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KAMN

Kaman

$57.99

-0.32 (-0.55%)

, LDOS

Leidos

$82.22

-0.28 (-0.34%)

04:55
10/16/19
10/16
04:55
10/16/19
04:55

Association of the United States Army (AUSA) to hold annual meeting

2019 Annual Meeting of AUSA will be held in Washington, D.C. on October 14-16.

KAMN

Kaman

$57.99

-0.32 (-0.55%)

LDOS

Leidos

$82.22

-0.28 (-0.34%)

MTOR

Meritor

$19.07

0.31 (1.65%)

ITT

ITT

$58.99

0.83 (1.43%)

GM

General Motors

$36.27

0.76 (2.14%)

GE

General Electric

$8.88

0.16 (1.83%)

GD

General Dynamics

$178.53

-0.64 (-0.36%)

BA

Boeing

$370.99

-2.05 (-0.55%)

CSCO

Cisco

$46.37

0.33 (0.72%)

CAE

CAE

$24.60

-0.025 (-0.10%)

BAH

Booz Allen

$70.80

0.26 (0.37%)

ALSN

Allison Transmission

$44.66

0.31 (0.70%)

ADI

Analog Devices

$113.24

2.83 (2.56%)

T

AT&T

$37.90

0.41 (1.09%)

ADBE

Adobe

$279.40

1.61 (0.58%)

SAP

SAP

$127.21

1.15 (0.91%)

NOC

Northrop Grumman

$361.70

-4.9 (-1.34%)

LMT

Lockheed Martin

$382.82

0.22 (0.06%)

MSFT

Microsoft

$141.56

2.02 (1.45%)

LRAD

LRAD Corporation

$3.33

-0.05 (-1.48%)

SWK

Stanley Black & Decker

$148.70

1.37 (0.93%)

CMTL

Comtech

$31.30

0.43 (1.39%)

CW

Curtiss-Wright

$126.69

-0.08 (-0.06%)

DE

Deere

$172.61

3.62 (2.14%)

ENS

EnerSys

$64.50

2.1 (3.37%)

AVAV

AeroVironment

$57.14

0.02 (0.04%)

TEL

TE Connectivity

$92.05

1.645 (1.82%)

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KAMN Kaman
$57.99

-0.32 (-0.55%)

09/12/19
09/12/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. PayPal (PYPL) assumed at Buy, up from Hold at Canaccord with analyst Joseph Vafi saying PayPal is a "payments juggernaut," and its growth in payment volumes "at this scale is impressive." 2. Activision Blizzard (ATVI) upgraded to Buy from Neutral at Nomura Instinet with analyst Andrew Marok saying last month's launch of World of Warcraft Classic has driven "strong, above-expectations" engagement in the franchise. 3. Voya Financial (VOYA) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Alex Scott saying Voya has a better ability to beat earnings estimates in the near term as well as in 2020 and 2021 relative to Prudential Financial (PRU). 4. AbbVie (ABBV) upgraded to Buy from Neutral at UBS with analyst Navin Jacob saying he sees the company's acquisition of Allegan as "highly compelling," with NewCo generating over $20B of annual free cash flow and a 9% yield by 2023 when its Humira exclusivity patent expires. 5. Kaman (KAMN) upgraded to Overweight from Sector Weight at KeyBanc with analyst Steve Barger citing meetings with management. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/19
09/12/19
UPGRADE
Target $72

Overweight
Kaman upgraded to Overweight at KeyBanc
As previously reported, KeyBanc analyst Steve Barger upgraded Kaman to Overweight from Sector Weight with a price target of $72 following meetings with management. The analyst believes Kaman will take a disciplined approach in deploying its substantial cash balance toward acquiring highly engineered products in attractive end markets, primarily aerospace. He also expects targets to be accretive to margin, EPS, and free cash flow, which should support or expand Kaman's valuation multiple.
09/12/19
KEYB
09/12/19
UPGRADE
Target $72
KEYB
Overweight
Kaman upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Steve Barger upgraded Kaman to Overweight from Sector Weight with a price target of $72.
04/17/19
KEYB
04/17/19
NO CHANGE
KEYB
Ametek, ITT among top potential acquirers in industrial space, says KeyBanc
KeyBanc analysts Jeff Hammond and Steve Barger think moderating organic growth expectations in 2019 due to tough year over year comps may drive industrials to increasingly look toward inorganic avenues for market outgrowth, or to potentially divest businesses to right-size portfolios. The analysts view Ametek (AME), ITT (ITT), Graco (GGG), and Timken (TKR) as the top potential acquirers, and think Actuant (ATU), Colfax (CFX), Eaton (ETN), Kaman (KAMN), NN, Inc. (NNBR), and Milacron (MCRN) could benefit most from a strategic divestiture.
LDOS Leidos
$82.22

-0.28 (-0.34%)

07/31/19
RHCO
07/31/19
NO CHANGE
Target $95
RHCO
Buy
Leidos price target raised to $95 from $79 at SunTrust
SunTrust analyst Tobey Sommer raised his price target on Leidos to $95 and kept his Buy rating after its Q2 earnings beat and raised FY19 guidance. The analyst is more optimistic that the company can generate a "sustainable mid- to high-single digit" revenue growth over the medium term, supported by "elevated" win rates and contracts such as the $2.9B NASA IT Services deal grated earlier this year and the Air Combat Command's Intelligence Surveillance, Reconnaissance Support Services Program.
07/09/19
SBSH
07/09/19
DOWNGRADE
Target $83
SBSH
Neutral
Leidos downgraded to Neutral from Buy at Citi
Citi analyst Jonathan Raviv downgraded both CACI International (CACI) and Leidos (LDOS) to Neutral from Buy citing valuation. While the company's fundamentals "look good," shares of Leidos are up 54% year-to-date, Raviv tells investors in a research note. He raised his price target for Leidos shares to $83 from $75 despite the downgrade. The analyst maintains a Buy rating on SAIC (SAIC) with a $100 price target, saying the company's enjoys "more valuation cushion" yielding greater than 10%.
09/24/19
JPMS
09/24/19
INITIATION
Target $95
JPMS
Neutral
Leidos initiated with a Neutral at JPMorgan
JPMorgan analyst Seth Seifman started Leidos Holdings with a Neutral rating and $95 price target. With a valuation above the historical average, the analyst does not expect much multiple expansion for Leidos.
09/20/19
LEHM
09/20/19
INITIATION
Target $97
LEHM
Equal Weight
Leidos initiated with an Equal Weight at Barclays
Barclays analyst David Strauss started Leidos Holdings with an Equal Weight rating and $97 price target. The analyst initiated coverage of U.S. government services and is selective on the stocks given recent outperformance, noting that valuations are now ~10% above large cap defense. The analyst believes Leidos' non-Department of Defense exposure provides support in a future defense downturn, but he sees less margin upside versus peers.
MTOR Meritor
$19.07

0.31 (1.65%)

03/25/19
PIPR
03/25/19
NO CHANGE
Target $36
PIPR
Overweight
Investors should continue to own Meritor, says Piper Jaffray
After hosting investor meetings with management, Piper Jaffray analyst Alexander Potter continues to rank Meritor among his top picks, "both in 2019 and beyond." Cyclical or macro "noise" may cause dislocation in the coming year, but the stock should be bought on any pullback, Potter tells investors in a research note partially titled "We Still Think Investors Should be Owning MTOR." The analyst believes Meritor has an attractive position in the electric vehicle sector and reiterates an Overweight rating on the shares with a $36 price target.
05/21/19
RBCM
05/21/19
NO CHANGE
Target $25
RBCM
Sector Perform
Meritor management discussions increase confidence in M2022, says RBC Capital
RBC Capital analyst Joseph Spak kept his Sector Perform rating and $25 price target on Meritor but noted that his recent meetings with its CEO and CFO were "constructive" as they boosted his confidence in the company's ability to achieve its medium-term targets outlined by the M2022 strategy plans. The analyst states that the discussion implied a normalization view for the company's North America Class 8 trucking toward a volume level of about 250K units. Spak also contends that the recent sell-off in in Meritor stock price may offer a "nice tactical entry point" based on the management's latest outlook.
05/06/19
LBOW
05/06/19
DOWNGRADE
LBOW
Neutral
Meritor downgraded to Neutral from Buy at Longbow
04/24/19
LBOW
04/24/19
NO CHANGE
Target $28
LBOW
Buy
Meritor price target raised to $28 from $25 at Longbow
Longbow analyst Faheem Sabeiha raised his estimates for Meritor to reflect a higher North America Class 8 production forecast of 347,000 units, up from his prior view of 335,000 units. The analyst, who expects Meritor to deliver adjusted EPS above current consensus estimates when it reports on May 1, raised his price target on the stock to $28 and keeps a Buy rating on the shares.
ITT ITT
$58.99

0.83 (1.43%)

05/21/19
STFL
05/21/19
NO CHANGE
Target $103
STFL
Buy
Crane's Circor offer represents good value for shareholders, says Stifel
Stifel analyst Nathan Jones says Crane's (CR) $45 per share offer for Circor (CIR) represents "good value" for Crane shareholders, particularly given Crane management's track record for generating above-target synergies and smooth integrations. Jones, who has a Buy rating and $103 price target on Crane, thinks there could potentially be one or two competing bidders with ITT (ITT) making the most sense to him, but also named Flowserve (FLS) and SPX Flow (FLOW) as companies that may be interested in Circor.
02/28/19
UBSW
02/28/19
UPGRADE
Target $60
UBSW
Neutral
ITT upgraded to Neutral from Sell at UBS
UBS analyst Damian Karas upgraded ITT to Neutral and raised his price target for the shares to $60 from $48. The analyst cites the company's better growth outlook and improving free cash flow for the upgrade.
GM General Motors
$36.27

0.76 (2.14%)

10/14/19
MSCO
10/14/19
NO CHANGE
Target $46
MSCO
Overweight
Morgan Stanley doesn't yet sense 'capitulation' from GM investors
Morgan Stanley analyst Adam Jonas said the General Motors investors with which he has engaged with are comfortable with an extended strike and potential upfront multi-billion dollar financial impact and he does not sense "capitulation" among investors as long as 2020 forecasts remain intact and the company preserves its long-term flexibility on strategy and costs. However, he does think GM had passed the point of its ability to make up lost production shortly after the first week of the strike. At 28 days in, Jonas believes GM could "largely refill the dealer pipeline to adequate levels" through the first half of 2020 but thinks that if the strike were to last through all of October, days' supply could fall to the low- or mid-60 day level, which he thinks would hit at availability and hurt retail share, the analyst said. He maintains an Overweight rating on GM shares.
09/30/19
KEYB
09/30/19
NO CHANGE
Target $150
KEYB
Overweight
Lear price target lowered to $150 from $160 at KeyBanc
KeyBanc analyst James Picariello lowered his price target for Lear (LEA) to $150 from $160 as he expects the company to reduce its guidance as a result of the General Motors (GM)/UAW strike impact. Further, he would not be surprised to see the shares facing some pressure from the "headline cut," but would be a buyer of any weakness. The analyst reiterates an Overweight rating on Lear's stock.
09/30/19
OPCO
09/30/19
NO CHANGE
OPCO
Potential value of Tesla emissions credits 'underappreciated,' says Oppenheimer
With Tesla (TSLA) reporting Q3 deliveries this week, Oppenheimer analyst Colin Rusch believes the company is working aggressively to reach its fiscal year 2019 volume guidance of 360k-400k units. If it achieves 100k deliveries in Q3, it would need 101.7k vehicles to reach the low end of that guidance, which he believes is ahead of Street expectations. Rusch also thinks demand in Europe remains strong, driven partially by emissions regulations, and believes investors underappreciate the potential value of Tesla emissions credits as OEMs continue to lag schedules for new energy vehicle availability. At the same time, the analyst continues to watch the impact of General Motors' (GM) strike, as he believes many of the issues facing the company are endemic in the industry and sees the issues for legacy OEMs helping extending Tesla's window of opportunity for taking share.
10/11/19
FBCO
10/11/19
NO CHANGE
FBCO
Many auto suppliers likely to cut 2019 guidance due to GM, says Credit Suisse
Credit Suisse analyst Dan Levy said he expects many auto suppliers to cut 2019 guidance due to the strike at General Motors (GM), noting that his estimates are below the low end of the guide for American Axle (AXL), Aptiv (APTV), Lear (LEA), Delphi Technologies (DLPH) and Dana (DAN). However, he also thinks investors may look through GM-related guidance cuts and shift focus to 2020, but he also sees risk of negative earnings revisions for next year related to China, Europe, and foreign exchange impacts.
GE General Electric
$8.88

0.16 (1.83%)

10/04/19
JPMS
10/04/19
NO CHANGE
Target $5
JPMS
Underweight
Investors are underestimating the risks at GE Aviation, says JPMorgan's Tusa
Following an "in depth review of structural dynamics around the fundamentals and financials," JPMorgan analyst Stephen Tusa stands by his view that GE Aviation "offers materially less growth with greater risk, and therefore less value support, than consensus assumes." Headwinds from a decline in high margin spare engines and negative mix in aftermarket are being underappreciated, Tusa tells investors in a research note. Further, the analyst sees "less capital cushion than many assume" for GE Aviation. The Aviation balance sheet "seems too small" in the context of cash already booked to take on its share of debt and pension burden, which limits GE's strategic options, contends Tusa. While Aviation is not Power, investors "over-estimate the sustainability of growth while under-estimating risks," concludes the analyst. He keeps an Underweight rating on GE shares with a $5 price target. The stock closed Thursday up 20c to $8.71.
09/18/19
JPMS
09/18/19
NO CHANGE
JPMS
Underweight
JPMorgan's Tusa disagrees with narrative of better progress at GE Power
The stock narrative around GE power has shifted to optimism through a combination of a better first half on headline orders, along with management's recent raise of guidance, JPMorgan analyst Stephen Tusa tells investors in a research note. However, despite the "developing narrative," Tusa says there is no change to his view both from a long term secular standpoint as well as in the near term around GE-specific items. Booking orders headlines has never been an issue for GE in the past, says the analyst. It "should be easier to report improvement in cash and earnings when not restructuring and delivering loss leading products, for which an apparent slowing in start-ups of delivered turbines is a red flag around how smooth the fix to the blade issues is going," contends Tusa. The analyst disagrees with "prevailing notions of better than expected progress on a turnaround here" and he keeps an Underweight rating on General Electric.
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
WBLR
09/16/19
NO CHANGE
WBLR
Outperform
William Blair says GE 'resurrection' on track, sees accelerating progress
After meeting with General Electric's Senior VP of Business Transformation Daniel Janki, William Blair analyst Nicholas Heymann said he sees evidence of accelerating operational and financial progress and reaffirmed his Outperform rating on the stock. He sees the potential for the stock to be fairly valued at $14-$16 over the next 12 months as the company's "resurrection remains solidly on track," Heymann tells investors, adding that he thinks the shares likely have further upside if Power's overall profitability continues to improve. Power's 2019 guidance raise came from operational improvement as well as lower than expected contingencies, noted Heymann, who said Power has accomplished its restructuring more efficiently. The analyst also continues to believe that GE has numerous sources of current and pending liquidity and believes GE may divest its remaining Healthcare business for about $46B.
GD General Dynamics
$178.53

-0.64 (-0.36%)

07/10/19
BARD
07/10/19
NO CHANGE
Target $218
BARD
Outperform
General Dynamics price target raised to $218 from $188 at Baird
Baird analyst Peter Arment raised his price target for General Dynamics to $218 from $188 ahead of the company's second quarter results. In a research note to investors, Arment says he expects the company's quarter will be "solid" with modest potential upside to the consensus EPS driven by stable margin performance across the business, including Aerospace. Arment says the the timing of G500 andG600 production lots leads much of the Street to expect pressure on Aerospace margins and also gives General Dynamics a chance to outperform in this end market and raise guidance.
05/20/19
05/20/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. General Dynamics (GD) upgraded to Buy from Neutral at Goldman Sachs with analyst Noah Poponak saying the valuation of General Dynamics relative to its defense peers has moved to the low-end of historical ranges. 2. Target (TGT) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Simeon Gutman citing his view that the 15% pullback in the stock over the past month leaves less near-term downside and that the company "appears to be past peak margin pain." 3. NeoPhotonics (NPTN) upgraded to Buy from Neutral at B. Riley FBR with analyst David Kang saying the company's exposure to Huawei has been "de-risked" following the recent selloff in the shares. 4. United Continental (UAL) upgraded to Overweight from Equal Weight at Morgan Stanley. 5. Jack in the Box (JACK) upgraded to Buy from Hold at Stifel with analyst Chris O'Cull saying the stock's valuation will improve as investors gain confidence in the company's outlook. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/19/19
GSCO
05/19/19
UPGRADE
Target $204
GSCO
Buy
Goldman sees sentiment reversal for General Dynamics, upgrades shares to Buy
Goldman Sachs analyst Noah Poponak upgraded General Dynamics to Buy from Neutral with an unchanged price target of $204. The stock closed Friday down $3.48 to $166.67. The valuation of General Dynamics relative to its defense peers has moved to the low-end of historical ranges, Poponak tells investors in a research note. The analyst thinks higher Gulfstream margins, the G500/600 ramp, and improving free cash flow can act as catalysts to reverse sentiment on shares of General Dynamics.
08/20/19
BOFA
08/20/19
NO CHANGE
BOFA
BofA/Merrill US 1 List changes
BofA/Merrill added Raytheon (RTN) to the US 1 List and removed AT&T (T), Williams (WMB), General Dynamics (GD) and Tapestry (TPR).
BA Boeing
$370.99

-2.05 (-0.55%)

10/02/19
BARD
10/02/19
NO CHANGE
Target $445
BARD
Outperform
Boeing price target lowered to $445 from $470 at Baird
Baird analyst Peter Arment lowered his price target on Boeing to $445 from $470 as he sees increased risk to the company's production rates over the next 24 months. The analyst does see free cash flow dynamics beginning to improve in 2020 with 2021 still looking favorable. He sees a lower valuation range more likely especially with existing China risks. Arment maintained his Outperform rating on Boeing shares.
10/15/19
FBCO
10/15/19
NO CHANGE
Target $34
FBCO
Outperform
Arconic price target raised to $34 from $28 at Credit Suisse
Credit Suisse analyst Curt Woodworth raised his price target for Arconic (ARNC) to $34 from $28 as he believes the company remains on track for its Q2 2020 separation, which he continues to see as a positive catalyst for the stock. In 2020, EBITDA growth will be driven by acceleration in narrow-body build rates as Boeing (BA) 737 Max recovers, jet engine growth is supported by two new plant ramp ups and spares restock cycle/JSF demand, he contends. The analyst reiterates an Outperform rating on Arconic's shares.
10/14/19
GSCO
10/14/19
UPGRADE
GSCO
Buy
Goldman upgrades China Southern to Buy on slower supply growth
Goldman Sachs analyst Ben Hartwright upgraded China Southern Airlines (ZNH) to Buy from Neutral with a price target of HK$6.70, up from HK$6.60. The analyst also reiterates a Buy rating on Air China (AIRYY) and maintains a Buy rating on China Eastern Airlines (CEA). His new 12-month price targets offer 38%-60% upside potential. Hartwright continues to be positive on Chinese airlines, as he believes supply growth "should be kept in check" due to airspace capacity constraints and the Boeing (BA) 737 MAX groundings. The analyst also sees a demand recovery supported by "recent strong loosening signals" in China, and expects a lower oil price in Q4 relative to last year.
10/08/19
BUCK
10/08/19
NO CHANGE
Target $395
BUCK
Neutral
Buckingham sticks by call for Boeing 'bounce' to $425-$450 despite EU 'friction'
Buckingham analyst Richard Safran noted that Boeing reported 787 deliveries were lighter than expected in Q3 and also noted that new press reports have raised concerns that the EU could delay MAX certification. While he thinks any potential EU action delaying MAX certification is a concern, he also thinks investors view 2019 "as a throw away year for valuation" and a delay in MAX certification from European regulators isn't likely to meaningfully change estimates for 2020 and 2021. Safran said he still believes Boeing shares could bounce to $425-$450 when there are clear signs the MAX will be returning to service, though he keeps a Neutral rating and $395 price target on the stock.
CSCO Cisco
$46.37

0.33 (0.72%)

10/10/19
GSCO
10/10/19
DOWNGRADE
Target $48
GSCO
Neutral
Cisco downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Rod Hall downgraded Cisco Systems to Neutral from Buy with a price target of $48, down from $56. The stock closed Wednesday up 45c to $46.84. Large enterprise spending will continue to weaken and telecom spending activity will remain depressed in the near term, Hall tells investors in a research note. The analyst notes that Goldman's Enterprise Activity Index deteriorated in September, while his latest reseller survey was also incrementally negative on enterprise spending trends. In the telecom segment, Hall is concerned that negative trends could persist "well into" 2020, driven by carrier pauses ahead of 5G and needed carrier network automation implementation. He thinks the market will move Cisco's multiple down to his price target, which he notes is closer to the company's historical price-to-earnings ratio.
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.
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.
09/23/19
NORL
09/23/19
NO CHANGE
NORL
Underperform
Inphi drops after Northland sees 'large cut' to Amazon 400G rollout plans
Northland analyst Tim Savageaux says datapoints at the European Conference on Optical Communication support his caution on the timing of 400G ramps both inside/outside the data center, driven in part by technical complexity. Datapoints at the show indicate a "large cut" in 400G rollout plans at Amazon.com (AMZN) this year, which poses a "significant risk" to Inphi (IPHI), the analyst tells investors in a research note. Shares of Inphi are well off their lows on the day but remain down 5% to $60.48 in early afternoon trading. Savageaux also believes that consensus views overestimate the possible impact of the Cisco Systems (CSCO)/Acacia Communications (ACIA) merger on Inphi's coherent application-specific integrated circuit unit. He believes Lumentum (LITE) is more likely to benefit with its Acacia -powered CFP2 DCO platform in the near term. Further, the analyst's early update from the European Conference on Optical Communication is positive for NeoPhotonics (NPTN). Positive Huawei demand dynamics is a notable plus for the company, says Savageaux. He has an Underpeform rating on Inphi, and Outperform ratings on both Lumentum and NeoPhotonics.
CAE CAE
$24.60

-0.025 (-0.10%)

08/30/19
08/30/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Abercrombie & Fitch (ANF) upgraded to Hold from Sell at Deutsche Bank with analyst Tiffany saying the company's falling margins are now reflected in its guidance. 2. DuPont (DD) upgraded to Outperform from Neutral at Exane BNP Paribas. 3. Credit Suisse (CS) upgraded to Outperform from Neutral at Exane BNP Paribas. 4. Tabula Rasa HealthCare (TRHC) upgraded to Buy from Hold at Stifel with analyst David Grossman saying the shares are trading at 4.1 times estimated 2020 revenue, which is more in line with comparable companies and a more attractive entry point, particularly given potential catalysts over the next 12-18 months. 5. CAE (CAE) upgraded to Outperform from Sector Perform at Scotiabank. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/30/19
SCOT
08/30/19
UPGRADE
SCOT
Outperform
CAE upgraded to Outperform from Sector Perform at Scotiabank
Scotiabank analyst Konark Gupta upgraded CAE to Outperform from Sector Perform.
05/21/19
DESJ
05/21/19
DOWNGRADE
DESJ
Hold
CAE downgraded to Hold due to limited potential returns at Desjardins
Desjardins downgraded CAE to Hold from Buy citing "limited potential returns."
05/21/19
05/21/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. KKR (KKR) downgraded to Neutral from Outperform at Credit Suisse analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. 2. Ocular Therapeutix (OCUL) downgraded to Market Perform from Strong Buy at Raymond James and to Market Perform from Outperform at Cowen. 3. CAE (CAE) downgraded to Market Perform from Outperform at BMO Capital and to Hold from Buy citing "limited potential returns." 4. Tremont Mortgage Trust (TRMT) downgraded to Neutral from Buy at UBS with analyst Brock Vandervliet saying last week's surprising capital raise has eroded shareholder value. 5. Carlyle Group (CG) downgraded to Neutral from Outperform at Credit Suisse with analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's mid-30% total return year to date. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BAH Booz Allen
$70.80

0.26 (0.37%)

10/08/19
COWN
10/08/19
NO CHANGE
Target $85
COWN
Outperform
Booz Allen likely to crush all metrics in Q1 earning report, says Cowen
Cowen analyst Cai von Rumohr called Booz Allen his top pick heading into Q1 results as he believes it will be the only contractor to crush all metrics during the quarter. The analyst expects solid results for the defense IT sector though seasonally strong bookings were restrained and he thinks Booz Allen may not raise guidance. von Rumohr reiterated his Outperform rating and $85 price target on Booz Allen shares.
09/24/19
JPMS
09/24/19
INITIATION
Target $77
JPMS
Neutral
Booz Allen initiated with a Neutral at JPMorgan
JPMorgan analyst Seth Seifman started Booz Allen Hamilton with a Neutral rating and $77 price target. The company is the highest quality services name but the current valuation limits upside potential, contends the analyst.
09/20/19
LEHM
09/20/19
INITIATION
Target $77
LEHM
Equal Weight
Booz Allen initiated with an Equal Weight at Barclays
Barclays analyst David Strauss started Booz Allen Hamilton with an Equal Weight rating and $77 price target. The analyst initiated coverage of U.S. government services and is selective on the stocks given recent outperformance, noting that valuations are now ~10% above large cap defense. Booz Allen is near an all-time high valuation, says the analyst, who does not the stock outperforming from here.
09/26/19
COWN
09/26/19
NO CHANGE
Target $85
COWN
Outperform
Booz Allen price target raised to $85 from $75 at Cowen
Cowen analyst Cai von Rumohr raised his price target on Booz Allen to $85 from $75 as he sees organic growth above peer's estimates with modest upside to margins. He also views the company's strong headcount hiring as auguring well for continued above-average sales growth. von Rumohr reiterated his Outperform rating on Booz Allen shares.
ALSN Allison Transmission
$44.66

0.31 (0.70%)

07/17/19
MSCO
07/17/19
INITIATION
Target $50
MSCO
Equal Weight
Allison Transmission initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Courtney Yakavonis initiated coverage of Allison Transmission with an Equal Weight rating and $50 price target, calling it a "good company...at a vulnerable point in the cycle." She believes cyclical headwinds in Allison's key markets will pressure sales growth through 2020, the analyst said, adding that margins are at risk due to the combination of deleverage and increased R&D spending related to electric vehicle investments.
07/17/19
07/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. PagSeguro Digital (PAGS) initiated with an Outperform at Evercore ISI. 2. Opera (OPRA) initiated with a Buy at B. Riley FBR. 3. Slack Technologies (WORK) initiated with a Neutral at Citi. 4. Jones Lang LaSalle (JLL) reinstated with an Overweight at JPMorgan. 5. Allison Transmission (ALSN) initiated with an Equal Weight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/02/19
JPMS
07/02/19
NO CHANGE
JPMS
June Class 8 truck orders drop 69% year-over-year, says JPMorgan
According to ACT Research, Class 8 net orders in June were 13,000 units, down 69% year-over-year, JPMorgan analyst Ann Duignan tells investors in a research note. The analyst points out that truck orders have the largest incremental impact on Navistar (NAV), Paccar (PCAR), Cummins (CMI), Eaton (ETN), Wabco (WBC) and Allison Transmission (ALSN).
09/11/19
JPMS
09/11/19
NO CHANGE
JPMS
In Machinery shift, JPMorgan upgrades Agco and Oshkosh, cuts Actuant
With her U.S. Machinery coverage universe underperforming the broader market year-to-date, but outperforming since Labor Day amid a rotation into cyclicals, JPMorgan analyst Ann Duignan established December 2020 price targets based on where she believes we are in the cycle for end market demand. The analyst sees North America and Europe truck demand at or beyond peak, North America construction equipment "perhaps rolling over" in 2020, North America agriculture equipment demand "likely stagnating" near mid-cycle, and mining equipment "slowly approaching" mid-cycle. Within this framework, Duignan this morning upgraded both Agco (AGCO) and Oshkosh (OSK) to Overweight from Neutral, saying both stocks look undervalued with relatively limited downside risk to earnings estimates. Additionally, the analyst downgraded Actuant (ATU) to Underweight from Neutral, saying the risks appear weighted to the downside at current valuation levels. She sees elevated risk of management overpaying for acquisitions should it pursue the pipeline of potential targets. Duignan also maintained Overweight ratings on Eaton (ETN), Caterpillar (CAT) and Terex (TEX), and Underweight ratings on Deere (DE) and Allison Transmission (ALSN).
ADI Analog Devices
$113.24

2.83 (2.56%)

10/01/19
KEYB
10/01/19
NO CHANGE
KEYB
KeyBanc makes four Semiconductor rating changes after trip to Asia
KeyBanc analyst Weston Twigg made four rating changes in the Semiconductors space after his quarterly trip to Asia revealed overall demand trends, while still weak, "are not getting worse." The analyst was encouraged to find inventories are beginning to normalize and that expectations are for normal seasonality in Q4. As a result, he upgraded Analog Devices (ADI), Microchip (MCHP), and NXP Semiconductors (NXPI) to Overweight from Sector Weight. Conversely, the China insourcing trends at Huawei and other manufacturers are accelerating faster than Twigg had expected, which results in his downgrade of Xilinx (XLNX) to Sector Weight from Overweight. The analyst also recommends building long-term positions in semi-cap and memory stocks like KLA-Tencor (KLAC), Teradyne (TER), Micron Technology (MU), MKS Instruments (MKSI), Entegris (ENTG), Applied Materials (AMAT) and Lam Research (LRCX). Lastly, Twigg says that initial demand for Apple's (AAPL) new iPhone "appears to be slightly worse than expected."
10/01/19
KEYB
10/01/19
UPGRADE
Target $130
KEYB
Overweight
Analog Devices upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst John Vinh upgraded Analog Devices to Overweight from Sector Weight with a price target of $130.
10/01/19
MSCO
10/01/19
NO CHANGE
Target $115
MSCO
Overweight
NXP becoming key supplier of EV battery management systems, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach said his checks suggest that NXP Semiconductors (NXPI) is beginning to win business in battery management systems for electric vehicles against incumbents Analog Devices (ADI) and Maxim Integrated (MXIM), which he sees as a key development. BMS could add 200 basis points to the company's growth rate in autos and evidence of success in this area and other new growth drivers like Ultra-wide band and crossover MCUs should "translate directly into multiple expansion" for NXP shares, said Hettenbach. He keeps an Overweight rating and $115 price target on the stock.
09/27/19
LOOP
09/27/19
NO CHANGE
Target $125
LOOP
Buy
Analog Devices price target raised to $125 from $120 at Loop Capital
Loop Capital analyst Cody Acree raised his price target to $125 and kept his Buy rating on Analog Devices. The analyst expects 2020 to be a "stronger environment" for semiconductors after the completion of an industry-wide inventory correction, saying the company's industrial sales - which account for about 50% of its business - should benefit "significantly". Acree further cites the benefits of returning activity in the hyper-scale data center space and contends that the "lingering pressure" on the China auto market from reduced hybrid/electric vehicle subsidies is not impacting Analog Devices dramatically.
T AT&T
$37.90

0.41 (1.09%)

10/15/19
BERN
10/15/19
INITIATION
Target $36
BERN
Market Perform
AT&T initiated with a Market Perform at Bernstein
Bernstein initiated AT&T with a Market Perform rating and $36 price target.
10/04/19
NOMU
10/04/19
NO CHANGE
Target $43
NOMU
Buy
AT&T Q3 results to help stock move towards $43, says Nomura Instinet
Nomura Instinet analyst Jeffrey Kvaal expects AT&T's (T) Q3 results "to be more positive than not," and thus allow the stock to keep working toward his $43 target price. AT&T's reticence to match Verizon's (VZ) price cut implies confidence in wireless, while Elliott Management's activist stake may speed up the company's cost savings and asset sales, Kvaal tells investors in a pre-earnings research note. He keeps a Buy rating on AT&T shares.
10/07/19
RAJA
10/07/19
NO CHANGE
Target $40
RAJA
Outperform
AT&T price target raised to $40 from $35 at Raymond James
Raymond James analyst Frank Louthan reiterated an Outperform rating on AT&T and raised his price target to $40 from $35. Louthan, who adjusted his Q3 revenue and EBITDA estimates to $44.7B and $15.057B, respectively, from $45.6B and $15.125B as well as his Q3 wireless equipment and WarnerMedia revenue estimates to $4B and $8.2B, respectively, from $4.3B and $8.4B, tells investors in a research note that he expects lower upgrade rates to persist into the back half along with a more competitive film slate relative to what the 2018 box office presented. Additionally, the analyst says he thinks that AT&T can find "several billion" of cash cost to take out, if not more, by improving operational efficiencies. He expects a cost cutting plan to be in place when AT&T issues guidance after reporting Q4 results.
09/27/19
JPMS
09/27/19
NO CHANGE
Target $425
JPMS
Overweight
JPMorgan reiterates Overweight on Netflix with stock down 12% in seven days
Netflix (NFLX) shares are down 27% since the Q2 earnings report, including down 12% over the past seven trading days, due to increased concern around Q3 net additions, especially in international markets, and heightened competition heading toward year-end and into 2020 from Disney+ (DIS), Apple TV+ (AAPL), and HBO Max (T), JPMorgan analyst Doug Anmuth tells investors in a research note. While the operating environment is changing, global disruption of linear TV is a "strong secular trend" that remains early stage in many international markets, and Netflix will remain a key beneficiary as more people cut the cord, says Anmuth. Further, the analyst believes Netflix has "significant advantages" around data and also its breadth and depth of content. In addition, the bar for Q3 has come down, says Anmuth, who keeps an Overweight rating on Netflix with a $425 price target.
ADBE Adobe
$279.40

1.61 (0.58%)

09/18/19
RBCM
09/18/19
NO CHANGE
Target $315
RBCM
Outperform
Adobe price target lowered to $315 from $320 at RBC Capital
RBC Capital analyst Alex Zukin lowered his price target on Adobe to $315 after its Q3 results and reduced guidance for Digital Experience bookings, also lowering his FY20 EPS view by 31c to $9.47 while boosting its FY21 view by 3c to $11.57. The analyst still keeps his Outperform rating on the stock, stating that its Digital Media business saw "favorable performance" in the quarter and maintaining that the customer interest as well as the potential of the Adobe Experience Platform remain promising. Zukin further contends that Adobe is just starting to "flex pricing" for its Creative base, estimating the potential cadence for the platform at 3-5 percentage points of growth from pricing per year.
09/18/19
ADAM
09/18/19
NO CHANGE
Target $320
ADAM
Buy
Adobe weakness a buying opportunity, says Canaccord
Canaccord analyst Richard Davis said the Adobe Q3 results were classic Adobe in that they were generally in-line or better and guidance was conservative. The analyst said a low bar has been set for 2021 and there is no need to rush out and buy the stock but he would use the weakness as a buying opportunity. Davis reiterated his Buy rating and $320 price target on Adobe shares.
10/15/19
CLVD
10/15/19
INITIATION
Target $283
CLVD
Neutral
Adobe initiated with a Neutral at Cleveland Research
Cleveland Research analyst Ari Terjanian initiated coverage of Adobe with a Neutral rating and $283 price target. The analyst would like to see continued evidence of execution on Digital Experience initiatives before recommending shares.
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).
SAP SAP
$127.21

1.15 (0.91%)

07/22/19
JEFF
07/22/19
INITIATION
Target $155
JEFF
Buy
SAP initiated with a Buy at Jefferies
Jefferies analyst Julian Serafini started SAP with a Buy rating and $155 price target. The company is benefiting from the S/4HANA upgrade cycle, resulting in a multi-billion euro incremental revenue opportunity, Serafini tells investors in a research note. Further, its guidance of 500 basis point operating margin improvement by 2023 "appears easily achievable, with the majority stemming from cloud improvements alone," adds the analyst.
07/19/19
07/19/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SAP (SAP) downgraded to Hold from Buy at Deutsche Bank with analyst Alex Tout saying he believes the company's momentum in Q2 fell short of what was needed for the shares to re-rate higher. 2. Alcoa (AA) downgraded to Hold from Buy at Argus and Jefferies. 3. Paycom (PAYC) downgraded to Hold from Buy at Jefferies with analyst Samad Samana citing valuation. 4. Michaels (MIK) downgraded to Underperform from Neutral at BofA/Merrill with analyst Elizabeth Suzuki citing a U.S. arts and crafts consumer survey that she said gave some color on why the company's same-store sales growth has been "lackluster. 5. News Corp. (NWSA) downgraded to Underweight from Neutral at JPMorgan with analyst Alexia Quadrani saying while the stock may appear attractively valued, she has little conviction in forward estimates. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/19/19
DBAB
07/19/19
DOWNGRADE
DBAB
Hold
SAP downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Alex Tout downgraded SAP to Hold from Buy and lowered his price target for the shares to EUR 120 from EUR 135. He believes the company's momentum in Q2 fell short of what was needed for the shares to re-rate higher.
10/11/19
JEFF
10/11/19
NO CHANGE
JEFF
Buy
Jefferies keeps Buy rating on SAP after 'sudden' CEO departure
The departure of SAP CEO Bill McDermott, who oversaw a number of transformational acquisitions, is sudden, Jefferies analyst Julian Serafini tells investors in a research note. However, the appointment of Jennifer Morgan and Christian Klein as co-CEOs "is a sign of continuity and they emphasized a focus on organic development," adds the analyst. As such, Serafini believes the leadership change is unlikely to affect SAP's operational execution, and the analyst sees the company's better than expected Q3 results as supportive of this thesis. Serafini keeps a Buy rating on SAP shares.
NOC Northrop Grumman
$361.70

-4.9 (-1.34%)

08/06/19
08/06/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Northrop Grumman (NOC) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Rajeev Lalwani citing his view that an opportunity for continued outperformance exists in Defense stocks. 2. Bancolombia (CIB) upgraded to Overweight from Neutral at JPMorgan and to Neutral from Underperform at Credit Suisse. 3. Ford (F) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Adam Jonas saying Ford's partnerships and "more focused" model lineup should keep its profitability "largely stable" through 2022. 4. Aimco (AIV) upgraded to Buy from Neutral at Mizuho with analyst Haendel St. Juste saying the company trades at a "two-turn multiple discount" to peers based on estimates 2020 funds from operations as well as a 10% discount to consensus net asset value versus peers' 2% premium. 5. EverQuote (EVER) upgraded to Outperform from Market Perform at Raymond James with analyst Aaron Kessler citing the company's "strong" Q2 results and outlook. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/25/19
FBCO
07/25/19
NO CHANGE
Target $385
FBCO
Outperform
Northrop Grumman price target raised to $385 from $364 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Northrop Grumman to $385 from $364 saying the company "powerfully disrupted" the low-growth bear narrative with Q2 results. The analyst reiterates an Outperform rating on the shares.
08/06/19
MSCO
08/06/19
UPGRADE
Target $418
MSCO
Overweight
Northrop Grumman upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Rajeev Lalwani upgraded Northrop Grumman to Overweight from Equal Weight and raised his price target for the shares to $418 from $335.
08/06/19
MSCO
08/06/19
UPGRADE
Target $418
MSCO
Overweight
Northrop Grumman upgraded to Overweight with $418 target at Morgan Stanley
As previously reported, Morgan Stanley analyst Rajeev Lalwani upgraded Northrop Grumman (NOC) to Overweight from Equal Weight and raised his price target for the shares to $418 from $335, citing his view that an opportunity for continued outperformance exists in Defense stocks. Congress and the administration have both highlighted a need for continued investment in national security and the recently signed 2-year budget deal "effectively does away with the remaining sequestration budget caps," noted Lalwani. In that environment, he believes Northrop is well positioned given its longer duration capability and high-end technology focus. Lalwani, who also initiated coverage of L3Harris Technologies (LHX) with an Overweight rating and $259 price target this morning, contends that Northrop and L3Harris "stand out on multiple levels" from the other Defense Primes.
LMT Lockheed Martin
$382.82

0.22 (0.06%)

07/25/19
DZBN
07/25/19
DOWNGRADE
DZBN
Hold
Lockheed Martin downgraded to Hold from Buy at DZ Bank
10/10/19
FBCO
10/10/19
NO CHANGE
Target $401
FBCO
Neutral
Lockheed Martin price target raised to $401 from $379 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Lockheed Martin to $401 from $379 ahead of quarterly results. The analyst notes that the company typically introduces a conservative preliminary forward year outlook with Q3 results. While this initial conservative guidance could be in-line with Street, he believes that current Street 2020 expectations will ultimately prove to be too low, particularly for MFC. RMS also has upside, he adds. Spingarn reiterates a Neutral rating on the shares.
05/16/19
ARGS
05/16/19
NO CHANGE
Target $82
ARGS
Buy
Leidos price target raised to $82 from $70 at Argus
Argus analyst John Eade raised his price target on Leidos (LDOS) to $82 and kept his Buy rating after its recent Q1 earnings beat. The analyst believes that the company's revenue growth could pick up given the "positive bookings trends" as well as a favorable political backdrop for defense companies with budgets for this year being set at record levels. Eade adds that his view of the company's merger with Lockheed Martin's (LMT) Information Systems & Global Solutions unit is a positive.
07/24/19
FBCO
07/24/19
NO CHANGE
Target $379
FBCO
Neutral
Lockheed Martin price target raised to $379 from $369 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Lockheed Martin to $379 from $369 following quarterly results and guidance increase. The analyst reiterates a Neutral rating on the shares.
MSFT Microsoft
$141.56

2.02 (1.45%)

10/10/19
WEDB
10/10/19
NO CHANGE
Target $160
WEDB
Outperform
Wedbush expects Microsoft to post 'solid beat across the board'
Ahead of quarterly results, Wedbush analyst Daniel Ives says he expects Microsoft to post a "solid beat across the board" on both the top and bottom line as cloud strength on Azure and Office 365 continues to be the fuel in the tank with "strong field checks" indicating the company could beat commercial cloud expectations by about 3%-plus. The analyst believes Microsoft remains in an "enviable position" heading into 2020 on the heels of its cloud success and is firing on all cylinders around its Office 365 and Azure strategic vision based on his recent checks. He reiterates an Outperform rating and $160 price target on the shares.
10/09/19
DADA
10/09/19
NO CHANGE
Target $26
DADA
Neutral
Slack Technologies price target lowered to $26 from $31 at DA Davidson
DA Davidson analyst Rishi Jaluria lowered his price target on Slack Technologies (WORK) to $26 and kept his Neutral rating on the shares after holding talks with its VP of Investor Relations Jesse Hulsing. The analyst notes that the company is in the "encouraging" early stages of adoption phase by companies outside of its core verticals and sees the pace of its overall platform adoption as solid, but also warns that "competitive intensity" from Microsoft (MSFT) on the marketing side is tightening. Overall, Jaluria remains positive on Slack's growth runway, but sees its stock as "fairly valued".
10/08/19
10/08/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Microsoft (MSFT) upgraded to Buy from Hold at Jefferies with analyst Brent Thill saying he sees "excellent visibility" with a "clear line of sight into double digit revenue growth for the near future" in the "safest large-cap investment option." 2. ServiceMaster (SERV) upgraded to Outperform from Sector Perform at RBC Capital with analyst Seth Weber citing the findings of his RBC Pest Survey, which showed growing customer satisfaction with Terminix product and which he believes should result in higher customer retention rate. 3. NextEra Energy Partners (NEP) upgraded to Overweight from Equal Weight at Barclays with analyst Moses Sutton saying NextEra Energy's underperformance relative to TerraForm Power (TERP) "has become a compelling opportunity." 4. Nordic American Tankers (NAT) upgraded to Buy from Neutral at BTIG with analyst Gregory Lewis saying tanker rates had undergone a "nuclear winter" over the past 2 years but crude spot rates have finally started to show "tangible" signs of recovery, with Suezmax prices rising to over $70k/d presently from $30k/d last month and $16k/d from 2017 through the first half of 2019. 5. HCP (HCP) upgraded to Overweight from Neutral at JPMorgan. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
LRAD LRAD Corporation
$3.33

-0.05 (-1.48%)

07/02/19
OPCO
07/02/19
INITIATION
Target $5
OPCO
Outperform
LRAD Corporation initiated with an Outperform at Oppenheimer
Oppenheimer analyst Andrew Uerkwitz started LRAD Corporation with an Outperform rating and $5 price target. The company is a leader in long range voice broadcast systems and advanced public safety notification, Uerkwitz tells investors in a research note. The analyst believes LRAD is in the middle of a "slow, long tail global growth cycle" as communities update updating antiquate alarm notification systems. He thinks its earnings can grow "substantially faster" as the company continues to scale.
SWK Stanley Black & Decker
$148.70

1.37 (0.93%)

07/24/19
GABE
07/24/19
DOWNGRADE
GABE
Hold
Gabelli downgrades Stanley Black & Decker to Hold on valuation
As previously reported, Gabelli analyst Justin Bergner downgraded Stanley Black & Decker (SWK) to Hold from Buy, citing valuation following the stock's recent outperformance compared to the Industrial Select Sector SPDR (XLI). Normalized free cash flow conversion "suggests [Stanley] is not as cheap as P/E would suggest," added Bergner.
09/26/19
JPMS
09/26/19
UPGRADE
Target $172
JPMS
Overweight
JPMorgan upgrades Whirlpool to Overweight, boosts price target to $172
JPMorgan analyst Michael Rehaut upgraded Whirlpool (WHR) to Overweight from Neutral and raised his price target for the shares to $172 from $155. The analyst expects U.S. industry shipments to be more stable year-over-year through the end of 2019 and show "modest" growth in 2020. Further, he thinks point to steel prices will remain "at bay" and that Whirlpool's European operations will "finally" turn a small profit in the second half of 2019. In addition, Rehaut views the stock's valuation as inexpensive. The analyst this morning also downgraded Beacon Roofing Supply (BECN) to Underweight from Neutral. His top picks in the Building Products sector remain Stanley Black & Decker (SWK) and Fortune Brands (FBHS).
09/18/19
KEYB
09/18/19
DOWNGRADE
KEYB
Sector Weight
Stanley Black & Decker downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Kenneth Zener last night downgraded Stanley Black & Decker to Sector Weight from Overweight without a price target. The analyst has taken a more selective posture on the household appliances space "as macro catalysts wane." Further, he sees limited valuation upside as "earnings momentum weakens." Stanley's upside catalysts of tool share gains and rising margins are balanced by downside catalysts of slowing industrial indicators and weaker non-U.S. trends, Zener tells investors in a research note. He awaits an upward earnings catalyst to get constructive on Stanley Black & Decker shares.
09/17/19
KEYB
09/17/19
DOWNGRADE
KEYB
Sector Weight
Stanley Black & Decker downgraded to Sector Weight from Overweight at KeyBanc
CMTL Comtech
$31.30

0.43 (1.39%)

CW Curtiss-Wright
$126.69

-0.08 (-0.06%)

12/19/18
STFL
12/19/18
UPGRADE
Target $122
STFL
Buy
Curtiss-Wright upgraded to Buy from Hold at Stifel
Stifel analyst Nathan Jones upgraded Curtiss-Wright to Buy and raised his price target to $122 from $120, saying the stock should benefit from a more defensive investor positioning in 2019 and also believes that its 26% sell-off since mid-September peak is overdone. The analyst notes that as part of his expectation of slower 2019 growth, he prefers companies with "strong balance sheets to both protect and provide flexibility to pick off quality assets should a downturn materialize." Jones also sees Curtiss-Wright benefiting from the increase in the Department of Defense budget as well as the cyclically positive position of its power business.
03/01/19
03/01/19
DOWNGRADE
Target $135

Neutral
Curtiss-Wright downgraded to Neutral on valuation, growth at BofA/Merrill
As previously reported, BofA/Merrill downgraded Curtiss-Wright to Neutral from Buy and maintained a $135 price target. Analyst Kristine Liwag said Curtiss-Wright's full year 2018 organic growth of 3% and 2019 sales growth of 3-5% are disappointing and notes shares are trading above historical valuation.
03/01/19
BOFA
03/01/19
DOWNGRADE
BOFA
Neutral
Curtiss-Wright downgraded to Neutral from Buy at BofA/Merrill
01/07/19
WBLR
01/07/19
NO CHANGE
WBLR
Outperform
Curtiss-Wright remains top multi-industry pick for 2019 at William Blair
William Blair analyst Nicholas Heymann says Curtiss-Wright remains his multi-industry top pick to outperform in 2019. The analyst attributes the 28% selloff in the stock since mid-September to heightened fears regarding a potential decline in the company's "highly lucrative" China sales starting in 2020 and of possibly slower growth in the U.S. Department of Defense procurement budget for fiscal 2020. However, the anticipated downturn in Curtiss-Wright's China Direct reactor coolant pump sales in 2020 is likely to be largely mitigated by "strong growth" in the company's other nuclear component and service sales to the Department of Defense for upcoming new aircraft carriers and submarine programs, Heymann tells investors in a research note. He expects greater clarity surrounding the company's nuclear components and service and defense business for 2019 and 2020 is forthcoming with the Q4 earnings report. Heymann keeps an Outperform rating on Curtiss-Wright.
DE Deere
$172.61

3.62 (2.14%)

09/30/19
BARD
09/30/19
NO CHANGE
Target $176
BARD
Outperform
Deere price target raised to $176 from $161 at Baird
Baird analyst Mig Dobre raised his price target on Deere to $176 from $161 following meetings with management. The analyst said investors were focuses on long-term growth and margin drivers as well as understanding emerging technologies and the company's ability to monetize them. His view is the long-term opportunity remains attractive and sees them as a best-in-class operator so any weakness would be a buying opportunity. Dobre reiterated his Outperform rating on Deere shares.
09/12/19
09/12/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Square (SQ) assumed with a Hold from Buy at Canaccord with analyst Joseph Vafi saying the stock will continue to react to changes in payment volume growth, which has been showing steady deceleration. 2. Deere (DE) and Caterpillar (CAT) were downgraded to Market Perform from Outperform at Wells Fargo. 3. Prudential (PRU) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Alex Scott saying Voya Financial (VOYA) has a better ability to beat earnings estimates in the near term as well as in 2020 and 2021 relative to Prudential. 4. Invesco (IVZ) downgraded to Neutral from Overweight at JPMorgan with analyst Kenneth Worthington saying continued Oppenheimer outflows "show few signs of slowing," making it unlikely for the stock to outperform despite a cheap valuation. 5. DXC Technology (DXC) was downgraded to In Line from Outperform at Evercore ISI and to Neutral from Positive at Susquehanna. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/19
WELS
09/12/19
DOWNGRADE
Target $170
WELS
Market Perform
Deere downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Andrew Casey downgraded Deere (DE) to Market Perform from Outperform with an unchanged price target of $170. The analyst downgraded both Caterpillar and Deere following "relatively lackluster" Q3 construction dealer channel check feedback. U.S. construction equipment demand is at or near peak and likely will decline during 2020 due to flattening activity and a shift to equipment rental from purchase, Casey tells investors in a research note. Further, other businesses within each company's portfolio will remain flat as a potential 2020 U.S. construction equipment demand drop will put downward pressure on earnings power, contends the analyst.
10/09/19
BARD
10/09/19
NO CHANGE
Target $176
BARD
Outperform
Deere quarter may be better than feared, says Baird
Baird analyst Mig Dobre said a proprietary call with Ag Equipment Intelligence discussed the 2020 North American Ag Dealers outlook. He said the outlook survey has proven to be directionally reliable giving him cause to believe Deere's quarter may be better than feared. Although risks remain, pricing is setting up to be very strong which should meaningfully help margins and corn prices could be a driver of retail demand improvement. Dobre reiterated his Outperform rating and $178 price target on Deere shares.
ENS EnerSys
$64.50

2.1 (3.37%)

12/21/18
12/21/18
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nike (NKE) upgraded to Overweight from Neutral at JPMorgan and to Buy from Hold at Pivotal Research. 2. CyberArk (CYBR) upgraded to Buy from Hold at Deutsche Bank with analyst Gray Powell saying his firm's recently conducted channel checks on the identity and privilege account-management space came back "with a number of positive data points" for CyberArk. 3. EnerSys (ENS) upgraded to Outperform from Market Perform at William Blair with analyst Brian Drab saying the current valuation, with shares trading at 11 times forward earnings, is attractive. 4. Shopify (SHOP) upgraded to Buy from Neutral at DA Davidson with analyst Tom Forte saying he has long held a very favorable view of the company, particularly founder and CEO Tobi Lutke, but previously felt the share price had accurately reflected his favorable view. 5. OMA Airports (OMAB) upgraded to Buy from Underperform 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.
05/31/19
OPCO
05/31/19
NO CHANGE
Target $87
OPCO
Outperform
EnerSys price target lowered to $87 from $94 at Oppenheimer
Oppenheimer analyst Noah Kaye lowered his price target for EnerSys to $87 from $94 and maintained an Outperform rating following the company's Q4 earnings report. In a research note to investors, Kaye says management highlighted technology and capacity investments that he thinks can accelerate medium-term growth and market share gains and sees a path forward for improved execution to generate "healthy" earnings growth in the nearer-term.
12/20/18
WBLR
12/20/18
UPGRADE
WBLR
Outperform
EnerSys upgraded to Outperform from Market Perform at William Blair
William Blair analyst Brian Drab upgraded EnerSys to Outperform saying the Alpha Group acquisition creates the potential for $8 of earnings per share.
12/21/18
WBLR
12/21/18
UPGRADE
WBLR
Outperform
William Blair upgrades EnerSys to Outperform after 'under the radar' deal
William Blair analyst Brian Drab last night upgraded EnerSys to Outperform from Market Perform saying the current valuation, with shares trading at 11 times forward earnings, is attractive. The analyst sees the potential for upside to earnings estimates over at least the next two years. The company's acquisition acquisition of Alpha went "somewhat under the radar" and creates the potential for $8.00 in earnings per share in fiscal 2022, Drab tells investors in a research note.
AVAV AeroVironment
$57.14

0.02 (0.04%)

09/16/19
WBLR
09/16/19
NO CHANGE
WBLR
Outperform
William Blair sees Raytheon comments as positive for AeroVironment approval
According to multiple media reports, Raytheon (RTN) this week at the DSEI defense conference in London indicated that it expects for U.S. Congress to soon allow it to sell its portable Coyote drone missile system to international customers, William Blair analyst Louie DiPalma told investors in a research note on Friday afternoon. The analyst believes this portends well for AeroVironment's similar quest to receive approval to sell its Switchblade portable missile system to international customers. He now expects AeroVironment to receive this approval by the end of calendar 2021, at the latest. International Switchblade sales could be worth $28 to $36 of equity value to AeroVironment, says DiPalma, who keeps an Overweight rating on the shares.
09/26/19
ADAM
09/26/19
NO CHANGE
Target $80
ADAM
Buy
AeroVironment weakness a buying opportunity, says Canaccord
Canaccord analyst Ken Herbert noted the weakness in AeroVironment shares following the announcement its CFO will depart. The analyst views the change as a normal business transition and nothing more. Herbert reiterated his Buy rating and $80 price target on AeroVironment shares.
09/26/19
STFL
09/26/19
NO CHANGE
STFL
Hold
AeroVironment selloff unwarranted after CFO exit, says Stifel
Stifel analyst Joseph DeNardi said his view on AeroVironment is unchanged following the announcement that CFO Teresa Covington would be resigning. He thinks the selloff following the news suggests one of two potential narratives: that Covington's resignation and relatively short tenure is being tied to short reports or that the company's outlook isn't sufficiently positive to keep her from leaving for another opportunity. However, he would "dismiss the first potential narrative and don't really buy into the second," as he thinks the company's pipeline is "as full as it has ever been." DeNardi sees the selloff in the stock was unwarranted, though he keeps a Hold rating on AeroVironment shares due to uncertainty on its opportunities translating into earnings.
07/08/19
WBLR
07/08/19
NO CHANGE
WBLR
Outperform
AeroVironment can take 'material' share in $15B market, says William Blair
AeroVironment (AVAV) can take "material" market share from the $15B per year satellite manufacturing industry as a supplier to Softbank (SFTBY), William Blair analyst Louie DiPalma tells investors in a research note after meeting with the head of Softbank's Advanced Technology Division, Ryuji Wakikawa. The analyst points out that Softbank in January 2018 formed a joint venture with AeroVironment called HAPSMobile to develop high-altitude, solar-powered drones for the purpose of providing next-generation Internet of Things connectivity. HAPSMobile now represents nearly 20% of AeroVironment's sales, DiPalma says. He affirms an Outperform rating on AeroVironment shares.
TEL TE Connectivity
$92.05

1.645 (1.82%)

09/23/19
MSCO
09/23/19
DOWNGRADE
Target $95
MSCO
Equal Weight
TE Connectivity downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Craig Hettenbach downgraded TE Connectivity to Equal Weight from Overweight and lowered his price target for the shares to $95 from $98.
10/09/19
SBSH
10/09/19
DOWNGRADE
Target $95
SBSH
Neutral
TE Connectivity downgraded to Neutral from Buy at Citi
Citi analyst Jim Suva downgraded TE Connectivity to Neutral from Buy with a price target of $95, down from $105. The analyst sees downside risk to consensus estimates and valuation pressure following the stock's year-to-date outperformance. Weak trends in auto, which represents 42% of the company's sales, as well as muted appliance and industrial demand set up a high bar for TE Connectivity to guide above the consensus, Suva tells investors in a research note. With a possible auto recovery in the second half of fiscal 2020, management is likely to guide for a "heavy" back end-loaded year, but historically investors are skeptical about back end-loaded guidance, says the analyst.
10/08/19
WOLF
10/08/19
INITIATION
Target $91
WOLF
Peer Perform
TE Connectivity initiated with a Peer Perform rating at Wolfe Research
Wolfe Research analyst Dan Galves initiated coverage of TE Connectivity with a Peer Perform rating and $91 price target citing lower recent topline growth and lower EBIT margins versus peers.
09/23/19
MSCO
09/23/19
DOWNGRADE
Target $95
MSCO
Equal Weight
Morgan Stanley downgrades TE Connectivity to Equal Weight after outperformance
As previously reported, Morgan Stanley analyst Craig Hettenbach downgraded TE Connectivity (TEL) to Equal Weight from Overweight and lowered his price target for the shares to $95 from $98. The stock has outperformed by 7%-11% compared to peers year-to-date, which he attributes to its active portfolio management and cost initiatives leading to better EPS power through the cycle. However, Hettenbach thinks investors will get opportunities to add exposure as pressures on the business cycle play out and he sees a better near-term opportunity in Amphenol (APH) following that stock's underperformance, he tells investors.

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