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CI

Cigna

$167.11

2.3 (1.40%)

, HUM

Humana

$289.59

4 (1.40%)

08:13
10/19/19
10/19
08:13
10/19/19
08:13

Healthcare stocks getting 'back on their feet,' Barron's says

The sector is the second worst performer this year, but the recovery of health stocks might just be starting, after gaining 2% this past week, Ben Levisohn writes in this week's edition of Barron's. The sector benefited from a confluence of factors, including UnitedHealth's (UNH) stronger than expected earnings, reports of a possible opioid settlement that booted pharma companies like Teva Pharmaceuticals (TEVA), and the Democratic debate on Tuesday that provided the first glimmers of hope that Medicare for All might not be the preferred path among the candidates and that large managed-health companies might survive, event if a Democrat wins the 2020 election, the author notes. Other publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY), Sanofi (SNY), Anthem (ANTM), CVS Health (CVS), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), and WellCare (WCG).Reference Link

CI

Cigna

$167.11

2.3 (1.40%)

HUM

Humana

$289.59

4 (1.40%)

UNH

UnitedHealth

$245.59

1.84 (0.75%)

WCG

WellCare

$274.54

0.09 (0.03%)

HNT

Health Net

$0.00

(0.00%)

MOH

Molina Healthcare

$123.03

1.47 (1.21%)

TEVA

Teva

$7.50

-0.26 (-3.35%)

AZN

AstraZeneca

$43.86

-0.25 (-0.57%)

BMY

Bristol-Myers

$53.02

0.6 (1.14%)

LLY

Eli Lilly

$108.68

0.24 (0.22%)

GSK

GlaxoSmithKline

$42.52

0.04 (0.09%)

JNJ

Johnson & Johnson

$127.73

-8.47 (-6.22%)

MRK

Merck

$84.68

0.88 (1.05%)

NVS

Novartis

$86.86

-0.395 (-0.45%)

PFE

Pfizer

$36.46

(0.00%)

RHHBY

Roche

$0.00

(0.00%)

SNY

Sanofi

$46.13

-0.43 (-0.92%)

ANTM

Anthem

$249.55

0.3 (0.12%)

CVS

CVS Health

$66.17

-0.31 (-0.47%)

CNC

Centene

$46.92

-0.28 (-0.59%)

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CI Cigna
$167.11

2.3 (1.40%)

10/18/19
MZHO
10/18/19
INITIATION
Target $180
MZHO
Buy
Cigna initiated with a Buy at Mizuho
Mizuho analyst Ann Hynes last night initiated coverage of Cigna with a Buy rating and $180 price target. The analyst thinks Cigna and Express Scripts combined create revenue synergies that support the company's 2021 adjusted earnings outlook of $21.00-22.00 and the long-term annual earnings growth of 10%-13%. In the near-term, earnings will be a catalyst to drive multiple expansion if Cigna meets its guidance for Express Scripts, says Hynes.
10/17/19
MZHO
10/17/19
INITIATION
MZHO
Buy
Cigna initiated with a Buy at Mizuho
10/16/19
MSCO
10/16/19
NO CHANGE
Target $294
MSCO
Overweight
UnitedHealth comments on 2020 eased concerns about MCOs, says Morgan Stanley
Morgan Stanley analyst Ricky Goldwasser noted that concerns over democratic presidential candidates' positions on "Medicare For All" have been weighing on the Managed Care Organization group since April when a bill was officially introduced in congress by Bernie Sanders. However, UnitedHealth (UNH) shares rose sharply, and the MCO group joined in yesterday, after the company reported an in-line Q3 Medical Loss Ratio, or MLR, and gave commentary on 2020 that eased market concerns around fundamentals, Goldwasser said. The analyst, who keeps an Overweight rating on UnitedHealth with a $294 price target, said the next catalyst for the MCO group will be Anthem's (ANTM) earnings report on October 23. Other publicly traded companies in the healthcare insurance space include CVS Health (CVS), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH) and WellCare (WCG).
10/10/19
RHCO
10/10/19
NO CHANGE
Target $330
RHCO
Hold
SunTrust 'bullish' across healthcare services space ahead of Q3 results
SunTrust analyst David MacDonald says he remains "bullish" across much of the healthcare services space ahead of third quarter results, citing "solid" core trends, "attractive" secular tailwinds, "robust" M&A and "strong" free cash flow. While he expects ongoing intermittent "chop" as industry noise continues to weigh, he views the risk of meaningful structural change as quite low, continues to favor scaled, integrated providers in the ongoing shift towards value and views valuation risk/rewards as increasingly attractive. The analyst tells investors in a research note that he does not necessarily view Q3 results as a meaningful trigger and thinks improved visibility around the election and Democratic primary is key, MacDonald remains bullish on core fundamentals, sees significant inherent sector drivers and says Managed Care remains a favorite fundamental sector. The analyst raised his price target for Anthem (ANTM) to $330 from $290, on Centene (CNC) to $80 from $72, on Cigna (CI) to $260 from $230, on Humana (HUM) to $340 from $310, on Molina (MOH) to $180 from $165, on UnitedHealth (UNH) to $330 from $310, on WellCare (WCG) to $340 from $320, on Ensign Group (ENSG) to $60 from $44 and Tivity Health (TVTY) to $24 from $21.
HUM Humana
$289.59

4 (1.40%)

10/17/19
MZHO
10/17/19
INITIATION
MZHO
Buy
Humana initiated with a Buy at Mizuho
10/18/19
MZHO
10/18/19
INITIATION
Target $316
MZHO
Buy
Humana initiated with a Buy at Mizuho
Mizuho analyst Ann Hynes last night initiated coverage of Humana with a Buy rating and $316 price target. The analyst sees high long-term earnings visibility given underlying market growth, the company's leading market position in Medicare, growth and margin expansion potential in Medicare Advantage, potential market share gains in Medicaid, and its diversification into healthcare services.
UNH UnitedHealth
$245.59

1.84 (0.75%)

10/16/19
GSCO
10/16/19
NO CHANGE
Target $282
GSCO
Buy
UnitedHealth results show fundamentals 'remain solid,' says Goldman Sachs
UnitedHealth Group's Q3 results and raised full-year adjusted earnings outlook demonstrate that the underlying fundamentals of the business "remain solid," Goldman Sachs analyst Stephen Tanal tells investors in a post-earnings research note. Investor concerns around accelerating cost trends from the broader managed care group, and expectations for more subdued commentary on 2020 given the political environment facing health insurers heading into the print, helped drive a sharp relief rally in the stock yesterday, contends the analyst. "What a difference the set-up makes," says Tanal, who keeps a Buy rating on UnitedHealth with a $282 price target, reduced from $294. He believes UnitedHealth's commentary on 2020 "tilts bullish."
10/18/19
MZHO
10/18/19
INITIATION
Target $270
MZHO
Buy
UnitedHealth initiated with a Buy at Mizuho
Mizuho analyst Ann Hynes last night initiated coverage of UnitedHealth Group with a Buy rating and $270 price target. The analyst sees high long-term earnings visibility given underlying market growth, its leading market position in Medicare, growth and margin expansion potential in Medicare Advantage, potential market share gains in Medicaid, and diversification into healthcare services.
10/17/19
MZHO
10/17/19
INITIATION
MZHO
Buy
UnitedHealth initiated with a Buy at Mizuho
WCG WellCare
$274.54

0.09 (0.03%)

10/01/19
SPHN
10/01/19
NO CHANGE
SPHN
Stephens lowers price targets for MCOs on 2020 election uncertainty
Stephens analyst Scott Fidel said the uncertainty over the 2020 elections has been a consistent overhang for Managed Care Organization stocks, but the group has underperformed the S&P 500 Index by about 15% since Elizabeth Warren's polling numbers for the Democratic presidential nomination rose above the 18% range in mid-August. Given the continuing uncertainty about the 2020 election, especially in light of Warren's rise and "the Ukraine imbroglio" adding new risks for both Trump and Biden, Fidel lowered his price targets across the MCO group. However, he maintains his ratings, noting that the group now trades at its largest discount to the S&P since February 2010. Fidel lowered his price target price on Anthem (ANTM) shares to $306 from $350, trimmed his Cigna (CI) target to $206 from $225, lowered his Centene (CNC) target to $60 from $72, cut his Humana (HUM) target to $307 from $335, lowered Magellan Health's (MGLN) target to $65 from $74, decreased his Molina Healthcare (MOH) target to $126 from $150, lowered UnitedHealth's (UNH) target to $258 from $290 and cut his target for WellCare (WCG) to $287 from $317.
10/10/19
JEFF
10/10/19
DOWNGRADE
Target $235
JEFF
Hold
Jefferies downgrades UnitedHealth to Hold, cuts Managed Care price targets
Jefferies analyst David Windley downgraded UnitedHealth (UNH) to Hold from Buy with a price target of $235, down from $300. Managed Care sentiment "turned abruptly negative a year ago and has stubbornly remained there," Windley tells investors in a research note. Further, the political risk causing this won't likely abate for at least another nine months, contends the analyst. In addition to the political overhang, he's concerned UnitedHealth's (UNH) commercial enrollment is at risk to Anthem (ANTM). Along with the downgrade of UnitedHealth, Windley cut his price target for Buy-rated Anthem to $299 from $365, for Buy-rated Centene (CNC) to $53 from $76, for Buy-rated Cigna (CI) to $203 from $233, for Buy-rated Humana (HUM) to $322 from $352, for Buy-rated Molina Healthcare (MOH) to $133 from $173 and for Hold-rated WellCare (WCG) to $264 from $302.
HNT Health Net
$0.00

(0.00%)

04/17/19
SPHN
04/17/19
NO CHANGE
SPHN
Issues facing healthcare sector now 'modest' compared to 2008-10, says Stephens
Stephens analyst Scott Fidel noted that the managed care group has sharply underperformed the S&P 500 over the last month amid "political rhetoric" around point-of-sale drug rebates and Medicare for all policy proposals, though he believes the issues facing the sector right now "seem modest in comparison" to the "dark days of 2008-2010." While recent Medicare for all proposals have rattled investors, "they will face enormous uphill battles," Fidel tells investors. Hospital stocks have outperformed MCOs year-to-date, but the group declined about 9% yesterday and underperformed the MCO group, which Fidel attributes to acknowledgement by industry bellwether UnitedHealth (UNH) of the significant disruptive nature of Medicare for all, which may have sparked additional fears, as well as one less calendar day being called out by UnitedHealth as benefiting Q1 MLRs and Johnson & Johnson's (JNJ) earnings call commentary on declining sequential hospital admissions from Q4. Publicly traded companies in the hospital space include Community Health (CYH), HCA Healthcare (HCA), LifePoint (LPNT), Tenet (THC) and Universal Health (UHS). Publicly traded companies in the managed care space include Anthem (ANTM), CVS Health (CVS), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH) and WellCare (WCG).
MOH Molina Healthcare
$123.03

1.47 (1.21%)

TEVA Teva
$7.50

-0.26 (-3.35%)

10/16/19
GABE
10/16/19
UPGRADE
GABE
Buy
Teva upgraded to Buy from Hold at Gabelli
Gabelli analyst Kevin Kedra upgraded Teva Pharmaceutical to Buy from Hold.
10/03/19
PIPR
10/03/19
NO CHANGE
Target $29
PIPR
Overweight
Bausch unlikely to face generic Xifaxan before 2028, says Piper Jaffray
Piper Jaffray analyst David Amsellem says he would not be worried that a generic Xifaxan entrant will emerge prior to the January 2028 launch date outlined in Bausch Health Companies' (BHC) settlement with Teva (TEVA) on its generic filing. The analyst highlights the "relatively complex nature" of Xifaxan and Bausch's "fairly deep intellectual property estate." As such, he continues to believe that visibility into a "durable" EBITDA for Bausch Health is high, with a longer-term annual growth "reaching at least the high single digits." He reiterates an Overweight rating on the shares with a $29 price target.
10/17/19
GABE
10/17/19
UPGRADE
GABE
Buy
Gabelli upgrades Teva to Buy as global opioid settlement appears more likely
As previously reported, Gabelli analyst Kevin Kedra upgraded Teva Pharmaceutical to Buy from Hold following reports that the company had proposed to settle its opioid litigation by giving away $15B of free drugs. A global settlement is appearing more likely and a "finalized opioid settlement in almost any form is likely to be a positive for Teva" as it would eliminate a critical overhang, the analyst contends. The negative impact to Teva's EBITDA of $15B of free drugs could be as low as $250M per year, depending on the details of the proposed settlement, Kedra said. A global settlement is likely to be positive for companies directly facing opioid liabilities, but using free product as restitution could disrupt the generic drug industry as "it is hard to compete against free drugs," Kedra added.
10/17/19
10/17/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Container Store (TCS) upgraded to Neutral from Sell at Goldman Sachs with analyst Kate McShane saying after the recent underperformance, the she sees less downside risk for Container Store shares. 2. Teva (TEVA) upgraded to Buy from Hold at Gabelli with analyst Kevin Kedra citing reports that the company had proposed to settle its opioid litigation by giving away $15B of free drugs. 3. Boston Beer (SAM) upgraded to Outperform from Market Perform at Cowen with analyst Vivien Azer saying with Truly continuing to drive "outsized growth," and with new formulations and a lemonade line-extension slated for next year, the brand will continue to transform Boston Beer's "growth algorithm" and offset continued softness in beer and cider. 4. Cirrus Logic (CRUS) upgraded to Equal Weight from Underweight at Barclays analyst Blayne Curtis saying he no longer sees a downside catalyst and risk to consensus estimates. 5. Autoliv (ALV) upgraded to In Line from Underperform at Evercore ISI with analyst Chris McNally citing seasonality, the company's upcoming Capital Markets Day and as he rolled forward his auto supplier targets to 2021. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AZN AstraZeneca
$43.86

-0.25 (-0.57%)

08/14/19
ARGS
08/14/19
NO CHANGE
Target $50
ARGS
Buy
AstraZeneca price target raised to $50 from $46 at Argus
Argus analyst John Eade raised his price target on AstraZeneca to $50 and kept his Buy rating, saying the stock has outperformed over the past quarter thanks to the pipeline developments that are returning the company to growth. The analyst notes that the company's future growth should be driven by its checkpoint inhibitor Imfinzi, and he sees the program tracking toward a billion-dollar blockbuster status from $338M reported in Q2. Eade further notes that AstraZeneca management has made efforts to address the ongoing pricing pressure and generic threats to its former blockbusters Nexium and Crestor by reducing costs and assembling a new drug pipeline.
09/03/19
09/03/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Boston Beer (SAM) downgraded to Underperform from Hold at Jefferies with analyst Kevin Grundy saying his consumer survey and web scrapes point to the potential for greater competitive intensity in the "rapidly growing" spiked seltzer category. He views Boston Beer's valuation as "stretched" given its competitive risk in hard seltzers. 2. Spirit Airlines (SAVE) downgraded to Outperform from Strong Buy at Raymond James with analyst Savanthi Syth now expecting a delay in the inflection of sentiment to early 2020. 3. AstraZeneca (AZN) downgraded to Sell from Hold at DZ Bank. 4. Heico (HEI) downgraded to Sell from Neutral at UBS with analyst Louis Raffetto citing valuation. 5. Hilton (HLT) downgraded to Neutral from Outperform at Macquarie with analyst Chad Beynon saying he believes the stock's current valuation with near-peak EBITDA multiples prices in the positives while the company faces a lack of catalysts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/30/19
JPMS
09/30/19
NO CHANGE
JPMS
Neutral
Competitor PARP data an incremental negative for Clovis, says JPMorgan
JPMorgan analyst Cory Kasimov said he views the Phase 3 data presented by AstraZeneca (AZN) and Merck (MRK) on their PARP inhibitor Lynparza in previously treated prostate cancer as incrementally negative to Clovis (CLVS), which has "a lot riding on the prostate indication" since its Rubraca is "neck-and-neck with the competition to be first to market." While there wasn't anything bad reported at the ESMO meeting from Clovis' own prostate update, AstraZeneca "looks primed to come to market with a much more robust data set" and Clovis may "be playing catch-up" in another cancer indication, said Kasimov, who keeps a Neutral rating on Clovis shares.
09/03/19
DZBN
09/03/19
DOWNGRADE
DZBN
Sell
AstraZeneca downgraded to Sell from Hold at DZ Bank
DZ Bank analyst Elmar Kraus downgraded AstraZeneca to Sell from Hold with a price target of 66 pounds.
BMY Bristol-Myers
$53.02

0.6 (1.14%)

08/14/19
08/14/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Evercore Partners (EVR) upgraded to Neutral from Sell at Goldman Sachs with analyst Richard Ramsden saying believes that stronger U.S. large cap deal activity than he previously expected should support Evercore's revenues. 2. Sanofi (SNY) upgraded to Buy from Neutral at UBS with analyst Laura Sutcliffe saying she sees signs of a turnaround for the company and believes its pipeline can fixed ahead of patent expiration. 3. Bristol-Myers (BMY) upgraded to Overweight from Neutral at Atlantic Equities. 4. Horizon Pharma (HZNP) upgraded to Outperform from Market Perform at BMO Capital with analyst Gary Nachman citing the company's "strong" Q2 results driven by Krystexxa. 5. Ferrari (RACE) upgraded to Buy from Neutral at Goldman Sachs with analyst George Galliers citing the company's Q2 results earlier this month. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/27/19
RBCM
08/27/19
NO CHANGE
Target $206
RBCM
Sector Perform
Amgen price target raised to $206 from $192 at RBC Capital
RBC Capital analyst Kennen MacKay raised his price target on Amgen to $206, saying that despite the "sticker shock" of its $13.4B deal for the Otezla franchise, the transaction is expected to be immediately accretive to earnings and fitting well with its existing inflammation and immunology portfolio. The analyst believes that Amgen should be able to grow revenue "majorly" over the next 3 years as it leverages Otezla potential with its legal victory on Enbrel, stating that there is a case for its multiple to re-rate higher. MacKay keeps his Sector Perform rating on Amgen shares as he awaits for its emerging pipeline to also "fill the shoes" of its maturing assets.
08/19/19
MZHO
08/19/19
DOWNGRADE
MZHO
Neutral
Amgen, Celgene downgraded to Neutral on valuation at Mizuho
As previously reported, Mizuho analyst Salim Syed downgraded Amgen (AMGN) and Celgene (CELG), each to Neutral from Buy, "solely" on the stock's current trading prices nearing what the analyst views as appropriate valuations. Amgen has run up over the last week by about 10% following a "very clean Enbrel litigation win," but the stock price now gives full credit for its Enbrel IP, said Syed, who raised his price target on Amgen shares to $212 from $208. He also cut his price target on Celgene shares to $100 from $103, based on a calculation of one Bristol-Myers (BMY) share being worth $47, plus $50 cash per share and $3 for a risk-adjusted CVR valuation.
10/16/19
BOFA
10/16/19
INITIATION
Target $60
BOFA
Buy
Bristol-Myers reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Bristol-Myers with a Buy rating and $60 price target. The analyst said overall he is bullish on the combined company, citing "several higher-impact catalysts on the horizon" that could result in a re-rating the stock.
LLY Eli Lilly
$108.68

0.24 (0.22%)

09/09/19
PIPR
09/09/19
NO CHANGE
Target $85
PIPR
Neutral
Lilly's 'impressive update' raised bar higher for Blueprint, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond said he thinks Eli Lilly (LLY) issued an "impressive update" on selpercatinib at the World Lung meeting, raising the bar for Blueprint Medicines' (BPMC) pralsetinib "meaningfully higher." While selpercatinib's "best-in-class" ORR was maintained, initial durability data could be upwards of 50% better than that of pralsetinib, according to Raymond. While cautioning that his comparison is highly preliminary, Raymond said he worries that LOXO-292's superiority gap against pralsetinib "may be widening." He keeps a Neutral rating on Blueprint shares, which are down about 3% in morning trading to $75.89.
09/05/19
09/05/19
UPGRADE
Target $107

Outperform
Incyte upgraded to Outperform from Market Perform at JMP Securities
As previously reported, JMP Securities analyst Reni Benjamin assumed coverage of Incyte (INCY) with an upgraded rating of Outperform and a $107 price target. The analyst cites the "solid fundamentals" of the company's multi-billion dollar Jakafi franchise, including its recent approval in steroid refractory acute graft-versus-host disease, which he believes remains under-appreciated by investors. Benjamin is also positive on Incyte's "marquee" partners that include Novartis (NVS) and Eli Lilly (LLY), along with its $1.7B cash position, diverse pipeline, and strong fundamentals.
10/16/19
BOFA
10/16/19
INITIATION
Target $133
BOFA
Buy
Eli Lilly reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Eli Lilly with a Buy rating and $133 price target. The analyst sees the company's "high quality, differentiated growth and modest expectations for added pipeline value" as compelling.
09/25/19
PIPR
09/25/19
NO CHANGE
Target $81
PIPR
Overweight
AbbVie survey supports above-consensus estimates, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on AbbVie (ABBV) shares with an $81 price target following a new rheumatologist survey by his firm's partners Spherix Global Insights. The survey indicates "robust" expectations for the company's oral JAK1 inhibitor Rinvoq, Raymond tells investors in a research note. Rheumatologists project that in six months, Rinvoq will leapfrog Eli Lilly's (LLY) Olumiant to become the second-most prescribed JAK with 5% share, says the analyst, citing the survey. He believes this supports his above-consensus Rinvoq revenue estimates.
GSK GlaxoSmithKline
$42.52

0.04 (0.09%)

10/11/19
CANT
10/11/19
UPGRADE
CANT
Overweight
GlaxoSmithKline upgraded to Buy from Hold at Cantor Fitzgerald
Cantor Fitzgerald analyst Brian White upgraded GlaxoSmithKline to Buy from Hold with a price target of 2,000 pence.
10/16/19
NWST
10/16/19
UPGRADE
NWST
Neutral
GlaxoSmithKline upgraded to Hold from Reduce at New Street
10/11/19
CANT
10/11/19
UPGRADE
CANT
Overweight
Cantor upgrades GSK to Buy on reinvigoration of cancer franchise
Cantor Fitzgerald analyst Brian White upgraded GlaxoSmithKline to Buy from Hold with a price target of 2000 pence, up from 1450 pence. The Novartis transactions bolstered GSK's Vaccines and Consumer businesses at the expense of Pharma, while recent events have served to continue the theme while reinvigorating the cancer franchise, White tells investors in a research note. The analyst believes GSK has access to differentiated oncology products, "which promise to form a cornerstone for future franchise building." Further, consummation of the Consumer business should drive greater profitability "but Pharma has a narrow window to build a sustainable late stage pipeline," he adds.
09/04/19
COWN
09/04/19
NO CHANGE
Target $48
COWN
Outperform
Pfizer shares remain attractively valued, says Cowen
Cowen analyst Steve Scalia updated his Pfizer (PFE) model following Q2 results, the closing of the Glaxo (GSK) Consumer joint venture, and the announcement that its Upjohn business would be divested and combined with Mylan (MYL). The analyst lowered his estimates to reflect what is left at the company and despite his revision feels the shares remain attractively valued. Scalia reiterated his Outperform rating and $48 price target on Pfizer shares.
JNJ Johnson & Johnson
$127.73

-8.47 (-6.22%)

10/16/19
10/16/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Johnson & Johnson (JNJ) upgraded to Neutral from Underweight at Atlantic Equities. 2. FMC Corporation (FMC) upgraded to Outperform from Neutral at Baird with analyst Ben Kallo saying he believes FMC's new product introductions, expected share gains in key markets, and operating leverage can drive revenue and adjusted EBITDA growth in 2020 and beyond. 3. Pure Storage (PSTG) upgraded to Outperform from Market Perform at Raymond James with analyst Simon Leopold saying recent VAR/Distributor checks have reflected positive sentiment suggesting Pure can exceed current Street estimates and he has gained a greater appreciation for the market expansion offered by the new FlashArray//C. 4. PDF Solutions (PDFS) upgraded to Buy from Hold at Craig-Hallum with analyst Christian Schwab saying PDF Solutions is transitioning the company to an analytics software model, and believes that looking out 3-5 years, and in line with management's long term model shared at the company's Analyst Day, it can become a "Rule of 40" SaaS like company with 70% gross margins and in aggregate a 20% top line growth rate and 20% operating margin. 5. Builders FirstSource (BLDR) and BMC Stock Holdings (BMCH) upgraded to Overweight from Equal Weight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/16/19
JPMS
10/16/19
NO CHANGE
Target $38
JPMS
Overweight
JPMorgan boosts Jabil target to $38 on key customer momentum
JPMorgan analyst Paul Coster raised his price target for Jabil (JBL) to $38 from $36 and keeps an Overweight rating on the shares. The analyst increased Jabil's price-to-earnings multiple to reflect positive momentum at key end customers Johnson & Johnson (JNJ) and Apple (AAPL), and to reflect near-term prospects for a hiatus in the trade conflict between the U.S. and China. J&J's Q3 results point to solid medical device performance, and stronger than expected iPhone demand for both the 11 and legacy models "should buoy positive headline momentum" heading into Apple's earnings at the end of the month, Coster tells investors in a research note.
10/16/19
ATLE
10/16/19
UPGRADE
Target $129
ATLE
Neutral
Johnson & Johnson upgraded to Neutral from Underweight at Atlantic Equities
Atlantic Equities analyst Steve Chesney upgraded Johnson & Johnson to Neutral from Underweight with a $129 price target.
10/18/19
FBCO
10/18/19
NO CHANGE
Target $158
FBCO
Outperform
Credit Suisse says J&J 'unwelcome surprise' recall may also have positive signal
Credit Suisse analyst Matt Miksic said Johnson & Johnson's voluntary recall of a single lot of its baby powder was an "unwelcome surprise" for investors. However, despite the opportunity to take wider action, as the company did with Tylenol in 1982, J&J has chosen at this point to stand by its assertion that the baby powder does not contain asbestos, noted Miksic. On a related call, the company said the test results for the sample which triggered the recall are inconsistent with historical testing of the U.S. mine from which the lot was produced, which it said had been confirmed by third-party validation. Miksic, who continues to expect increasing clarity and reduced uncertainty around the range of potential liabilities facing the company, reiterated his Outperform rating and $158 price target on J&J shares.
MRK Merck
$84.68

0.88 (1.05%)

10/10/19
JPMS
10/10/19
NO CHANGE
Target $96
JPMS
Overweight
JPMorgan analysis indicates 'highly inexpensive valuation' for Merck
Investor sentiment on Merck shares remains positive but relative valuation and Keytruda concentration remains the primary pushback on the thesis, JPMorgan analyst Chris Schott tells investors in a research note. However, the analyst's sum-of-the-parts valuation analysis indicates a "highly inexpensive valuation" when incorporating a premium for the company's Animal health and Vaccines franchises. Further, while Keytruda represents a sizable portion of Merck's earnings and growth, the company has a full decade to further develop its pipeline and next-generation product offerings before the product faces biosimilar competition, Schott contends. As such, he continues to see Merck as one of the best positioned names in his coverage group. The analyst keeps an Overweight rating on the shares with a $96 price target.
10/16/19
BOFA
10/16/19
INITIATION
Target $90
BOFA
Neutral
Merck reinstated with a Neutral at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Merck with a Neutral rating and $90 price target. The analyst said he has a conservative near-term outlook on Merck as he sees "limited higher-impact events driving further positive sentiment."
10/17/19
BOFA
10/17/19
NO CHANGE
BOFA
Vertex added to US 1 List, Merck, Ferrari removed at BofA/Merrill
10/18/19
MZHO
10/18/19
NO CHANGE
Target $97
MZHO
Buy
Merck's Keytruda pulling farther ahead of competition, says Mizuho
Mizuho analyst Mara Goldstein reiterated her Buy rating and $97 price target on Merck shares after the announcement of positive EU CHMP opinions for Keytruda monotherapy and in combination with chemotherapy for first-line head and neck squamous cell carcinoma, or HNSCC. She sees Keytruda pulling farther ahead of its competition as the leading checkpoint inhibitor as it continues to penetrate additional tumor types and global markets, Goldstein tells investors.
NVS Novartis
$86.86

-0.395 (-0.45%)

09/13/19
DBAB
09/13/19
NO CHANGE
DBAB
Hold
Novartis' ofatumumab to be 'strong' competitor to Roche drug, says Deutsche Bank
Deutsche Bank analyst Richard Parkes tells investors in a research note after attending the ECTRIMS conference in Stockholm that data from Novartis' (NVS) ASCLEPIOS trials suggests ofatumumab will be a "strong" competitor for Roche's (RHHBY) Ocrevus in relapsing/remitting multiple sclerosis. Parkes says he expects physicians to view the drugs as having broadly comparable and highly compelling efficacy, with ofatumumab's at-home dosing an attractive option for some patients, suggesting meaningful upside potential to his current 2024E ofatumumab sales of $1.1B and possible risks to his forecasts for Roche's Ocrevus. According to physician feedback, Parkes says the drugs are likely to share a rapidly growing market. Parkes maintains a Hold rating and 90 CHF price target on Novartis shares.
10/08/19
PIPR
10/08/19
NO CHANGE
Target $435
PIPR
Overweight
Piper positive on Regeneron after 'significant let-down' Novartis label
Piper Jaffray analyst Christopher Raymond is "incrementally positive" on Regeneron Pharmaceuticals (REGN) after the FDA approved Novartis' (NVS) Beovu for the treatment of wet age-related macular degeneration. While the approval was anticipated and physician anticipation of the drug has been high, doctors are likely to view the drug's label "as a significant let-down," Raymond tells investors in a research note. The analyst says that with inflammation and immunogenicity rates meaningfully higher than Regeneron's Eylea, and the lack of flexibility to dose more frequently, he sees little reason for doctors to switch. And while some investors may point to price as another meaningful lever, off-label Avastin makes for an "insurmountable bar for the price-sensitive segment," says Raymond. He keeps an Overweight rating on Regeneron shares with a $435 price target. The label "renders Beovu as little more than an also-ran," contends the analyst. As such, Raymond thinks Eylea's dominance in remains intact.
10/15/19
BOFA
10/15/19
NO CHANGE
BOFA
Europe 1 List changes at BofA/Merrill
BofA/Merrill added Roche (RHHBY) and Sanofi (SNY) to the Europe 1 List and removed AstraZeneca.
PFE Pfizer
$36.46

(0.00%)

10/16/19
BOFA
10/16/19
INITIATION
Target $37
BOFA
Neutral
Pfizer reinstated with a Neutral at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Pfizer with a Neutral rating and $37 price target, saying that he believes the company's near-term pipeline is priced into shares and that he needs additional clarity on the pipeline.
10/17/19
BOFA
10/17/19
INITIATION
Target $37
BOFA
Neutral
Pfizer reinstated with a Neutral at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Pfizer with a Neutral rating and $37 price target. The analyst believes valuation reflects the near-term pipeline and the need for visibility on the pipeline to offset future LOEs.
10/09/19
STFL
10/09/19
NO CHANGE
STFL
Hold
Bluebird Hem A collaboration not stock moving, but worth monitoring, says Stifel
Stifel analyst Benjamin Burnett said he does not expect news that Blubird Bio (BLUE) is entering the Hemophila A race via a collaboration with Novo Nordisk (NVO) to be stock moving, but he does think it is "certainly worth monitoring." Biomarin's (BMRN) gene therapy candidate Valrox sets "the bar for genetic medicines in heme A today," said Burnett, who noted that gene therapies from Spark (ONCE) and Pfizer (PFE) are also in the clinic. However, "there does appear to be room for efficacy improvement as none of the clinical data generated from genetic medicines to date is a clear home run," Burnett added in his note to investors. He keeps a Hold rating on Bluebird Bio shares.
10/08/19
BMOC
10/08/19
NO CHANGE
Target $39
BMOC
Outperform
Akcea Therapeutics price target lowered to $39 from $43 at BMO Capital
BMO Capital analyst Do Kim lowered his price target on Akcea Therapeutics (AKCA) to $39, noting that while the company's announcement of a Pfizer (PFE) licensing deal yesterday provides "immediate value" to its third lipid asset, the disclosure of a management transition increases the risk of potential disruptions in commercial operations. The analyst still keeps his Outperform rating on the stock, citing significant upside optionality from its "underappreciated pipeline assets" with multiple catalysts expected in the next six months that could unlock value for shareholders.
RHHBY Roche
$0.00

(0.00%)

10/15/19
CANT
10/15/19
NO CHANGE
Target $65
CANT
Neutral
Cantor keeps Neutral on Ionis after Roche boosts Phase 3 study size
Roche (RHHBY) disclosed yesterday that the size of the RG6042 Phase 3 trial in Huntington's increased from 660 people to 801, Cantor Fitzgerald analyst Eliana Merle tells investors in a research note. Per company comments, this is driven by high patient demand and potential to increase statistical power, particularly for the Q16W dose, adds the analyst. Merle, however, thinks investors might see this change as suggesting the Phase 3 needed more patients for sufficient powering. For her part, the analyst continues to see Huntington's as a challenging indication to study in a clinical trial setting. The higher patient number should improve the likelihood of statistical success, however, says Merle. The analyst, who believes Huntington's is the key stock focus for Ionis Pharmaceuticals investors, keeps a Neutral rating on Ionis shares with a $65 price target.
09/23/19
GUGG
09/23/19
UPGRADE
Target $403
GUGG
Buy
Guggenheim upgrades Regeneron to Buy, says sentiment too negative
As previously reported, Guggenheim upgraded Regeneron (REGN) to Buy from Neutral as analyst Yatin Suneja noted that Eylea has maintained its dominance in the branded anti-VEGF retinal disease market despite "stiff branded competition" from Roche's (RHHBY) Lucentis and off-label use of Roche's Avastin. Eylea's expansion into new indications has resulted in a diversified business and defensible market position, argued Suneja, who also believes the Street is substantially under-appreciating the market opportunity for Dupixent, which is expected to drive significant leverage in the Sanofi (SNY) antibody collaboration that recently became profitable. Suneja raised the price target on Regeneron shares to $403 from $355.
SNY Sanofi
$46.13

-0.43 (-0.92%)

09/23/19
GUGG
09/23/19
UPGRADE
GUGG
Buy
Sanofi upgraded to Buy on Dupixent's accelerating uptake at Guggenheim
Guggenheim analyst Seamus Fernandez upgraded Sanofi (SNY) to Buy from Neutral based on his view that Dupixent's accelerating uptake across Asthma and Atopic Dermatitis, and several other indications, should drive earlier than expected profitability of the Regeneron (REGN) antibody collaboration. He also believes that emerging markets growth should help stabilize the large established products and overall diabetes franchises and thinks that vaccines business growth looks sustainable. Fernandez, who also thinks pipeline expectations seem low, set a EUR96 price target on Sanofi shares.
10/02/19
STFL
10/02/19
NO CHANGE
Target $45
STFL
Buy
Stifel remains buyer of Principia Biopharma into Q4 data readouts
Stifel analyst Derek Archila remains bullish and a buyer of Principia Biopharma (PRNB) shares ahead of the company's two Phase 2 readouts for PRN1008 in immune thrombocytopenia and pemphigus vulgaris. The shares could reach the mid-$50 range if results are positive, Archila tells investors in a research note. He believes the bogey for each study is not that high and keeps a Buy rating on Principia with a $45 price target. The two clinical catalysts, coupled with Phase 2 data expected in the first half of 2020 from the company's partnered program with Sanofi (SNY) in multiple sclerosis, offers "multiple shots for valuation creation" over the next nine months.
ANTM Anthem
$249.55

0.3 (0.12%)

10/18/19
MZHO
10/18/19
INITIATION
Target $262
MZHO
Neutral
Anthem initiated with a Neutral at Mizuho
Mizuho analyst Ann Hynes last night initiated coverage of Anthem with a Neutral rating and $262 price target. The analyst thinks Medicaid headwinds could dampen the near-term outlook for Anthem given its exposure to Managed Medicaid. However, she beeves the company's long-term growth could be attractive if it is able to regain the commercial market share lost over the past decade due to uncompetitive pharmacy costs.
10/18/19
CLVD
10/18/19
NO CHANGE
CLVD
Buy
Anthem gaining momentum into 2020, says Cleveland Research
Cleveland Research analyst Steve Willoughby sees Anthem reporting Q3 earnings per share of $4.87, 5c ahead of consensus, and notes that industry feedback continues to be positive. Many in the industry highlight share gains for Anthem across both its Commercial Risk and Administrative Services Only businesses in the second half of 2019 and 2020, Willoughby tells investors in a research note. He believes Anthem should benefit from the upcoming launch of a new BCBS National High Performance network and keeps a Buy rating on the shares.
10/17/19
MZHO
10/17/19
INITIATION
MZHO
Neutral
Anthem initiated with a Neutral at Mizuho
CVS CVS Health
$66.17

-0.31 (-0.47%)

09/27/19
RBCM
09/27/19
INITIATION
Target $85
RBCM
Outperform
CVS Health assumed with an Outperform at RBC Capital
RBC Capital analyst Anton Hie assumed coverage of CVS Health with an Outperform rating and a price target of $59. The analyst believes that the company is "positioned to lead the transformation of healthcare delivery" using its "unique" vertically integrated assets and contends that investors underappreciate the opportunity for CVS Health amid near-term headwinds. Hie adds that the company can accelerate its earnings growth toward its long-term target in the "low double digits" by 2022, with integration synergies and "enterprise modernization" helping to deliver about $3.5B in additional operating income.
09/11/19
DBAB
09/11/19
INITIATION
Target $91
DBAB
Buy
CVS Health initiated with a Buy at Deutsche Bank
Deutsche Bank analyst George Hill initiated CVS Health with a Buy rating and a Top Pick designation along with a price target of $91 as part of a broader research note on Healthcare Technology & Services. The analyst contends that the company is "well positioned to deliver on a vertical integration care delivery strategy", capturing market share and generating positive earnings surprises. Hill also sees the valuation of CVS shares as "highly compelling".
CNC Centene
$46.92

-0.28 (-0.59%)

TODAY'S FREE FLY STORIES

LB

L Brands

$16.00

-1.19 (-6.92%)

16:48
11/20/19
11/20
16:48
11/20/19
16:48
Hot Stocks
Breaking Hot Stocks news story on L Brands »

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  • 21

    Nov

  • 05

    Dec

LVMUY

LVMH

$0.00

(0.00%)

, TIF

Tiffany

$123.32

-0.16 (-0.13%)

16:47
11/20/19
11/20
16:47
11/20/19
16:47
Periodicals
LVMH, Tiffany said to be in talks, Bloomberg says »

LVMH (LVMUY) is said to…

LVMUY

LVMH

$0.00

(0.00%)

TIF

Tiffany

$123.32

-0.16 (-0.13%)

03/08/13
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  • 05

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LB

L Brands

$16.00

-1.19 (-6.92%)

16:46
11/20/19
11/20
16:46
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16:46
Hot Stocks
L Brands backs FY19 free cash flow forecast at ~$750M »

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  • 21

    Nov

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UBER

Uber

$28.02

0.99 (3.66%)

16:43
11/20/19
11/20
16:43
11/20/19
16:43
Hot Stocks
Uber CEO Dara Khosrowshahi buys almost $7M in company shares »

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  • 21

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  • 04

    Dec

AVVIY

Aviva

$0.00

(0.00%)

16:42
11/20/19
11/20
16:42
11/20/19
16:42
Downgrade
Aviva rating change  »

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HLLGY

Hella KGaA Hueck

$0.00

(0.00%)

16:42
11/20/19
11/20
16:42
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16:42
Upgrade
Hella KGaA Hueck rating change  »

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KEG

Key Energy

$0.30

0.0095 (3.32%)

16:40
11/20/19
11/20
16:40
11/20/19
16:40
Hot Stocks
Key Energy receives notice from NYSE regarding continued listing requirements »

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HLLGY

Hella KGaA Hueck

$0.00

(0.00%)

16:40
11/20/19
11/20
16:40
11/20/19
16:40
Upgrade
Hella KGaA Hueck rating change  »

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NGHC

National General

$20.47

-0.43 (-2.06%)

16:39
11/20/19
11/20
16:39
11/20/19
16:39
Hot Stocks
National General approved to sell its Accident Health and Care Sweden unit »

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TGT

Target

$126.37

15.51 (13.99%)

, LOW

Lowe's

$117.84

4.43 (3.91%)

16:38
11/20/19
11/20
16:38
11/20/19
16:38
On The Fly
Fly Intel: Wall Street's top stories for Wednesday »

Stocks were slumping a…

TGT

Target

$126.37

15.51 (13.99%)

LOW

Lowe's

$117.84

4.43 (3.91%)

GM

General Motors

$35.26

-1.13 (-3.11%)

FCAU

Fiat Chrysler

$15.00

-0.585 (-3.75%)

KNSA

Kiniksa

$8.95

1.97 (28.22%)

ALNY

Alnylam

$108.26

10.27 (10.48%)

URBN

Urban Outfitters

$24.41

-4.32 (-15.04%)

PDD

Pinduoduo

$31.37

-9.34 (-22.94%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 20

    Nov

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    Nov

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    Nov

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    Nov

  • 03

    Dec

  • 05

    Dec

  • 07

    Dec

  • 04

    Feb

TUWOY

Tullow Oil

$0.00

(0.00%)

16:37
11/20/19
11/20
16:37
11/20/19
16:37
Downgrade
Tullow Oil rating change  »

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MKL

Markel

$1,126.21

1.26 (0.11%)

16:36
11/20/19
11/20
16:36
11/20/19
16:36
Hot Stocks
Markel executive chairman Alan Kirshner to retire »

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CP

Canadian Pacific

$236.41

-1.66 (-0.70%)

, FTAI

Fortress Transportation

$16.72

-0.01 (-0.06%)

16:35
11/20/19
11/20
16:35
11/20/19
16:35
Hot Stocks
Canadian Pacific to acquire Central Maine & Quebec Railway from Fortress »

Canadian Pacific (CP) and…

CP

Canadian Pacific

$236.41

-1.66 (-0.70%)

FTAI

Fortress Transportation

$16.72

-0.01 (-0.06%)

03/08/13
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03/08/13
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CLLS

Cellectis

$13.13

-0.14 (-1.06%)

16:34
11/20/19
11/20
16:34
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16:34
Hot Stocks
Cellectis wins patent challenge in Europe for CRISPR-Cas9 gene editing method »

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LB

L Brands

$16.00

-1.19 (-6.92%)

16:34
11/20/19
11/20
16:34
11/20/19
16:34
Hot Stocks
L Brands sees Q4 SSS 'about flat' »

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  • 21

    Nov

  • 05

    Dec

TBNK

Territorial Bancorp

$30.63

-0.31 (-1.00%)

16:34
11/20/19
11/20
16:34
11/20/19
16:34
Hot Stocks
Territorial Bancorp declares special dividend of 50c per share »

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BLDR

Builders FirstSource

$25.38

-0.01 (-0.04%)

16:34
11/20/19
11/20
16:34
11/20/19
16:34
Initiation
Builders FirstSource initiated  »

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  • 05

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    Dec

NKE

Nike

$93.05

-0.55 (-0.59%)

16:34
11/20/19
11/20
16:34
11/20/19
16:34
Hot Stocks
Nike invests in hands-free footwear technology company Handsfree Labs »

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WHR

Whirlpool

$142.58

1.49 (1.06%)

16:33
11/20/19
11/20
16:33
11/20/19
16:33
Initiation
Whirlpool initiated  »

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SITE

SiteOne Landscape

$88.60

-1.55 (-1.72%)

16:33
11/20/19
11/20
16:33
11/20/19
16:33
Initiation
SiteOne Landscape initiated  »

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  • 20

    Nov

LB

L Brands

$16.00

-1.19 (-6.92%)

16:33
11/20/19
11/20
16:33
11/20/19
16:33
Hot Stocks
L Brands reports Q3 SSS down 3% and comparable sales down 2% »

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  • 21

    Nov

  • 05

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BECN

Beacon Roofing

$34.41

-0.07 (-0.20%)

16:33
11/20/19
11/20
16:33
11/20/19
16:33
Initiation
Beacon Roofing initiated  »

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  • 25

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    Dec

AIN

Albany International

$83.80

-0.42 (-0.50%)

16:33
11/20/19
11/20
16:33
11/20/19
16:33
Hot Stocks
Albany International acquires CirComp GmbH, terms not disclosed »

Albany International…

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OC

Owens Corning

$67.27

0.775 (1.17%)

16:33
11/20/19
11/20
16:33
11/20/19
16:33
Initiation
Owens Corning initiated  »

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AMTB

Amerant Bancorp

$21.02

(0.00%)

16:32
11/20/19
11/20
16:32
11/20/19
16:32
Hot Stocks
Amerant completes acquisition of Mercantil Bank and Trust »

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