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GKOS

Glaukos

$72.26

3.42 (4.97%)

, AVDR

Avedro

$26.17

1.29 (5.18%)

05:28
09/12/19
09/12
05:28
09/12/19
05:28

Piper says buy Glaukos as Avedro deal has 'homerun potential'

Piper Jaffray analyst Matt O'Brien believes Glaukos' (GKOS) acquisition of Avedro (AVDR) has "homerun potential." In the near-term, Avedro should quadruple Glaukos' total addressable market to $4B and accelerate its revenue growth in 2020, "plugging the gap ahead of iDose," O'Brien tells investors in a research note following a deep dive analysis. Longer term, Glaukos is "putting together the pieces of what could become an ophthalmology powerhouse," addressing a potential opportunity of greater than $40B, adds the analyst. He "strongly" encourages investors to take a look at the Glaukos story today as he sees at least $80 per share of value in just the base businesses alone. O'Brien reiterates an Overweight rating on the shares with an $80 price target.

GKOS

Glaukos

$72.26

3.42 (4.97%)

AVDR

Avedro

$26.17

1.29 (5.18%)

  • 24

    Sep

  • 13

    Nov

GKOS Glaukos
$72.26

3.42 (4.97%)

08/09/19
COWN
08/09/19
DOWNGRADE
Target $27
COWN
Market Perform
Avedro downgraded to Market Perform at Cowen
As reported previously, Cowen analyst Joshua Jennings downgraded Avedro (AVDR) to Market Perform from Outperform. The downgrade reflects the proposed acquisition by Glaukos (GKOS) which he expects to close in Q4. Jennings raised his target to $27 from $25 on Avedro shares.
08/13/19
SPHN
08/13/19
NO CHANGE
Target $95
SPHN
Overweight
Glaukos pullback provides buying opportunity, says Stephens
Stephens analyst Chris Cooley believes investors should take advantage of the recent pullback in Glaukos (GKOS) shares, arguing that the company's existent new product pipeline plus the potential total addressable market expansion from the company's planned Avedro (AVDR) acquisition "more than merits" a roughly 25% relative valuation premium. Combining the companies results in a roughly 450 basis points increase to reported growth in calendar 2021 before factoring in the opportunity for potential revenue synergies, contributions from planned new products, expanded indications for use or geographic expansion, said Cooley, who maintains his $95 price target and Overweight rating on Glaukos shares.
08/14/19
JPMS
08/14/19
DOWNGRADE
Target $26
JPMS
Neutral
JPMorgan downgrades Avedro to Neutral, says another suitor unlikely
JPMorgan analyst Robbie Marcus downgraded Avedro (AVDR) to Neutral from Overweight with an unchanged price target of $26. Another suitor emerging to compete with Glaukos's (GKOS) buyout offer is unlikely, Marcus tells investors in a research note.
08/26/19
JPMS
08/26/19
NO CHANGE
Target $90
JPMS
Overweight
Glaukos selloff brings 'notable buying opportunity,' says JPMorgan
JPMorgan analyst Robbie Marcus sees a "notable buying opportunity" following the post-earnings weakness in shares of Glaukos (GKOS). Fundamentals in the underlying business remain strong, the company's pipeline of products remains solid, and management remains confident in the Avedro (AVDR) deal, Marcus tells investors in a research note. He sees a "highly favorable" risk/reward for shares of Glaukos entering late 2019 and 2020. The analyst keeps an Overweight rating on the shares with a $90 price target.
AVDR Avedro
$26.17

1.29 (5.18%)

08/14/19
JPMS
08/14/19
DOWNGRADE
Target $26
JPMS
Neutral
Avedro downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Robert Marcus downgraded Avedro to Neutral from Overweight with an unchanged price target of $26.
08/14/19
08/14/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Avedro (AVDR) downgraded to Neutral from Overweight at JPMorgan with analyst Robbie Marcus saying another suitor emerging to compete with Glaukos's (GKOS) buyout offer is unlikely. 2. Myriad Genetics (MYGN) downgraded to Neutral from Overweight at Piper Jaffray with analyst William Quirk saying the company reported "disappointing" fiscal Q4 results with revenue, adjusted earnings and FY20 guidance well below consensus. 3. Pattern Energy (PEGI) downgraded to Market Perform from Outperform at Wells Fargo with analyst Neil Kalton saying after the company confirmed it has drawn interest from third parties, the analyst believes Pattern's current valuation reflects some amount of a takeout premium. 4. Advance Auto Parts (AAP) downgraded to Neutral from Buy at Guggenheim with analyst Ali Faghri citing the company's weaker than expected Q2 results and sees risk to its fiscal 2019 guidance. 5. Equity Commonwealth (EQC) downgraded to Market Perform at JMP Securities with analyst Mitch Germain citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

SXT

Sensient

$66.57

0.4 (0.60%)

18:32
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Sensient raises quarterly dividend 8.3% to 39c per share »

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T

AT&T

$37.82

0.03 (0.08%)

18:31
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HBO Max to stream Studio Ghibli films, Reuters says »

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OMAB

OMA

$52.10

0.47 (0.91%)

18:19
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Earnings
OMA reports Q3 net income MXN858M vs. MXN725M last year »

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  • 18

    Oct

MAR

Marriott

$120.57

-0.55 (-0.45%)

18:13
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Marriott near deal for Elegant Hotels valued up to GBP1 / shr, Bloomberg says »

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  • 05

    Nov

SPY

SPDR S&P 500 ETF Trust

$299.19

0.78 (0.26%)

, SPX

S&P 500

$0.00

(0.00%)

18:08
10/17/19
10/17
18:08
10/17/19
18:08
General news
NY Fed's Williams Condition in money markets highly volatile over past month »

Williams says:…

SPY

SPDR S&P 500 ETF Trust

$299.19

0.78 (0.26%)

SPX

S&P 500

$0.00

(0.00%)

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GM

General Motors

$36.20

-0.45 (-1.23%)

17:47
10/17/19
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Periodicals
GM strike to continue until deal with UAW is ratified, WSJ says »

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  • 29

    Oct

T

AT&T

$37.82

0.03 (0.08%)

17:37
10/17/19
10/17
17:37
10/17/19
17:37
Periodicals
AT&T, Elliott Management in talks to resolve activist campaign, WSJ reports »

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  • 28

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WAL

Western Alliance

$46.24

0.53 (1.16%)

17:27
10/17/19
10/17
17:27
10/17/19
17:27
Earnings
Western Alliance reports Q3 EPS $1.24, consensus $1.19 »

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  • 06

    Nov

RNLSY

Renault

$0.00

(0.00%)

17:25
10/17/19
10/17
17:25
10/17/19
17:25
Downgrade
Renault rating change  »

Renault downgraded to…

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LOVE

Lovesac

$19.10

0.63 (3.41%)

17:24
10/17/19
10/17
17:24
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17:24
Hot Stocks
Park West Management reports 5.1% passive stake in Lovesac »

Park West Management…

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  • 17

    Dec

T

AT&T

$37.82

0.03 (0.08%)

17:24
10/17/19
10/17
17:24
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17:24
Periodicals
Breaking Periodicals news story on AT&T »

AT&T in discussions…

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  • 28

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  • 18

    Nov

  • 19

    Nov

ATVI

Activision Blizzard

$55.60

0.01 (0.02%)

17:16
10/17/19
10/17
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Hot Stocks
Activision says Call of Duty to get 'battle pass' feature, 'not loot box system' »

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  • 18

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  • 07

    Nov

BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:11
10/17/19
10/17
17:11
10/17/19
17:11
Hot Stocks
Brandywine Realty sees FY19 year-end core occupancy at 94%-95% »

Also sees FY20 year-end…

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  • 18

    Oct

BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:10
10/17/19
10/17
17:10
10/17/19
17:10
Hot Stocks
Brandywine Realty reports Q3 same-store net operating income up 0.6% »

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  • 18

    Oct

BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:09
10/17/19
10/17
17:09
10/17/19
17:09
Earnings
Brandywine Realty sees FY20 initial FFO $1.41-$1.51, consensus $1.46 »

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  • 18

    Oct

GIL

Gildan Activewear

$35.38

0.095 (0.27%)

17:08
10/17/19
10/17
17:08
10/17/19
17:08
Earnings
Gildan Activewear cuts FY19 adj. EPS view to $1.65-$1.70 from $1.95-$2.00 »

Consensus $1.97. Cuts…

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BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:07
10/17/19
10/17
17:07
10/17/19
17:07
Earnings
Brandywine Realty narrows FY19 FFO guidance to $1.41-$1.43 from $1.40-$1.44 

Consensus $1.42.

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  • 18

    Oct

BDN

Brandywine Realty

$14.68

0.13 (0.89%)

17:07
10/17/19
10/17
17:07
10/17/19
17:07
Earnings
Brandywine Realty reports Q3 FFO 36c, consensus 36c »

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  • 18

    Oct

GIL

Gildan Activewear

$35.38

0.095 (0.27%)

17:06
10/17/19
10/17
17:06
10/17/19
17:06
Earnings
Gildan Activewear sees Q3 adjusted EPS roughly 53c, consensus 57c »

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ISRG

Intuitive Surgical

$529.22

-1.25 (-0.24%)

17:04
10/17/19
10/17
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17:04
Hot Stocks
Intuitive Surgical increases FY19 procedure growth view to 17%-18% from 16%-17% »

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  • 17

    Oct

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    Oct

SAVE

Spirit Airlines

$36.70

0.645 (1.79%)

17:01
10/17/19
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Hot Stocks
Spirit Airlines announces $250M global HQ investment »

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  • 24

    Oct

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  • 13

    Nov

ICBK

County Bancorp

$19.38

0.065 (0.34%)

17:01
10/17/19
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17:01
Earnings
County Bancorp reports Q3 EPS 82c, consensus 49c »

"We are very pleased…

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  • 18

    Oct

QTNT

Quotient

$7.87

0.08 (1.03%)

16:59
10/17/19
10/17
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Hot Stocks
Quotient sees Q2 revenue higher than guided on positive IH microarray data »

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  • 25

    Oct

BA

Boeing

$369.13

-3.19 (-0.86%)

16:59
10/17/19
10/17
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16:59
Periodicals
Emirates exec says Boeing 777X delays may affect fleet plans, Reuters says »

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  • 23

    Oct

ARMK

Aramark

$44.22

0.41 (0.94%)

, GM

General Motors

$36.20

-0.45 (-1.23%)

16:55
10/17/19
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Periodicals
UAW reaches tentative pact with Aramark workers at GM plants, Reuters says »

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ARMK

Aramark

$44.22

0.41 (0.94%)

GM

General Motors

$36.20

-0.45 (-1.23%)

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  • 29

    Oct

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