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CDNS

Cadence Design

$66.67

1.07 (1.63%)

, AMTD

TD Ameritrade

$37.65

0.86 (2.34%)

18:36
10/21/19
10/21
18:36
10/21/19
18:36

Fly Intel: After Hours Movers

UP AFTER EARNINGS: Cadence Design (CDNS) up 5.5%... TD Ameritrade (AMTD) up 4.2%... Helix Energy (HLX) up 3.3%... Zions Bancorporation (ZION) up 1.8%. ALSO HIGHER: Stamps.com (STMP) up 21.0% after entering UPS Digital Access Program deal, UPS (UPS) is up 1.3% on the announcement... First BanCorp (FBP) up 10.2% after acquiring FirstBank Puerto Rico for $425M... Vertex (VRTX) up 3.0% after establishing annual Trikafta price, raising FY19 CF sales forecast... Kadmon Holdings (KDMN) up 2.9% after getting FDA approval for Clovique. DOWN AFTER EARNINGS: Del Taco (TACO) down 9.6%... Hexcel (HXL) down 2.5%... Site Centers (SITC) down 2.4%... Agree Realty (ADC) down 1.1%... Celanese (CE) down 1.1%. ALSO LOWER: Howard Hughes Corp (HHC) down 19.0% after announcing results of strategic alternatives review and planned asset sale. Movers as of 18:15ET.

CDNS

Cadence Design

$66.67

1.07 (1.63%)

AMTD

TD Ameritrade

$37.65

0.86 (2.34%)

HLX

Helix Energy

$8.32

0.31 (3.87%)

ZION

Zions Bancorp

$45.68

0.96 (2.15%)

STMP

Stamps.com

$76.12

0.55 (0.73%)

UPS

UPS

$118.56

1.23 (1.05%)

FBP

First BanCorp

$10.24

-0.015 (-0.15%)

VRTX

Vertex

$183.73

7.49 (4.25%)

KDMN

Kadmon

$3.08

0.17 (5.84%)

TACO

Del Taco

$9.66

0.26 (2.77%)

HXL

Hexcel

$74.59

-1.62 (-2.13%)

SITC

Site Centers

$15.27

0.175 (1.16%)

ADC

Agree Realty

$77.01

1.365 (1.80%)

CE

Celanese

$121.37

-0.3 (-0.25%)

HHC

Howard Hughes

$128.38

2.41 (1.91%)

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CDNS Cadence Design
$66.67

1.07 (1.63%)

10/11/19
WELS
10/11/19
UPGRADE
Target $80
WELS
Outperform
Cadence Design upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Gary Mobley upgraded Cadence Design to Outperform from Market Perform with an $80 price target.
09/23/19
BOFA
09/23/19
INITIATION
Target $73
BOFA
Neutral
Cadence Design initiated with a Neutral at BofA/Merrill
BofA/Merrill analyst Adam Gonzalez initiated Cadence Design with a Neutral and $73 price target citing limited operating leverage and fair valuatin.
09/23/19
BOFA
09/23/19
INITIATION
Target $171
BOFA
Buy
Synopsys resumed with a Buy at BofA/Merrill
BofA/Merrill analyst Adam Gonzalez resumed coverage of Synopsys (SNPS) with a Buy rating and a Street-high price target of $171, citing the company's position as a leading supplier of chip/electronic design automation software, hardware and intellectual property. The analyst adds that Synopys has expanded beyond its chip design core business to "growth-enhancing" enterprise software security, which he believes can propel its revenue growth rate to 200bps above that of Cadence Design (CDNS) over the next 3 years.
10/11/19
WELS
10/11/19
UPGRADE
Target $80
WELS
Outperform
Cadence Design upgraded to Outperform following pullback at Wells Fargo
As previously reported, Wells Fargo analyst Gary Mobley upgraded Cadence Design (CDNS) to Outperform from Market Perform following the stock's recent selloff and underperformance compared to peers Synopsys (SNPS) and Ansys (ANSS). He has raised his "Street-high" FY21 estimates based on his belief that the company should see initial revenue from its recent launch of two new products for the systems analysis market, Clarity and Celsius, the analyst noted. Diversification is key for Cadence given that the company, along with Synopsys, already have nearly 70% market share in the EDA software tools market, Mobley added in his upgrade note. He raised his price target on Cadence shares to $80, up from $70.
AMTD TD Ameritrade
$37.65

0.86 (2.34%)

10/14/19
SBSH
10/14/19
DOWNGRADE
Target $27
SBSH
Sell
TD Ameritrade downgraded to Sell from Neutral at Citi
Citi analyst William Katz downgraded TD Ameritrade to Sell from Neutral with a price target of $27, down from $35.50. The analyst expects "another leg down" in the shares given the commission wars among the electric brokers that he believes is not fully factored into the stock. TD Ameritrade's business model now has greater cyclicality, which warrants a low price-to-earnings multiple, Katz tells investors in a research note. The analyst adds that while a potential buyout "seems potent on paper," he sees low visibility on such a deal.
10/14/19
SBSH
10/14/19
NO CHANGE
SBSH
Citi opens '30-Day Negative Catalyst Watch' on Waddell & Reed
Citi analyst William Katz opened a "30-Day Negative Catalyst Watch" for Sell-rated Waddell & Reed (WDR) and initiated a "90-Day Positive Catalyst Watch" on Buy-rated Carlyle Group (CG). He also initiated a "Persistent Existentialism" pair trade, or overweight Charles Schwab (SCHW) and underweight TD Ameritrade (AMTD), a stock he downgraded this morning to Sell from Neutral. Into the Q3 earnings season, the analyst lowered his 12-month price targets for the Brokers and Asset Managers to reflect a combination of lower target multiples and reduced earnings prospects.
10/14/19
SBSH
10/14/19
DOWNGRADE
SBSH
Sell
TD Ameritrade downgraded to Sell from Neutral at Citi
10/09/19
DBAB
10/09/19
NO CHANGE
DBAB
Hold
Deutsche sees 'major' M&A as potential path for E-Trade, Ameritrade
Charles Schwab's (SCHW) move to cut trade commissions to zero is likely to spur business model changes at TD Ameritrade (AMTD) and E-Trade Financial (ETFC), Deutsche Bank analyst Brian Bedell tells investors in a research note. Instead of managing "persistent" revenue declines, management teams should seek to leverage their strong operating platforms and loyal customer base into a more diversified retail financial service offering that includes online banking, digital wealth management and investment advisory, argues the analyst. This may require "major" M&A for E-Trade and Ameritrade, while Schwab can likely augment its wider range of offerings organically or via smaller bolt on deals, says Bedell. He still views Ameritrade as the "most efficient acquirer" of E-Trade, but finds it no longer clear that the combination "would create a broad enough financial services offering for the new revenue paradigm." One alternative idea could be an E-Trade combination with a digital banking and wealth management platform, says the analyst, who analyzed a potential merger with Goldman Sachs (GS). Bedell also wonders if Ameritrade will eventually explore strategic alternatives or if 43% owner TD Bank (TD) will eventually seek to acquire a much larger controlling stake in the company.
HLX Helix Energy
$8.32

0.31 (3.87%)

06/07/19
06/07/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exelon (EXC) upgraded to Buy from Neutral at Goldman Sachs with analyst Michael Lapides saying the stock is one of his "top utility ideas." 2. Helix Energy (HLX) upgraded to Strong Buy from Outperform at Raymond James with analyst Marshall Adkins saying he calls the company a "defensive" cash flow generator and sees an improved valuation at current share levels. 3. Helmerich & Payne (HP) upgraded to Overweight from Neutral at Piper Jaffray with analyst John Watson saying "If and when generalist interest" in oilfield services returns, Helmerich & Payne will be on the short-list for many investors because of the company's "fortress" balance sheet, history of returning capital to shareholders, and "generous" current dividend yield. 4. Garmin (GRMN) resumed with a Neutral from Underweight at JPMorgan with analyst Paul Chung saying the stock is down ~12% since hitting a multi-year high in early April, which creates a more balanced risk/reward profile. 5. W.P. Carey (WPC) upgraded to Neutral from Sell at Citi with analyst Emmanuel Korchman saying he had been concerned about retail shareholder churn following the CPA-17 merger, but he now says the magnitude was less than anticipated and no longer a significant overhang. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/07/19
RAJA
06/07/19
UPGRADE
Target $11
RAJA
Strong Buy
Helix Energy upgraded to Strong Buy from Outperform at Raymond James
Raymond James analyst Marshall Adkins upgraded Helix Energy Solutions Group to Strong Buy from Outperform and raised his price target for the shares to $11 from $10. The analyst calls the company a "defensive" cash flow generator and sees an improved valuation at current share levels.
04/24/19
JRCO
04/24/19
UPGRADE
JRCO
Buy
Helix Energy upgraded to Buy from Accumulate at Johnson Rice
Johnson Rice analyst Martin Malloy upgraded Helix Energy to Buy with an $11 price target following the Q1 report. Malloy said management was more positive on the outlook for markets outside of the North Sea compared to previous years and the outlook for utilization is improving in the Gulf of Mexico market for Helix vessels. The analyst expects free cash flow to increase significantly following the final payment on the Q7000 during Q4 and raised his FY19 earnings estimate to 30c from 25c and maintained his FY20 estimate of 45c.
ZION Zions Bancorp
$45.68

0.96 (2.15%)

09/24/19
MSCO
09/24/19
NO CHANGE
MSCO
Large-cap banks aren't gaining deposit market share, says Morgan Stanley
Morgan Stanley analyst Ken Zerbe said he continues to hear the "false narrative" that large-cap banks must be gaining market share due to their superior technology, but he insists they are not and that small and mid-cap banks have consistently gained deposit market share over the last five years. Individual large-cap banks that have had the biggest deposit share gains include Goldman Sachs (GS), Ally Financial (ALLY) and Synchrony Financial (SYF), while mid-cap banks that have delivered the biggest gains in share of total deposits include First Republic (FRC), KeyCorp (KEY) and Huntington (HBAN), Zerbe tells investors. Large-cap banks that have seen the largest declines in their respective individual shares of total deposits include JPMorgan (JPM), Wells Fargo (WFC) and Citigroup (C), while deposit share losers among mid-cap banks include Comerica (CMA), Prosperity Bancshares (PB) and Zions (ZION), said Zerbe.
09/12/19
RHCO
09/12/19
NO CHANGE
Target $50
RHCO
Buy
Zions Bancorp price target lowered to $50 from $52 at SunTrust
SunTrust analyst Jennifer Demba lowered her price target on Zions Bancorp to $50 after the company reduced its net interest income expectations over the coming 12 months to "slightly decreasing" from "stable" at the Barclays conference earlier this week. The analyst also lowers her FY19 and FY20 EPS views by 3c and 12c to $4.27 and $4.47 respectively but keeps her Buy rating on the stock, saying that better expense control by Zions management should help offset the reductions.
10/08/19
JEFF
10/08/19
DOWNGRADE
Target $46
JEFF
Hold
Zions Bancorp downgraded to Hold from Buy at Jefferies
Jefferies analyst Ken Usdin downgraded Zions Bancorp to Hold from Buy with a price target of $46, down from $51.
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.
STMP Stamps.com
$76.12

0.55 (0.73%)

10/04/19
RILY
10/04/19
NO CHANGE
Target $62.5
RILY
Buy
Stamps.com price target raised to $62.50 from $50 at B. Riley FBR
B. Riley FBR analyst Zach Cummins raised his price target for Stamps.com to $62.50 from $50 ahead of the company's Q3 results and reiterates a Neutral rating on the shares. The "seemingly more positive tone" in negotiations with the United States Postal Service could potentially lead to an extension of the current negotiated service agreements margins for Stamps.com's remaining reseller partner, Cummins tells investors in a research note. As such, he modestly increasing his estimates for this year and next. However, the analyst says that while developments with the reseller program have improved since Q1, he remains cautious around the forward numbers for Stamps.com, believing the USPS will meaningfully reduce margins for resellers in fiscal 2020 and 2021.
09/04/19
09/04/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Campbell Soup (CPB) upgraded to Neutral from Underweight at Piper Jaffray with analyst Michael Lavery saying better focus and reinvestment in key brands can drive long-term benefits for Campbell. 2. Intercept (ICPT) upgraded to Buy from Neutral at Citi with analyst Joel Beatty saying the stock is down 45% since the Phase 3 nonalcoholic steatohepatitis Regnerate results for Intercept's obeticholic acid were announced in February, despite the data being positive. 3. Brunswick (BC) upgraded to Buy from Hold at Jefferies with analyst Randal Konik saying with expectations recalibrated post the Q2 results, Brunswick's risk/reward set-up is at its most favorable in four years. 4. Stamps.com (STMP) upgraded to Neutral from Sell at Roth Capital with analyst Darren Aftahi saying after a round of channel checks with United State Postal Service ecosystem participants, the analyst believes more favorable rate cards for resellers could continue into 2020. As a result, he has a slightly more favorable view of Stamps.com's 2020, with raised revenue and adjusted EBITDA estimates. 5. Activision Blizzard (ATVI) upgraded to Outperform from Market Perform at BMO Capital with analyst Gerrick Johnson saying he has a stronger conviction that the company's restructuring efforts and its investment in core franchise titles like Call of Duty and World of Warcraft will yield improved financial performance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/04/19
ROTH
09/04/19
UPGRADE
Target $52
ROTH
Neutral
Roth Capital upgrades Stamps.com to Neutral after favorable USPS checks
Roth Capital analyst Darren Aftahi upgraded Stamps.com to Neutral from Sell and raised his price target for the shares to $52 from $32. The stock closed Tuesday at $64.20. Following a round of channel checks with United State Postal Service ecosystem participants, the analyst believes more favorable rate cards for resellers could continue into 2020. As a result, he has a slightly more favorable view of Stamps.com's 2020, with raised revenue and adjusted EBITDA estimates. His upgrade to Neutral reflects his belief that Stamps.com's risk profile "has been mitigated somewhat."
09/04/19
ROTH
09/04/19
UPGRADE
Target $52
ROTH
Neutral
Stamps.com upgraded to Neutral from Sell at Roth Capital
Roth Capital analyst Darren Aftahi upgraded Stamps.com to Neutral from Sell and raised his price target for the shares to $52 from $32.
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.
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.
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.
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.
FBP First BanCorp
$10.24

-0.015 (-0.15%)

VRTX Vertex
$183.73

7.49 (4.25%)

10/16/19
BOFA
10/16/19
INITIATION
Target $220
BOFA
Buy
Vertex reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Vertex with a Buy rating and $220 price target, citing the company's differentiated growth profile, upside potential in the upcoming triple combination therapy launch, and an emerging orphan disease pipeline.
10/17/19
BOFA
10/17/19
NO CHANGE
BOFA
Vertex added to US 1 List, Merck, Ferrari removed at BofA/Merrill
10/21/19
JEFF
10/21/19
NO CHANGE
Target $220
JEFF
Buy
Vertex approval of Trikafta came five months early, says Jefferies
The FDA announced the approval of Vertex Pharmaceuticals' triple cystic fibrosis therapy Trikafta five months before the action date in March 2020, Jefferies analyst Michael Yee tells investors in a research note. This is an "incremental positive" and consensus estimates will have to be pulled forward by at least a quarter, says Yee. The analyst sees a "big launch" for the drug, and believes shares of Vertex are now "in motion" for beating estimates earlier than Street expected. He keeps a Buy rating on Vertex with a $220 price target.
09/23/19
JEFF
09/23/19
NO CHANGE
Target $220
JEFF
Buy
Vertex price target raised to $220 from $210 at Jefferies
Jefferies analyst Michael Yee raised his price target for Vertex Pharmaceuticals to $220 from $210 and reiterates a Buy rating on the shares. Potential early approval of the company's cystic fibrosis triple combo and a strong launch set up consensus to raise near-term numbers, Yee tells investors in a research note. Next year "starts to be all about the pipeline," with up to six programs that reflect $1B-$5B in potential new revenues, says the analyst. He believes Vertex "could have a big inflection in 2020-2021 as it goes from one big blockbuster to the next."
KDMN Kadmon
$3.08

0.17 (5.84%)

06/26/19
06/26/19
INITIATION
Target $6

Outperform
Oppenheimer bullish on Kadmon, initiates with an Outperform
As previously reported, Oppenheimer analyst Mark Breidenbach started coverage of Kadmon with an Outperform rating and $6 price target. With a clinical-stage pipeline focused on autoimmune, inflammatory, and fibrotic disease and a pivotal trial on the cusp of completing enrollment, the analyst sees Kadmon as an "overlooked value play" with a favorable risk/reward profile for investors.
06/26/19
06/26/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Slack Technologies (WORK) initiated with an Outperform at Baird. 2. Virtu Financial (VIRT) initiated with a Buy at Rosenblatt. 3. Kadmon (KDMN) initiated with an Outperform at Oppenheimer. 4. Baxter (BAX) initiated with a Sector Weight at KeyBanc. 5. LiveRamp (RAMP) initiated with a Positive at Susquehanna. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/05/19
CANT
09/05/19
INITIATION
Target $8
CANT
Overweight
Kadmon initiated with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald initiated Kadmon with an Overweight and $8 price target.
09/06/19
CANT
09/06/19
INITIATION
Target $8
CANT
Overweight
Cantor starts 'under-the-radar' Kadmon with Overweight rating
Cantor Fitzgerald analyst Eliana Merle last night initiated coverage of Kadmon with an Overweight rating and $8 price target. The company's "under-the-radar asset," KD025, could surprise to the upside both clinically and commercially in chronic graft versus host disease, Merle tells investors in a research note. The analyst thinks KD025 will be successful in its pivotal study in chronic GVHD and that the market is "much larger market than appreciated." She estimates U.S. peak sales of $500M, versus Kadmon's current market capitalization of around $300M. Further, the comapny has several additional clinical programs underway with multiple proof-of-concept readouts in the next 12-18 months, "adding additional optionality," says Merle.
TACO Del Taco
$9.66

0.26 (2.77%)

12/03/18
WEDB
12/03/18
NO CHANGE
WEDB
Del Taco, ObsEva added to Best Ideas List at Wedbush
Wedbush expects visibility in 2019 into Del Taco's (TACO) long-term MSD-HSD EBITDA growth algorithm to result in valuation expansion toward its regional Restaurant Brands (QSR) peers, and is adding the stock to its Best Ideas List. Reiterating an Overweight rating on the shares and also adding it to its Best Ideas List, Wedbush says ObsEva (OBSV) continues to deliver stellar clinical results from its drug candidate pipeline. The firm anticipates Linzagolix to be the third entrant in the oral gonadotropin releasing hormone receptor antagonist space, but its differentiated profile and dosing options are likely to be preferred by patients.
02/01/19
WEDB
02/01/19
NO CHANGE
Target $15
WEDB
Outperform
Del Taco removed from Best Ideas List at Wedbush
Wedbush analyst Nick Setyan reiterated an Outperform rating and $15 price target Del Taco but removed shares from the Best Ideas List. In a research note to investors, Setyan says he believes 2019 expectations could prove conservative. He sees an inflection in EBITDA growth in 2020 from an earlier expectation of an inflection in 2019.
HXL Hexcel
$74.59

-1.62 (-2.13%)

10/15/19
WELS
10/15/19
INITIATION
Target $85
WELS
Market Perform
Hexcel initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Michael Sison initiated coverage of Hexcel with a Market Perform rating and $85 price target. The analyst believes Hexcel is a "high quality aerospace/industrial company" with a "strong" near-term earnings outlook and "positive" outlook into 2020, but added that the company is "highly leveraged to a large backlog of commercial and military aircrafts and wind energy as well as a secular-trends, where carbon fiber composites are increasing its content on aircrafts."
10/14/19
COWN
10/14/19
UPGRADE
Target $31
COWN
Outperform
Cowen upgrades Arconic to Outperform on improving free cash flow
Cowen analyst Gautam Khanna upgraded Arconic (ARNC) to Outperform from Market Perform with a price target of $31, up from $26. The company's improving free cash flow makes for a low valuation on an enterprise value to EBITDA basis, Khanna tells investors in a research note. Arconic shares warrant an "upward re-rating," closer to a 7.5 times multiple, which would represent a 40% all-in discount to peer Hexcel (HXL), contends the analyst.
10/01/19
BOFA
10/01/19
DOWNGRADE
Target $80
BOFA
Underperform
Hexcel downgraded to Underperform from Buy at BofA/Merrill
BofA Merrill Lynch analyst Ronald Epstein double downgraded Hexcel (HXL) to Underperform from Buy and lowered his price target on the shares to $80 from $95, noting that Boeing's (BA) 787 is one of the company's largest aircraft programs, accounting for about 8% of total revenue. He lowered his expected sales CAGR for Hexcel for 2018-2021 to 6% from 7% as he factors in an estimate for lower 787 deliveries given what he views as "the weakest aircraft order environment since 2009," Epstein tells investors. He now forecasts 360 deliveries of 787s from 2021-2023, down from his prior call for 444 deliveries of 787 aircraft in that period.
10/15/19
WELS
10/15/19
INITIATION
Target $85
WELS
Market Perform
Hexcel initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Michael Sison initiated coverage of Hexcel with a Market Perform rating and $85 price target.
SITC Site Centers
$15.27

0.175 (1.16%)

08/15/19
COMP
08/15/19
INITIATION
Target $14
COMP
Neutral
Site Centers initiated with a Neutral at Compass Point
Compass Point analyst Floris van Dijkum started coverage of the Shopping Center REITs space, initiating Site Centers with a Neutral rating and $14 price target. More broadly on the space, she said Shopping Center REITs have "navigated the retail bankruptcy carnage" and are expected to return to earnings growth in 2020, though much of the "less bad than feared" news is already priced in. On Site Centers, she sees its relative valuation as fair at current levels.
01/23/19
MZHO
01/23/19
UPGRADE
Target $14
MZHO
Buy
Site Centers upgraded to Buy from Neutral at Mizuho
Mizuho analyst Haendel St. Juste upgraded SITE Centers to Buy with a $14 price target. The analyst expects Real Estate Investment Trusts to perform competitively against the S&P 500 Index in 2019 amid more favorable supply/demand dynamics from lower supply, range-bound interest rates, capital availability, and stable GDP growth. He sees "identifiable" catalysts and a discounted valuation for shares of Site Centers.
06/09/19
EVER
06/09/19
UPGRADE
EVER
In Line
Site Centers upgraded to In Line from Underperform at Evercore ISI
09/13/19
MZHO
09/13/19
DOWNGRADE
Target $14
MZHO
Neutral
Site Centers downgraded to Neutral from Buy at Mizuho
Mizuho analyst Haendel St. Juste downgraded Site Centers to Neutral from Buy with a $14 price target saying the year-to-date outperformance of shares has brought a fair valuation. Further, the company is facing "flattish" earnings growth into 2020 as it works to offset the loss of Blackstone and Retail Value-related fees, St. Juste tells investors in a research note.
ADC Agree Realty
$77.01

1.365 (1.80%)

10/01/19
BREN
10/01/19
INITIATION
Target $82
BREN
Buy
Agree Realty initiated with a Buy at Berenberg
Berenberg initiated Agee Realty with a Buy and $82 price target.
10/01/19
10/01/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Banco Santander (SAN) resumed with a Neutral at Citi. 2. Blackstone (BX) initiated with an Outperform at Wells Fargo. 3. Agree Realty (ADC) initiated with a Buy at Berenberg. 4. CareDx (CDNA) assumed with a Buy at Craig-Hallum. 5. Acadia (ACAD) initiated with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/18/19
WELS
03/18/19
NO CHANGE
Target $75
WELS
Outperform
Agree Realty price target raised to $75 from $67 at Wells Fargo
Wells Fargo analyst Todd Stender raised his price target for Agree Realty to $75 from $67 per his dividend discount model valuation. The analyst reiterates an Outperform rating on the shares.
02/11/19
LTCO
02/11/19
DOWNGRADE
LTCO
Neutral
Agree Realty downgraded to Neutral from Buy at Ladenburg
Ladenburg Thalmann analyst John Massocca downgraded Agree Realty to Neutral without a price target. With operational success and an "accommodative" macro environment already reflected in valuation, the shares offer "limited room for intermediate term upside," Massocca tells investors in a research note. Further, the analyst sees potential risks to Agree's valuation if the Federal Reserve resumes its rate increases after the pause communicated at its January meeting.
CE Celanese
$121.37

-0.3 (-0.25%)

10/15/19
WELS
10/15/19
INITIATION
Target $140
WELS
Outperform
Celanese initiated with an Outperform at Wells Fargo
Wells Fargo analyst Michael Sison initiated coverage of Celanese with an Outperform rating and $140 price target. The company can keep earnings at a "solid level" despite a tougher external environment where its operating model for acetyl chain and engineered materials remain underappreciated, Sison tells investors in a research note. Further, the analyst believes Celanese still has optionality for a "transformative transaction" to drive further shareholder value.
10/11/19
RHCO
10/11/19
NO CHANGE
Target $108
RHCO
Hold
SunTrust sees 'lackluster' September quarter results from chemical companies
SunTrust analyst James Sheehan tells investors in a research note that he expects chemical companies to report in-line to below-consensus Q3 results driven by the trade war, slowing GDP in Europe, weak automotive and manufacturing end markets, loosening supply/demand for certain commodity product chains and FX headwinds. Looking ahead, the analyst sees "cautious" commentary for Q4 given the lack of end market acceleration and continued USD strength. The analyst lowered his price target for Chemours (CC) to $16 from $14, for Dow Inc (DOW) to $46 from $52, for Corteva (CTVA) to $28 from $30, for DuPont (DD) to $68 from $75, for Eastman Chemical (EMN) to $75 from $80, for Element Solutions (ESI) to $10 from $11, for Kraton (KRA) to $24 from $33 and for Kronos Worldwide (KRO) to $12 from $13. Sheehan raised his price target for Celanese (CE) to $120 from $108.
10/08/19
DBAB
10/08/19
NO CHANGE
DBAB
Hold
Celanese breakup largely priced into shares, says Deutsche Bank
Deutsche Bank analyst David Begleiter says Bloomberg's report last night that Celanese is undergoing a strategic review that could include a breakup of the company is not a complete surprise. Celanese management has been quite open over the past 18 months on their desire to do a tax-efficient transaction with its Engineered Materials business and DuPont's Transportation & Industrial segment, Begleiter tells investors in a research note. As a result, the analyst believes a breakup is largely priced in at current share levels. He keeps a Hold rating on Celanese.
10/15/19
WELS
10/15/19
INITIATION
Target $140
WELS
Outperform
Celanese initiated with an Outperform at Wells Fargo
Wells Fargo analyst Michael Sison initiated coverage of Celanese with an Outperform rating and $140 price target.
HHC Howard Hughes
$128.38

2.41 (1.91%)

06/28/19
JEFF
06/28/19
NO CHANGE
Target $151
JEFF
Buy
Howard Hughes worth $165 per share on sum-of-the-parts, says Jefferies
Jefferies analyst Jonathan Petersen say his sum-of-the-parts analysis yields a $165 per share value for Howard Hughes. The analyst estimates a sale of the company at a 10% discount implies 15% upside to Thursday's closing price. A spinoff of Howard Hughes' commercial rent-paying assets to a real estate investment trust "may also close the valuation gap," as the spin company would be easier to underwrite, Petersen tells investors in a research note. The analyst raised his price target for Howard Hughes to $151 from $145 after the company confirmed that it hiring an advisor to explore strategic alternatives. He keeps a Buy rating on the shares.
06/27/19
SBSH
06/27/19
NO CHANGE
Target $92
SBSH
Buy
Howard Hughes 'undervalued and not fully understood," says Citi
Howard Hughes "remains undervalued and not fully understood," Citi analyst Scott Schrier tells investors in a research note. The analyst sees the low $80s as a floor for the stock and he keeps a $160 price target for the shares. A 15% discount to net asset value would yield a $135 stock, making current levels a "compelling" entry point, says Schrier.

TODAY'S FREE FLY STORIES

11:25
12/08/19
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Piper Jaffray biotech analysts to hold a KOL luncheon »

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FATE

Fate Therapeutics

$13.64

0.07 (0.52%)

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STOK

Stoke Therapeutics

$28.91

3.99 (16.01%)

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AUTL

Autolus Therapeutics

$14.60

-0.18 (-1.22%)

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  • 09

    Dec

AGIO

Agios Pharmaceuticals

$40.93

0.81 (2.02%)

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  • 09

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ZIOP

Ziopharm

$5.16

0.06 (1.18%)

09:20
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  • 08

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TGTX

TG Therapeutics

$7.11

-0.57 (-7.42%)

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  • 09

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KPTI

Karyopharm

$16.30

-1.15 (-6.59%)

09:16
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Karyopharm says four posters will be presented at ASH »

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IPHA

Innate Pharma

$6.30

(0.00%)

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REGN

Regeneron

$372.26

4.02 (1.09%)

09:11
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  • 08

    Dec

BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

09:09
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Blueprint reports 77% overall response rate in 48 patients from Explorer trial »

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  • 08

    Dec

BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

09:06
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Blueprint announces initial data from Phase 2 Pioneer trial in mastocytosis »

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  • 08

    Dec

PCG

PG&E

$9.65

-0.13 (-1.33%)

08:12
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12/08
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Periodicals
PG&E settlement threatens bondholders plan, WSJ reports »

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  • 07

    Jan

SYRS

Syros Pharmaceuticals

$4.60

-0.02 (-0.43%)

08:08
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  • 08

    Dec

ABBV

AbbVie

$86.97

0.3 (0.35%)

08:06
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RHHBY

Roche

$0.00

(0.00%)

08:03
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  • 09

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ORTX

Orchard Therapeutics

$11.85

0.37 (3.22%)

07:59
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SRRA

Sierra Oncology

$0.49

0.1035 (27.13%)

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  • 08

    Dec

RUHN

Ruhnn

$6.19

-0.2 (-3.13%)

04:55
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Ruhnn management to meet with Mizuho »

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  • 08

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SRRA

Sierra Oncology

$0.49

0.1035 (27.13%)

04:55
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Sierra Oncology to hold an analyst and investor event »

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  • 08

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Piper Jaffray biotech analysts to hold a KOL luncheon »

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MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

19:31
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  • 07

    Dec

  • 07

    Dec

PFE

Pfizer

$38.29

0.26 (0.68%)

, BMY

Bristol-Myers

$59.94

0.435 (0.73%)

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PFE

Pfizer

$38.29

0.26 (0.68%)

BMY

Bristol-Myers

$59.94

0.435 (0.73%)

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  • 07

    Dec

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    Dec

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    Dec

UMRX

Unum Therapeutics

$0.70

0.0177 (2.61%)

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  • 07

    Dec

MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

19:25
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12/07
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Conference/Events
Magenta Therapeutics to hold an investor and analyst event »

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  • 07

    Dec

  • 07

    Dec

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