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MIME

Mimecast

$39.48

0.53 (1.36%)

, SPLK

Splunk

$121.10

1.43 (1.20%)

11:25
10/15/19
10/15
11:25
10/15/19
11:25

FBN Securities network security/IT security to hold a luncheon meeting

Analysts hold a group luncheon meeting with Michael Millar, Regional Manager at Commercium Technology Inc. (CTI) in New York on October 15 at 12 pm hosted by FBN Securities.

MIME

Mimecast

$39.48

0.53 (1.36%)

SPLK

Splunk

$121.10

1.43 (1.20%)

SAIL

SailPoint

$18.48

0.1 (0.54%)

CHKP

Check Point

$109.73

0.95 (0.87%)

PFPT

Proofpoint

$130.69

1.035 (0.80%)

ZS

Zscaler

$47.50

-0.04 (-0.08%)

FTNT

Fortinet

$79.42

0.17 (0.21%)

PANW

Palo Alto Networks

$213.94

0.29 (0.14%)

BOX

Box

$16.89

0.11 (0.66%)

FEYE

FireEye

$15.03

0.035 (0.23%)

CYBR

CyberArk

$105.00

1.87 (1.81%)

SYMC

Symbol changed to NLOK

$23.62

0.195 (0.83%)

FSCT

ForeScout

$25.86

0.29 (1.13%)

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MIME Mimecast
$39.48

0.53 (1.36%)

08/21/19
RSBL
08/21/19
INITIATION
Target $57
RSBL
Buy
Mimecast initiated with a Buy at Rosenblatt
Rosenblatt analyst Yun Kim started Mimecast with a Buy rating and $57 price target.
08/13/19
BOFA
08/13/19
NO CHANGE
Target $103
BOFA
Buy
Crowdstrike price target raised to $103 from $89 at BofA/Merrill
BofA Merrill Lynch analyst Tal Liani noted that he had expected and incorporated some share gains for Crowdstrike (CRWD) from Symantec (SYMC) in his model, but following the recent announcement that Broadcom (AVGO) intends to buy Symantec's enterprise business he sees the potential for those share gains to accelerate. Liani, who raised his price target on Crowdstrike shares to $103 from $89, reiterated a Buy rating on the stock. Aside from the potential for Crowdstrike in antivirus, Liani sees other areas of cyber security where Symantec leads and he could see shares losses should Broadcom's deal create any uncertainty around Symantec's roadmap or commitment to R&D in the space. In email security the beneficiaries would be Proofpoint (PFPT) and Mimecast (MIME) and in secure web gateways the beneficiary could be Zscaler (ZS), Liani noted.
08/06/19
JEFF
08/06/19
NO CHANGE
Target $57
JEFF
Buy
Mimecast largely exceeded fiscal Q1 expectations, says Jefferies
Jefferies analyst John DiFucci says Mimecast largely exceeded fiscal Q1 expectations, with the 32% constant currency sales growth in line with fiscal 2019. Sales guidance for both Q2 and fiscal 2020 was better than estimates, as was adjusted EBITDA despite the company's investments for further growth, adds the analyst. He believes Mimecast "continues to execute on a high level" and keeps a Buy rating on the shares with a $57 price target.
05/31/19
BREN
05/31/19
INITIATION
Target $59
BREN
Buy
Mimecast initiated with a Buy at Berenberg
Berenberg analyst Joshua Tilton started Mimecast with a Buy rating and $59 price target, stating that its unique product architecture gives it a technological advantage in stopping more malicious emails relative to peers, which he expects to allow the company to continue to take market share.
SPLK Splunk
$121.10

1.43 (1.20%)

10/02/19
RHCO
10/02/19
INITIATION
RHCO
Buy
Splunk initiated with a Buy at SunTrust
SunTrust analyst Joel Fishbein initiated Splunk with a Buy rating and $160 price target.
09/17/19
09/17/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Alder Biopharmaceuticals (ALDR) upgraded to Neutral from Sell at UBS and to Equal Weight from Underweight at Morgan Stanley. 2. Snap (SNAP) upgraded to Neutral from Negative at Susquehanna with analyst Shyam Patil saying his recent advertising channel checks have suggested that Snap's "solid" growth has continued in Q3 with expectations for continued progress in Q4. 3. Splunk (SPLK) upgraded to Overweight from Neutral at JPMorgan with analyst Mark Murphy saying he expects a bookings growth rebound in the second half of 2019 and has a favorable view of the company's transition to a recurring/renewable model. 4. Circor (CIR) upgraded to Overweight from Sector Weight at KeyBanc analyst Jeffrey Hammond saying he sees a wide range of potential outcomes that generally support a higher stock price, including arriving at 2020 targets, or equivalent figures net of divestitures, divesting the Energy business to accelerate deleveraging and refocus the portfolio around less volatile Industrial and Aero assets, or falling short of targets and/or failing to monetize the Energy assets, commencing a change of leadership and/or renewed takeout chatter. 5. Burlington Stores (BURL) and TJX (TJX) upgraded to Neutral from Sell at UBS. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/08/19
JEFF
10/08/19
INITIATION
Target $157
JEFF
Buy
Splunk assumed with a Buy rating at Jefferies
Jefferies analyst Brent Thill assumed coverage of Splunk with a Buy rating and $157 price target. The analyst last night assumed coverage of the Software industry and adjusted some of his ratings to be more defensive in light of valuation and macroeconomic concerns. However, he remains positive on the industry and believes that the fundamentals of businesses in the space are "very strong."
10/02/19
RHCO
10/02/19
INITIATION
RHCO
SunTrust initiates infrastructure and security sector
SunTrust analyst Joel Fishbein initiated fourteen stocks in the infrastructure and security sector. Regarding infrastructure, he said he believes "we are in the 3rd inning of a multi year (even multi-decade) opportunity" and projected on-demand penetration of 70% by 2028, adding that "spending on cloud software is projected to grow at ~3x the overall software market rate, resulting in a greater than $208B market opportunity through 2025." However, Fishbein cautioned to "stay selective" as while he is bullish on the underlying trends, "too many investors are chasing too few stories." For cybersecurity, Fishbein noted that it remains a top priority for the corporations, and cited the IDC stating that "worldwide spending on security-related hardware, software, and services is forecast to reach $133.7B in 2022 at a compound annual growth rate of 9.9%." He believes that emerging vendors with innovative technology are growing much faster, and sees a "shift in spending from legacy security providers to next generation technology providers and multi-product platforms." The analyst started eight names with Buy ratings -- Atlassian (TEAM), New Relic (NEWR), ServiceNow (NOW), Splunk (SPLK), Palo Alto Networks (PANW), Rapid7 (RPD), SailPoint (SAIL), and Zscaler (ZS). The other six names Fishbein started with Hold ratings -- PagerDuty (PD), Check Point (CHKP), FireEye (FEYE), Proofpoint (PFPT), Qualys (QLYS), and Tenable Holdings (TENB).
SAIL SailPoint
$18.48

0.1 (0.54%)

08/07/19
PIPR
08/07/19
NO CHANGE
Target $27
PIPR
Overweight
SailPoint price target raised to $27 from $25 at Piper Jaffray
Piper Jaffray analyst Andrew Nowinski raised his price target for SailPoint Technologies to $27 from $25 saying the company's Q2 results that were better than expected across all metrics, including revenue, billings and cash flow. SailPoint remains focused on displacing legacy vendors such as Oracle, CA and IBM, and with the help of new marketing programs that were put in place, the pipeline is gaining momentum, Nowinski tells investors in a research note. He reiterates an Overweight rating on the shares.
10/02/19
RHCO
10/02/19
INITIATION
RHCO
Buy
SailPoint initiated with a Buy at SunTrust
SunTrust analyst Joel Fishbein initiated SailPoint with a Buy rating and $25 price target.
06/13/19
PIPR
06/13/19
NO CHANGE
Target $25
PIPR
Overweight
SailPoint has growing opportunity to displace Oracle, says Piper Jaffray
Piper Jaffray analyst Andrew Nowinski reiterates an Overweight rating on SailPoint Technologies (SAIL) with a $25 price target after attending the company's user conference. The analyst left more convinced that SailPoint has the "best-in-class" identity governance solution in the market, and that it also has a "large and growing opportunity" to displace Oracle (ORCL). While SailPoint may have put too much focus on the mid-market in Q1, discussions at the conference with system integrators and resellers suggest the company continues to gain share in the overall enterprise market, Nowinski tells investors in a research note. As such, he believes the shares may have over-corrected following the "weak" Q1 results.
CHKP Check Point
$109.73

0.95 (0.87%)

10/14/19
OTRG
10/14/19
DOWNGRADE
OTRG
Negative
Check Point downgraded to Negative from Mixed at OTR Global
OTR Global downgraded Check Point to Negative from Mixed following partners checks that indicate deteriorating competitive win rates, worsening channel relations, lengthening sales cycles, and a drop in Q3 hardware sales.
10/08/19
10/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Oracle (ORCL), Carbonite (CARB), and Check Point (CHKP) downgraded to Hold from Buy at Jefferies. 2. TerraForm Power (TERP) downgraded to Equal Weight from Overweight at Barclays. 3. Puma Biotechnology (PBYI) downgraded to Sell from Neutral at Goldman Sachs while Nektar Therapeutics (NKTR) was double downgraded to Sell from Buy. 4. Qiagen (QGEN) downgraded to Underweight from Neutral at JPMorgan and to Equal Weight from Overweight at Barclays. 5. Helmerich & Payne (HP) and Patterson-UTI (PTEN) downgraded to Neutral from Buy at BofA/Merrill. Nine Energy Services (NINE) and FTS International (FTSI) downgraded to Underperform from Neutral at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/07/19
JEFF
10/07/19
DOWNGRADE
JEFF
Hold
Check Point downgraded to Hold from Buy at Jefferies
As previously reported, Jefferies analyst Brent Thill downgraded Check Point to Hold from Buy, and lowered his price target on shares to $115 from $140. The analyst sees limited downside potential for the stock, but wants to see "evidence of material catalysts" that reinvigorate product growth and accelerate total revenue growth to getting more bullish on Check Point.
10/07/19
JEFF
10/07/19
DOWNGRADE
JEFF
Hold
Check Point downgraded to Hold from Buy at Jefferies
PFPT Proofpoint
$130.69

1.035 (0.80%)

10/02/19
RHCO
10/02/19
INITIATION
RHCO
Hold
Proofpoint initiated with a Hold at SunTrust
SunTrust analyst Joel Fishbein initiated Proofpoint with a Hold rating and $135 price target.
10/11/19
OPCO
10/11/19
NO CHANGE
Target $140
OPCO
Outperform
Okta announced innovative products and partnerships, says Oppenheimer
Okta (OKTA) remains "laser focused" on identity centric security, which is based on Zero Trust and a dissolving network perimeter, Oppenheimer analyst Shaul Eyal tells investors in a research note following the company's Showcase Event. The analyst continues to see a "sizeable market opportunity" for the company and keeps an Outperform rating on the shares with a $140 price target. Key takeaways from the event include the announcement of DynamicScale, a customer-identity-focused solution able to support peak loads during traffic bursts up to 500,000 authentications per minute, and SecurityInsights, a security detection and remediation technology designed to improve an organization's security posture, as well as partnerships with Atlassian (TEAM) and Proofpoint (PFPT), says Eyal.
10/11/19
WEDB
10/11/19
NO CHANGE
Target $140
WEDB
Outperform
Proofpoint likely to issue conservative FY20 guidance, says Wedbush
Wedbush analyst Steve Koenig said he is constructive on the competitive dynamics for Proofpoint (PFPT) given Symantec's sale of its Enterprise Security assets to Broadcom (AVGO), which has publicly announced plans to focus on core products and not email security. He believes initial FY20 guidance accompanying the company's upcoming Q3 report shouldn't be worse than current consensus estimates, but likely will be "typically conservative," which he thinks would leave the company with some room to improve from there. Koenig reiterates an Outperform rating and $140 price target on Proofpoint shares.
ZS Zscaler
$47.50

-0.04 (-0.08%)

10/14/19
SBSH
10/14/19
INITIATION
SBSH
Citi expands Software coverage with two Buys and one Sell
Citi analyst Walter Pritchard expanded his Security coverage by initiating Okta (OKTA) and Ping Identity (PING) with Buy ratings, Zscaler (ZS) with a Neutral rating, and Crowdstrike (CRWD) with a Sell rating. While Crowdstrike's recent growth has generated a lot of excitement, its market opportunity is largely pegged to the end-point security market, where peak leadership share has been around 10%, Pritchard tells investors in a research note. He believes the company's expansion into adjacencies will be challenging "as they are crowded already." The analyst sees potential for Ping Identity's growth to accelerate and believes Okta's "aggressive" product roadmap should enable the company to capitalize on an underestimated total addressable market. On Zscaler, the analyst sees a "still lofty multiple" and balanced risk/reward profile.
10/14/19
SBSH
10/14/19
INITIATION
Target $50
SBSH
Neutral
Zscaler initiated with a Neutral at Citi
Citi analyst Walter Pritchard initiated coverage of Zscaler with a Neutral rating and $50 price target. The analyst sees identity management becoming more strategic as companies move to cloud. Historical identity management spend that has gone to the infrastructure providers is now "up for grabs," says Pritchard.
10/02/19
RHCO
10/02/19
INITIATION
RHCO
Buy
Zscaler initiated with a Buy at SunTrust
SunTrust analyst Joel Fishbein initiated Zscaler with a Buy rating and $73 price target.
FTNT Fortinet
$79.42

0.17 (0.21%)

09/19/19
BOFA
09/19/19
DOWNGRADE
Target $116
BOFA
Underperform
Check Point downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill analyst Tal Liani issued a double-downgrade of Check Point (CHKP) to Underperform from Buy and lowered his price target on the shares to $116 from $130. The analyst notes that the company's response to market dynamics has been slow for several years relative to competitors like Cisco (CSCO), Palo Alto (PANW) and Fortinet (FTNT), but the reluctance of users to avoid integrating a new platform has diminished while the impact of the "intense competition" has started to become more visible with Check Point's contracting market share. Liani warns that Check Point growth could reemerge with the launch of the new Infinity platform, but the recent increase to investments may pressure the company's margins and possibly require a "downward reset" in his model.
08/02/19
BOFA
08/02/19
UPGRADE
BOFA
Buy
Fortinet upgraded to Buy from Neutral at BofA/Merrill
08/02/19
08/02/19
UPGRADE
Target $103

Buy
Fortinet upgraded to Buy at BofA/Merrill on 'solid' execution in Q2
As previously reported, BofA/Merrill analyst Tal Liani upgraded Fortinet to Buy and raised his price target to $103 from $95 after its "strong" Q2 results. The analyst notes the company's billings performance "stood out" and the quarter showed continued solid execution and balanced demand in Fortinet's regions and products. Liani sees Fortinet as a "winner in the firewall market" with new products offered at "attractive" price points.
06/24/19
JPMS
06/24/19
UPGRADE
Target $93
JPMS
Overweight
Fortinet upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Sterling Auty upgraded Fortinet to Overweight from Neutral, noting that the stock is down 20% from its highs of earlier this year and that he thinks the company is pursuing the right strategy of balancing mid- to high-teen growth prospects in revenue with margin expansion. His recent checks point to consistent demand for the company and he expects near-term results to push shares higher, Auty tells investors. He keeps a $93 price target on Fortinet shares.
PANW Palo Alto Networks
$213.94

0.29 (0.14%)

09/24/19
BREN
09/24/19
UPGRADE
Target $60
BREN
Buy
Zscaler upgraded to Buy from Hold at Berenberg
Berenberg anlayst Joshua Tilton upgraded Zscaler (ZS) to Buy from Hold while lowering his price target for the shares to $60 from $78. After surviving 30 Zscaler current and future customers at last week's user conference, the analyst believes the Palo Alto Networks (PANW) competition concern "is noise." Customer feedback points to continued sustained growth for Zscaler as the company has "superior technology relative to legacy competition," Tilton tells investors in a research note. Following the recent pullback in the shares, the analyst has increased confidence in the sustainability of the multiple.
10/02/19
RHCO
10/02/19
INITIATION
RHCO
Buy
Palo Alto Networks initiated with a Buy at SunTrust
SunTrust analyst Joel Fishbein initiated Palo Alto Networks with a Buy rating and $246 price target.
BOX Box
$16.89

0.11 (0.66%)

10/10/19
BREN
10/10/19
INITIATION
Target $18
BREN
Hold
Box initiated with a Hold rating at Berenberg
Berenberg analyst Brett Knoblauch initiated coverage of Box with a Hold rating and $18 price target.
10/04/19
DADA
10/04/19
NO CHANGE
Target $21
DADA
Buy
Box price target raised to $21 from $17 at DA Davidson
DA Davidson analyst Rishi Jaluria raised his price target on Box to $21 and kept his Buy rating after its investor session / annual user conference presentation yesterday. The analyst is positive on the management's commitment to margin expansion without the promise of accelerating growth and expects the activist investor involvement by Starboard to support those efforts. Still, Jaluria is skeptical about the targeted rise in FY23 free cash flow margin to over 20% from 3% in 2019 given Box's "low sales efficiency, weakening net retention rates, and declining gross margins".
09/27/19
JPMS
09/27/19
DOWNGRADE
Target $15
JPMS
Underweight
JPMorgan downgrades Box to Underweight on intensifying competition
JPMorgan analyst Mark Murphy downgraded Box (BOX) to Underweight from Neutral with an unchanged price target of $15. While the stock has run higher, competition is intensifying in Box's target markets, Murphy tells investors in a research note. The analyst believes Box is "increasingly more vulnerable" to Microsoft (MSFT), not only because the latter's OneDrive is improving but also because of Microsoft's Office 365 offerings feeds OneDrive into enterprise environments at minimal cost to the customer. In addition, Murph says his chief investment officer survey shows negative spending intentions for Box in 2019. He sees long-term structural headwinds for Box amid the increasing competition.
09/27/19
09/27/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Box (BOX) downgraded to Underweight from Neutral at JPMorgan with analyst Mark Murphy saying while the stock has run higher, competition is intensifying in Box's target markets. 2. Atara Biotherapeutics (ATRA) downgraded to Sell from Neutral at Goldman Sachs with analyst Salveen Richter saying he sees a lack of near-term catalysts for the stock and questions surrounding the company's clinical programs. 3. Carnival (CCL) downgraded to Sell from Hold at Berenberg and to Neutral from Buy at UBS. 4. eBay (EBAY) and Booking Holdings (BKNG) downgraded to Market Perform from Outperform at Wells Fargo. 5. Canopy Growth (CGC) downgraded to Neutral from Buy at BofA/Merrill with analyst Christopher Carey saying while he still sees Canopy as a long-term leader in the cannabis industry, he thinks Canada industry growth is set to pause in the second half and potentially flatten, which he thinks could also be the case with Canopy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FEYE FireEye
$15.03

0.035 (0.23%)

10/03/19
DOTC
10/03/19
NO CHANGE
DOTC
FireEye exploring a sale 'would make a lot of sense,' says Dougherty
After it was reported that FireEye is exploring a possible sale to a private equity buyer, Dougherty analyst Catharine Trebnick said she was "not surprised" and that a sale would "make a lot of sense" given that the company is going through a transformation to cloud services. While the media report on the potential sale suggests the most likely buyer is a private equity firm, Trebnick thinks a strategic buyer - either one with a professional service segment seeking to expand its Federal presence or a buyer from the Federal side looking for a strong cyber security practice - could also be interested in acquiring FireEye. Trebnick has a Buy rating and $18 price target on FireEye shares, which gained 60c, or 4.5%, yesterday to close at $13.82.
10/02/19
RHCO
10/02/19
INITIATION
RHCO
Hold
FireEye initiated with a Hold at SunTrust
SunTrust analyst Joel Fishbein initiated Splunk with a Hold rating and $15 price target.
08/06/19
08/06/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. HarborOne Bancorp (HONE) initiated with a Buy at Janney Montgomery Scott. 2. Arvinas (ARVN) initiated with an Overweight at Cantor Fitzgerald. 3. EQT Midstream Partners (EQM) and Equitrans Midstream (ETRN) initiated with a Neutral at UBS. 4. One Stop Systems (OSS) transitioned with a Speculative Buy at Benchmark. 5. FireEye (FEYE) initiated with a Buy at Nomura Instinet. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
CYBR CyberArk
$105.00

1.87 (1.81%)

08/07/19
DOTC
08/07/19
NO CHANGE
DOTC
Buy
CyberArk selloff on CRO exit 'overreaction' a buying opportunity, says Dougherty
Dougherty analyst Catharine Trebnick said CyberArk is selling off despite a "solid report" and she would be a buyer amid the weakness, which she views as an overreaction to the Chief Revenue Officer departure. The analyst, who said the company has a strong bench, keeps a Buy rating on CyberArk shares.
08/07/19
JPMS
08/07/19
NO CHANGE
Target $160
JPMS
Overweight
CyberArk price target raised to $160 from $125 at JPMorgan
JPMorgan analyst Sterling Auty raised his price target for CyberArk to $160 from $125 after the June results showed another quarter of "good upside" in revenue and earnings on consistent execution. The analyst notes that Chief Revenue Officer, who has been CRO for the last 2 years and with the company for 20 years, is leaving to focus on board seats on emerging companies and adds that he sees that move as a "natural transition." Auty reiterates an Overweight rating on the shares.
08/21/19
COWN
08/21/19
INITIATION
Target $145
COWN
Outperform
CyberArk initiated with an Outperform at Cowen
Cowen analyst Nick Yako initiated CyberArk with an Outperform as he believes it can deliver 19% annual revenue growth through 2024, given its leadership position in Privilege Access Security, a top growth area in security. The analyst also cited its ability to capture spending from existing customers as well as continuing to add new customers. Yako has a $145 price target on CyberArk shares.
05/31/19
05/31/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Lithia Motors (LAD) initiated with a Buy at Longbow. 2. Upland Software (UPLD) initiated with a Buy at Jefferies. 3. Alkermes (ALKS) initiated with a Neutral at H.C. Wainwright. 4. Twist Bioscience (TWST) initiated with an Outperform at Evercore ISI. 5. CyberArk (CYBR) initiated with a Buy at Berenberg. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
SYMC Symbol changed to NLOK
$23.62

0.195 (0.83%)

09/13/19
KEYB
09/13/19
NO CHANGE
Target $340
KEYB
Overweight
Broadcom price target raised to $340 from $330 at KeyBanc
KeyBanc analyst John Vinh raised his price target for Broadcom (AVGO) to $340 from $330 and maintained an Overweight rating, citing the company's solid execution in a challenging environment following the company's "mixed" Q3 results and maintained FY19 outlook, saying strength in networking and ASICs, as well as the ramp of the new iPhone and content growth, offset weakness in storage and broadband. Vinh tells investors in a research note that he expects the close of the Symantec (SYMC) deal will continue to sustain outsized earnings growth.
09/09/19
WELS
09/09/19
NO CHANGE
Target $25
WELS
Market Perform
Symantec Consumer Cyber Safety a candidate to be taken private, says Wells Fargo
Wells Fargo analyst Philip Winslow notes that after announcing last month that Broadcom (AVGO) will acquire Symantec's (SYMC) Enterprise Security business, various news outlets reported that Advent International and Permira Holdings are interested in purchasing Symantec's Consumer Cyber Safety business for $26-$27 per share. The analyst believes Symantec's Consumer Cyber Safety business would be a potential candidate to be taken private in a leveraged buyout due given the relative stability of the segment's revenue and cash flow. Winslow reiterates a Market Perform rating and $25 price target on Symantec's shares.
08/30/19
MACQ
08/30/19
NO CHANGE
Target $100
MACQ
Outperform
Macquarie sees limited impact on Crowdstrike from Carbon Black buyout
Macquarie analyst Sarah Hindlian says he's been fielding numerous questions on implications from VMware's (VMW) purchase of Carbon Black (CBLK) with Crowdstrike (CRWD) investors concerned over its Dell (DELL) channel partnership. The analyst, however, sees little impact on Crowdstrike. While the Carbon Black purchase could create "some nepotism" in the Dell channel in favor of the Carbon Black product, Crowdstrike's March 2019 partnership is limited in size and unlikely to affect the company's trajectory, says Hindlian. Further, she believes the company's larger opportunity is Symantec's endpoint revenues. Ultimately, the analyst views Crowdstrike as best in class for endpoint security products. She keeps a Buy rating on the shares with a $100 price target.
10/09/19
MSCO
10/09/19
NO CHANGE
MSCO
CIOs see continued pressure on IT budgets in 2020, says Morgan Stanley
Morgan Stanley analysts Katy Huberty, James Faucette and Keith Weiss noted that rising economic uncertainty has been reflected in the firm's past several CIO surveys, with 2019 overall IT budget growth expectations falling for 4 straight quarters. In keeping with that trend, 53% of the CIOs surveyed by the firm expect lower IT budget growth in 2020 and their composite initial read on 2020 IT spending calls for a 100 basis points growth deceleration, the firm's U.S. tech team stated in a note to investors. Among those surveyed, Amazon (AMZN) and Microsoft (MSFT) are seen as having taken over the lead in Artificial Intelligence and Machine Learning while IBM (IBM) "maintains strong mind share," the analysts said. The team continues to favor companies they see as well positioned for key secular trends with good valuation, such as Microsoft, Adobe (ADBE) and Salesforce (CRM), while they are more cautious on legacy players at risk of losing share as organizations move to the cloud, like Symantec (SYMC) and VMware (VMW).
FSCT ForeScout
$25.86

0.29 (1.13%)

10/10/19
10/10/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Kroger (KR) downgraded to Hold from Buy at Jefferies with analyst Christopher Mandeville saying after the stock's 15% rally in three months, the analyst is "checking out" as his confidence in Kroger's long-term grocery strategy and management's ability to effectively communicate "wanes." 2. HP Inc. (HPQ) downgraded to Sell from Neutral at Goldman Sachs while Cisco (CSCO) was downgraded to Neutral from Buy. 3. Continental Resources (CLR) downgraded to Neutral from Buy at Mizuho analyst Paul Sankey saying while the company has taken steps to reduce leverage and initiated its own cash return strategy, he has too much concern about the trajectory of spending and the quality of its unconventional opportunity longer-term to remain Buy-rated. 4. Evergy (EVRG) downgraded to Neutral from Buy at BofA/Merrill with analyst Julien Dumoulin-Smith citing the Missouri PSC vote in favor of petitioners against the company in the ongoing Sibley Generating Station complaint. 5. ForeScout (FSCT) downgraded to Neutral from Overweight at JPMorgan with analyst Sterling Auty citing the company's announcement of preliminary September quarter revenue that was about 10% short of expectations due primarily to macroeconomic conditions in EMEA. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/19
NEED
10/10/19
DOWNGRADE
NEED
Hold
ForeScout downgraded to Hold from Buy at Needham
10/10/19
NEED
10/10/19
DOWNGRADE
NEED
Hold
Needham downgrades ForeScout to Hold on macro backdrop, sales challenges
Needham analyst Alex Henderson downgraded ForeScout to Hold from Buy after the company preannounced lower than expected Q3 revenue, which it blamed on lengthening sales cycles that led to a few deals slipping out of the quarter. Though management said talks with these customers are ongoing and they believe these deals were not competitive losses, he sees the negative preannouncement as a sign of go-to-market and macro challenges. Given the tougher macro environment, as well as the company's large On-Premise business and ongoing sales execution issues, Henderson said he prefers to move to the sidelines.
10/10/19
JPMS
10/10/19
DOWNGRADE
Target $35
JPMS
Neutral
ForeScout downgraded at JPMorgan after 'notable negative preannouncement'
As previously reported, JPMorgan analyst Sterling Auty downgraded ForeScout to Neutral from Overweight after the company announced preliminary September quarter revenue that was about 10% short of expectations due primarily to macroeconomic conditions in EMEA. While the company did not provide a lot of detail, he is being "proactive" by cutting his estimates for the quarter and trimming his sequential growth outlook for the December quarter. Auty cut his price target for ForeScout shares to $35 from $54. He also called this the "first notable negative preannouncement" in the software sector and thinks investors will be watching carefully to see if there are further issues that will cause multiples in the space to contract further.

TODAY'S FREE FLY STORIES

BILI

Bilibili

$16.39

-0.32 (-1.92%)

18:01
11/18/19
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Earnings
Bilibili reports Q3 adjusted EPS (15c), consensus (14c) »

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    Nov

DDOG

Datadog

$40.36

-0.33 (-0.81%)

, AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

17:56
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17:56
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Datadog announces support for AWS CloudFormation Registry and CLI »

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Datadog

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AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

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17:55
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Conference/Events
Morgan Stanley analyst to hold an analyst/industry conference call »

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GVA

Granite Construction

$26.50

-0.6 (-2.21%)

17:54
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Granite Construction awarded $14M airfield improvement project in California »

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ZS

Zscaler

$44.46

-1.37 (-2.99%)

, MSFT

Microsoft

$150.35

0.4 (0.27%)

17:51
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Initiation
Zscaler, Microsoft initiated  »

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ZS

Zscaler

$44.46

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MSFT

Microsoft

$150.35

0.4 (0.27%)

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OKTA

Okta

$121.21

3.76 (3.20%)

17:51
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17:51
Upgrade
Okta rating change  »

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PANW

Palo Alto Networks

$248.50

1.465 (0.59%)

17:48
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17:48
Initiation
Palo Alto Networks initiated  »

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CRWD

Crowdstrike

$57.06

-2.73 (-4.57%)

, AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

17:47
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17:47
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17:47
Initiation
Crowdstrike, Amazon.com initiated  »

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CRWD

Crowdstrike

$57.06

-2.73 (-4.57%)

AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

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TUFN

Tufin

$17.32

-0.22 (-1.25%)

17:44
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Tufin initiated  »

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SPLK

Splunk

$122.64

3.49 (2.93%)

17:43
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17:43
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Splunk initiated  »

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  • 21

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SPCE

Virgin Galactic

$9.55

-0.075 (-0.78%)

17:42
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17:42
Syndicate
Breaking Syndicate news story on Virgin Galactic »

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VIAV

Viavi

$15.74

-0.03 (-0.19%)

17:40
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Viavi files patent suits against LG Electronics, LG Innotek, Optrontec »

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BAESY

BAE Systems

$0.00

(0.00%)

17:39
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BAE Systems awarded $104.78M Navy contract for engineering, technical services »

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GLD

SPDR Gold Shares

$138.65

0.45 (0.33%)

17:34
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SPDR Gold Shares holdings fall to 891.79MT from 896.77MT »

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EVFM

Evofem

$5.19

-0.26 (-4.78%)

17:33
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Syndicate
Breaking Syndicate news story on Evofem »

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QTRH

Quarterhill

$1.28

(0.00%)

, RCI

Rogers Communications

$47.86

-0.33 (-0.68%)

17:32
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Hot Stocks
Quarterhill'S WI-Lan settles patent litigation with Rogers »

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QTRH

Quarterhill

$1.28

(0.00%)

RCI

Rogers Communications

$47.86

-0.33 (-0.68%)

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VER

Vereit

$9.64

0.06 (0.63%)

17:30
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Vereit to pay $8M civil penalty to settle pending SEC investigation »

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CPE

Callon Petroleum

$3.94

-0.43 (-9.84%)

17:27
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Breaking Hot Stocks news story on Callon Petroleum »

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AAPL

Apple

$267.03

1.3 (0.49%)

17:23
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Periodicals
Apple announces December 2nd press event for apps and games, CNBC says »

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NVTA

Invitae

$18.25

-0.475 (-2.54%)

17:20
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Syndicate
Breaking Syndicate news story on Invitae »

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  • 25

    Nov

PEP

PepsiCo

$133.99

0.15 (0.11%)

17:20
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Syndicate
Breaking Syndicate news story on PepsiCo »

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  • 13

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TMO

Thermo Fisher

$300.37

-6.25 (-2.04%)

, CELG

Celgene

$109.34

-0.68 (-0.62%)

17:18
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Hot Stocks
Breaking Hot Stocks news story on Thermo Fisher, Celgene »

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TMO

Thermo Fisher

$300.37

-6.25 (-2.04%)

CELG

Celgene

$109.34

-0.68 (-0.62%)

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NOW

ServiceNow

$266.56

6.65 (2.56%)

, CELG

Celgene

$109.34

-0.68 (-0.62%)

17:17
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Hot Stocks
ServiceNow to replace Celgene in S&P 500 at open on 11/21 »

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NOW

ServiceNow

$266.56

6.65 (2.56%)

CELG

Celgene

$109.34

-0.68 (-0.62%)

BMY

Bristol-Myers

$57.62

-0.99 (-1.69%)

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KRNT

Kornit Digital

$33.07

-1.13 (-3.30%)

17:14
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Hot Stocks
Kornit Digital says Q3 was a record quarter for industrial system sales »

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  • 18

    Nov

CRMT

America's Car-Mart

$90.88

3.22 (3.67%)

17:10
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Earnings
America's Car-Mart reports Q2 EPS $2.00, consensus $1.81 »

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