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PG

Procter & Gamble

$119.04

1.55 (1.32%)

, MCD

McDonald's

$209.85

1.365 (0.65%)

20:25
10/21/19
10/21
20:25
10/21/19
20:25

Notable companies reporting before tomorrow's open

Notable companies reporting before tomorrow's open, with earnings consensus, include Procter & Gamble (PG), consensus $1.24... McDonald's (MCD), consensus $2.21... United Technologies (UTX), consensus $2.03... NextEra Energy (NEE), consensus $2.28... Lockheed Martin (LMT), consensus $5.02... UPS (UPS), consensus $2.06... Sherwin-Williams (SHW), consensus $6.48... Kimberly-Clark (KMB), consensus $1.08... Biogen (BIIB), consensus $8.27... Travelers (TRV), consensus $2.35... PACCAR (PCAR), consensus $1.65... Fifth Third Bancorp (FITB), consensus 73c... Centene (CNC), consensus 95c... Regions Financial (RF), consensus 39c... Nucor (NUE), consensus 81c... Hasbro (HAS), consensus $2.21... TransUnion (TRU), consensus 71c... Quest Diagnostics (DGX), consensus $1.71... Interpublic Group (IPG), consensus 47c... Harley-Davidson (HOG), consensus 51c... Polaris (PII), consensus $1.59... Synovus Financial (SNV), consensus $36.35... JetBlue Airways (JBLU), consensus 52c... Graphic Packaging (GPK), consensus 19c.

PG

Procter & Gamble

$119.04

1.55 (1.32%)

MCD

McDonald's

$209.85

1.365 (0.65%)

UTX

United Technologies

$138.24

1.39 (1.02%)

NEE

NextEra Energy

$232.85

0.17 (0.07%)

LMT

Lockheed Martin

$373.16

0.54 (0.14%)

UPS

UPS

$118.56

1.23 (1.05%)

SHW

Sherwin-Williams

$551.04

-9.93 (-1.77%)

KMB

Kimberly-Clark

$139.31

2.01 (1.46%)

BIIB

Biogen

$223.57

3.52 (1.60%)

TRV

Travelers

$141.77

0.33 (0.23%)

PCAR

Paccar

$72.88

0.83 (1.15%)

FITB

Fifth Third

$28.04

0.71 (2.60%)

CNC

Centene

$45.83

-1.09 (-2.32%)

RF

Regions Financial

$16.08

0.305 (1.93%)

NUE

Nucor

$51.78

0.09 (0.17%)

HAS

Hasbro

$120.11

-1.78 (-1.46%)

TRU

TransUnion

$82.55

1.055 (1.29%)

DGX

Quest Diagnostics

$102.21

-0.465 (-0.45%)

IPG

Interpublic Group

$20.79

0.14 (0.68%)

HOG

Harley-Davidson

$37.14

0.555 (1.52%)

PII

Polaris Industries

$91.55

0.935 (1.03%)

SNV

Synovus

$36.30

1.005 (2.85%)

JBLU

JetBlue

$17.54

0.59 (3.48%)

GPK

Graphic Packaging

$14.86

0.205 (1.40%)

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PG Procter & Gamble
$119.04

1.55 (1.32%)

09/18/19
MSCO
09/18/19
NO CHANGE
MSCO
EU Household & Personal Care sector downgraded to In-Line at Morgan Stanley
Morgan Stanley analyst Richard Taylor downgraded the European Household & Personal Care, or HPC, sector to In-Line from Attractive to reflect a fading pricing environment in the second half of 2019 and competitive pressures that he sees increasing. Procter & Gamble (PG), after nearly 10 years of losing share to the big players in Europe, is now growing fast and gaining share under new management, Taylor tells investors. His least preferred name in the group is Henkel (HENKY), on which he has an Underweight rating. Other European HPC companies include Unilever (UN, UL), Reckitt Benckiser (RBGLY) and L'Oreal (LRLCY).
09/11/19
MSCO
09/11/19
NO CHANGE
Target $144
MSCO
Underweight
Clorox valuation unwarranted given widening gap with peers, says Morgan Stanley
Morgan Stanley analyst Dara Mohsenian reiterates his Underweight rating on Clorox (CLX) shares despite the stock's recent underperfomance compared to peers such as Procter & Gamble (PG), Colgate-Palmolive (CL) and Church & Dwight (CHD) as he believes the company's decelerating topline growth, market share losses and lower gross margin expansion make the stock's current valuation compared to peers unwarranted. Though he is not yet revising his estimates, Mohsenian sees risk of downward earnings revisions if scanner trends continue to deteriorate, he tells investors. He maintains a $144 price target on Clorox shares.
09/27/19
NORL
09/27/19
NO CHANGE
NORL
Outperform
Digimarc solution being tested by P&G, other CPG companies, says Northland
Northland analyst Gus Richard said that Procter & Gamble (PG) has tested Digimarc Barcode for inspection of product labeling and he believes a few CPG companies are working with Digimarc's (DMRC) technology for manufacturing applications. He estimates P&G could generate over $100,000 for Digimarc, assuming a low rate of adoption by P&G in manufacturing next year, Richard tells investors. He keeps an Outperform rating on Digimarc shares.
08/12/19
MSCO
08/12/19
NO CHANGE
Target $129
MSCO
Overweight
Procter & Gamble EPS growth can outpace peers, says Morgan Stanley
Morgan Stanley analyst Dara Mohsenian reiterated his Overweight rating and $129 price target on Procter & Gamble (PG) following the company's Q4 report, which he said gave him greater confidence in his thesis that the company's market share gains and strong category pricing can continue to drive above-consensus topline growth. Coupled with P&G's outsized gross margin expansion, he expects higher EPS growth than peers, said Mohsenian, who also views the stock's valuation as "attractive."
MCD McDonald's
$209.85

1.365 (0.65%)

10/14/19
KERI
10/14/19
DOWNGRADE
KERI
Neutral
McDonald's downgraded to Neutral from Buy at Kalinowski
10/01/19
JPMS
10/01/19
NO CHANGE
Target $230
JPMS
Overweight
McDonald's Q3 comps will miss consensus, says JPMorgan
JPMorgan analyst John Ivankoe believes McDonald's Q3 comps will miss consensus expectations. The analyst, who uses MillerPulse as the proxy for U.S. quick service restaurant sales, says results continue to show negative same-store-sales traffic "despite what is otherwise solid underlying fundamentals." As a result, he reduced his Q3 comp estimate for McDonald's to up 5% from up 6%, versus the consensus at 5.5%. However, he believes the company's long-thesis remains intact and keeps an Overweight rating on the shares with a $230 price target.
10/17/19
COWN
10/17/19
NO CHANGE
Target $86
COWN
Outperform
GrubHub shares oversold at current levels, says Cowen
Cowen analyst Thomas Champion previewed Q3 results for GrubHub (GRUB) and believes its estimates look achievable. The analyst said recent stock action suggests many investors are in doubt but he believes the shares are oversold. Calling it an imperfect story, he expects updates on the Enterprise and new partner McDonald's (MCD), plus a discussion around Perks. Champion reiterated his Outperform rating and $86 price target on GrubHub shares.
10/11/19
CLVD
10/11/19
NO CHANGE
CLVD
McDonald's U.S. comps look mixed for Q3, says Cleveland Research
Cleveland Research said its checks indicate that U.S. comps for McDonald's look mixed for Q3, but are likely still ahead of consensus expectations. Good early quarter momentum appears to have been offset by slower August and September trends, the firm stated. Cleveland Research lowered its Q3 U.S. comp growth estimate for McDonald's to up 5.6% from up 6% to reflect the "mixed" September checks.
UTX United Technologies
$138.24

1.39 (1.02%)

10/03/19
FBCO
10/03/19
INITIATION
Target $164
FBCO
Outperform
United Technologies initiated with an Outperform at Credit Suisse
Credit Suisse analyst Robert Spingarn started United Technologies with an Outperform rating and $164 price target. The analyst sees "significant and durable value" in each of the company's business segments, and believes this remains underappreciated by the market.
10/03/19
10/03/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Incyte (INCY) initiated with a Buy at Mizuho. 2. Lyft (LYFT) and Uber (UBER) initiated with a Neutral at MKM Partners. 3. Arrowhead (ARWR) initiated with an Outperform at Baird. 4. United Technologies (UTX) initiated with an Outperform at Credit Suisse. 5. Ulta Beauty (ULTA) initiated with a Neutral at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/17/19
BERN
09/17/19
NO CHANGE
Target $154
BERN
Market Perform
United Technologies price target raised to $154 from $143 at Bernstein
Bernstein analyst Douglas Harned raised his price target for United Technologies (UTX) to $154 from $143 as he sees the merger with Raytheon (RTN) transferring value from the latter to United Technologies at the agreed 43%/57% split. The analyst does not expect significant value creation from this deal, although not much value destruction either. He reiterates a Market Perform rating on United Technologies' stock.
10/03/19
FBCO
10/03/19
UPGRADE
Target $230
FBCO
Outperform
Credit Suisse upgrades Raytheon ahead of merger, boosts target to $230
Credit Suisse analyst Robert Spingarn upgraded Raytheon (RTN) to Outperform from Neutral and raised his price target for the shares to $230 from $188. The analyst believes United Technologies' (UTX) aerospace businesses are undervalued and that the market has yet to appropriately discount Raytheon's ~43.1% ownership of the proposed combined entity. Further, as standalone entity, Raytheon has very little net debt, which is a "significant positive" in the context of the pending merger with United Technologies' aerospace businesses, Spingarn tells investors in a research note.
NEE NextEra Energy
$232.85

0.17 (0.07%)

08/13/19
MSCO
08/13/19
NO CHANGE
Target $234
MSCO
Overweight
NextEra Energy price target raised to $234 from $207 at Morgan Stanley
Morgan Stanley analyst Stephen Byrd said NextEra Energy is the beneficiary of "two powerful trends," namely cheap renewable energy and low interest rates. NextEra, a pioneer in the U.S. renewables sector, has consistently had a leading market share in both wind and solar and the company's return on invested capital for these areas has remained attractive over a very long period, said Byrd, who added that renewable technologies continue to drop in cost "at a rapid rate." Meanwhile, he contends that investors do not fully appreciate that NextEra is one of the biggest indirect beneficiaries from a "lower for longer" interest rate world, Byrd stated. Given these two factors, he raised his price target on NextEra shares to $234 from $207 and keeps an Overweight rating on the stock.
10/09/19
GUGG
10/09/19
NO CHANGE
Target $250
GUGG
Buy
NextEra Energy price target raised to $250 from $230 at Guggenheim
Guggenheim analyst Shahriar Pourreza raised his price target on NextEra Energy shares to $250 from $230 after management meetings that he said have refined his view to be even more constructive on both its regulated and unregulated businesses. He sees top quartile growth outlook at the utilities and a strong project pipeline at the Energy Resources business, said Pourreza. Incremental growth items that were not reflected in his estimates include synergy upside from the merger of Gulf Power and FPL, equalization of the cap structure of the two utilities and incremental future growth from Florida infrastructure programs, said the analyst, who keeps a Buy rating on NextEra shares.
08/13/19
08/13/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pampa Energia (PAM) downgraded to Equal Weight from Overweight at Morgan Stanley and to Neutral from Buy at BofA/Merrill. 2. NextEra Energy (NEE) and Xcel Energy (XEL) downgraded to Equal Weight from Overweight at Barclays. 3. Seadrill (SDRL) downgraded to Neutral from Buy at BTIG with analyst Gregory Lewis saying the company emerged from bankruptcy with too much debt, and its options to increase liquidity are costlier today than they were last year owing to increasing concerns about the pace of the recovery of offshore drilling. 4. Occidental downgraded to Underweight from Neutral at JPMorgan with analyst Phil Gresh reinstated coverage of Occidental Petroleum following a period of restriction and downgraded the shares to Underweight from Neutral, saying despite the 33% stock price decline since before the Anadarko deal was announced, Occidental's total return potential of 15% is roughly half that of the peer group. 5. SPX Flow (FLOW) downgraded to Neutral from Buy at Seaport Global with analyst Walt Liptak saying he believes that the company will be impacted by sector slowing in its Food & Beverage and Industrial segments. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/13/19
LEHM
08/13/19
DOWNGRADE
Target $218
LEHM
Equal Weight
Barclays downgrades NextEra Energy to Equal Weight after outperformance
Barclays analyst Eric Beaumont downgraded NextEra Energy to Equal Weight from Overweight with an unchanged price target of $218. The analyst continues to see NextEra as a "premium company with top-tier" earnings growth. However, since late 2018, the shares have meaningfully outperformed peers, says the analyst. He believes a neutral rating better reflects the current risk/reward in the shares.
LMT Lockheed Martin
$373.16

0.54 (0.14%)

07/24/19
FBCO
07/24/19
NO CHANGE
Target $379
FBCO
Neutral
Lockheed Martin price target raised to $379 from $369 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Lockheed Martin to $379 from $369 following quarterly results and guidance increase. The analyst reiterates a Neutral rating on the shares.
05/16/19
ARGS
05/16/19
NO CHANGE
Target $82
ARGS
Buy
Leidos price target raised to $82 from $70 at Argus
Argus analyst John Eade raised his price target on Leidos (LDOS) to $82 and kept his Buy rating after its recent Q1 earnings beat. The analyst believes that the company's revenue growth could pick up given the "positive bookings trends" as well as a favorable political backdrop for defense companies with budgets for this year being set at record levels. Eade adds that his view of the company's merger with Lockheed Martin's (LMT) Information Systems & Global Solutions unit is a positive.
07/25/19
DZBN
07/25/19
DOWNGRADE
DZBN
Hold
Lockheed Martin downgraded to Hold from Buy at DZ Bank
10/10/19
FBCO
10/10/19
NO CHANGE
Target $401
FBCO
Neutral
Lockheed Martin price target raised to $401 from $379 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Lockheed Martin to $401 from $379 ahead of quarterly results. The analyst notes that the company typically introduces a conservative preliminary forward year outlook with Q3 results. While this initial conservative guidance could be in-line with Street, he believes that current Street 2020 expectations will ultimately prove to be too low, particularly for MFC. RMS also has upside, he adds. Spingarn reiterates a Neutral rating on the shares.
UPS UPS
$118.56

1.23 (1.05%)

08/26/19
DAIW
08/26/19
UPGRADE
Target $130
DAIW
Outperform
UPS upgraded to Outperform from Neutral at Daiwa
Daiwa analyst Jairam Nathan upgraded UPS to Outperform from Neutral and increased its price target to $130 from $116 citing structural strength. Nathan said UPS's integrated network is better positioned to take advantage of the trend towards shorter delivery times and expects 2020 margin improvements from Smart Logistics and Transformation Plans as they take hold. The analyst trimmed his 2020 earnings estimate to $8.10 from $8.30 to reflect higher pension expense, but expanded his multiple to account for structural improvements.
09/18/19
MSCO
09/18/19
NO CHANGE
Target $120
MSCO
Equal Weight
Hard to see rebound for FedEx despite earnings at trough, says Morgan Stanley
Morgan Stanley analyst Ravi Shanker previously believed it was too early to call a bottom for FedEx's (FDX) earnings, but he now thinks that its roughly 20% cut to its fiscal year guidance is big enough to finally call a potential bottom to earnings at the low end of the current outlook's range. However, there are still enough structural headwinds to keep earnings under pressure for a while and it is hard for him to see a path to a rebound, stating that "trough earnings alone is not a reason to buy the stock." Shanker, who is challenged to see a path to sustained growth in FY21+ for FedEx, keeps an Equal Weight rating on the stock and lowered his price target to $120 from $131. He also believes the read-across to UPS is negative given that the same cyclical pressures are at least partly applicable and he thinks the structural issues are more serious for UPS, on which Shanker keeps an Underweight rating.
09/23/19
LOOP
09/23/19
NO CHANGE
Target $140
LOOP
Buy
UPS 'confident and optimistic' in discussion with investors, says Loop Capital
Loop Capital analyst Rick Paterson kept his Buy rating and $140 price target on UPS (UPS) after hosting its VP of Investor Relations Aldred Williams for an investor meeting. The analyst notes that the demand to see the company's presentation was high and its commentary was "consistent" with its outstanding guidance as well as "balanced, confident and optimistic in spite of the current macro headwinds", adding that the productivity from UPS's new automated Ground hubs is meeting expectations. Paterson further states that although the company is impacted by the China trade tensions similar to FedEx's (FDX) discussed headwinds, the management also reflected on the opportunities around intra-Asia trade, Asia to Europe shipments, and U.S. domestic Next Day Air offers.
08/08/19
MSCO
08/08/19
NO CHANGE
MSCO
Equal Weight
Financial impact of Amazon break-up limited for FedEx, says Morgan Stanley
After various media sources indicated yesterday that FedEx (FDX) and Amazon (AMZN) each confirmed that they will not renew their ground-delivery contract, Morgan Stanley analyst Ravi Shanker said he thinks the financial impact to FedEx should be limited, but "the symbolic impact for Parcels is significant." One of the two largest e-commerce parcel delivery companies in the U.S. is no longer doing any business with the dominant e-commerce player, which "would have been unthinkable 5-7 years ago," wrote Shanker, who questions if UPS (UPS) cannot afford to similarly break up with Amazon given their outsized exposure to them as a customer. He also questions when Amazon's contract with UPS is up for renewal and what they will do when that happens given Amazon's recent history of suddenly pulling or not renewing deals, such as with FedEx and XPO Logistics (XPO). Shanker has an Equal Weight rating on FedEx and an Underweight rating on UPS.
SHW Sherwin-Williams
$551.04

-9.93 (-1.77%)

09/06/19
JEFF
09/06/19
NO CHANGE
Target $546
JEFF
Hold
Sherwin-Williams price target raised to $546 from $430 at Jefferies
Jefferies analyst Laurence Alexander raised his price target for Sherwin-Williams to $546 from $430 saying the company's forward 12-month returns have a "strong relationship" with mortgage yields, credit spreads and oil prices. There is a "surprising consistency in the way the shares tend to overshoot when the model is bullish," Alexander tells investors in a research note. He believes this framework supports the recent rally in shares of Sherwin-Williams more than he expected. Nonetheless, Alexander keeps a Hold rating on the stock.
10/08/19
WOLF
10/08/19
INITIATION
Target $606
WOLF
Peer Perform
Sherwin-Williams assumed with a Peer Perform rating at Wolfe Research
Wolfe Research analyst Chris Bottiglieri assumed coverage of Sherwin-Williams with a Peer Perform rating and $606 price target.
09/04/19
BMOC
09/04/19
NO CHANGE
Target $550
BMOC
Market Perform
Sherwin-Williams price target raised to $550 from $517 at BMO Capital
BMO Capital analyst John McNulty raised his price target on Sherwin-Williams to $550 after meeting with its CEO, saying the discussions affirmed his view of the stock as a "port in the storm" for investors during challenging macro periods. The analyst also sees the company generating solid long term growth but keeps his Market Perform rating, noting that the stock is already trading at a "lofty" multiple relative to his expected 2019 EBITDA amid continued concerns regarding the U.S. housing market.
10/11/19
BUCK
10/11/19
NO CHANGE
Target $485
BUCK
Neutral
Sherwin-Williams price target raised to $485 from $460 at Buckingham
Buckingham analyst Dmitry Silversteyn maintained a Neutral rating on Sherwin-Williams (SHW) and PPG (PPG) and sees both stocks trading sideways to down over the next 3-6 months as weather-related acceleration in year-over-year volume comps suggested by the firm's survey of the North American paint market is unlikely to offset slowing industrial coatings growth and flattening RM comps that limit margin expansion opportunities and slow EBITDA growth, potentially pressuring valuation multiples. The analyst raised his price target for Sherwin-Williams to $485 from $460.
KMB Kimberly-Clark
$139.31

2.01 (1.46%)

09/27/19
BOFA
09/27/19
UPGRADE
Target $155
BOFA
Buy
Kimberly-Clark upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Olivia Tong upgraded Kimberly-Clark to Buy with a price target of $155, citing her forecast of improving organic sales growth and margin. The analyst believes that the company can benefit "disproportionately" from lower raw mateical costs, particularly pulp, which she estimates adding a $200M tailwind over the next 12 months. Tong adds that Kimberly-Clark offers an opportunity in terms of its relative valuation and expected earnings improvement.
09/23/19
LEHM
09/23/19
UPGRADE
Target $152
LEHM
Overweight
Kimberly-Clark upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Lauren Lieberman upgraded Kimberly-Clark to Overweight from Equal Weight and raised her price target for the shares to $152 from $144.
09/27/19
BOFA
09/27/19
UPGRADE
BOFA
Buy
Kimberly-Clark upgraded to Buy from Neutral at BofA/Merrill
09/23/19
09/23/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Kimberly-Clark (KMB) upgraded to Overweight from Equal Weight at Barclays. 2. KKR (KKR) upgraded to Buy from Neutral at BofA/Merrill with analyst Michael Carrier saying KKR's public portfolio holdings are outperforming the equity markets and its private holdings are set to benefit from positive comps. 3. Consolidated Edison (ED) upgraded to Overweight from Sector Weight at KeyBanc with analyst Sophie Karp saying she thinks sentiment on Consolidated Edison "exceedingly negative" to an unjustified degree, noting that there are seven Sell recommendations and nine Holds on the stock at other firms. 4. Chewy (CHWY) upgraded to Buy from Neutral at Nomura Instinet with analyst Mark Kelley saying margin concerns following the company's Q2 results are overblown. 5. Advanced Energy (AEIS) upgraded to Buy from Neutral at Citi with analyst Atif Malik saying he is moving to a "more offensive" Semiconductor Capital Equipment stance as he believes the memory market is showing signs of recovery and that 5G logic investments are accelerating, which adds confidence to his 2020/2021 wafer-fab equipment recovery thesis. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BIIB Biogen
$223.57

3.52 (1.60%)

10/16/19
MSCO
10/16/19
NO CHANGE
Target $212
MSCO
Underweight
Biogen deadline to settle Tecfidera IPR challenge nearing, says Morgan Stanley
Morgan Stanley analyst Matthew Harrison noted that the USPTO's Patent Trial and Appeal Board will hold an oral hearing on November 13 for an IPR challenge of the only patent that protects Biogen's (BIIB) Tecfidera beyond 2020, after which he believes it will be hard for Biogen to settle out of this case. With that view in mind, he can see a scenario where Biogen reaches a settlement with both Mylan (MYL) and Sawai with a launch date before 2024, in which case he would foresee 1%-5% downside for Biogen shares. In a scenario where Biogen settles with launch date of 2024 or later, Harrison could see 5%-15% upside for Biogen shares. In a scenario where the oral hearing passes without a settlement, the analyst could see 1%-10% downside for Biogen shares. His base case expectation is that Biogen is unlikely to settle the IPR before the hearing, noted Harrison, who keeps an Underweight rating and $212 price target on Biogen shares.
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.
09/16/19
RBCM
09/16/19
NO CHANGE
RBCM
Biogen Phase II study of BG00011 discontinued due to toxicity, says RBC Capital
RBC Capital analyst Brian Abrahams noted that Biogen's Phase II study of BG00011, formerly STX-100, has been discontinued due to toxicity, and he confirmed this with the company. However, the analyst does not believe the discontinuation will impact shares or valuation, but added that "it does underscore some of the relatively high-risk nature of BIIB's pipeline and removes one of their potential internal diversification opportunities."
10/16/19
BOFA
10/16/19
INITIATION
Target $200
BOFA
Underperform
Biogen reinstated with an Underperform at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Biogen with an Underperform rating and $200 price target, citing competitive risks for Spinraza in SMA, price/share erosion in MS, and a pipeline focused on high risk/reward assets.
TRV Travelers
$141.77

0.33 (0.23%)

09/18/19
09/18/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. FedEx (FDX) downgraded to Hold from Buy at Deutsche Bank and Stifel, to Sector Weight from Overweight at KeyBanc, and to Market Perform from Outperform at BMO Capital. 2. Travelers (TRV) downgraded to Neutral from Buy at BofA/Merrill with analyst Jay Cohen citing valuation. 3. TerraForm Power (TERP) downgraded to Neutral from Overweight at JPMorgan with analyst Mark Strouse citing valuation. 4. Blackstone (BX) downgraded to Neutral from Buy at Citi with analyst William Katz citing valuation. 5. Masco (MAS) downgraded to Neutral from Buy at Buckingham with analyst Megan McGrath saying that given Masco's muted three-year pro forma outlook provided at its investor day on Tuesday, she believes that much further upside to the shares would require a belief that 2021 guidance is meaningfully conservative. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/18/19
BOFA
09/18/19
DOWNGRADE
Target $156
BOFA
Neutral
Travelers downgraded to Neutral from Buy at BofA/Merrill
BofA Merrill Lynch analyst Jay Cohen downgraded Travelers to Neutral from Buy based on valuation following a period of multiple expansion and the higher risk he sees of reserve charges in its commercial insurance business in the second half of the year. Cohen cut his 2019 estimates due to expected reserve charges and lowered his price target on Travelers shares to $156 from $165.
10/17/19
EVER
10/17/19
INITIATION
EVER
Underperform
Travelers initiated with an Underperform at Evercore ISI
Evercore ISI analyst David Motemaden initiated Travelers with an Underperform rating as part of starting coverage of the U.S. Property & Casualty industry with a neutral to cautious view on the sector.
07/24/19
RBCM
07/24/19
NO CHANGE
Target $160
RBCM
Sector Perform
Travelers price target raised to $160 from $145 at RBC Capital
RBC Capital analyst Mark Dwelle raised his price target on Travelers to $160 but kept his Sector Perform rating after its "mixed" Q2 results, saying that while the company's pricing accelerated, its core margins came in weaker. The analyst notes that the quarter was weighed down by higher commercial auto severity and non-catastrophe weather-related claims, even though neither is seen as a "significant drag" for Travelers' future quarters.
PCAR Paccar
$72.88

0.83 (1.15%)

08/28/19
CLVD
08/28/19
NO CHANGE
CLVD
Truck survey flags production cuts, deteriorating used truck fundamentals, says Cleveland Research
Cleveland Research analyst Adam Uhlman says his North American truck dealer survey has flagged deteriorating used truck fundamentals recently, as well as fleets deferring second half of 2019 deliveries into 2020. Supplier sources indicate Navistar (NAV) and Paccar (PCAR) plan to cut build rates over the next two months, he adds. The analyst believes additional cuts unfold in Q4 and build rates deteriorate further through 2020 unless order rates recover significantly above the normal seasonal increase in Q4. Meanwhile, Uhlman says new news this quarter is used truck pricing has begun to deteriorate more meaningfully which has caused concern for 2020 activity. Consensus estimates for Paccar and Cummins (CMI) appear too high to him going into 2020, even though expectations for the group have been quite low for some time. The analyst continues to see downside risk to the group in the medium-term. Uhlman has Neutral rating on all three stocks.
10/09/19
OTRG
10/09/19
DOWNGRADE
OTRG
Negative
Paccar downgraded to Negative from Mixed at OTR Global
07/24/19
JPMS
07/24/19
UPGRADE
Target $67
JPMS
Neutral
Paccar upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Ann Duigan upgraded Paccar to Neutral from Underweight and raised her price target for the shares to $67 from $66. The analyst cites valuation for the upgrade following the recent selloff in the shares.
10/09/19
OTRG
10/09/19
DOWNGRADE
OTRG
Negative
Update: Paccar downgraded to Negative following checks at OTR Global
As previously reported, OTR Global downgraded Navistar to Negative from Mixed. The firm's checks indicate US, Europe, and Brazil heavy duty truck demand deteriorated during Q3 due to market saturation, uncertainty, and specific market conditions. Further, US component suppliers reported Q3 sales declines, trailer demand appears to have declined, and Western European new truck inventory levels are high, the firm reported in a note to investors.
FITB Fifth Third
$28.04

0.71 (2.60%)

07/12/19
SBSH
07/12/19
NO CHANGE
SBSH
Morgan Stanley upgrade, Wells downgrade among Citi's bank changes
Citi analyst Keith Horowitz made seven rating changes in the U.S. Banks space after updating his estimates and target prices for a new base case rate forecast that more closely reflects the forward curve. This includes two interest rate cuts in 2019 and 2020. The analyst's terminal yield curve assumptions to Fed Funds is 1.75%. The lower rate assumptions led him to lower his normal return on tangible equity estimates ~100 basis points on average. Following these changes, Horowitz upgraded Morgan Stanley (MS) to Buy from Neutral), downgraded Comerica (CMA), Northern Trust (NTRS), and M&T Bank (MTB) to Sell from Neutral, and downgraded Wells Fargo (WFC), Citizens Financial (CFG), and Fifth Third (FITB) to Neutral from Buy.
10/04/19
SPHN
10/04/19
NO CHANGE
Target $34
SPHN
Overweight
Fifth Third banker departures 'typical' following acquisition, says Stephens
Stephens analyst Terry McEvoy noted that Crain's Chicago Business reported that roughly 70 bankers have left Fifth Third since closing of its deal for MB Financial, but he calls these types of employee losses "typical with most bank acquisitions." The analyst, who noted that Fifth Third has said that the company has not experienced any material client attrition since the merger, continues to see Fifth Third shares as undervalued and keeps an Overweight rating on the stock with a $34 price target.
10/11/19
BOFA
10/11/19
UPGRADE
Target $30
BOFA
Buy
Fifth Third upgraded to Buy on discounted valuation at BofA/Merrill
As previously reported, BofA/Merrill analyst Erika Najarian upgraded Fifth Third to Buy from Neutral with a $30 price target. Najarian said Fifth Third shares are trading at an "inexplicable discount" and suggests that its revenues are sensitive to declining rates, which is not the case. Further, the company will benefit from revenue and expense synergies from the MB acquisition and organic middle market expansion, the analyst wrote in a note to investors.
10/11/19
BOFA
10/11/19
UPGRADE
BOFA
Buy
Fifth Third upgraded to Buy from Neutral at BofA/Merrill
CNC Centene
$45.83

-1.09 (-2.32%)

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.
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.
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.
10/16/19
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).
RF Regions Financial
$16.08

0.305 (1.93%)

10/08/19
JEFF
10/08/19
UPGRADE
Target $18
JEFF
Buy
Regions Financial upgraded to Buy from Hold at Jefferies
Jefferies analyst Ken Usdin upgraded Regions Financial to Buy from Hold with a price target of $18, up from $16.
10/08/19
SBSH
10/08/19
DOWNGRADE
SBSH
Sell
Regions Financial downgraded to Sell from Neutral at Citi
Citi analyst Keith Horowitz downgraded Regions Financial to Sell from Neutral.
10/08/19
JEFF
10/08/19
NO CHANGE
JEFF
Jefferies changes five bank ratings after looking into 2020, 2021
Jefferies analyst Ken Usdin upgraded BB&T (BBT), SunTrust Banks (STI) and Regions Financial (RF) to Buy from Hold from Hold while downgrading M&T Bank (MTB) and Zions Bancorp (ZION) to Hold from Buy. Looking to 2020 and 2021, banks face slowing earnings growth and "ongoing sentiment hurdles," Usdin tells investors in a research note. The analyst's base case assumes a stable economy, but he notes that "trade talk could tip it either way." Further, the 2020 election could weigh not only on valuation multiples, but also on earnings estimates based on the regulatory outlook, adds the analyst. He believes attractive dividend yields and a shift toward value stocks could help, but admits that earnings revisions are biased down with more rate cuts likely. Regions "has led the pack" in protecting its net interest margin for a tougher rates environment, while BB&T has less downside to estimates relative to peers and a faster earnings growth rate given benefits from the pending merger-of-equals with SunTrust, contends Usdin.
07/22/19
07/22/19
UPGRADE
Target $17

Outperform
Regions Financial upgraded to Outperform at Wedbush
As previously reported, Wedbush analyst Peter Winter upgraded Regions Financial to Outperform from Neutral and raised his price target on the shares to $17 from $15. The analyst believes the company is better positioned than most of its peers to handle a lower rate environment given actions to reduce its asset sensitivity. Further, he argues that Regions Financial is still in the early stages of reaping the benefits from its "Simplify & Grow" initiatives, and sees it as better positioned for the next downturn, with an attractive valuation.
NUE Nucor
$51.78

0.09 (0.17%)

05/31/19
BOFA
05/31/19
DOWNGRADE
Target $50
BOFA
Underperform
Nucor downgraded to Underperform from Buy at BofA/Merrill
BofA Merrill Lynch analyst Timna Tanners double downgraded Nucor, to Underperform from Buy, to incorporate a lower near-term forecast for prices, especially for sheet and rebar, and a lower 2021-2022 forecast given expectations for a looming glut in steel. Nucor produces three of the products that Tanners thinks will be most hurt by new supply: sheet, rebar, and plate. The analyst lowered the price target on Nucor shares to $50 from $68.
06/26/19
JEFF
06/26/19
NO CHANGE
JEFF
Nucor flat rolled price increase likely to help sentiment, says Jefferies
After Nucor (NUE) announced a $40/t flat rolled price increase yesterday, which was the first increase since February, Jefferies analyst Martin Englert said he thinks peers are likely to follow. While the increase may not immediately raise prices, it is a move in the right direction that aids more positive sector sentiment, Englert tell investors. The analyst, who advises investors to increase exposure to steel stocks, names Nucor, Steel Dynamics (STLD), Cleveland-Cliffs (CLF) and Commercial Metals (CMC) as his top U.S. picks Other publicly traded companies in the steel space include AK Steel (AKS), ArcelorMittal (MT), TimkenSteel (TMST) and U.S. Steel (X).
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).
05/31/19
05/31/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Mallinckrodt (MNK) downgraded to Neutral from Overweight at Piper Jaffray with analyst David Amsellem stating last week's developments regarding Acthar in the Medicaid setting, along with as much as a $600M Centers for Medicare & Medicaid Services-related liability, "essentially blew" his prior investment thesis to "smithereens." 2. Nucor (NUE) downgraded to Underperform from Buy at BofA/Merrill with analyst Timna Tanners incorporating a lower near-term forecast for prices, especially for sheet and rebar, and a lower 2021-2022 forecast given expectations for a looming glut in steel. 3. J.Jill (JILL) downgraded to Hold from Buy at Deutsche Bank with analyst Lorraine Hutchinson stating that she expects the stock's multiple to contract due to the company's slower growth. 4. Nutanix (NTNX) downgraded to Neutral from Overweight at Piper Jaffray with analyst Andrew Nowinski citing the company's "continued execution issues," which he attributes partially to increasing competition. 5. Zuora (ZUO) downgraded to Buy from Strong Buy at Needham with analyst Scott Berg saying that the stock could be "dead money" for the next 1-2 quarters, noting that the sales issues are more concerning than the product issues and may require a change in sales leadership. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
HAS Hasbro
$120.11

-1.78 (-1.46%)

07/26/19
ARGS
07/26/19
UPGRADE
Target $145
ARGS
Buy
Hasbro upgraded to Buy from Hold at Argus
Argus analyst John Staszak upgraded Hasbro to Buy with a price target of $145, citing the company's dominant position with a range of "strong" brands as well as in the big-screen business. The analyst contends that the stock is an "attractive investment for growth-income investors" as it works to expand its business in Asia Pacific and other emerging markets, also raising his FY19 EPS view by 25c to $4.65 and FY20 view by 20c to $5.20.
07/26/19
07/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Goldman Sachs (GS) and Citi (C) upgraded to Outperform from Market Perform at Keefe Bruyette. 2. Ambev (ABEV) upgraded to Neutral from Underweight at JPMorgan with analyst Lucas Ferreira saying the post-earnings share rally shows that investors are chasing good growth stories to play Brazil's economic recovery. 3. West Pharmaceutical (WST) upgraded to Neutral from Underperform at BofA/Merrill with analyst Derik de Bruin saying that over the course of the first half, the company addressed his prior concerns around organic revenue growth and product mix trends while also boosting its operating margins and generating higher free cash flows. 4. Union Pacific (UNP) upgraded to Overweight from Neutral at Atlantic Equities, while CSX (CSX) was upgraded to Neutral from Underweight. 5. Hasbro (HAS) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's dominant position with a range of "strong" brands as well as in the big-screen business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/23/19
DADA
08/23/19
NO CHANGE
Target $138
DADA
Buy
Mattel could decline after Hasbro deal for Entertainment One, says DA Davidson
DA Davidson analyst Linda Bolton Weiser said Mattel (MAT) shares could decline as "it's now clear there will not be a HAS/MAT deal" following Hasbro's (HAS) agreement to acquire Entertainment One for $4B in cash. For Hasbro, she estimates the deal is at least 22c accretive to her 2020 EPS estimate, adding that eOne will give the company strong preschool properties and will let it unlock franchise economics across platforms. Weiser has a Buy rating and $138 price target on Hasbro shares.
09/10/19
JEFF
09/10/19
NO CHANGE
Target $130
JEFF
Buy
Hasbro shares can rally over 40% within two years, says Jefferies
Two "powerful, higher-margin engines" can drive shares of Hasbro higher by 40%-plus over the next one-to-two years, Jefferies analyst Stephanie Wissink tells investors in a research note. The analyst sees digital gaming and eOne media platform integration driving Hasbro's earnings growth higher. Further, modest core toy sales growth should generate cash flow to support investment, debt deleveraging, and the dividend, says Wissink. She reiterates Hasbro as a "Franchise Pick" with a Buy rating and $130 price target.
TRU TransUnion
$82.55

1.055 (1.29%)

03/15/19
EXAN
03/15/19
INITIATION
Target $66
EXAN
Neutral
TransUnion initiated with a Neutral at Exane BNP Paribas
Exane BNP Paribas initiated TransUnion with a Neutral and $66 price target.
07/30/19
ATLE
07/30/19
DOWNGRADE
ATLE
Neutral
TransUnion downgraded to Neutral from Overweight at Atlantic Equities
Atlantic Equities analyst Kunaal Malde downgraded TransUnion (TRU) to Neutral from Overweight saying he prefers shares of Equifax (EFX) at current levels.
07/24/19
RHCO
07/24/19
NO CHANGE
Target $90
RHCO
Buy
TransUnion price target raised to $90 from $78 at SunTrust
SunTrust analyst Andrew Jeffrey raised his price target on TransUnion to $90 and kept his Buy rating after its Q2 earnings beat and raised FY19 guidance, saying that while its valuation is "pushing the limit", he believes that company can expand its margins and grow its organic revenue by over 6%. Jeffrey also maintains his positive view on the company's position in Insurance and is also enthused by its "apparent re-acceleration" in emerging verticals like Healthcare.
04/24/19
BARD
04/24/19
NO CHANGE
Target $78
BARD
Outperform
TransUnion still a top idea despite 'modestly disappointing' Q1, says Baird
Baird analyst Jeffrey Meuler said TransUnion's Q1 results were "modestly disappointing, but not thesis changing" and the stock remains his top information solutions idea given that he expects accelerating growth in the near-term and sustained strong growth at attractive economics over the long-term. Despite the Q1 results, strong bookings trends, improved trends in shorter-cycle/batch revenue in March/April relative to January/February and a more favorable mortgage market outlook are among the factors he points to that give him confidence in a reacceleration. Meuler keeps an Outperform rating on TransUnion shares and raised his price target on the stock to $78 from $75.
DGX Quest Diagnostics
$102.21

-0.465 (-0.45%)

07/15/19
ROTH
07/15/19
NO CHANGE
Target $7.5
ROTH
Buy
Sharecare liquidity event would help capitalize Remark AI business, says Roth Capital
Roth Capital analyst Darren Aftahi notes that privately-held Sharecare, which he estimates Remark Holdings (MARK) owns about 4.5% of, recently announced Quest Diagnostics (DGX) as its preferred laboratory partner, with Quest also making a strategic investment in the company. The analyst believes this could set the stage for a potential IPO going forward. Based on his current analysis, Aftahi thinks Remark's stake is worth about $150M-$175M, implying about $3.65-$4.31/share, multiples of its current $43M value. A liquidity event in Sharecare would help to much better capitalize Remark's AI business, he contends. The analyst reiterates a Buy rating and $7.50 price target on Remark's shares.
07/15/19
GSCO
07/15/19
DOWNGRADE
Target $85
GSCO
Sell
Goldman Sachs downgrades Quest Diagnostics to Sell, cuts target to $85
Goldman Sachs analyst Patrick Donnelly downgraded Quest Diagnostics (DGX) to Sell from Neutral and lowered his price target for the shares to $85 from $90. The company remains in a flat- to low-single-digit organic growth environment which will constrain operating profit and free cash flow growth, Donnelly tells investors in a research note. Further, the analyst sees "little reason for optimism" in the near term around the UnitedHealth (UNH) Preferred Lab Network. The incentive structure to further narrow lab use is uncertain and "in-network" status is most likely to continue to dominate volume flow, says Donnelly. He sees downside risk to Quest's to out-year estimates "as the lab business struggles to grow organically."
07/24/19
FBCO
07/24/19
NO CHANGE
Target $105
FBCO
Neutral
Quest Diagnostics price target raised to $105 from $99 at Credit Suisse
Credit Suisse analyst Erin Wilson Wright raised her price target for Quest Diagnostics to $105 from $99 following quarterly results. The analyst reiterates a Neutral rating on the shares.
09/03/19
KEYB
09/03/19
NO CHANGE
KEYB
Quest Diagnostics, LabCorp could be impacted by Hurricane Dorian, says KeyBanc
KeyBanc analyst Donald Hooker notes that both Quest Diagnostics (DGX) and LabCorp (LH) operate facilities in Florida and the Southeast that could be negatively impacted by Hurricane Dorian. In prior years, bad hurricane seasons have negatively impacted year over year patient volumes by anywhere from 30-160 bps for both companies, with a more pronounced bottom-line impact given the economies of scale in lab testing, he adds. However, the analyst suspects that the financial impact may be mitigated this year given the significant changes at both Quest and LabCorp. As an initial take, Hooker would ballpark a bad hurricane season for Quest could represent about $20M of revenue headwind and 6c of EPS headwind, while for LabCorp, the headwind could be about $17M and 6c, respectively.
IPG Interpublic Group
$20.79

0.14 (0.68%)

09/23/19
WELS
09/23/19
INITIATION
Target $23
WELS
Market Perform
Interpublic Group initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Steven Cahall started Interpublic Group with a Market Perform rating and $23 price target. The stock needs to get the account "loss cycle" behind it before multiple expansion can be expected, says the analyst.
01/18/19
RBCM
01/18/19
DOWNGRADE
Target $24
RBCM
Sector Perform
Interpublic Group cut to Sector Perform at RBC Capital on lower organic growth
As reported earlier, RBC Capital analyst Steven Cahall downgraded Interpublic Group to Sector Perform and lowered his price target to $24 from $28. The analyst expects the company's organic growth to decelerate in 2019 after "recent account losses", stating that after a "fantastic" organic growth rate of 4.6%, Interpublic Group is now facing tougher comps. In reducing his growth outlook to 2.3% from 3.0% - below the consensus 2.5% - Cahall adds that he doesn't expect Acxiom to contribute until Q4 of this year.
01/18/19
01/18/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Signet Jewelers (SIG) downgraded to Sell from Neutral at Citi with analyst Paul Lejuez saying in what was one of the strongest years from the consumer since the recession, Signet's comps and margins have been under pressure. 2. Casa Systems (CASA) downgraded to Equal Weight from Overweight at Morgan Stanley and to Hold from Buy at Stifel. 3. Sandy Spring Bancorp (SASR) downgraded to Hold from Buy at Sandler O'Neill and to Market Perform from Outperform at Keefe Bruyette. 4. Interpublic Group (IPG) downgraded to Sector Perform from Outperform at RBC Capital with analyst Steven Cahall saying he expects the company's organic growth to decelerate in 2019 after "recent account losses," stating that after a "fantastic" organic growth rate of 4.6%, Interpublic Group is now facing tougher comps. 5. Nautilus (NLS) downgraded to Neutral from Buy at Sidoti, DA Davidson, and B. Riley FBR, as well as to Hold from Buy at Lake Street. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/10/19
BOFA
07/10/19
UPGRADE
BOFA
Neutral
Interpublic Group upgraded to Neutral from Underperform at BofA/Merrill
HOG Harley-Davidson
$37.14

0.555 (1.52%)

04/24/19
GSCO
04/24/19
DOWNGRADE
Target $34
GSCO
Sell
Goldman downgrades 'worst positioned' Harley-Davidson to Sell from Neutral
Goldman Sachs analyst David Tamberrino downgraded Harley-Davidson (HOG) to Sell from Neutral and lowered his price target for the shares to $34 from $37. The stock closed yesterday down 78c to $38.92. The analyst views Harley as the "worst positioned" within his Powersports coverage given its concentration in a "secularly declining" motorcycle market. The company needs to grow its customer-base through rider academies as well as incremental marketing spend, Tamberrino tells investors in a research note. Further, Harley-Davidson's new product introductions into more crowded markets will likely lower its margins. While Harley's move into smaller bikes and electrification has longer-term benefits, the strategy could hurt profitability given the requirements for incremental spend, says the analyst. Lastly, Tamberrino sees risk to Harley-Davidson Financial Services as interest rates rise. The analyst this morning also initiated coverage of Polaris Industries (PII) with a Buy rating and BRP Inc. (DOOO) with a Neutral rating.
04/24/19
04/24/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Harley-Davidson (HOG) downgraded to Sell from Neutral at Goldman Sachs with analyst David Tamberrino saying he views Harley as the "worst positioned" within his Powersports coverage given its concentration in a "secularly declining" motorcycle market. 2. TowerJazz (TSEM) downgraded to Neutral from Outperform at Credit Suisse with analyst Quang Tung Le saying to reflect ongoing weakness at the company's "key" radio frequency and power customers along with revised three- year deal extension with Panasonic, the analyst reduced his sales estimates. 3. Marriott (MAR) downgraded to In Line from Outperform at Evercore ISI with analyst Rich Hightower saying approaching Q1 earnings season, the analyst finds himself "incrementally negative" on hotel stocks overall - and even more so with respect to the C-Corps than the REITs - given the sector's substantial recent outperformance against the relevant benchmarks, coupled with no obvious shift in fundamentals over the last 60-90 days. 4. Kraft Heinz (KHC) downgraded to Underweight from Neutral at Piper Jaffray with analyst Michael Lavery saying expectations for the company's 2020 earnings are likely too high as it plans divestitures of underperforming businesses, which could be 20c-30c dilutive on a per share basis. 5. Hyatt (H) and Hilton (HLT) downgraded to Market Perform from Outperform at Wells Fargo. 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
LBOW
09/23/19
NO CHANGE
LBOW
Neutral
Harley-Davidson dealer checks point to late Q3 promotional push, says Longbow
Longbow analyst David MacGregor said his recent checks with Harley-Davidson dealers revealed a late Q3 promotional push to cut inventories. Following his checks, he forecasts Q3 new retail sales to be down 6%-8%, but expects a stronger than previously forecasted mix, noted MacGregor, who keeps Neutral rating on Harley shares.
06/04/19
NRCS
06/04/19
NO CHANGE
NRCS
Neutral
Harley-Davidson U.S. retail checks weak in May, says Northcoast
Northcoast analyst Brandon Rolle said his recent checks on Harley-Davidson for May showed continued weakness in U.S. retail despite easy comparisons and "aggressive" lending from its financing arm. Persistent weakness in U.S. retail sales has also hurt dealers' willingness to take on the company's new electric vehicles, said Rolle, who keeps a Neutral rating on Harley shares.
PII Polaris Industries
$91.55

0.935 (1.03%)

07/31/19
UBSW
07/31/19
UPGRADE
UBSW
Buy
Polaris Industries upgraded to Buy from Neutral at UBS
07/31/19
07/31/19
UPGRADE
Target $105

Buy
Polaris Industries upgraded to Buy from Neutral at UBS
As previously reported, UBS analyst Robin Farley upgraded Polaris Industries to Buy and raised her price target to $105 from $97. The analyst notes that although estimates have not changed "significantly" to reflect the tariff risk, about $1 of the company's earnings has been discounted in the stock. Farley believes that when the tariff tensions are settled, Polaris Industries will return to trade "closer to its historical average multiple".
07/24/19
LSCM
07/24/19
NO CHANGE
Target $112
LSCM
Buy
Polaris Industries price target raised to $112 from $107 at Lake Street
Lake Street analyst Mark Smith raised his price target for Polaris Industries to $112 from $107 saying the company's Q2 results were significantly better than he expected.Polaris produced better than expected sales and mitigated more tariff impact than expected, Smith tells investors in a research note. He reiterates a Buy rating on the shares.
07/24/19
RAJA
07/24/19
NO CHANGE
Target $108
RAJA
Strong Buy
Polaris Industries price target lowered to $108 from $115 at Raymond James
Raymond James analyst Joseph Altobello lowered his price target for Polaris Industries to $108 from $115, while reiterating a Strong Buy rating on the shares following the announcement of Q2 results that largely exceeded expectations and as management's revised 2019 guidance was "notably encouraging." Despite significant tariff-related headwinds, the company's core business appears healthy and not fully reflected in valuation, while the company is poised to benefit meaningfully from any trade progress, he contends.
SNV Synovus
$36.30

1.005 (2.85%)

09/20/19
EVER
09/20/19
DOWNGRADE
Target $38
EVER
In Line
Synovus downgraded to In Line from Outperform at Evercore ISI
Evercore ISI analyst John Pancari downgraded Synovus Financial to In Line from Outperform and lowered his price target for the shares to $38 from $40.
09/20/19
09/20/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Suzano (SUZ) downgraded to Neutral from Buy at Goldman Sachs with analyst Thiago Oje turning more cautious on the Latin America Pulp & Paper sector citing weaker demand stemming from U.S.-China trade tensions, "unprecedented" inventory levels that are 60% above historical averages, and "deteriorating" long-term outlooks after new capacity announcements. 2. Synovus (SNV) downgraded to In Line from Outperform at Evercore ISI. 3. Xilinx (XLNX) downgraded to Neutral from Buy at BofA/Merrill with analyst Vivek Arya citing the "sudden" departure of its CFO Lorenzo Flores last night for another firm. 4. Cosan (CZZ) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Javier Martinez de Olcoz Cerdan saying while he still sees a recovery in sugar prices ahead, Indian sugar may continue to pressure prices in the coming months. 5. Liberty Global (LBTYA) double downgraded to Sell from Buy at Citi with analyst Nayab Amjad saying the stock has outperformed since January on hopes of completion of the Swiss unit disposal, the closing of the Vodafone deal, and the recent tender offer. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/20/19
DADA
08/20/19
INITIATION
Target $41
DADA
Buy
Synovus initiated with a Buy at DA Davidson
DA Davidson analyst Kevin Fitzsimmons initiated Synovus with a Buy $41 price target citing FCB acquisition synergies, healthy core profitability, steady loan growth, an attractive Southeast footprint, and ongoing buybacks.
08/08/19
EVER
08/08/19
UPGRADE
EVER
Outperform
Synovus upgraded to Outperform from In Line at Evercore ISI
JBLU JetBlue
$17.54

0.59 (3.48%)

10/21/19
STFL
10/21/19
UPGRADE
STFL
Buy
JetBlue upgraded to Buy from Hold at Stifel
10/21/19
STFL
10/21/19
UPGRADE
Target $24
STFL
Buy
JetBlue could be worth $28 in a takeout scenario, says Stifel
Stifel analyst Joseph DeNardi upgraded JetBlue to Buy from Hold with a price target of $24, up from $22. In a research note to investors, DeNardi says that a prolonged grounding of Boeing's (BA) 737 MAX is an "existential threat" to Southwest's (LUV) business model and that the "only reasonable option" Southwest has to address this risk is through an acquisition of JetBlue or Alaska Air (ALK). When combined with JetBlue's attractive CASMx story into 2020, the analyst now sees the increased likelihood of M&A as presenting a sufficiently attractive risk/reward setup to justify an upgrade. JetBlue could be worth $28 in a takeout scenario, DeNardi says. The Stifel analyst downgraded Southwest to Hold from Buy.
10/21/19
STFL
10/21/19
DOWNGRADE
Target $60
STFL
Hold
Stifel downgrades Southwest on risk of deal to lessen Boeing dependency
Stifel analyst Joseph DeNardi downgraded Southwest Airlines (LUV) to Hold from Buy with a price target of $60, down from $75. The stock in morning trading is up 7c to $53.55. Southwest is an all Boeing (BA) 737 airline, which makes its business model dependent on 737s, DeNardi tells investors in a research note. Southwest's decision to remove the 737 MAX from its schedule through early February, a "deteriorating" relationship between the Federal Aviation Administration and Boeing, and reports that Boeing may be looking at a 737 MAX rate cut indicate that Southwest "may be nearing a tipping point" where the duration of the MAX grounding pushes it to consider more significant and strategic solutions, including acquisitions, DeNardi contends. The analyst believes an acquisition by Southwest motivated by a desire to diversify away from the MAX "creates significant risks" in the near term for the company. DeNardi today also upgraded shares of JetBlue Airways (JBLU) to Buy from Hold.
10/21/19
BUCK
10/21/19
NO CHANGE
Target $88
BUCK
Buy
Alaska Air price target raised to $88 from $78 at Buckingham
Buckingham analyst Daniel McKenzie raised his price target for Alaska Air (ALK) to $88 from $78 and lowered his price target for American Airlines (AAL) to $42 from $43. He maintained Buy ratings on both airline names ahead of Q3 earnings this week. In a research note to investors, McKenzie says the industry is set to deliver Q3 pre-tax profits of $5.8B, up 16.5% year-over-year, primarily on top line revenue growth. The analyst believes Alaska Air, American Airlines, Hawaiian Holdings (HA) and JetBlue (JBLU) are most likely to outperform on revenue and EPS execution, while he thinks Spirit Airlines (SAVE) is the most likely to disappoint.
GPK Graphic Packaging
$14.86

0.205 (1.40%)

01/07/19
SBSH
01/07/19
UPGRADE
Target $27
SBSH
Buy
Silgan Holdings upgraded to Buy from Neutral at Citi
Citi analyst Anthony Pettinari upgraded Silgan Holdings (SLGN) to Buy with an unchanged price target of $27. The analyst says the upgrade reflects a more defensive positioning for Paper & Packaging in 2019. Following 2018's underperformance there are some supportive signs on valuation, with the Packagers' disconnect from Consumer Staples "especially noteworthy," Pettinari tells investors in a research note. Crown Holdings (CCK), Berry Global (BERY) and Graphic Packaging (GPK) are his top picks for 2019.
12/27/18
12/27/18
NO CHANGE

Stephens to keep GrubHub, RealPage, Vulcan Materials on 2019 Best Ideas list
Stephens said that it plans to publish a complete updated 2019 Best Ideas list on January 2, but in anticipation it shared the names that are being dropped and the three stocks that will remain on the list. The holdovers are GrubHub (GRUB), RealPage (RP) and Vulcan Materials (VMC). The stocks being removed include Boston Scientific (BSX), Brookdale Senior Living (BKD), Conn's (CONN), CoStar Group (CSGP), Curo Group (CURO), FedEx (FDX), First Financial Bancorp (FFBC), Graphic Packaging (GPK), Hub Group (HUBG), Keane Group (FRAC), KeyCorp (KEY), LKQ Corp. (LKQ), Myriad Genetics (MYGN), SVB Financial (SIVB), Triumph Bancorp (TBK), TrueCar (TRUE) and Union Bankshares (UBSH).
01/04/19
UBSW
01/04/19
INITIATION
Target $12
UBSW
Neutral
Graphic Packaging initiated with a Neutral at UBS
UBS analyst Edlain Rodriguez initiated Graphic Packaging with a Neutral rating and $11.50 price target.
06/17/19
BARD
06/17/19
NO CHANGE
Target $17
BARD
Outperform
Graphic Packaging shares ready to break higher, says Baird
Baird analyst Ghansham Panjabi noted Graphic Packaging shares have frustrated investors for more than two years but he believes the shares are ready to break higher. He believes margin expansion, an increasingly favorable core volume outlook, and an offensive bias toward free cash flow allocation should help the shares out of their previous holding pattern. Panjabi reiterated his Outperform rating and raised his price target to $17 from $15 on Graphic Packaging shares.

TODAY'S FREE FLY STORIES

AGO

Assured Guaranty

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MDU Resources

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Performance Food Group

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DHT Holdings files to sell 14.68M shares of common stock for holders »

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HP Inc.

$20.01

-0.16 (-0.79%)

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Fly Intel: Wall Street's top stories for Monday »

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ESE

Esco Technologies

$84.47

-0.8 (-0.94%)

, SON

Sonoco

$58.58

-0.29 (-0.49%)

16:23
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11/18
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Hot Stocks
Esco Technologies divests technical packaging business segment to Sonoco »

Esco Technologies (ESE)…

ESE

Esco Technologies

$84.47

-0.8 (-0.94%)

SON

Sonoco

$58.58

-0.29 (-0.49%)

03/08/13
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  • 19

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    Nov

KRTX

Karuna Therapeutics

$96.00

78.74 (456.20%)

16:23
11/18/19
11/18
16:23
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16:23
Syndicate
Karuna Therapeutics files to sell 2.6M shares of common stock »

Goldman Sachs & Co.…

03/08/13
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03/06/13
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03/06/13
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  • 18

    Nov

LHX

L3Harris Technologies

$202.71

0.21 (0.10%)

16:22
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11/18
16:22
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16:22
Initiation
L3Harris Technologies initiated  »

L3Harris Technologies…

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RGC

Regal Entertainment

$0.00

(0.00%)

, CNK

Cinemark

$34.15

0.02 (0.06%)

16:22
11/18/19
11/18
16:22
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16:22
Periodicals
DOJ's Delrahim wants to end ban on studios owning theaters, Bloomberg says »

Makan Delrahim, head of…

RGC

Regal Entertainment

$0.00

(0.00%)

CNK

Cinemark

$34.15

0.02 (0.06%)

AMC

AMC Entertainment

$8.47

-0.28 (-3.20%)

IMAX

Imax

$20.88

-0.19 (-0.90%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 18

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SAFE

Safehold

$35.96

0.65 (1.84%)

, STAR

iStar

$12.18

-0.135 (-1.10%)

16:21
11/18/19
11/18
16:21
11/18/19
16:21
Syndicate
Safehold announces 2M share public offering, concurrent private placement »

Safehold (SAFE) announced…

SAFE

Safehold

$35.96

0.65 (1.84%)

STAR

iStar

$12.18

-0.135 (-1.10%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 20

    Nov

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SHAK

Shake Shack

$61.75

-0.835 (-1.33%)

16:20
11/18/19
11/18
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Initiation
Shake Shack initiated  »

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KFRC

Kforce

$39.89

0.02 (0.05%)

16:20
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Kforce director sells 23K shares of common stock »

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VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
11/18/19
11/18
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Options
Closing CBOE SPX and VIX Index summary for November 18th »

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SAEX

SAExploration

$1.53

-0.03 (-1.92%)

16:19
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SAExploration announces $130M in new projects in Alaska, Canada and Middle East »

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EGHT

8x8, Inc.

$20.79

0.14 (0.68%)

16:19
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Syndicate
Breaking Syndicate news story on 8x8, Inc. »

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  • 04

    Dec

AMC

AMC Entertainment

$8.47

-0.28 (-3.20%)

, CNK

Cinemark

$34.15

0.02 (0.06%)

16:18
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Periodicals
DOJ's Delrahim wants to end ban on studios owning theaters, Bloomberg says »

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AMC

AMC Entertainment

$8.47

-0.28 (-3.20%)

CNK

Cinemark

$34.15

0.02 (0.06%)

RGC

Regal Entertainment

$0.00

(0.00%)

IMAX

Imax

$20.88

-0.19 (-0.90%)

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03/06/13
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03/06/13
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  • 18

    Nov

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    Dec

LCII

LCI Industries

$105.10

-0.41 (-0.39%)

16:17
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11/18
16:17
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Hot Stocks
LCI Industries subsidiary buys PWR-ARM Automatic Bimini assets of Schwintek »

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Z

Zillow

$39.94

0.25 (0.63%)

, ZG

Zillow

$39.75

0.32 (0.81%)

16:17
11/18/19
11/18
16:17
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16:17
Hot Stocks
Zillow president of media and marketplaces, Greg Schwartz, steps down »

Zillow announced that…

Z

Zillow

$39.94

0.25 (0.63%)

ZG

Zillow

$39.75

0.32 (0.81%)

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  • 19

    Nov

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
11/18/19
11/18
16:17
11/18/19
16:17
Technical Analysis
NASDAQ market internals summary »

Volume was average for…

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SNE

Sony

$62.41

0.38 (0.61%)

, T

AT&T

$39.61

0.12 (0.30%)

16:16
11/18/19
11/18
16:16
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16:16
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Sony Pictures acquires AT&T's stake in Game Show Network »

Sony Pictures…

SNE

Sony

$62.41

0.38 (0.61%)

T

AT&T

$39.61

0.12 (0.30%)

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  • 18

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SON

Sonoco

$58.58

-0.29 (-0.49%)

, ESE

Esco Technologies

$84.47

-0.8 (-0.94%)

16:16
11/18/19
11/18
16:16
11/18/19
16:16
Hot Stocks
Sonoco to acquire TEQ from Esco Technologies for $187M, sees deal as accretive »

Sonoco (SON) announced it…

SON

Sonoco

$58.58

-0.29 (-0.49%)

ESE

Esco Technologies

$84.47

-0.8 (-0.94%)

03/08/13
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  • 19

    Nov

  • 19

    Nov

OVID

Ovid Therapeutics

$2.76

0.14 (5.34%)

, NVS

Novartis

$90.32

0.3 (0.33%)

16:16
11/18/19
11/18
16:16
11/18/19
16:16
Hot Stocks
Ovid Therapeutics appoints Jason Tardio as CCO »

Ovid Therapeutics (OVID)…

OVID

Ovid Therapeutics

$2.76

0.14 (5.34%)

NVS

Novartis

$90.32

0.3 (0.33%)

03/08/13
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  • 07

    Dec

$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
11/18/19
11/18
16:16
11/18/19
16:16
Technical Analysis
NYSE market internals summary »

Volume was average for…

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I

Intelsat

$7.98

-5.42 (-40.45%)

16:15
11/18/19
11/18
16:15
11/18/19
16:15
Downgrade
Intelsat rating change  »

Intelsat downgraded to In…

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  • 10

    Dec

GSX

GSX Techedu

$16.75

1.84 (12.34%)

16:15
11/18/19
11/18
16:15
11/18/19
16:15
Syndicate
GSX Techedu files to sell 15M American Depositary Shares for holders »

Representing 10M Class A…

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