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CAT

Caterpillar

$133.00

3 (2.31%)

, DE

Deere

$165.00

1.48 (0.91%)

05:56
09/12/19
09/12
05:56
09/12/19
05:56

Caterpillar downgraded to Market Perform from Outperform at Wells Fargo

Wells Fargo analyst Andrew Casey downgraded Caterpillar (CAT) to Market Perform from Outperform and lowered his price target for the shares to $143 from $150. The analyst downgraded both Caterpillar and Deere (DE) following "relatively lackluster" Q3 construction dealer channel check feedback. U.S. construction equipment demand is at or near peak and likely will decline during 2020 due to flattening activity and a shift to equipment rental from purchase, Casey tells investors in a research note. Further, other businesses within each company's portfolio will remain flat as a potential 2020 U.S. construction equipment demand drop will put downward pressure on earnings power, contends the analyst.

CAT

Caterpillar

$133.00

3 (2.31%)

DE

Deere

$165.00

1.48 (0.91%)

  • 27

    Nov

CAT Caterpillar
$133.00

3 (2.31%)

08/14/19
SPHN
08/14/19
INITIATION
Target $100
SPHN
Underweight
Caterpillar initiated with an Underweight at Stephens
Stephens analyst Ashish Gupta initiated Caterpillar with an Underweight rating and a price target of $100. The analyst is positive on the company's restructuring efforts that yielded "significant" margin improvement, but sees risk-reward on the stock skewed to the downside from the slowing global economic growth. Gupta adds that an infrastructure bill from the U.S. or a "flood like liquidity" from People's Bank of China would be positive catalysts.
08/15/19
08/15/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Slack Technologies (WORK) initiated with a Market Perform at Bernstein. 2. Agco (AGCO) initiated with an Overweight at Stephens, while Deere (DE) initiated with an Equal Weight, and Caterpillar (CAT) was initiated with an Underweight. 3. QuickLogic (QUIK) initiated with an Outperform at Oppenheimer. 4. ABM (ABM) initiated with a Market Perform at William Blair. 5. Charter (CHTR) initiated with a Hold at Benchmark. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/11/19
JPMS
09/11/19
NO CHANGE
JPMS
In Machinery shift, JPMorgan upgrades Agco and Oshkosh, cuts Actuant
With her U.S. Machinery coverage universe underperforming the broader market year-to-date, but outperforming since Labor Day amid a rotation into cyclicals, JPMorgan analyst Ann Duignan established December 2020 price targets based on where she believes we are in the cycle for end market demand. The analyst sees North America and Europe truck demand at or beyond peak, North America construction equipment "perhaps rolling over" in 2020, North America agriculture equipment demand "likely stagnating" near mid-cycle, and mining equipment "slowly approaching" mid-cycle. Within this framework, Duignan this morning upgraded both Agco (AGCO) and Oshkosh (OSK) to Overweight from Neutral, saying both stocks look undervalued with relatively limited downside risk to earnings estimates. Additionally, the analyst downgraded Actuant (ATU) to Underweight from Neutral, saying the risks appear weighted to the downside at current valuation levels. She sees elevated risk of management overpaying for acquisitions should it pursue the pipeline of potential targets. Duignan also maintained Overweight ratings on Eaton (ETN), Caterpillar (CAT) and Terex (TEX), and Underweight ratings on Deere (DE) and Allison Transmission (ALSN).
09/12/19
WELS
09/12/19
DOWNGRADE
WELS
Market Perform
Caterpillar downgraded to Market Perform from Outperform at Wells Fargo
DE Deere
$165.00

1.48 (0.91%)

08/19/19
FBCO
08/19/19
NO CHANGE
Target $197
FBCO
Outperform
Deere price target raised to $197 from $176 at Credit Suisse
Credit Suisse analyst Jamie Cook raised his price target for Deere to $197 from $176, while reiterating an Outperform rating on the shares despite the Q3 miss. The analyst believes expectations were sufficiently low heading into the print reflecting macro/trade war uncertainty, commodity prices and unfavorable weather which delayed planting. Furthermore, despite concerns on the C&F business, Cook believes visibility remains good, extended through Q4. The analyst also expects OCF to continue to be strong, which he believes Deere will continue to prioritize toward organic growth, dividends and share repurchase.
08/19/19
MSCO
08/19/19
UPGRADE
Target $12
MSCO
Overweight
Morgan Stanley upgrades CNH Industrial to Overweight following underperformance
As previously reported, Morgan Stanley analyst Courtney Yakavonis upgraded CNH Industrial (CNHI) to Overweight from Equal Weight, noting that the stock has underperformed Ag peers by 19% year-to-date and now trades at its lowest valuation relative to Deere (DE) and Agco (AGCO) since 2013. CNH's margins lag peers by 400-500 bps, but the market appears to underappreciate the company's margin opportunity, said Yakavonis, who has a $12 price target on CNH shares.
09/12/19
WELS
09/12/19
DOWNGRADE
WELS
Market Perform
Deere downgraded to Market Perform from Outperform at Wells Fargo

TODAY'S FREE FLY STORIES

SON

Sonoco

$58.07

0.85 (1.49%)

07:08
10/21/19
10/21
07:08
10/21/19
07:08
Upgrade
Sonoco rating change  »

Sonoco upgraded to Market…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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DIS

Disney

$130.91

-1.46 (-1.10%)

07:08
10/21/19
10/21
07:08
10/21/19
07:08
Conference/Events
Disney management to meet with Oppenheimer »

Luncheon Meeting to be…

03/08/13
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03/06/13
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    Oct

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    Nov

IDRA

Idera Pharmaceuticals

$2.68

-0.01 (-0.37%)

07:07
10/21/19
10/21
07:07
10/21/19
07:07
Hot Stocks
Idera Pharmaceuticals annnounces U.S. patent for tilsotolimod »

Idera Pharmaceuticals…

03/08/13
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BBI

Brickell Biotech

$4.10

-0.08 (-1.91%)

07:06
10/21/19
10/21
07:06
10/21/19
07:06
Conference/Events
Brickell Biotech management to meet with William Blair »

Meeting to be held in…

03/08/13
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  • 24

    Oct

SEAS

SeaWorld

$27.88

0.23 (0.83%)

07:06
10/21/19
10/21
07:06
10/21/19
07:06
Hot Stocks
SeaWorld to open second Sesame Place theme park in San Diego in 2021 »

SeaWorld and Sesame…

03/08/13
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03/06/13
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03/06/13
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ARMP

Armata Pharmaceuticals

$4.10

0.05 (1.23%)

07:06
10/21/19
10/21
07:06
10/21/19
07:06
Hot Stocks
Armata Pharmaceuticals announces receipt of $1.3M R&D Tax Incentive »

Armata Pharmaceuticals…

03/08/13
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AGTC

Applied Genetic

$3.05

-0.06 (-1.93%)

07:06
10/21/19
10/21
07:06
10/21/19
07:06
Hot Stocks
Applied Genetic presents data from non-clinical studies evaluating AAV vectors »

Applied Genetic…

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AAPL

Apple

$236.29

0.99 (0.42%)

07:05
10/21/19
10/21
07:05
10/21/19
07:05
Recommendations
Apple analyst commentary  »

iPhone Pro lead times…

03/08/13
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  • 30

    Oct

AXLA

Axcella

$5.10

0.14 (2.82%)

07:05
10/21/19
10/21
07:05
10/21/19
07:05
Conference/Events
Axcella management to meet with SVB Leerink »

Meeting to be held in New…

03/08/13
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03/06/13
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03/06/13
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  • 24

    Oct

  • 08

    Nov

07:05
10/21/19
10/21
07:05
10/21/19
07:05
General news
European stock markets are broadly higher »

European stock markets…

07:05
10/21/19
10/21
07:05
10/21/19
07:05
General news
FX Update: Sterling has outperformed »

FX Update: Sterling has…

AZN

AstraZeneca

$43.86

-0.25 (-0.57%)

07:04
10/21/19
10/21
07:04
10/21/19
07:04
Hot Stocks
AstraZeneca announces FDA approval of Farxiga »

AstraZeneca announced…

03/08/13
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  • 24

    Oct

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    Nov

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    Nov

  • 07

    Dec

AXSM

Axsome Therapeutics

$21.08

-1.46 (-6.48%)

07:04
10/21/19
10/21
07:04
10/21/19
07:04
Hot Stocks
Axsome Therapeutics completes patient enrollment in CONCERT Phase 2 trial »

Axsome Therapeutics…

03/08/13
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AGX

Argan

$39.36

0.82 (2.13%)

07:03
10/21/19
10/21
07:03
10/21/19
07:03
Conference/Events
Argan management to meet with Lake Street »

Meeting to be held in New…

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

    Oct

ALKS

Alkermes

$18.17

0.45 (2.54%)

07:03
10/21/19
10/21
07:03
10/21/19
07:03
Hot Stocks
Alkermes partners with Fred Hutchinson Cancer center to evalute ALKS 4230 »

Alkermes has entered into…

03/08/13
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  • 23

    Oct

  • 06

    Nov

AYTU

Aytu BioScience

$1.20

-0.04 (-3.23%)

07:03
10/21/19
10/21
07:03
10/21/19
07:03
Hot Stocks
Aytu BioScience reports addition of Tuzistra XR to national PBM formulary »

Aytu BioScience announced…

03/08/13
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TER

Teradyne

$58.91

-1.35 (-2.24%)

07:03
10/21/19
10/21
07:03
10/21/19
07:03
Hot Stocks
Teradyne to acquire AutoGuide Mobile Robots for $165M »

Teradyne and AutoGuide…

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  • 23

    Oct

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    Oct

BIOL

Biolase

$0.80

-0.199 (-19.90%)

07:03
10/21/19
10/21
07:03
10/21/19
07:03
Earnings
Biolase sees Q3 net loss ($5.4M)-($5.8M) »

Q3 EPS consensus (13c).…

03/08/13
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  • 23

    Oct

RESN

Resonant

$2.32

-0.12 (-4.92%)

07:01
10/21/19
10/21
07:01
10/21/19
07:01
Hot Stocks
Resonant says customers shipped more than 1.5M units in Q3 »

Resonant announced that…

03/08/13
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  • 12

    Nov

GCI

Gannett

$10.91

-0.01 (-0.09%)

, NEWM

New Media

$8.89

0.08 (0.91%)

06:59
10/21/19
10/21
06:59
10/21/19
06:59
Periodicals
Gannett, New Media deal could be in jeopardy due to regulatory glitch, NYP says »

The proposed acquisition…

GCI

Gannett

$10.91

-0.01 (-0.09%)

NEWM

New Media

$8.89

0.08 (0.91%)

APO

Apollo Global

$39.96

-0.06 (-0.15%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 31

    Oct

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  • 04

    Nov

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    Nov

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    Nov

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    Nov

LNG

Cheniere Energy

$62.51

0.05 (0.08%)

06:58
10/21/19
10/21
06:58
10/21/19
06:58
Initiation
Cheniere Energy initiated  »

Cheniere Energy initiated…

03/08/13
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  • 01

    Nov

AUB

Atlantic Union Bankshares

$37.68

0.37 (0.99%)

06:57
10/21/19
10/21
06:57
10/21/19
06:57
Downgrade
Atlantic Union Bankshares rating change  »

Atlantic Union Bankshares…

03/08/13
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03/08/13
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  • 04

    Nov

  • 13

    Nov

  • 10

    Dec

CBU

Community Bank System

$63.64

0.58 (0.92%)

06:54
10/21/19
10/21
06:54
10/21/19
06:54
Earnings
Community Bank System reports Q3 operating EPS 84c, consensus 81c »

Reports Q3 revenue…

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  • 21

    Oct

MDT

Medtronic

$108.18

-0.365 (-0.34%)

06:53
10/21/19
10/21
06:53
10/21/19
06:53
Hot Stocks
Medtronic names Sean Salmon as EVP, Group President of Medtronic Diabetes »

Medtronic announced that…

03/08/13
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  • 19

    Nov

BMRN

BioMarin

$69.16

1.27 (1.87%)

06:53
10/21/19
10/21
06:53
10/21/19
06:53
Recommendations
BioMarin analyst commentary  »

Cantor sees successful…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 21

    Oct

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