Sep

HGV Hilton Grand Vacations
$31.11

2.905 (10.30%)

08/02/19
JPMS
08/02/19
DOWNGRADE
Target $24
JPMS
Underweight
JPMorgan downgrades Hilton Grand Vacations to Underweight after 'weak' Q2
JPMorgan analyst Brandt Montour downgraded Hilton Grand Vacations to Underweight from Neutral and cut his price target for the shares to $24 from $30. The analyst expects poor sentiment to weigh on shares until the company's contract sales reaccelerate in a consistent way, which he feels is not likely until 2020. Further, Montour would not be surprised if investors start re-questioning consumer demand for timeshare more broadly following Hilton Grand's "weak" Q2 results.
08/01/19
NOMU
08/01/19
DOWNGRADE
NOMU
Neutral
Hilton Grand Vacations downgraded to Neutral from Buy at Nomura Instinet
08/02/19
JPMS
08/02/19
DOWNGRADE
Target $24
JPMS
Underweight
Hilton Grand Vacations downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Brandt Montour downgraded Hilton Grand Vacations to Underweight from Neutral and cut his price target for the shares to $24 from $30.
08/02/19
08/02/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Oshkosh (OSK) downgraded to Sector Weight from Overweight at KeyBanc with analyst Steve Barger saying that while he thinks Oshkosh is a better story than some other machinery names given solid execution and the potential for some growth or at least stability from its non- Access segments, he sees more room for negative catalysts than positive due to the deceleration in macro data, a growing view that AWP will be flat-to-down next year, and order and backlog contraction against a tough comp from FY19. 2. Square (SQ) downgraded to Underperform from Outperform at Evercore ISI. 3. Adaptimmune (ADAP) downgraded to Neutral from Buy at Guggenheim with analyst Michael Schmidt saying he believes visibility into the opportunity for the company's pipeline remains limited, particularly following discontinuation of the MAGEA10 program, reports of 3 new patient deaths, and resignation of the company's CMO. 4. Hilton Grand Vacations (HGV) downgraded to Underweight from Neutral at JPMorgan with analyst Brandt Montour saying he expects poor sentiment to weigh on shares until the company's contract sales reaccelerate in a consistent way, which he feels is not likely until 2020. 5. Valaris (VAL) downgraded to Market Perform from Outperform at Wells Fargo with analyst Coleman Sullivan saying he reduced his EBITDA forecasts through 2021 to account for revised rig startup assumptions, more conservative utilization and dayrate assumptions on floaters and revised cost assumptions. Sullivan, who continues to be disappointed by the lack of contracts at rates peers are able to achieve, sees the company's outlook having more inherent risk going forward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
APO Apollo Global
$34.24

0.55 (1.63%)

08/20/19
SBSH
08/20/19
NO CHANGE
Target $50
SBSH
Buy
Citi opens 30-day positive catalyst watch on Apollo Global
Citi analyst William Katz has opened a 30-day positive catalyst watch on Apollo Global Management, stating that the recent pullback driven by macro concerns, dissipating selling pressure from a large prior holder and the C-Corp conversion all set the stock up for an outsized rally. He maintains a $50 price target on Apollo Global shares.
08/05/19
LEHM
08/05/19
INITIATION
Target $45
LEHM
Overweight
Apollo Global initiated with an Overweight at Barclays
Barclays analyst Jeremy Campbell started Apollo Global Management with an Overweight rating and $45 price target. Alternative investment strategies have a structural growth story, Campbell tells investors in a research note. Counter to active asset management, contends the analyst, there is continued demand for alternatives as an asset class.
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%.
08/20/19
GABE
08/20/19
NO CHANGE
GABE
Buy
Tegna an attractive target, but valuation could be an issue, says Gabelli
Gabelli analyst Brett Harriss noted The Wall Street Journal's recent report that Tegna (TGNA) was approached by Apollo Global (APO) regarding a potential transaction and while he thinks Tegna would be an attractive acquisition target whose assets would fit well with Apollo's, he also thinks valuation could be an issue. Tegna shares traded at $13 per share before takeout speculation emerged and he views 11x as the upper end for broadcast multiples, which would imply a $19 per share value for Tegna, said Harriss. He maintains a Buy rating on Tegna shares.
BX Blackstone
$48.70

0.85 (1.78%)

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.
07/29/19
BMOC
07/29/19
DOWNGRADE
Target $94
BMOC
Market Perform
Thomson Reuters downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Tim Casey downgraded Thomson Reuters to Market Perform but raised his price target to $94 from $87. The analyst notes that the valuation on the stock has become more balanced after a 45% year-to-date run-up and a gain of 85% since the initial announcement of the Refinitiv (LNSTY)-Blackstone (BX) deal which has since been confirmed by Thomson Reuters, even though there is some "modest regulatory risk" and uncertainty related to the transaction around its "timing, currency and financial" factors. At 16.4-times enterprise value to expected EBITDA multiple, Casey believes that a neutral rating on Thomson Reuters is "appropriate".
07/29/19
07/29/19
UPGRADE
Target $80

Outperform
Thomson Reuters upgraded to Outperform at Credit Suisse
As previously reported, Credit Suisse analyst Kevin McVeigh upgraded Thomson Reuters to Outperform from Neutral on improving fundamentals in the core business coupled with a higher probability of value creation as evidenced by news that the company and Blackstone (BX) are in publicly confirmed talks for a possible $27B acquisition of Refinitiv by the London Stock Exchange [LNSTY]. Additionally, the analyst sees the core Thomson story improving as the company accelerates organic growth through new products, pricing, and strategic M+A amid margin expansion on stranded cost runoff through 2020. McVeigh also raised his price target on Thomson Reuters' shares to $80 from $70.
08/05/19
LEHM
08/05/19
INITIATION
Target $56
LEHM
Overweight
Blackstone initiated with an Overweight at Barclays
Barclays analyst Jeremy Campbell started Blackstone Group with an Overweight rating and $56 price target. Alternative investment strategies have a structural growth story, Campbell tells investors in a research note. Counter to active asset management, contends the analyst, there is continued demand for alternatives as an asset class.

TODAY'S FREE FLY STORIES

ADVM

Adverum Biotechnologies

$6.47

0.28 (4.52%)

13:25
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TDOC

Teladoc

$69.70

2.22 (3.29%)

13:25
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Conference/Events
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  • 19

    Sep

FANG

Diamondback Energy

$97.34

-0.89 (-0.91%)

13:25
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Conference/Events
Diamondback Energy participates in a conference call with JPMorgan »

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  • 19

    Sep

  • 02

    Oct

PEI

Pennsylvania REIT

$5.65

0.43 (8.24%)

13:23
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13:23
Hot Stocks
Pennsylvania REIT jumps over 8% after insiders purchase shares »

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MDR

McDermott

$1.66

-0.5 (-23.15%)

13:19
09/19/19
09/19
13:19
09/19/19
13:19
Periodicals
McDermott CEO cancels appearance after hiring adviser, Bloomberg reports »

McDermott International…

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  • 23

    Sep

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
09/19/19
09/19
13:17
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13:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

13:16
09/19/19
09/19
13:16
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13:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

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

Phunware

$1.97

0.21 (11.93%)

13:10
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Phunware jumps over 17% after saying it will launch IEO of Phun tokens »

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MACK

Merrimack

$5.58

0.22 (4.10%)

13:10
09/19/19
09/19
13:10
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Newtyn Management discloses 8.8% stake in Merrimack Pharmaceuticals »

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  • 17

    Oct

13:10
09/19/19
09/19
13:10
09/19/19
13:10
General news
Treasury Action: the markets are likely to settle down, awaiting the next big thing »

Treasury Action: the…

MAR

Marriott

$130.22

0.07 (0.05%)

13:08
09/19/19
09/19
13:08
09/19/19
13:08
Hot Stocks
Marriott announces agreement to bring Ritz-Carlton brand to Montenegro »

Marriott International…

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13:06
09/19/19
09/19
13:06
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13:06
General news
10-Yr TIPS Auction Total Amount data reported »

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13:06
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13:06
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13:06
General news
10-Yr TIPS Auction Coupon Rate data reported »

10-Yr TIPS Auction Coupon…

WBA

Walgreens Boots Alliance

$54.79

0.365 (0.67%)

, GOOGL

Alphabet Class A

$1,237.98

5.02 (0.41%)

13:06
09/19/19
09/19
13:06
09/19/19
13:06
Hot Stocks
Walgreens to test on-demand drone delivery service with Wing »

Walgreens (WBA) and Wing,…

WBA

Walgreens Boots Alliance

$54.79

0.365 (0.67%)

GOOGL

Alphabet Class A

$1,237.98

5.02 (0.41%)

GOOG

Alphabet

$1,238.09

5.46 (0.44%)

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

    Sep

  • 27

    Oct

GOOG

Alphabet

$1,238.27

5.64 (0.46%)

, GOOGL

Alphabet Class A

$1,238.02

5.06 (0.41%)

13:05
09/19/19
09/19
13:05
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13:05
Hot Stocks
Wing partners with FedEx Express, Walgreens to launch drone delivery service »

Wing Aviation LLC, an…

GOOG

Alphabet

$1,238.27

5.64 (0.46%)

GOOGL

Alphabet Class A

$1,238.02

5.06 (0.41%)

FDX

FedEx

$150.71

-0.2 (-0.13%)

WBA

Walgreens Boots Alliance

$54.80

0.38 (0.70%)

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

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  • 23

    Sep

  • 24

    Sep

  • 30

    Sep

  • 01

    Oct

  • 27

    Oct

  • 13

    Nov

  • 17

    Dec

EROS

Eros International

$3.43

0.88 (34.51%)

13:04
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Eros teams with Microsoft on 'next generation' online video platform »

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GSK

GlaxoSmithKline

$41.47

0.41 (1.00%)

13:04
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GlaxoSmithKline granted orphan status for biliary cholangitis treatment »

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  • 24

    Sep

  • 27

    Sep

  • 02

    Oct

GRUB

GrubHub

$61.36

-2.42 (-3.79%)

12:55
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12:55
Options
GrubHub put volume heavy and directionally bearish »

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12:55
09/19/19
09/19
12:55
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12:55
General news
FX Action: USD-CAD »

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XGN

Exagen

$0.00

(0.00%)

12:54
09/19/19
09/19
12:54
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12:54
Syndicate
Breaking Syndicate news story on Exagen »

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  • 19

    Sep

XGN

Exagen

$0.00

(0.00%)

12:50
09/19/19
09/19
12:50
09/19/19
12:50
Syndicate
Breaking Syndicate news story on Exagen »

Exagen indicated to open…

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03/06/13
Citigroup
03/06/13
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  • 19

    Sep

CAIXY

CaixaBank

$0.00

(0.00%)

12:46
09/19/19
09/19
12:46
09/19/19
12:46
Periodicals
France's CNP, CaixaBank near $1.7B insurance pact, Reuters reports »

France's CNP…

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IQ

iQIYI

$19.00

0.06 (0.32%)

12:45
09/19/19
09/19
12:45
09/19/19
12:45
Options
iQiyi call volume above normal and directionally bullish »

Bullish option flow…

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GRUB

GrubHub

$62.58

-1.2 (-1.88%)

, UBER

Uber

$34.10

-0.14 (-0.41%)

12:43
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09/19
12:43
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12:43
Hot Stocks
GrubHub sinks after Jim Chanos announces short position »

Shares of GrubHub (GRUB)…

GRUB

GrubHub

$62.58

-1.2 (-1.88%)

UBER

Uber

$34.10

-0.14 (-0.41%)

DVA

DaVita

$59.91

-1.39 (-2.27%)

03/08/13
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