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CVS

CVS Health

$64.28

0.65 (1.02%)

, WAB

Wabtec

$74.01

0.26 (0.35%)

07:48
09/21/19
09/21
07:48
09/21/19
07:48

Opioid crisis could hurt investors, Barron's says

Opioid lawsuits have already hammered the share prices of a handful of publicly traded companies, sent one private corporation into bankruptcy and rocked the bonds of several others, and now the litigation appears to be nearing a crescendo, Josh Nathan-Kazis writes in this week's edition of Barron's. Despite the few discrete settlements that have been reached - included one that resulted in privately held Purdue Pharma filing for bankruptcy - a final resolution for the majority of the companies remains far off, the author notes. Among the names that could potentially face additional legal liabilities steaming from opioid lawsuits are Johnson & Johnson (JNJ), Teva Pharmaceutical (TEVA), Endo International (ENDP), Mallinckrodt (MNK), Abbott Laboratories (ABT), Amneal Pharmaceuticals (AMRX), Mylan (MYL), McKesson (MCK), Cardinal Health (CAH), AmerisourceBergen (ABC), Walgreens Boots Alliance (WAB), and CVS Health (CVS). Reference Link

CVS

CVS Health

$64.28

0.65 (1.02%)

WAB

Wabtec

$74.01

0.26 (0.35%)

ABC

AmerisourceBergen

$85.13

0.475 (0.56%)

CAH

Cardinal Health

$47.89

-0.14 (-0.29%)

MCK

McKesson

$146.83

1.06 (0.73%)

MYL

Mylan

$21.01

0.03 (0.14%)

AMRX

Amneal Pharmaceuticals

$3.34

0.21 (6.71%)

ABT

Abbott

$83.56

0.35 (0.42%)

MNK

Mallinckrodt

$2.46

0.01 (0.41%)

ENDP

Endo

$3.48

0.115 (3.42%)

TEVA

Teva

$7.44

-0.08 (-1.06%)

JNJ

Johnson & Johnson

$131.73

1.75 (1.35%)

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CVS CVS Health
$64.28

0.65 (1.02%)

08/27/19
COWN
08/27/19
NO CHANGE
Target $76
COWN
Outperform
CVS Health price target raised to $76 from $69 at Cowen
Cowen analyst Charles Ryhee raised his price target on CVS Health to $76 from $69 to reflect revised 2019 guidance. The analyst believes the 2019 guidance looks conservative and with faster synergy realization and improved 2020 selling season, the company's 2020 guidance looks achievable. Ryhee reiterated his Outperform rating on CVS Health shares.
08/08/19
SBSH
08/08/19
NO CHANGE
Target $72
SBSH
Buy
CVS Health price target raised to $72 from $68 at Citi
Citi analyst Ralph Giacobbe raised his price target for CVS Health to $72 from $68 saying the company's Q2 results showed "encouraging trends," particularly within retail and pharmacy benefit manager segments. He believes the stock "should have done better on the print" and reiterates a Buy rating on CVS Health.
08/09/19
MSCO
08/09/19
NO CHANGE
Target $74
MSCO
Overweight
CVS's Q2 gives window into possible power of the enterprise, says Morgan Stanley
Morgan Stanley analyst Ricky Goldwasser said CVS Health's Q2 results and conference call "provided a window to what the power of the enterprise could materialize into," citing improved retail comps, share gains and the company's Medicare Advantage strategies. The analyst, who thinks the company's opportunity to capture share in Medicare Advantage organically by cross-selling is underestimated by the market, keeps an Overweight rating and $74 price target on CVS shares.
09/11/19
DBAB
09/11/19
INITIATION
Target $91
DBAB
Buy
CVS Health initiated with a Buy at Deutsche Bank
Deutsche Bank analyst George Hill initiated CVS Health with a Buy rating and a Top Pick designation along with a price target of $91 as part of a broader research note on Healthcare Technology & Services. The analyst contends that the company is "well positioned to deliver on a vertical integration care delivery strategy", capturing market share and generating positive earnings surprises. Hill also sees the valuation of CVS shares as "highly compelling".
WAB Wabtec
$74.01

0.26 (0.35%)

09/16/19
09/16/19
UPGRADE
Target $90

Overweight
Wabtec upgraded to Overweight at KeyBancG
As previously reported, KeyBanc analyst Steve Barger upgraded Wabtec (WAB) to Overweight from Sector Weight with a $90 price target. The analyst cited expectations that Wabtec can generate stable-to-growing revenue from its global footprint and sizable backlog, margin expansion from integrating the GE (GE) locomotive business, and better performance in Transit. In coming quarters, Barger thinks the combination of one-time acquisition-related costs rolling off, synergy realization, and eventual stabilization/recovery in Wabtec's cyclical businesses will result in improving EPS and cash flow.
09/16/19
KEYB
09/16/19
UPGRADE
Target $90
KEYB
Overweight
Wabtec upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Steve Barger upgraded Wabtec to Overweight from Sector Weight with a $90 price target.
08/07/19
GSCO
08/07/19
UPGRADE
Target $89
GSCO
Buy
Wabtec upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Jerry Revich upgraded Wabtec to Buy from Neutral and raised his price target for the shares to $89 from $84. Slowing freight traffic and cost overruns on transit projects are now well understood with the stock down 34% over the past 12 months, Revich tells investors in a research note. Meanwhile, locomotive capital stock has been "significantly reduced" cycle to date, and Wabtec's high recurring revenue base is attractive on a relative basis amid deteriorating end market demand for other industrial end markets, says the analyst. Further, he believes the GE Transportation integration is off to a strong start.
09/10/19
MSCO
09/10/19
INITIATION
Target $73
MSCO
Equal Weight
Wabtec initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Courtney Yakavonis started Wabtec with an Equal Weight rating and $73 price target. While the analyst sees upside to the company's 2019 earnings, she believes Precision Scheduled Railroading has introduced uncertainty into long-term locomotive demand. Further, long-term accretion from the GE Transportation merger may be capped by lower locomotive orders, Yakavonis tells investors in a research note.
ABC AmerisourceBergen
$85.13

0.475 (0.56%)

08/06/19
CLVD
08/06/19
NO CHANGE
CLVD
Neutral
Cardinal Health recently lost 2 major accounts, says Cleveland Research
Cleveland Research analyst Rob Eich reports that his contacts indicate that Cardinal Health (CAH)recently lost two large specialty pharmacy contracts, including one to AmerisourceBergen (ABC) and one to McKesson (MCK). He estimates these contracts, which both should transition in about the first 6 months of FY20, represent $2B-$3B in annualized sales and are likely to be a drag on revenue growth of about 125-175 basis points, Eich told investors in a pre-open research note. He keeps a Neutral rating on Cardinal Health shares.
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).
05/14/19
RAJA
05/14/19
NO CHANGE
RAJA
Walgreens could target Amerisource, LabCorp if it seeks M&A, says Raymond James
Raymond James analyst John Ransom said he thinks that "the temptation" for Walgreens (WBA) to do "something" in terms of M&A will grow over time and the "something" it may consider could include either acquiring AmerisourceBergen (ABC) or LabCorp (LH). His analysis points to LabCorp being a less complicated, "but much less accretive," deal, said Ransom. Given Walgreens' existing ownership of about a 26% stake in AmerisourceBergen, he estimates 16% accretion from buying the company for $95 per share in cash if he assumes $500M of synergies and $2B of opioid fines financed with debt, the analyst tells investors. Though such a deal would make financial sense, he does not think investors would "be overly excited about the strategic upside," Ransom tells investors. While he argues that LabCorp "offers more strategic upside," such a hypothetical deal also has less financial benefit, according to Ransom.
09/11/19
DBAB
09/11/19
INITIATION
Target $91
DBAB
Hold
AmerisourceBergen initiated with a Hold at Deutsche Bank
Deutsche Bank analyst George Hill initiated AmerisourceBergen with a Hold rating and a price target of $91 as part of a broader research note on Healthcare Technology & Services. The analyst is positive on the "structural position" of the wholesalers in the drug supply chain, but warns that the company is faced with issues related to brand drug pricing, generic drug pricing, volumes shifting towards lower-margin customers and opioid litigation.
CAH Cardinal Health
$47.89

-0.14 (-0.29%)

08/27/19
08/27/19
DOWNGRADE

Fly Intel: Top analyst downgrades
Catch up on today's top analyst downgrades with this list compiled by The Fly: 1. Cardinal Health (CAH) downgraded to Hold from Buy at Argus with analyst David Toung saying the margins of its Pharmaceutical Distribution segment remain under pressure entering FY20 after a 23bps contraction in FY19. 2. Red Robin (RRGB) downgraded to Underperform from Neutral at BofA/Merrill with analyst Gregory Francfort saying he believes the company's earnings growth will "materially miss" consensus expectations in 2020. 3. T-Mobile (TMUS) downgraded to Perform from Outperform at Oppenheimer. 4. Ultrapar (UGP) downgraded to Hold from Buy at Santander. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/27/19
08/27/19
DOWNGRADE

Hold
Cardinal Health downgraded to Hold from Buy at Argus
As previously reported, Argus analyst David Toung downgraded Cardinal Health to Hold, saying the margins of its Pharmaceutical Distribution segment remain under pressure entering FY20 after a 23bps contraction in FY19. The analyst cites the management's expectations of margins in this segment declining by high single to low double digits this year because of the pricing of renewal contracts and higher legal expenses related to opioid litigation. Toung adds that he is also concerned with Cardinal Health's sluggish growth in the Medical segment because of the higher operating expenses coming from the integration of Cordis acquisition.
08/27/19
ARGS
08/27/19
DOWNGRADE
ARGS
Hold
Cardinal Health downgraded to Hold from Buy at Argus
09/11/19
DBAB
09/11/19
INITIATION
Target $50
DBAB
Hold
Cardinal Health initiated with a Hold at Deutsche Bank
Deutsche Bank analyst George Hill initiated Cardinal Health with a Hold rating and a price target of $50 as part of a broader research note on Healthcare Technology & Services. The analyst is positive on the "structural position" of the wholesalers in the drug supply chain, but warns that the company is faced with issues related to brand drug pricing, generic drug pricing, recent large customer repricings, and opioid litigation.
MCK McKesson
$146.83

1.06 (0.73%)

08/05/19
WOLF
08/05/19
DOWNGRADE
WOLF
Peer Perform
McKesson downgraded to Peer Perform from Outperform at Wolfe Research
Wolfe Research downgraded McKesson to Peer Perform from Outperform citing share outperformance.
07/22/19
FBCO
07/22/19
INITIATION
Target $143
FBCO
Neutral
McKesson reinstated with a Neutral at Credit Suisse
Credit Suisse analyst Erin Wilson Wright reinstated coverage of McKesson with a Neutral rating and $143 price target. The analyst says her incrementally positive bias stems from evidence of stabilizing trends across the U.S. pharmaceutical supply chain, where she sees relief from easing generic deflation as well as enhanced visibility across branded price inflation and rebate paradigms. That said, with its shares up 26% from a low in March, Wright sees limited room for upside, acknowledging drug pricing scrutiny remains an overhang into an election cycle, along with other potential headwinds such as opioid litigation.
09/11/19
DBAB
09/11/19
INITIATION
Target $155
DBAB
Hold
McKesson initiated with a Hold at Deutsche Bank
Deutsche Bank analyst George Hill initiated McKesson with a Hold rating and a price target of $155 as part of a broader research note on Healthcare Technology & Services. The analyst is positive on the "structural position" of the wholesalers in the drug supply chain, but warns that the company is faced with issues related to brand drug pricing, generic drug pricing, its European business and domestic opioid litigation.
MYL Mylan
$21.01

0.03 (0.14%)

07/30/19
MSCO
07/30/19
NO CHANGE
Target $25
MSCO
Overweight
Mylan price target raised to $25 from $22 at Morgan Stanley
Morgan Stanley analyst David Risinger raised his price target on Mylan (MYL) shares from $22 to $25 following the company's deal to combine with Pfizer's (PFE) Upjohn unit. He expects multiple to expand given the positives he sees from the deal, including greater global scale and strength, lower leverage, an attractive dividend yield and improved corporate governance, Risinger stated. He estimates the NewCo to have an enterprise value of $54B and net debt of about $24B, which yields $30B in equity value, which he used to arrive at a share price estimate of $25.
07/30/19
MSCO
07/30/19
DOWNGRADE
Target $40
MSCO
Equal Weight
Morgan Stanley downgrades Pfizer, says Upjohn deal 'exposes' weak earnings power
Morgan Stanley analyst David Risinger downgraded Pfizer (PFE) to Equal Weight from Overweight and lowered his price target for the shares to $40 from $48. The stock closed yesterday down 4% to $41.45. Pfizer's planned exit of Upjohn "exposes" the lower than expected earnings for both the remaining business and Upjohn, Risinger tells investors in a research note. The analyst says his thesis that Pfizer would outperform due to improving prospects was "invalidated" by a re-set of earnings on both sides of the business. The company's 2020 disclosures revealed earnings power that is much weaker than we realized, says Risinger. As such, he reduced his 2020 adjusted earnings per share estimate for Pfizer by 15% to $2.56 from $3.02.
09/19/19
JPMS
09/19/19
NO CHANGE
Target $37
JPMS
Neutral
Pfizer price target lowered to $37 from $46 at JPMorgan
JPMorgan analyst Chris Schott lowered his price target for Pfizer (PFE) to $37 from $46 and keeps a Neutral rating on the shares. While the Mylan (MYL)/Upjohn transaction creates a smaller, innovation-driven biopharma business and increases the company's near-term growth prospects, Pfizer's multiple is ahead of itself with the remaining company trading near the top end of the major pharma valuation range, Schott tells investors in a research note. He points out that Pfizer is facing "another major patent cycle" post 2025.
09/04/19
COWN
09/04/19
NO CHANGE
Target $48
COWN
Outperform
Pfizer shares remain attractively valued, says Cowen
Cowen analyst Steve Scalia updated his Pfizer (PFE) model following Q2 results, the closing of the Glaxo (GSK) Consumer joint venture, and the announcement that its Upjohn business would be divested and combined with Mylan (MYL). The analyst lowered his estimates to reflect what is left at the company and despite his revision feels the shares remain attractively valued. Scalia reiterated his Outperform rating and $48 price target on Pfizer shares.
AMRX Amneal Pharmaceuticals
$3.34

0.21 (6.71%)

09/11/19
GUGG
09/11/19
INITIATION
GUGG
Sell
Amneal Pharmaceuticals assumed with a Sell at Guggenheim
Guggenheim analyst Dana Flanders assumed coverage of Amneal Pharmaceuticals with a Sell rating and a $2.50 price target. Flanders believes the current consensus is too optimistic about the company's forward growth prospects, and noted that his estimates are 10% below consensus.
09/11/19
GUGG
09/11/19
INITIATION
Target $2.5
GUGG
Sell
Amneal Pharmaceuticals initiated with a Sell at Guggenheim
Guggenheim analyst Dana Flanders started Amneal Pharmaceuticals with a Sell rating and $2.50 price target.
07/30/19
PIPR
07/30/19
NO CHANGE
PIPR
Neutral
Piper says Alkermes scores 'back-to-back wins' with settlement, Biogen data
Piper Jaffray analyst Danielle Brill said Alkermes (ALKS) has scored "back-to-back wins" with its announcement yesterday that it settled the ongoing Vivitrol patent dispute with Amneal (AMRX) and the news this morning that BIIB098 showed a statistically significant improvement on GI tolerability versus Tecfidera in a head-to-head Phase 3 trial. She still questions how meaningful the improvement in GI tolerability actually is, but thinks the drug may become a priority for partner Biogen (BIIB), Brill tells investors. The analyst, who views the news of the last two days as net positive for Alkermes, maintains her concerns about long-term value creation and the company's "dry pipeline," she said. Brill keeps a Neutral rating on Alkermes shares.
08/06/19
RHCO
08/06/19
NO CHANGE
Target $5
RHCO
Buy
Amneal Pharmaceuticals price target lowered to $5 from $9 at SunTrust
SunTrust analyst Gregg Gilbert lowered his price target on Amneal Pharmaceuticals to $5 after its Q2 earnings miss and announced departures of "industry veterans" Chairman and CEO, saying his updated model now anticipates lower revenue and gross margins for the company's generics business. The analyst also maintains a Buy rating on Amneal Pharmaceuticals but recommends that investors take a wait-and-see approach before considering a long position.
ABT Abbott
$83.56

0.35 (0.42%)

07/18/19
BMOC
07/18/19
NO CHANGE
Target $94
BMOC
Outperform
Abbott price target raised to $94 from $87 at BMO Capital
BMO Capital analyst Joanne Wuensch raised her price target on Abbott to $94 and kept her Outperform rating after its Q2 earnings beat and a raise in FY19 guidance, saying the company is among a "handful" of medtech names that deliver above-market revenue and double-digit earnings growth along with operating leverage. The analyst notes that following its AbbVie spinoff and acquisition of St. Jude Medical and Alere, Abbott's growth drivers of Alinity, Libre and MitraClip are "humming along" - a trend she expects to continue.
07/18/19
COWN
07/18/19
NO CHANGE
Target $95
COWN
Outperform
Abbott price target raised to $95 from $86 at Cowen
Cowen analyst Joshua Jennings raised his price target on Abbott to $95 from $86 following Q2 earnings. The analyst said the quarter's highlight was the organic sales growth of 7.5% which was above its target of 7.0%, reflecting continued strength for Libre, MitraClip, and Alinity. He noted management raised it guidance for organic sales growth and earnings and he believes the company can continue to post above consensus results in the second half of the year. Jennings reiterated his Outperform rating on Abbott shares.
07/18/19
JEFF
07/18/19
NO CHANGE
Target $98
JEFF
Buy
Abbott price target raised to $98 from $80 at Jefferies
Jefferies analyst Raj Denhoy raised his price target for Abbott Laboratories to $98 from $80 saying the company's growth story is "still going strong" following its Q2 results. The quarter is more proof that the pharma exit and medtech "double-down" was right move, Denhoy tells investors in a research note. Despite Abbott's "strong" current momentum, each product cycle is still in early innings, adds the analyst. He keeps a Buy rating on the shares.
04/29/19
PIPR
04/29/19
NO CHANGE
Target $165
PIPR
Overweight
Piper reiterates Overweight on DexCom after 'robust' teen survey results
There were 8,042 responses to Piper Jaffray's teen survey in February and March, of which 1,707 have diabetes or a member of their household does, analyst JP McKim tells investors in a research note. The survey implies underlying continuous glucose monitoring market growth of close to 58%, says the analyst. Abbott (ABT) reported 70% Libre growth in Q1 and DexCom (DXCM) reports May 1, McKim points out. He expects "continued strong growth" from DexCom following the "robust" survey results and reiterates an Overweight rating on the shares with a $165 price target.
MNK Mallinckrodt
$2.46

0.01 (0.41%)

09/05/19
09/05/19
DOWNGRADE
Target $3

Market Perform
Mallinckrodt cut to Market Perform at BMO Capital on opioid restructuring report
As previously reported, BMO Capital analyst Gary Nachman downgraded Mallinckrodt to Market Perform and slashed his price target to $3 from $19 after yesterday's Bloomberg reports that the company hired restructuring firms to help manage through its opioid litigation. The analyst contends that an already challenging situation has "taken a turn for the worse", stating that he previously believed that the company would be able to navigate through these issues. Nachman adds that with the mounting pressures related to the litigation, the possibility of bankruptcy for Mallinckrodt can no longer be ruled out.
09/05/19
09/05/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. BHP Group (BHP) downgraded to Underperform from Neutral at Exane BNP Paribas. 2. Mallinckrodt (MNK) downgraded to Market Perform from Outperform at BMO Capital analyst Gary Nachman citing yesterday's Bloomberg reports that the company hired restructuring firms to help manage through its opioid litigation. 3. Yirendai (YRD) downgraded to Underperform from Neutral at Macquarie with analyst Dexter Hsu saying the company not only reported "disappointing" Q2 results, but also closed the merger with CreditEase on unfavorable terms. 4. Green Dot (GDOT) downgraded to Hold from Buy at Jefferies with analyst John Hecht saying the company's organic revenue growth has been slowing and it is trying to establish share in a new customer target market with well-resourced competitors. 5. Royal Dutch Shell (RDS.A, RDS.B) downgraded to Market Perform from Outperform at Cowen with analyst Jason Gabelman saying the downgrade reflects its peer leading exposure to international gas prices which are forecasted lower through 2020 and as a result could limit its free cash flow growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/09/19
STFL
09/09/19
NO CHANGE
Target $8
STFL
Hold
Mallinckrodt price target lowered to $8 from $20 at Stifel
Stifel analyst Annabel Samimy lowered her price target for Mallinckrodt shares to $8 from $20 after she reduced her expected growth of Acthar for 2019 and beyond and factored in more concrete potential litigation cash-calls. She models a $300M potential settlement with CMS related to the Acthar AMP-pricing reversion and has included a $900M potential liability for opioid-litigation payments, calling those her "best, reasonable estimates at this point" but acknowledging there still remains considerable uncertainty around both issues. Mallinckrodt's settlement of Track 1 of the Ohio multi-district litigations is "only a small step in the sprawling opioid litigation," but the settlement buys the company much-needed time to address New York state litigation or a global settlement, said Samimy, who keeps a Hold rating on Mallinckrodt shares.
09/10/19
STFL
09/10/19
NO CHANGE
STFL
Mallinckrodt's sale of BioVectra helps alleviate cash pressure, says Stifel
Stifel analyst Annabel Samimy maintained a Hold rating and $8 price target on Mallinckrodt, but noted that Mallinckrodt announced the sale of its CDMO organization, BioVectra, to HIG Capital for a potential $250M, which the analyst believes is "a positive step to manage and bolster cash and maintain capital allocation priorities." Samimy added that, with the departure of Specialty Generics President Matthew Harbaugh, the company's suspension of the spin-off appears indefinite.
ENDP Endo
$3.48

0.115 (3.42%)

09/11/19
GUGG
09/11/19
INITIATION
GUGG
Neutral
Endo assumed with a Neutral at Guggenheim
Guggenheim analyst Dana Flanders assumed coverage of Endo International with a Neutral rating and a $2-$4 fair value range. The analyst noted that the upcoming opioid litigation, which Endo has significant exposure to, will be hard to call, but he estimates $3B-$4B in opioid liability paid out over ten years, and believes the risks are already reflected in the stock.
07/15/19
07/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Teva (TEVA) and Endo (ENDP) downgraded to Underweight from Equal Weight at Morgan Stanley. 2. Marriott (MAR) downgraded to Neutral from Buy at Longbow with analyst Alton Stump citing valuation. 3. General Electric (GE) downgraded to Neutral from Buy at UBS with analyst Damian Karas saying that a "notable" decline in interest rates and the continued weakness in the power market combine toward a "more balanced" upside with downside. 4. WageWorks (WAGE) downgraded to Hold from Buy at Stifel with analyst David Grossman saying he does not envision a competing takeover offer for the company. 5. L Brands (LB) downgraded to Neutral from Buy at Citi with analyst Paul Lejuez saying his former view on the stock was based on the belief that a Victoria's Secret turnaround could be successful if the brand adopted a more inclusive approach. However, with management slow to implement meaningful change, and "cultural norms shifting away from them," it may be "too little too late" for a meaningful turnaround at Victoria's Secret. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/15/19
MSCO
07/15/19
DOWNGRADE
Target $3
MSCO
Underweight
Endo downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst David Risinger downgraded Endo International to Underweight from Equal Weight and cut his price target for the shares to $3 from $8.
07/15/19
MSCO
07/15/19
DOWNGRADE
MSCO
Underweight
Endo, Teva downgraded to Underweight on underappreciated risks at Morgan Stanley
As previously reported, Morgan Stanley analyst David Risinger downgraded Endo International (ENDP) and Teva Pharmaceutical (TEVA), both to Underweight from Equal Weight, cut his price target on Endo shares to $3 from $8 and lowered his price target for Teva shares to $6 from $16. In the wake of Amneal's (AMRX) recent 28% EBITDA guidance cut, Risinger noted that Amneal faces company-specific challenges but also said he is concern about potentially worsening U.S. competitive pricing pressure. He is worried that Endo and Teva both face "underappreciated" risks from buying group pressure being worse than expected, increasing competition among generic manufacturers and the fact that opioid litigation is "just getting started" with thousands of lawsuits having been filed. Risinger also cut his earnings estimates for Mylan (MYL) lowered his price target on its shares to $22 from $32, though he maintains an Overweight rating on that generic drugmaker, citing low valuation and the potential for corporate action. Risinger additionally lowered his price target on Amneal shares to $4 from $12.
TEVA Teva
$7.44

-0.08 (-1.06%)

08/07/19
EVER
08/07/19
DOWNGRADE
EVER
In Line
Evercore ISI sees 'lots more uncertainty' at Teva, downgrades to In Line
As previously reported, Evercore ISI analyst Umer Raffat downgraded Teva to In Line from Outperform in light of new disclosures today that he believes "have introduced lots more uncertainty." The company's cash flows "have been a HUGE issue," its debt maturities "haven't been managed properly," the opioid litigation situation is getting more unclear and its CFO is departing, said Raffat, who removed his price target Teva shares.
08/08/19
RAJA
08/08/19
NO CHANGE
Target $15
RAJA
Outperform
Teva price target lowered to $15 from $22 at Raymond James
Raymond James analyst Elliot Wilbur lowered his price target for Teva Pharmaceutical to $15 from $22 but maintained an Outperform rating following the company's quarterly results. While Teva's shares continue to struggle to locate a bottom, Wilbur tells investors in a research note that "the song remains the same on fundamentals hummed to the tune of stability." A return to at least modest growth in 2020 and beyond appears highly likely at this juncture with U.S. generics on the rebound, he adds. Wilbur says he continues to see upside scenarios in Teva shares over the next 12-18 months given bottom in U.S. generics, further signs the Copaxone hole will be by new brand launches and further potential quantification around opioid liabilities emerges.
08/08/19
RHCO
08/08/19
NO CHANGE
Target $7
RHCO
Hold
Teva price target lowered to $7 from $10 at SunTrust
SunTrust analyst Gregg Gilbert lowered his price target on Teva to $7 and kept his Hold rating in spite of its Q2 earnings beat. The analyst says the quarter was decent with "continued stability" seen in North America generics, but he is concerned about the perception of the departure of Teva's CEO. Gilbert also points to Teva becoming the first company in his coverage to reserve a sum for potential opioid settlements.
09/11/19
GUGG
09/11/19
INITIATION
GUGG
Neutral
Teva assumed with a Neutral at Guggenheim
Guggenheim analyst Dana Flanders assumed coverage of Teva Pharmaceuticals with a Neutral rating and a $6-$8 fair value range, saying that "expectations for global generics appear right sized." Flanders believes the company should be able to meaningfully address its debt over the next 3-5 years, but noted it will also have to contend with opioid litigation and price collusion litigation that cost $4B-$8B and $1B, respectively. He added that Teva will need to address both its branded pipeline and biosimilars in the medium-term future.
JNJ Johnson & Johnson
$131.73

1.75 (1.35%)

08/27/19
JPMS
08/27/19
NO CHANGE
JPMS
Neutral
Johnson & Johnson verdict well below feared worst case, says JPMorgan
The $572M verdict against Johnson & Johnson in Oklahoma came in well below the feared worst case, as investor expectations for the verdict increased over the past few weeks to over $1B, JPMorgan analyst Chris Schott tells investors in a research note. Further, the analyst believes the company has "strong legal grounding" to potentially overturn and/or reduce the verdict. Nonetheless, Schott still sees a more balanced risk/reward near-term for J&J shares and remain on the sidelines with a Neutral rating.
08/27/19
LEHM
08/27/19
NO CHANGE
Target $140
LEHM
Equal Weight
Barclays views J&J ruling as favorable, keeps Equal Weight rating
The $572M ruling last night against Johnson & Johnson is far less than the $17.2B Oklahoma was asking for and less than what the market was bracing for, Barclays analyst Kristen Stewart tells investors in a research note. As such, the analyst views the ruling favorably and believes it could ultimately be lower following J&J's appeal. However, litigation has and is likely to remain an overhang for the stock, says the analyst. She keeps an Equal Weight rating on shares of Johnson & Johnson with a $140 price target.
08/27/19
WELS
08/27/19
NO CHANGE
WELS
Outperform
Opioid ruling should assuage Johnson & Johnson investor fears, says Wells Fargo
Wells Fargo analyst Larry Biegelsen thinks decision in Oklahoma is a net positive for Johnson & Johnson in that the amount the judge ordered the company to pay - $572M - was well below the amount the plaintiffs requested - $17.5B. Further, the analyst notes that the amount was for abatement of the entire opioid crisis in Oklahoma, not just Johnson & Johnson's share of it, which seems like something the company should be able to overturn or reduce on appeal. Although J&J plans to appeal the ruling, Biegelsen expects the company to eventually settle this and other opioid cases. Big picture, he estimates Johnson & Johnson will eventually settle the opioid litigation for between $5B-10B payable over several years which admittedly is a rough guess at this time. He has an Outperform rating on the shares.
08/27/19
FBCO
08/27/19
NO CHANGE
Target $156
FBCO
Outperform
Opioid ruling reduces uncertainty, helps J&J move higher, says Credit Suisse
Credit Suisse analyst Matt Miksic notes that Johnson & Johnson appeared to react favorably to Oklahoma opioid ruling, due in part, to the $572M penalty being substantially lower than the $17B sought by State prosecutors. The analyst believes the decision helped reduce the range of uncertainty related to the potential opioid-related liability Johnson & Johnson could face, specifically in Oklahoma, if not across the U.S. more broadly. Miksic reiterates an Outperform rating and $156 target on the shares.

TODAY'S FREE FLY STORIES

09:13
10/18/19
10/18
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09:13
Conference/Events
Federal Reserve Board of Governors Vice Chairman Clarida speaks on the economy »

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DPZ

Domino's Pizza

$256.49

0.465 (0.18%)

09:13
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Domino's Pizza analyst commentary  »

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SWM

Schweitzer-Mauduit

$37.64

1.2 (3.29%)

09:11
10/18/19
10/18
09:11
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09:11
Hot Stocks
SWM appoints Omar Hoek as EVP, engineered papers »

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MNRL

Brigham Minerals

$19.53

0.825 (4.41%)

09:09
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Brigham Minerals initiated  »

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AXP

American Express

$119.17

1.76 (1.50%)

, KO

Coca-Cola

$53.80

0.31 (0.58%)

09:09
10/18/19
10/18
09:09
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09:09
Hot Stocks
Fly Intel: Pre-market Movers »

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AXP

American Express

$119.17

1.76 (1.50%)

KO

Coca-Cola

$53.80

0.31 (0.58%)

SNAP

Snap

$13.78

0.11 (0.80%)

M

Macy's

$15.78

-0.01 (-0.06%)

LB

L Brands

$18.10

0.3 (1.69%)

GPS

Gap

$17.58

0.04 (0.23%)

SYF

Synchrony

$33.97

0.48 (1.43%)

SLB

Schlumberger

$31.90

-0.06 (-0.19%)

ISRG

Intuitive Surgical

$529.22

-1.25 (-0.24%)

STT

State Street

$59.71

0.57 (0.96%)

CSX

CSX

$69.78

0.79 (1.15%)

SXT

Sensient

$66.57

0.4 (0.60%)

GNTX

Gentex

$27.57

-0.01 (-0.04%)

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BOCH

Bank of Commerce Holdings

$10.94

0.02 (0.18%)

09:09
10/18/19
10/18
09:09
10/18/19
09:09
Earnings
Bank of Commerce Holdings reports Q3 EPS 26c, two est. 24c »

Randall S. Eslick,…

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D

Dominion

$82.38

0.58 (0.71%)

09:09
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Dominion and Virginia partner for renewable energy in state facilities »

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09:08
10/18/19
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09:08
Conference/Events
Federal Reserve Bank of Minneapolis president participates in a summit »

Minneapolis Federal…

CCK

Crown Holdings

$67.48

3.98 (6.27%)

09:07
10/18/19
10/18
09:07
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09:07
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Crown Holdings analyst commentary  »

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CERN

Cerner

$68.11

-0.05 (-0.07%)

09:07
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10/18
09:07
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09:07
Hot Stocks
Cerner to acquire IT consulting and engineering firm AbleVets »

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  • 24

    Oct

EGBN

Eagle Bancorp

$43.20

0.67 (1.58%)

09:07
10/18/19
10/18
09:07
10/18/19
09:07
Downgrade
Eagle Bancorp rating change  »

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  • 13

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EQH

AXA Equitable

$21.52

0.16 (0.75%)

, STI

SunTrust

$67.58

-0.7 (-1.03%)

09:05
10/18/19
10/18
09:05
10/18/19
09:05
Hot Stocks
AXA Equitable appoints Stephanie Withers as chief auditor »

AXA Equitable (EQH)…

EQH

AXA Equitable

$21.52

0.16 (0.75%)

STI

SunTrust

$67.58

-0.7 (-1.03%)

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  • 12

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ACU

Acme United

$19.50

-0.22 (-1.12%)

09:05
10/18/19
10/18
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09:05
Earnings
Acme United sees FY19 EPS approx. $1.48, two est. $1.48 »

Previous guidance…

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  • 18

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09:05
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General news
U.S. equities are little changed, »

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09:05
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10/18
09:05
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09:05
General news
Fedspeak highlights today's session wtih Kaplan, George, and VC Clarida »

Fedspeak highlights…

FRO

Frontline

$10.85

0.28 (2.65%)

, NAT

Nordic American Tankers

$3.95

-0.05 (-1.25%)

09:04
10/18/19
10/18
09:04
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09:04
Upgrade
Frontline, Nordic American Tankers, Euronav NV, Scorpio Tankers, Teekay Tankers rating change  »

Frontline, Nordic…

FRO

Frontline

$10.85

0.28 (2.65%)

NAT

Nordic American Tankers

$3.95

-0.05 (-1.25%)

EURN

Euronav NV

$11.04

0.345 (3.23%)

STNG

Scorpio Tankers

$35.53

0.29 (0.82%)

TNK

Teekay Tankers

$2.13

0.095 (4.67%)

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  • 29

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CMG

Chipotle

$828.09

5.28 (0.64%)

09:04
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ACU

Acme United

$19.50

-0.22 (-1.12%)

09:03
10/18/19
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09:03
Earnings
Acme United reports Q3 EPS 30c, two est. 28c »

Reports Q3 revenue $37M,…

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  • 18

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SON

Sonoco

$57.22

-1.05 (-1.80%)

09:03
10/18/19
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09:03
Upgrade
Sonoco rating change  »

Sonoco upgraded to Hold…

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09:02
10/18/19
10/18
09:02
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09:02
Conference/Events
Morgan Stanley specialty pharma analyst to hold analyst/industry conference call »

Specialty Pharmaceuticals…

NVR

NVR

$3,768.86

72.73 (1.97%)

09:02
10/18/19
10/18
09:02
10/18/19
09:02
Earnings
NVR reports Q3 EPS $56.11, consensus $51.22 »

Reports Q3 revenue…

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AMGN

Amgen

$203.60

0.32 (0.16%)

09:02
10/18/19
10/18
09:02
10/18/19
09:02
Hot Stocks
Amgen announces FDA approval of sBLA for Nplate »

Amgen announced that the…

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  • 29

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    Dec

AXP

American Express

$119.17

1.76 (1.50%)

08:59
10/18/19
10/18
08:59
10/18/19
08:59
Earnings
Breaking Earnings news story on American Express »

American Express sees Q4…

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  • 18

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KO

Coca-Cola

$53.80

0.31 (0.58%)

08:58
10/18/19
10/18
08:58
10/18/19
08:58
Hot Stocks
Coca-Cola says nearly 100% hedged on G10 currencies for 2020 »

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  • 18

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KRC

Kilroy Realty

$78.31

0.21 (0.27%)

, HPP

Hudson Pacific

$33.63

0.22 (0.66%)

08:57
10/18/19
10/18
08:57
10/18/19
08:57
Recommendations
Kilroy Realty, Hudson Pacific analyst commentary  »

Hudson Pacific, Kilroy…

KRC

Kilroy Realty

$78.31

0.21 (0.27%)

HPP

Hudson Pacific

$33.63

0.22 (0.66%)

03/08/13
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