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BAC

Bank of America

$29.74

0.59 (2.02%)

, ACHN

Achillion

$3.66

0.115 (3.25%)

09:04
10/16/19
10/16
09:04
10/16/19
09:04

Fly Intel: Pre-market Movers

UP AFTER EARNINGS: Bank of America (BAC), up 2%... BNY Mellon (BK), up 2%... Sleep Number (SNBR), up 5%. ALSO HIGHER: Achillion (ACHN), up 75% after agreeing to be acquired by Alexion (ALXN) for $6.30 per share. DOWN AFTER EARNINGS: Abbott (ABT), down 3%. ALSO LOWER: Adobe (ADBE), down 3% after Citi analyst Walter Pritchard downgraded shares to Neutral from Buy with a price target of $313, down from $322... U.S. Steel (X), down 3% after filing to sell $300M of senior convertible notes due 2026... ServiceNow (NOW), down 4% after Morgan Stanley analyst Keith Weiss downgraded the stock to Equal Weight from Overweight with an unchanged $267 price target. Weiss said the company remains "best-in-class," but it faces increasing near-term risks... Rhythm Pharmaceuticals (RYTM), down 8% after its 8.11M share spot secondary priced at $18.50 per share... Pinterest (PINS), down 2% after a 4.68M share block trade priced at $25.00 per share.

BAC

Bank of America

$29.74

0.59 (2.02%)

ACHN

Achillion

$3.66

0.115 (3.25%)

ALXN

Alexion

$104.85

3.455 (3.41%)

BK

BNY Mellon

$44.37

0.47 (1.07%)

SNBR

Sleep Number

$46.69

0.48 (1.04%)

ABT

Abbott

$82.06

2.25 (2.82%)

ADBE

Adobe

$279.40

1.61 (0.58%)

X

U.S. Steel

$11.43

0.27 (2.42%)

NOW

ServiceNow

$274.60

5.45 (2.02%)

RYTM

Rhythm Pharmaceuticals

$20.90

0.52 (2.55%)

PINS

Pinterest

$25.60

-0.375 (-1.44%)

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BAC Bank of America
$29.74

0.59 (2.02%)

10/16/19
BMOC
10/16/19
NO CHANGE
Target $57
BMOC
Market Perform
Wells Fargo price target lowered to $57 from $59 at BMO Capital
BMO Capital analyst James Fotheringham lowered his price target on Wells Fargo (WFC) to $57 and kept his Market Perform rating after its Q3 results. The analyst cites the bank's lower than expected net interest income along with a miss on fees and a higher than anticipated operating costs. Fotheringham contends that before the new Wells Fargo CEO arrives and administers a strategic review, there are better investment opportunities in large cap banks that include Citi (C), Bank of America (BAC), Capital One (COF) and Morgan Stanley (MS).
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.
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.
10/15/19
WELS
10/15/19
NO CHANGE
WELS
Wells Fargo positive on Bank of America as Buffett looking to add shares
Wells Fargo analyst Mike Mayo maintained an Outperform rating and $34 price target on Bank of America in a flash comment, noting an unconfirmed Bloomberg report that said investor Warren Buffett has asked the Fed to allow him to raise his ownership of Bank of America over 10%. Mayo is uncertain if this move would be permitted, but sees it as a symbolic positive, as Warren Buffett is such a prominent successful investor. The analyst suggested buying more Bank of America stock, citing the company's outperformance, its efficiency, and the fact its stock does not reflect its lower risk profile, high quality earnings, and resiliency. Mayo noted, however, that he does not expect "great" results for Bank of America when they report on Wednesday morning, but sees revenues growing faster than expenses.
ACHN Achillion
$3.66

0.115 (3.25%)

05/03/19
LEHM
05/03/19
DOWNGRADE
Target $2.5
LEHM
Underweight
Achillion downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Geoffrey Meacham downgraded Achillion Pharmaceuticals to Underweight from Equal Weight and cut his price target for the shares to $2.50 from $5.
12/13/18
JMPS
12/13/18
NO CHANGE
Target $10
JMPS
Outperform
JMP says Achillion oral factor D update could renew interest in stock
JMP Securities analyst Liisa Bayko noted that Achillion's oral factor D inhibitor studies have been slow to enroll due to limited trial sites, but the company plans to update investors on its oral factor D portfolio this coming Monday, which she believes has the potential to renew interest in the stock. She is looking for updated data from first-gen oral factor D inhibitor ACH-4471 from four ongoing studies and the first Phase 1 data from next-gen factor D inhibitors, ACH-5228 and ACH-5548, adding that data that support activity in the C3G indication or in PNH "could reinvigorate interest." Bayko, who sees a blockbuster opportunity for an oral product in this category, keeps an Outperform rating and $10 price target on Achillion shares.
05/03/19
05/03/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Yeti (YETI) downgraded to Neutral from Buy at Goldman Sachs with analyst Alexandra Walvis saying the company's "strong" sales and brand momentum are now better understood by investors. 2. Electronic Arts (EA) downgraded to Neutral at MKM Partners on valuation with analyst Eric Handler saying the risk-reward on the stock appears to be "less compelling." 3. Cognizant (CTSH) downgraded to Market Perform from Outperform at William Blair, to Underweight from Neutral at JPMorgan, to Neutral from Buy at Goldman Sachs, to Perform from Outperform at Oppenheimer, to Sector Weight from Overweight at KeyBanc, to Neutral from Outperform at Wedbush and to Hold from Strong Buy at Needham after the company's earnings and guidance missed consensus estimates. 4. Target (TGT) downgraded to Market Perform from Outperform at Bernstein with analyst Brandon Fletcher saying he thinks Target's continued emphasis on growth over cost containment is a "less wise" stance at this point. 5. Achillion (ACHN) downgraded to Underweight from Equal Weight at Barclays with analyst Geoffrey Meacham seeing a lack of near- to mid-term catalysts that are capable of changing the story on the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/03/19
LEHM
05/03/19
DOWNGRADE
Target $2.5
LEHM
Underweight
Barclays downgrades Achillion to Underweight on lack of data catalysts
Barclays analyst Geoffrey Meacham downgraded Achillion Pharmaceuticals to Underweight from Equal Weight and cut his price target for the shares to $2.50 from $5. The analyst sees a lack of near- to mid-term catalysts that are capable of changing the story on the stock. He notes the downgrade has less to do with the underlying fundamentals of Achillion's Factor D program.
ALXN Alexion
$104.85

3.455 (3.41%)

09/13/19
BTIG
09/13/19
NO CHANGE
Target $56
BTIG
Buy
Eidos Therapeutics price target raised to $56 from $38 at BTIG
BTIG analyst Thomas Shrader raised his price target on Eidos Therapeutics (EIDX) to $56 and kept his Buy rating after the decision by its board to reject an acquisition offer from parent company BridgeBio (BBIO) to buy all of its outstanding stock. The analyst notes that he always believed the combined entity would not be a more attractive investment, saying he is positive on the company's "declaration of independence". Shrader further cites the added revenue contribution expected from Eidos Therapeutics' deal with Alexion (ALXN) to develop and commercialize AG10 in Japan.
09/26/19
WBLR
09/26/19
INITIATION
WBLR
Outperform
Alexion initiated with an Outperform, $146 fair value at William Blair
William Blair analyst Raju Prasad earlier today initiated coverage of Alexion Pharmaceuticals with an Outperform rating and $146 fair value estimate. The shares have been weak because of Alexion's intellectual property issues in the United States and Europe and the threat from competitive products to the durability of its complement franchise, Prasad tells investors in a research note. The analyst, however, believes Alexion will remain the leader in atypical hemolytic uremic syndrome and paroxysmal nocturnal hemoglobinuria with its Ultomiris transition. This should be supplemented by the continued launch and potential market expansion in generalized myesthenia gravis and the neuromyelitis optica spectrum disorder launch beginning in the United States in the second half of 2019, says Prasad. He sees current valuation levels as a positive risk/reward setup.
09/18/19
RBCM
09/18/19
NO CHANGE
RBCM
Outperform
RBC Capital sees Dr. Sarin as strong successor in Alexion CFO role
RBC Capital analyst Kennen MacKay keeps his Outperform rating on Alexion after the company's surprise announcement that its CFO Paul Clancy is stepping down. The analyst notes that his follow-up discussions with the management suggest that the departure of Mr. Clancy was not related to an alternative role in the industry but rather his plans to pursue non-operational roles. MacKay adds that Alexion intends to maintain its focus on execution, including the conversion of Soliris-treated patients to next-generation Ultomiris, and sees the incoming CFO Aradhana Sarin as a "strong successor" given her prior role as a SVP in Business Development.
10/04/19
GUGG
10/04/19
NO CHANGE
GUGG
Guggenheim positively biased on Biotech heading into earnings
Guggenheim analysts Whitney Ijem, Etzer Darout, Yatin Suneja and Michael Schmidt offered a preview for their joint Biotech coverage ahead of the group's earnings reporting season. Biotech stocks continued their downward trend in the quarter amid negative market sentiment and the analysts think the bar for companies to raise 2019 guidance again may be a bit higher following increases in FY19 consensus estimates on the heels of strong Q2 earnings results. However, they are postively biased on the group and have confidence in FY19 guidance and estimates, the analysts said. They see Alexion (ALXN), Biogen (BIIB), Genmab (GMAB), GW Pharmaceuticals (GWPH), Incyte (INCY), Neurocrine (NBIX), Regeneron (REGN) and Seattle Genetics (SGEN) as well positioned relative to expectations, Ijem, Darout, Suneja and Schmidt tell investors.
BK BNY Mellon
$44.37

0.47 (1.07%)

07/18/19
07/18/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apple (AAPL) and Skyworks (SWKS) upgraded to Outperform from Market Perform at Raymond James with analyst Christopher Caso citing greater confidence in next year's 5G iPhone cycle. 2. PriceSmart (PSMT) upgraded to Outperform from Sector Perform at Scotiabank. 3. BNY Mellon (BK) upgraded to Market Perform from Underperform at Keefe Bruyette with analyst Brian Kleinhanzl saying after the company's Q2 results, he feels its negative catalysts are slowly reversing. 4. U.S. Bancorp (USB) upgraded to Neutral from Underperform at BofA/Merrill with analyst Erika Najarian saying she believes earnings headwinds have reached an inflection point and net interest margin is more defensible versus peers. 5. Power Integrations (POWI) upgraded to Buy from Hold at Stifel with analyst Tore Svanberg citing the company's near-term momentum from the USB-PD adoption cycle as well as its longer-term opportunity in the high-power industry and auto. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/08/19
07/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Sell from Neutral at Rosenblatt with analyst Jun Zhang citing his view that its fundamental will deteriorate over the next 6-12 months. 2. Verizon (VZ) downgraded to Neutral from Buy at Citi with analyst Michael Rollins saying rising long-term industry risks and the stock's current valuation premium are likely to limit returns over the next 12-months. 3. F5 Networks (FFIV) downgraded to Sell from Neutral at Goldman Sachs with analyst Rod Hall saying the company's earnings risks are increasing due to the weaker short-term spending environment and increasing competitive threat. 4. BNY Mellon (BK) and State Street (STT) were double downgraded to Underweight from Overweight at Morgan Stanley. 5. American Airlines (AAL) downgraded to Underperform from Neutral at Credit Suisse with analyst Jose Caiado citing labor and Boeing (BA) 737 Max risk. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/18/19
KBWI
07/18/19
UPGRADE
Target $47
KBWI
Market Perform
BNY Mellon upgraded to Market Perform from Underperform at Keefe Bruyette
Keefe Bruyette analyst Brian Kleinhanzl upgraded BNY Mellon to Market Perform from Underperform and raised his price target for the shares to $47 from $46. Following the company's Q2 results, the analyst feels its negative catalysts are slowly reversing.
10/02/19
WOLF
10/02/19
UPGRADE
Target $50
WOLF
Peer Perform
BNY Mellon upgraded to Peer Perform from Underperform at Wolfe Research
Wolfe Research analyst Steven Chubak upgraded BNY Mellon to Peer Perform from Underperform following a period of underperformance in the stock as "deep cuts" were being made to 2020 consensus forecasts. However, the bank's deposits are strongly correlated to Fed balance sheet assets and excess reserves and he expects net interest income headwinds to abate as the central bank is poised for balance sheet expansion, Chubak tells investors. He raised his price target on BNY Mellon shares to $50 from $45.
SNBR Sleep Number
$46.69

0.48 (1.04%)

10/16/19
PIPR
10/16/19
NO CHANGE
Target $49
PIPR
Neutral
Sleep Number price target raised to $49 from $43 at Piper Jaffray
Piper Jaffray analyst Peter Keith raised his price target for Sleep Number to $49 from $43 citing the company's "solid" Q3 beat and "one of the stronger SNBR conference calls in recent memory." However, with the stock indicating ~$50 post earnings, Sleep Number's valuation "looks reasonable but doesn't offer significant upside," Keith tells investors in a research note. As such, he keeps a Neutral rating on the name.
10/09/19
RAJA
10/09/19
UPGRADE
Target $48
RAJA
Outperform
Sleep Number upgraded to Outperform from Market Perform at Raymond James
Raymond James analyst Bobby Griffin upgraded Sleep Number to Outperform from Market Perform with a $48 price target.
10/09/19
RAJA
10/09/19
UPGRADE
Target $48
RAJA
Outperform
Sleep Number pullback creates favorable risk/reward setup, says Raymond James
Raymond James analyst Bobby Griffin upgraded Sleep Number to Outperform from Market Perform with a $48 price target. In a research note to investors, Griffin says Sleep Number's pullback over the last few months creates a more favorable risk/reward setup heading into third quarter earnings and adds that he continues to have a favorable view of the company's business model and product offering, particularly as consumers focus on health and wellness.
10/09/19
10/09/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Roku (ROKU) upgraded to Outperform from Neutral at Macquarie with analyst Tim Nollen saying the shift to connected television viewing that has been underway in the U.S. for the past few years will follow internationally in the coming years. 2. Chipotle (CMG) upgraded to Hold from Underperform at Gordon Haskett with analyst Jeff Farmer saying the company's sales momentum makes the bear thesis on shares "increasingly untenable." 3. Sleep Number (SNBR) upgraded to Outperform from Market Perform at Raymond James with analyst Bobby Griffin saying Sleep Number's pullback over the last few months creates a more favorable risk/reward setup heading into Q3 earnings and adds that he continues to have a favorable view of the company's business model and product offering, particularly as consumers focus on health and wellness. 4. American Outdoor Brands (AOBC) upgraded to Buy from Hold at Craig-Hallum with analyst Steven Dyer saying he believes valuation is "extremely attractive" and thinks there is a compelling near-term opportunity with potential catalysts upcoming even though he continues to have concerns about a potential longer-term secular decline in firearms. 5. Fannie Mae (FNMA) and Freddie Mac (FMCC) upgraded to Market Perform from Underperform at Keefe Bruyette. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ABT Abbott
$82.06

2.25 (2.82%)

10/15/19
OPCO
10/15/19
NO CHANGE
OPCO
Outperform
DexCom should be bought after 'negative' Tandem headline, says Oppenheimer
Oppenheimer analyst Steven Lichtman said Tandem Diabetes' (TNDM) announcement that it is exploring integrated solutions with Abbott (ABT) is a potential long-term positive as integration with the latter's Libre system would expand the former's reach with patients. While a "negative headline" for DexCom (DXCM), he would be a buyer on weakness, arguing that it is still early in the process and DexCom "continues to march forward toward" G-7, with a limited launch of the CGM expected in late 2020. Lichtman has Outperform ratings on both Tandem and DexCom.
10/15/19
BARD
10/15/19
NO CHANGE
Target $81
BARD
Outperform
Tandem, Abbott agreement raises several questions, says Baird
Baird analyst Jeff Johnson notes that Abbott (ABT) and Tandem Diabetes (TNDM) have announced an agreement to develop and commercialize integrated diabetes solutions combining the former's next-generation FS Libre with the latter's "innovative insulin delivery systems." While the analyst is not "overly surprised" by this announcement as Tandem has long said it would eventually work with various CGM manufacturers, release timing raises several questions, including about potential for further iCGM timing delays for Libre. Regardless, Johnson sees the news as "slightly positive" for Tandem and "slightly negative" for DexCom (DXCM), but "nothing overly impactful" for either over next year or two. He has an Outperform rating and $81 price target on Tandem's shares.
09/23/19
PIPR
09/23/19
NO CHANGE
Target $182
PIPR
Overweight
DexCom remains a 'must own' stock for investors, says Piper Jaffray
After hosting meetings with management, Piper Jaffray analyst JP McKim believes DexCom (DXCM) remains "a must own for investors." First off, the analyst does not believe the company was "walking down" numbers at a recent investor conference. Continuous glucose monitoring demand remains "robust" and importantly, G7 is only 12-15 months away, McKim tells investors in a research note. The analyst also left the meetings "with a lot more bullishness" on the hospital market as well as the non-intensive Type 2 market, where he believes DexCom's sensor technology will have an impact. McKim does expect share volatility around the near-term approval of Abbott's (ABT) Libre 2.0 with integrated continuous glucose monitoring, but he believes the impact DexCom "will be short lived in nature." McKim keeps an Overweight rating on the shares with a $182 price target. The stock closed Friday down 59c to $154.40.
10/15/19
PIPR
10/15/19
NO CHANGE
PIPR
Overweight
Abbott partnership a positive for Tandem Diabetes, says Piper Jaffray
Piper Jaffray analyst JP McKim said Tandem Diabetes' (TNDM) and Abbott's (ABT) announcement that they are exploring a diabetes management closed loop system is the first step in a process that he believes will need at least 10 months, and likely more, to result in an integrated product coming to market. While he does not know if this announcement implies integration with the Libre 2.0 or Libre 3.0, his "gut is most likely Libre 3.0" but he views the news as a positive for Tandem "either way." The news will likely have a negative read-through for DexCom (DXCM), added McKim, who expects a similar announcement from Insulet (PODD) about working with Abbott as well. McKim keeps an Overweight rating and $80 price target on Tandem shares.
ADBE Adobe
$279.40

1.61 (0.58%)

10/16/19
SBSH
10/16/19
DOWNGRADE
SBSH
Neutral
Adobe downgraded to Neutral from Buy at Citi
Citi analyst Walter Pritchard downgraded Adobe to Neutral from Buy.
10/16/19
SBSH
10/16/19
DOWNGRADE
Target $313
SBSH
Neutral
Citi downgrades Adobe to Neutral on concerns over 2020 guidance
Citi analyst Walter Pritchard downgraded Adobe to Neutral from Buy with a price target of $313, down from $322. The analyst believes the stock's risk/reward is "more balanced" with the company's fiscal 2020 guidance "likely to be less conservative." Consensus fiscal 2020 Digital Experience estimates are too high based on current trends, Pritchard tells investors in a research note. The analyst also thinks Adobe must continue to invest in Digital Experience, likely both organically and through acquisitions, "potentially keeping margins in check." Pritchard moves to the sidelines ahead of the company's analyst day on November 5 due to lower growth and margin visibility.
10/16/19
WEDB
10/16/19
NO CHANGE
Target $80
WEDB
Outperform
DocuSign price target raised to $80 from $65 at Wedbush
Wedbush analyst Daniel Ives raised his price target for DocuSign (DOCU) to $80 from $65 saying that based on his positive Q3 checks, he believes the company is continuing to see strength in the field and is still in the early innings of capitalizing on an expanding deal pipeline both domestically as well as internationally. Further, the analyst things the brand awareness of DocuSign is "unparalleled in the market" from what he hears from customers/partners and has enabled the company to fend off potential competition thus far from all angles including Adobe (ADBE), which remains the biggest competitive/Street worry with "the bark being a lot worse than the bite."
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.
X U.S. Steel
$11.43

0.27 (2.42%)

09/23/19
09/23/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alcoa (AA) downgraded to Neutral from Buy at Goldman Sachs. 2. Commercial Metals (CMC) was downgraded to Neutral from Buy at Goldman Sachs while Schnitzer Steel (SCHN) was downgraded to Sell from Neutral. 3. AK Steel (AKS) was downgraded to Underweight from Overweight at JPMorgan while Cleveland-Cliffs (CLF) and U.S. Steel (X) were downgraded to Neutral from Overweight. 4. Clorox (CLX) downgraded to Underweight from Equal Weight at Barclays. 5. Spirit Airlines (SAVE) downgraded to Equal Weight from Overweight at Stephens with analyst Jack Atkins saying with its heavy Southeast and Caribbean exposure, Spirit significantly lowered its Q3 guidance in early September due to Hurricane Dorian. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/23/19
JPMS
09/23/19
DOWNGRADE
JPMS
Underweight
JPMorgan double downgrades AK Steel, cuts U.S. Steel on flattish price outlook
JPMorgan analyst Michael Gambardella earlier today lowered his estimates and price targets for the steel companies to reflect a "more flattish" steel price environment. The analyst also double downgraded AK Steel (AKS) to Underweight from Overweight and downgraded U.S. Steel (X) to Neutral Overweight. He removed U.S. Steel from his firm's Analyst Focus List. The U.S. steel stocks and steel prices have been under pressure this year, which is largely due to concerns about supply additions planned for the next several years, continued uncertainty surrounding trade, and some softening in demand, Gambardella tells investors in a research note. Further, after a brief rebound, steel and scrap prices are now heading lower, adds the analyst. He kept Overweight ratings on Commercial Metals (CMC), Nucor (NUE), Steel Dynamics (STLD), and Stelco Holdings (STZHF).
09/23/19
JPMS
09/23/19
DOWNGRADE
Target $14
JPMS
Neutral
U.S. Steel downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Michael Gambardella downgraded U.S. Steel to Neutral from Overweight and lowered his price target for the shares to $14 from $26.
10/02/19
BMOC
10/02/19
NO CHANGE
Target $12
BMOC
Market Perform
U.S. Steel's Big River Steel deal is 'meaningful transaction', says BMO Capital
BMO Capital analyst David Gagliano says the $700M acquisition of Big River Steel by U.S. Steel is a "meaningful transaction" in that it provides the latter with a "low operating-cost, growth asset" which positions it better over the long term. The analyst is keeping his Market Perform rating and $12 on the stock however, noting that the debt-financed deal adds even more debt to U.S. Steel, which is is also paying a "fairly high" implied valuation.
NOW ServiceNow
$274.60

5.45 (2.02%)

10/16/19
MSCO
10/16/19
DOWNGRADE
MSCO
Equal Weight
ServiceNow downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Keith Weiss downgraded ServiceNow to Equal Weight from Overweight.
10/02/19
RHCO
10/02/19
INITIATION
RHCO
Buy
ServiceNow initiated with a Buy at SunTrust
SunTrust analyst Joel Fishbein initiated ServiceNow with a Buy rating and $321 price target.
10/16/19
MSCO
10/16/19
DOWNGRADE
Target $267
MSCO
Equal Weight
Morgan Stanley downgrades ServiceNow to Equal Weight as risks seen rising
As previously reported, Morgan Stanley analyst Keith Weiss downgraded ServiceNow to Equal Weight from Overweight with an unchanged $267 price target. Weiss said the company remains "best-in-class," but it faces increasing near-term risks, including a CFO transition that may result in more cautious initial guidance for FY20 than most investors expect; tougher subscription billings comparisons in the second half of the year; and high expectations with the stock up more than 50% year-to-date, Weiss tells investors. He also noted that the firm's recent CIO survey highlighted the increasingly uncertain macro environment, particularly in Europe, which is another concern for ServiceNow.
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).
RYTM Rhythm Pharmaceuticals
$20.90

0.52 (2.55%)

07/12/19
STFL
07/12/19
UPGRADE
Target $34
STFL
Buy
Rhythm Pharmaceuticals upgraded to Buy from Hold at Stifel
Stifel analyst Derek Archila upgraded Rhythm Pharmaceuticals to Buy from Hold with an unchanged price target of $34. The analyst sees an attractive entry point into the shares given setmelanotide's positive Phase 2 data, which he says demonstrated a meaningful benefit on weight loss and hunger scores. Both Phase 3 studies, expected in Q3, will likely be positive and a "homerun" scenario could move the stock to the low $40 range, Archila tells investors in a research note.
03/13/19
LTCO
03/13/19
INITIATION
Target $43
LTCO
Buy
Rhythm Pharmaceuticals initiated with a Buy at Ladenburg
Ladenburg Thalmann analyst Michael Higgins started Rhythm Pharmaceuticals with a Buy rating and $43 price target.
03/13/19
03/13/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. CVS Health (CVS) initiated with an Outperform at Bernstein. 2. Rhythm Pharmaceuticals (RYTM) initiated with a Buy at Ladenburg. 3. Solaris Oilfield (SOI) initiated with a Buy at B. Riley FBR. 4. Americold Realty Trust (COLD) initiated with a Buy at Berenberg. 5. Cheniere Energy (LNG) initiated with an Outperform at Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/13/19
LTCO
03/13/19
INITIATION
Target $43
LTCO
Buy
Ladenburg starts Rhythm Pharmaceuticals with Buy rating, $43 price target
Ladenburg Thalmann analyst Michael Higgins initiated coverage of Rhythm Pharmaceuticals with a Buy rating and $43 price target. Rhythm is developing setmelanotide, a novel weight-loss drug for ultra-orphan genetic obesity disorders caused by mutations in the melanocortin-4 receptor signaling pathway, Higgins tells investors in a research note. The analyst urges investors to accumulate a position ahead of upcoming 2019 milestones, particularly pro-opiomelanocortin and leptin receptor deficiency pivotal data in Q3. Target $43.
PINS Pinterest
$25.60

-0.375 (-1.44%)

09/23/19
SIDC
09/23/19
NO CHANGE
Target $7
SIDC
Perion's ad solutions gaining traction, says Sidoti
Sidoti analyst Christopher McGinnis notes that Perion (PERI) has announced a strategic partnership with Pinterest (PINS) involving the company's MakeMeReach offering, which he views as in-line with Perion's strategy to transition the Advertising segment to higher growth segments of the ad market, with differentiated technology. The analyst models 2% revenue growth in 2019 and 3% in 2020. Although while he models a modest EPS decline of 5% in 2019, McGinnis expects EPS to rebound in 2020, up 15% to 65c, from the 56c he models in 2019. The analyst reiterates a $7 price target on Perion's shares.
09/25/19
BARD
09/25/19
NO CHANGE
Target $37
BARD
Outperform
Pinterest gaining prominence in consumer planning, says Baird
Baird analyst Colin Sebastian said his recent survey suggests Pinterest is gaining prominence in consumer planning and purchases. He continues to like Pinterest at current levels given the weakness related to its lock-up expiration and recalibrating Q3 revenue expectations. Sebastian reiterated his Outperform rating and $37 price target on Pinterest shares.
09/27/19
09/27/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Pinterest (PINS) initiated with a Market Perform at Wells Fargo. 2. Coupa Software (COUP) initiated with an Outperform at Evercore ISI. 3. Lyft (LYFT) initiated with an Outperform at Wells Fargo while Uber (UBER) was initiated with a Market Perform. 4. Arcus Biosciences (RCUS) initiated with a Buy at Mizuho. 5. Brinker (EAT) initiated with a Buy at MKM Partners and DA Davidson. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/26/19
WELS
09/26/19
INITIATION
Target $34
WELS
Market Perform
Pinterest initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Brian Fitzgerald initiated Pinterest with a Market Perform rating and $34 price target, stating that while he believes there is significant runway in topline growth, digital ad revenue market share, and monetization he also believes the stock is fully valued at current levels.

TODAY'S FREE FLY STORIES

BEST

Best Inc

$5.57

-0.315 (-5.36%)

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CHAP

Chaparral Energy

$0.98

0.0815 (9.07%)

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MT

ArcelorMittal

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TTWO

Take-Two

$119.00

-0.68 (-0.57%)

05:17
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Take-Two initiated  »

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ARVN

Arvinas

$26.50

0.8 (3.11%)

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CNTG

Centogene

$13.98

-0.01 (-0.07%)

, PFE

Pfizer

$36.98

0.07 (0.19%)

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Centogene signs data access and collaboration agreement with Pfizer »

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CNTG

Centogene

$13.98

-0.01 (-0.07%)

PFE

Pfizer

$36.98

0.07 (0.19%)

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AFL

Aflac

$53.97

-0.04 (-0.07%)

05:07
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Aflac promotes Frederick Crawford to COO, Max Broden to CFO »

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DDOG

Datadog

$34.40

0.89 (2.66%)

05:06
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  • 19

    Nov

NVTR

Nuvectra

$1.41

0.085 (6.44%)

05:02
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DPLO

Diplomat Pharmacy

$3.06

-3.14 (-50.65%)

04:59
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ELF

e.l.f. Beauty

$18.42

1.62 (9.64%)

04:58
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  • 12

    Dec

INFN

Infinera

$5.40

0.13 (2.47%)

04:57
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04:57
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  • 09

    Dec

MOS

Mosaic

$20.94

0.01 (0.05%)

04:55
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  • 13

    Nov

AMSF

Amerisafe

$67.65

0.45 (0.67%)

04:55
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Amerisafe management to meet with JMP Securities »

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ACLS

Axcelis

$22.51

0.13 (0.58%)

04:55
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Axcelis management to meet with DA Davidson »

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  • 13

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AWI

Armstrong World

$97.11

0.91 (0.95%)

04:55
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Armstrong World management to meet with KeyBanc »

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APTV

Aptiv

$95.22

-0.82 (-0.85%)

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KURA

Kura Oncology

$15.64

0.09 (0.58%)

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  • 13

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PE

Parsley Energy

$16.65

-0.34 (-2.00%)

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CEMI

Chembio Diagnostics

$4.39

-0.065 (-1.46%)

04:55
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Conference/Events
Chembio Diagnostics management to meet with Benchmark »

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SHOO

Steven Madden

$43.16

-0.18 (-0.42%)

04:55
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Steven Madden management to meet with KeyBanc »

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ANET

Arista Networks

$193.99

2.86 (1.50%)

04:55
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Arista Networks management to meet with Piper Jaffray »

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Conference/Events
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