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TSM

TSMC

$46.34

0.83 (1.82%)

, WFC

Wells Fargo

$50.40

-0.32 (-0.63%)

10:10
09/30/19
09/30
10:10
09/30/19
10:10

Fly Intel: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. TSMC (TSM) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Bruce Lu saying after a re-examination of industry capacity builds and order revisions, he thinks he's underestimating the positive impacts on TSMC arising from trade uncertainty. 2. Wells Fargo (WFC) upgraded to Buy from Hold at Argus with analyst Stephen Biggar citing the company's appointment of Charlie Scharf as its new CEO. 3. Cigna (CI) upgraded to Outperform from Market Perform at BMO Capital with analyst Matthew Borsch claiming that the current 8-times his expected forward earnings valuation multiple is "attractive" as the stock represents a "better hedge" against political and health policy uncertainty. 4. Bed Bath & Beyond (BBBY) upgraded to Outperform from Neutral at Wedbush with analyst Seth Basham saying turning around declining retailers is a very difficult task, particularly amidst unfavorable secular trends and soft industry sales growth, but Bed Bath & Beyond has a "good chance of stabilization" in earnings over the next two years as its changes take hold. 5. Restaurant Brands (QSR) upgraded to Neutral from Underperform at Longbow with analyst Alton Stump saying after calls with U.S. Burger King franchisees, he believes same-store sales for Restaurant Brands' Burger King concept were up 4.5%-5.0% in Q3 ahead of his prior estimate of 2.0% growth and consensus at up 3.4%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TSM

TSMC

$46.34

0.83 (1.82%)

WFC

Wells Fargo

$50.40

-0.32 (-0.63%)

CI

Cigna

$149.54

0.16 (0.11%)

BBBY

Bed Bath & Beyond

$10.66

0.77 (7.79%)

QSR

Restaurant Brands

$70.57

0.62 (0.89%)

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    Oct

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    Oct

TSM TSMC
$46.34

0.83 (1.82%)

09/03/19
EVER
09/03/19
UPGRADE
EVER
Evercore ISI 'going all in' on semi equipment, upgrades KLA-Tencor, Lam Research
As previously reported, Evercore ISI analyst C.J. Muse upgraded Lam Research (LRCX) and KLA-Tencor (KLAC), each to Outperform from In Line, citing his view that there are both company and industry specific catalysts that will lead the Semiconductor Equipment stocks higher into year-end. The analyst, who laid out sustained leading edge investments at TSMC (TSM), Samsung (SSNLF) spending in logic and ongoing catch-up by Intel (INTC) as among the key drivers of upside, noted that he now rates all four front-end equipment companies at Outperform as he also has that rating on ASML (ASML) and Applied Materials (AMAT). Also as previously reported, Muse upgraded Western Digital (WDC) to In Line from Underperform and raised his price target for the shares to $50 from $30, stating he sees near-term earnings upside being balanced by long-term structural concerns. He raised his price target on Lam shares to $250 from $195 and increased his KLA-Tencor target to $175 from $140.
09/04/19
MSCO
09/04/19
UPGRADE
MSCO
Overweight
TSMC upgraded to Overweight from Equal Weight at Morgan Stanley
09/13/19
NEED
09/13/19
NO CHANGE
Target $56
NEED
Buy
Applied Materials price target raised to $56 from $52 at Needham
Needham analyst N.Quinn Bolton raised his price target on Applied Materials (AMAT) to $56 and kept his Buy rating as part of his broader industry report profiling the shift in TSMC (TSM) WFE spending shift from 20nm to 5nm and the recent news that it may increase its 2019 capital expenditure from $10B-$11B to as much as $12.5B. The analyst adds that his new price target implies a forward earnings multiple of 13.5-times, up from 12.5-times in his prior model, reflecting the stronger TSMC outlook and the recent sector rotation into cyclicals benefiting the Semiconductor Capital Equipment industry.
09/30/19
GSCO
09/30/19
UPGRADE
Target $55
GSCO
Conviction Buy
TSMC upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman Sachs analyst Bruce Lu added TSMC to his firm's Conviction List while reiterating a Buy rating on the shares. The analyst has a $55 price target for the stock, which represents 21% upside. Following a re-examination of industry capacity builds and order revisions, the analyst thinks he;s underestimating the positive impacts on TSMC arising from trade uncertainty. Further, Lu believes "faster and a larger magnitude" of 5G builds could drive upside to his estimates for TSMC.
WFC Wells Fargo
$50.40

-0.32 (-0.63%)

09/30/19
MSCO
09/30/19
NO CHANGE
Target $50
MSCO
Equal Weight
Morgan Stanley ups Wells target to $50 after CEO hiring, but stays on sidelines
Morgan Stanley analyst Betsy Graseck said the hiring of Charlie Scharf to become CEO at Wells Fargo is a positive that lifts "a big uncertainty" and she raised her price target on the bank's shares to $50 from $47 following the news. However, she remains on the sidelines until there is more clarity on when the Fed imposed asset cap and consent order can be lifted, estimating that it has added about $2B to the bank's expense base. She also wonders if Scharf will pursue further business rationalization, which could reset earnings expectations going forward. Graseck keeps an Equal Weight rating on Wells Fargo shares, though she sees a path to a potential $56 stock price over the longer-term once the consent order gets lifted.
09/30/19
BARD
09/30/19
DOWNGRADE
Target $50
BARD
Neutral
Wells Fargo downgraded to Neutral from Outperform at Baird
Baird analyst David George downgraded Wells Fargo to Neutral from Outperform. The analyst likes the new CEO choice but the macro headwinds of slow growth and low rates are real, and improving the earnings run-rate and efficiency will take time. He noted the shares have a nice run over the past month and he would be a buyer in the mid-$40's. George lowered his price target to $50 from $52 on Wells Fargo shares.
09/30/19
ARGS
09/30/19
UPGRADE
Target $60
ARGS
Buy
Wells Fargo upgraded to Buy from Hold at Argus
Argus analyst Stephen Biggar upgraded Wells Fargo to Buy with a price target of $60 after the company named Charlie Scharf as its new CEO last week. The analyst is positive on Scharf's "impressive industry background" to improve Wells Fargo's financial performance, noting that he is a former protege of JPMorgan's Jamie Dimon. Biggar expects the new CEO to initially focus on addressing the company's regulatory issues which had stifled growth and working toward removal of the Federal Reserve's $2T asset cap imposed on the bank. The analyst adds that this removal should be a "strong catalyst" for Wells Fargo shares.
09/30/19
ARGS
09/30/19
UPGRADE
ARGS
Buy
Wells Fargo upgraded to Buy from Hold at Argus
CI Cigna
$149.54

0.16 (0.11%)

09/30/19
09/30/19
UPGRADE
Target $188

Outperform
Cigna upgraded to Outperform from Market Perform at BMO Capital
As previously reported, BMO Capital analyst Matthew Borsch upgraded Cigna to Outperform from Market Perform with an unchanged price target of $188. The analyst claims that the current 8-times his expected forward earnings valuation multiple is "attractive" as the stock represents a "better hedge" against political and health policy uncertainty. Borsch adds that Cigna's global health care business is well positioned to generate at least 12% in earnings growth to reach its stated target of $20-21 in EPS by 2021, while also citing its relaunched Medicare Advantage growth and generating higher profitability in group insurance.
09/30/19
BMOC
09/30/19
UPGRADE
BMOC
Outperform
Cigna upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst Matthew Borsch upgraded Cigna to Outperform from Market Perform.
09/26/19
SBSH
09/26/19
NO CHANGE
SBSH
Buy
Citi calls Cigna one of the most compelling stocks its seen in 20 years
Citi analyst Ralph Giacobbe says Cigna currently represents one of the most compelling stocks he's seen "across 20 years on the sell-side." Cigna offers a sound strategy, improved positioning, and fair and balanced growth outlook, against a "severely depressed" valuation, Giacobbe tells investors in a research note. He sees potential for 40% upside over the next 18-24 months and keeps a Buy rating on the shares.
09/18/19
PIPR
09/18/19
NO CHANGE
PIPR
Managed Care selloff brings buying opportunity, says Piper Jaffray
Piper Jaffray analyst Sarah James believes the recent selloff in shares of Managed Care companies, which she attributes to political concerns, has brought buying opportunities. Now is a good time to start doing work on the names, says James, who sees "initial signs of value funds coming in." Faster moving money will come back into the sector once we get past the fall/winter catalysts, the analyst tells investors in a research note. This gives investors a small window when the sector is out of favor to pick up top performing names, contends James. Her top picks are Anthem (ANTM), Cigna (CI), Humana (HUM), Centene (CNC), Molina Healthcare (MOH) and UnitedHealth (UNH).
BBBY Bed Bath & Beyond
$10.66

0.77 (7.79%)

09/30/19
WEDB
09/30/19
UPGRADE
WEDB
Outperform
Bed Bath & Beyond upgraded to Outperform from Neutral at Wedbush
09/30/19
WEDB
09/30/19
UPGRADE
Target $16
WEDB
Outperform
Wedbush upgrades Bed Bath & Beyond to Outperform, sees 62% upside potential
Wedbush analyst Seth Basham upgraded Bed Bath & Beyond to Outperform from Neutral and raised his price target for the shares to $16 from $14, which represents 62% upside potential. The retailer closed Friday up 9c to $9.89. Turning around declining retailers is a very difficult task, particularly amidst unfavorable secular trends and soft industry sales growth, but Bed Bath & Beyond has a "good chance of stabilization" in earnings over the next two years as its changes take hold, Basham tells investors in a research note. The company has a reconstituted board with "much-improved" governance, is resetting its cost structure, has a plan to reduce inventory by 35%, is rapidly refreshing stores to improve the shopping experience, has launched two private label brands, and is evaluating opportunities to leverage its store lease expiration cadence and sell noncore assets, explains the analyst. Further, Basham believes buy-side expectations are "very low."
08/20/19
BOFA
08/20/19
NO CHANGE
Target $20
BOFA
Buy
Bed Bath & Beyond price target lowered to $20 from $21 at BofA/Merrill
BofA/Merrill analyst Curtis Nagle told investors in a research note that he is cautious on near-term trends for Bed Bath & Beyond, as it is operating without a permanent CEO and has yet to take any major steps to stage a turnaround after years of underperformance under the old executive team. The analyst, who lowered his FY19-FY21 EPS estimates to $1.89/$2.28/$2.87 from $1.96/$2.49/$3.09, lowered his price target to $20 from $21, and says he continues to see the fall as a reasonable timeframe for a new CEO announcement and decisions about selling non-core assets and 4.6 million square feet of owned real estate. Nagel reiterates a Buy rating, as he continues to see many avenues for earnings upside.
08/09/19
EVER
08/09/19
UPGRADE
EVER
In Line
Bed Bath & Beyond upgraded to In Line from Underperform at Evercore ISI
QSR Restaurant Brands
$70.57

0.62 (0.89%)

09/30/19
LBOW
09/30/19
UPGRADE
LBOW
Neutral
Restaurant Brands upgraded to Neutral from Underperform at Longbow
Longbow analyst Alton Stump upgraded Restaurant Brands to Neutral from Underperform.
09/17/19
09/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Match Group (MTCH) initiated with a Buy at Citi. 2. Restaurant Brands (QSR) initiated with a Buy at Argus. 3. Orchard Therapeutics (ORTX) initiated with a Buy at Guggenheim. 4. Axonics (AXNX) initiated with an Outperform at SVB Leerink. 5. Cellular Biomedicine (CBMG) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/17/19
ARGS
09/17/19
INITIATION
Target $90
ARGS
Buy
Restaurant Brands initiated with a Buy at Argus
Argus analyst John Staszak initiated Restaurant Brands with a Buy rating and a price target of $90. The analyst contends that the company's acquired brands Tim Horton's and Popeye's Louisiana Kitchen can grow in international markets through master franchise joint venture agreements similarly to the growth seen at Burger King. Staszak further contends that the management of Restaurant Brands will have the ability to open new stores and drive higher comps with initiatives around deliveries, daypart expansion, and plant-based products.
09/30/19
LBOW
09/30/19
UPGRADE
LBOW
Neutral
Longbow upgrades Restaurant Brands to Neutral on Impossible Whopper strength
Longbow analyst Alton Stump upgraded Restaurant Brands to Neutral from Underperform. After calls with U.S. Burger King franchisees, the analyst believes same-store sales for Restaurant Brands' Burger King concept were up 4.5%-5.0% in Q3 ahead of his prior estimate of 2.0% growth and consensus at up 3.4%. The launch of Burger King's Impossible Whopper in mid-August drove a 500-600 basis point lift to same-store sales over the last six weeks, including 10%-15% growth in Whopper sales, Stump tells investors in a research note. He believes "significantly better than expected" comp performance from Burger King will be viewed positively by investors.

TODAY'S FREE FLY STORIES

INVE

Identiv

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Visa

$179.30

-0.49 (-0.27%)

, MA

MasterCard

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1.12 (0.40%)

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  • 10

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DIS

Disney

$137.23

-1.33 (-0.96%)

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ENR

Energizer

$47.45

5.44 (12.95%)

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  • 13

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SPB

Spectrum Brands

$60.10

8.91 (17.41%)

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  • 13

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LN

Line Corp.

$49.79

9.12 (22.42%)

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CPRX

Catalyst Pharmaceuticals

$4.40

-0.51 (-10.39%)

11:57
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Recommendations
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  • 13

    Nov

CTAS

Cintas

$249.50

-9.4 (-3.63%)

11:56
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FB

Facebook

$193.14

-1.33 (-0.68%)

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TIF

Tiffany

$122.85

-1.25 (-1.01%)

11:50
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Options
Put sale in Tiffanys opens 100 strike block in Feb »

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11:50
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General news
Powell on the next downturn: generally the Fed has cut 500 bps in recessions »

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TCDA

Tricida

$37.50

-2.21 (-5.57%)

11:49
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Tricida participates in a conference call with JPMorgan »

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  • 14

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ADPT

Adaptive Biotechnologies

$26.60

-1.75 (-6.17%)

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  • 07

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KNSA

Kiniksa

$6.62

-0.1 (-1.49%)

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AAPL

Apple

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LYV

Live Nation

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TRIP

TripAdvisor

$30.77

-0.93 (-2.93%)

11:35
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Options
TripAdvisor put volume heavy and directionally bearish »

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  • 25

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    Nov

V

Visa

$179.73

-0.06 (-0.03%)

, MA

MasterCard

$279.01

1.9 (0.69%)

11:33
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11:33
Periodicals
FTC probing Visa, MasterCard over debit card transactions, Bloomberg reports »

The Federal Trade…

V

Visa

$179.73

-0.06 (-0.03%)

MA

MasterCard

$279.01

1.9 (0.69%)

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  • 10

    Dec

EXEL

Exelixis

$16.18

0.84 (5.48%)

11:25
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11:25
Options
Exelixis call volume above normal and directionally bullish »

Bullish option flow…

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ESRX

Express Scripts

$0.00

(0.00%)

11:25
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11:25
Conference/Events
Detroit Economic Club to hold a luncheon meeting »

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  • 13

    Nov

11:20
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11:20
General news
FX Action: USD-JPY »

FX Action: USD-JPY has…

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