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BRK.B

Berkshire Hathaway

$209.71

1.86 (0.89%)

, BRK.A

Berkshire Hathaway

$314,700.00

3137 (1.01%)

12:33
10/15/19
10/15
12:33
10/15/19
12:33

Bank of America up 4% after Bloomberg says Buffett trying to boost stake

Shares of Bank of America (BAC) are higher after Bloomberg reported that Warren Buffett's Berkshire Hathaway (BRK.A) filed an application with the Federal Reserve to seek permission to boosts its stake in the bank beyond 10%. Bank of America shares are up 4% to $30.19 in afternoon trading.

BRK.B

Berkshire Hathaway

$209.71

1.86 (0.89%)

BRK.A

Berkshire Hathaway

$314,700.00

3137 (1.01%)

BAC

Bank of America

$29.90

0.75 (2.57%)

  • 16

    Oct

  • 12

    Nov

BRK.B Berkshire Hathaway
$209.71

1.86 (0.89%)

10/17/18
JPMS
10/17/18
NO CHANGE
Target $375000
JPMS
Overweight
Berkshire shares are undervalued on look-through earnings, says JPMorgan
JPMorgan analyst Sarah DeWitt views Berkshire Hathaway as one of the best value plays in her coverage group. Although the stock appears more expensive than the S&P 500 at 20 times 2019 estimated earnings, reported earnings ignore the company's "massive" equity portfolio of nearly $200B, DeWitt tells investors in a research note. The analyst thinks a better measure is look-through earnings, which she notes is the one Warren Buffett endorses and includes Berkshire's share of retained earnings of major investees that are not reflected in GAAP earnings. On this basis, Berkshire trades at 13.6 times estimated 2019 look-through earnings, near the all-time historical low for price-to-look-through earnings ratio and a significant discount to the S&P 500 at 16 times, the analyst says. She thinks Berkshire should trade at least in line with the historical median on look-through earnings of 17 times, which would imply 25% upside. The analyst keeps Overweight rating on both of Berkshire's share classes. DeWitt has a $375,000 price target for the class A shares (BRK.A) and $250 target for the class B shares (BRK.B).
11/15/18
11/15/18
NO CHANGE

Morgan Stanley says 13F a 'clear signal' of value Buffett sees in financials
Following the release last night of 13F filings detailing the holdings of large investors, including Berkshire Hathaway (BRK.A), Morgan Stanley analyst Kai Pan noted that the filing from Warren Buffett's Berkshire revealed increased stakes in Bank of America (BAC), U.S. Bancorp (USB) and Goldman Sachs (GS) along with new stakes in JPMorgan (JPM), PNC Financial (PNC) and Travelers (TRV). The analyst sees these investments, along with the fact that Berkshire's s financial holdings stood at 46% of its overall $203B equity portfolio as of quarter end, as a "clear signal" of the value that Buffett sees in financials, Pan tells investors. He adds that he views Buffett's new stake in Oracle (ORCL) as another "notable" new purchase.
04/09/19
KEYB
04/09/19
NO CHANGE
Target $235
KEYB
Overweight
Workday wins deal from Berkshire Hathaway's Geico, says KeyBanc
KeyBanc analyst Brent Bracelin reported that he found a recent job posting indicating that Geico, a subsidiary of Berkshire Hathaway (BRK.A), plans to implement Workday (WDAY) Financials as its new ERP system. He view the Geico win, which also includes the use of Workday's Adaptive Insights planning software, as further validation of the increasing cloud financial momentum at the company. The analyst, who sees share gains across both HCM and ERP as the primary drivers of upside for Workday, has an Overweight rating and $235 price target on the shares.
04/24/19
BOFA
04/24/19
NO CHANGE
BOFA
PG&E deal talks report could drive renewed interest, says BofA/Merrill
BofA Merrill Lynch analyst Julien Dumoulin-Smith noted that SparkSpread reported that Berkshire Hathaway Energy (BRK.A) was in talks to acquire bankrupt PG&E (PCG). However, CNBC subsequently reported that Berkshire had no interest, citing direct conversations with Warren Buffett, and a spokesperson also noted the company is not in talks with PG&E, noted the analyst. Still, he thinks headlines regarding the Berkshire interest could help drive renewed interest in PG&E from other large-cap entities, adding that "for all of the same reasons why we see credibility to a potential Berkshire bid, much of the same applies to any other large buyer." Dumoulin-Smith keeps No Rating on PG&E shares given ongoing Chapter 11 proceedings.
BRK.A Berkshire Hathaway
$314,700.00

3137 (1.01%)

06/19/19
SBSH
06/19/19
NO CHANGE
SBSH
Axalta Coating under pressure to deliver on M&A, says Citi
Citi analyst P.J. Juvekar said Axalta is under increased pressure "to deliver on M&A now or risk its credibility" after the company announced it is exploring strategic options again after going through the same process in 2017. Previously the company had M&A negotiations with AkzoNobel (AKZOY) and briefly with Nippon Paints, though neither reached a deal, and this time it could approach new players like Berkshire Hathaway (BRK.A), which already owns roughly 10% of the company, or Sherwin-Williams (SHW), contends Juvekar. Axalta does not have architectural paint, which trades at high multiples compared to industrial paint, and he thinks a multiple range of 12x-13x, equating to a stock price in the mid-to-high $30 range, is possible in a deal, though "there is no guarantee that a deal would happen," Juvekar stated in a note to investor before the open.
BAC Bank of America
$29.90

0.75 (2.57%)

09/05/19
KBWI
09/05/19
DOWNGRADE
Target $29
KBWI
Market Perform
Bank of America downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Brian Kleinhanzl downgraded Bank of America to Market Perform from Outperform and lowered his price target for the shares to $29 from $36. The analyst says that following the Federal Reserve's recent rate cut, the trade war escalated, which is now expected to lower economic growth. As a result, the analyst forecasts further rate cuts from here, which he notes will pressure Bank of America's earnings. In a falling rate environment where the yield curve remains inverted, it will be difficult for shares to outperform, Kleinhanzl tells investors in a research note.
09/06/19
09/06/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Antero Resources (AR) downgraded to Neutral from Buy at Goldman Sachs with analyst Brian Singer saying the stock offers a less attractive relative valuation at 5.5-times his expected FY20 upstream pre-hedge EBITDA, which is largely in line with its other "gassy" peers. 2. Bank of America (BAC) downgraded to Market Perform from Outperform at Keefe Bruyette with analyst Brian Kleinhanzl saying that following the Federal Reserve's recent rate cut, the trade war escalated, which is now expected to lower economic growth. 3. Conagra Brands (CAG) downgraded to Neutral from Buy at Goldman Sachs with analyst Jason English saying consensus estimates for sales and earnings may be too high in the near term. 4. Aclaris Therapeutics (ACRS) downgraded to Market Perform from Outperform at JMP Securities with analyst Donald Ellis citing the company's announcement that it is reviewing strategic alternatives and laying off staff yesterday. 5. Entergy (ETR) downgraded to Equal Weight from Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/10/19
UBSW
09/10/19
DOWNGRADE
Target $49
UBSW
Neutral
Wells Fargo downgraded to Neutral from Buy at UBS
UBS analyst Saul Martinez downgraded Wells Fargo (WFC) to Neutral and lowered his price target on the stock to $49 from $51. The analyst attributes the rating change to his reduced estimates for earnings and lower net interest income along with the continued uncertainty and low visibility around the progress in the management's efficiency improvements. Martinez also cites Wells Fargo's relative valuation, with shares trading at 11.3-times expected FY20 earnings - a premium to JP Morgan's (JPM) 10.8-times, Bank of America's (BAC) 9.2-times, and Citigroup's (C) 7.9-times.
09/13/19
MSCO
09/13/19
NO CHANGE
Target $31
MSCO
Overweight
Bank of America still has room for more efficiency gains, says Morgan Stanley
Morgan Stanley analyst Betsy Graseck said she disagrees with those who think Bank of America is done driving positive operating leverage in its consumer banking operations, pointing to the fact that active digital customers, who have a greater than 90% lower cost to service, are still just 59% of the total as support for her view. Graseck, who also said Bank of America has "done the hard work to offer a best-in-class reward program," maintains an Overweight rating and $31 price target on the bank's shares.

TODAY'S FREE FLY STORIES

GE

General Electric

$11.35

0.37 (3.37%)

, DAL

Delta Air Lines

$57.04

1.95 (3.54%)

12:07
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On The Fly
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GE

General Electric

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BA

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AMRX

Amneal Pharmaceuticals

$5.15

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CIEN

Ciena

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5.41 (15.26%)

PLAB

Photronics

$16.39

1.28 (8.47%)

RH

RH

$220.00

-13 (-5.58%)

NDSN

Nordson

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MRVL

Marvell

$25.53

0.75 (3.03%)

12:05
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Options
Marvell call volume above normal and directionally bullish »

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CVS

CVS Health

$74.11

0.735 (1.00%)

12:03
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Periodicals
CVS to make gene sequencing test access easier for cancer patients, Reuters says »

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FB

Facebook

$201.83

-0.4 (-0.20%)

12:02
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Facebook introduces Facebook Pay to simplify payments »

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FCAU

Fiat Chrysler

$14.64

0.325 (2.27%)

, PUGOY

Peugeot

$0.00

(0.00%)

12:01
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12/12
12:01
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12:01
Periodicals
Fiat, PSA Group aim to sign merger agreement next week, Bloomberg reports »

Fiat Chrysler Automobiles…

FCAU

Fiat Chrysler

$14.64

0.325 (2.27%)

PUGOY

Peugeot

$0.00

(0.00%)

03/08/13
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Credit Suisse
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Citigroup
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  • 07

    Jan

FB

Facebook

$201.80

-0.43 (-0.21%)

12:01
12/12/19
12/12
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Periodicals
Facebook to delay naming oversight board members until 2020, Reuters reports »

Facebook will delay the…

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CIEN

Ciena

$40.89

5.44 (15.35%)

12:00
12/12/19
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Ciena rises 15.4% »

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  • 12

    Dec

DBD

Diebold

$9.93

2.175 (28.05%)

12:00
12/12/19
12/12
12:00
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Hot Stocks
Diebold rises 28.4% »

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AMRX

Amneal Pharmaceuticals

$5.21

1.725 (49.50%)

12:00
12/12/19
12/12
12:00
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Hot Stocks
Amneal Pharmaceuticals rises 49.1% »

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PKI

PerkinElmer

$95.54

1.19 (1.26%)

11:56
12/12/19
12/12
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Hot Stocks
FDA authorizes PerkinElmer test to aid in newborn screening for DMD »

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AMZN

Amazon.com

$1,754.57

5.46 (0.31%)

11:56
12/12/19
12/12
11:56
12/12/19
11:56
Periodicals
Breaking Periodicals news story on Amazon.com »

Amazon.com announces…

03/08/13
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Citigroup
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11:55
12/12/19
12/12
11:55
12/12/19
11:55
General news
Treasury's $75 B 4- and 8-week bill auctions garnered mixed results »

Treasury's $75 B 4-…

11:55
12/12/19
12/12
11:55
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11:55
Conference/Events
William Blair financial services/insurance analyst to hold a luncheon »

Financial…

11:55
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Conference/Events
William Blair software/IT services to hold a group luncheon »

Enterprise Software &…

TOL

Toll Brothers

$39.55

-0.565 (-1.41%)

, DHI

D.R. Horton

$54.73

-1.17 (-2.09%)

11:51
12/12/19
12/12
11:51
12/12/19
11:51
Recommendations
Toll Brothers, D.R. Horton analyst commentary  »

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TOL

Toll Brothers

$39.55

-0.565 (-1.41%)

DHI

D.R. Horton

$54.73

-1.17 (-2.09%)

03/08/13
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ALV

Autoliv

$85.31

2.14 (2.57%)

11:48
12/12/19
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Conference/Events
Autoliv management to meet with Mizuho »

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  • 17

    Dec

AAPL

Apple

$269.52

-1.19 (-0.44%)

11:46
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Periodicals
Apple supplier reaches agreement for $736M bailout, Bloomberg reports »

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IRBT

iRobot

$49.39

3.15 (6.81%)

11:45
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Options
iRobot call volume above normal and directionally bullish »

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11:45
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Conference/Events
The Empire Club of Canada holds a luncheon meeting »

The Bank of Canada…

COUP

Coupa Software

$137.90

-6.21 (-4.31%)

11:43
12/12/19
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Conference/Events
Coupa Software management to meet with Needham »

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  • 12

    Dec

  • 17

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  • 06

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FIVN

Five9

$65.32

-0.08 (-0.12%)

11:42
12/12/19
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11:42
12/12/19
11:42
Conference/Events
Five9 management to meet with Needham »

Meeting to be held in San…

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  • 12

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  • 17

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FORM

FormFactor

$25.31

1.54 (6.48%)

11:41
12/12/19
12/12
11:41
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11:41
Conference/Events
FormFactor management to meet with Needham »

Meeting to be held in…

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  • 18

    Dec

11:39
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11:39
Conference/Events
JPMorgan biotechnology analysts to hold an analsyt/industry conference call »

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11:34
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JPMorgan payment/IT services analyst to hold an analyst/industry conference call »

Payments, Processors…

ICE

IntercontinentalExchange

$91.48

-0.87 (-0.94%)

11:33
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Hot Stocks
ICE announces first block trade of Bakkt Bitcoin Monthly Options »

Intercontinental Exchange…

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  • 06

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