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REZI

Resideo

$15.17

0.03 (0.20%)

17:26
10/22/19
10/22
17:26
10/22/19
17:26

Resideo reports preliminary Q3 revenue $1.226B, consensus $1.25B

Reports preliminary Q3 adjusted EBITDA $77M-$79M. In the third quarter, the ADI Global Distribution business continued to grow as planned. The Products & Solutions segment experienced revenue decline in certain product families of the Comfort business and in its Residential Thermal Solutions gas combustion business. We believe the RTS slowdown was driven by certain recent regulatory changes and a general slowdown across large OEM customers in the sector. The Comfort business declines were primarily due to lower sales volumes in non-connected thermostats. We believe a poor pre-spin cutover from the prior generation of non-connected thermostats to the T-Series line impacted the adoption of mid-level T-Series thermostats. The cutover effects became markedly more pronounced in the third quarter after the prior generation of non-connected thermostats were discontinued. The company is working with its channel partners to enhance and better position the T-Series and expects significant improvement in 2020. The company expects these headwinds to continue into the peak winter demand period, which is expected to reduce previously anticipated full-year 2019 Products & Solutions segment revenue by approximately $110 million. Approximately $66 million of this expected shortfall is from Comfort and $22 million from RTS, with the related gross margin and adjusted EBITDA impacts. While the Security business continues to grow, a single large new customer delayed the start date of its purchases beyond the fourth quarter, resulting in an expected negative impact on fourth-quarter revenue of approximately $22 million.

REZI Resideo
$15.17

0.03 (0.20%)

12/06/18
BOFA
12/06/18
INITIATION
Target $28
BOFA
Buy
Resideo initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Peter Galbo initiated Residio with a Buy and $28 price target. Galbo expects management to execute on 4%+ organic sales growth driven by growth in the connected home space, a residential thermal solutions replacement cycle, and leveraging relationships in the contractor channel.
03/12/19
IMPC
03/12/19
INITIATION
Target $24
IMPC
Outperform
Resideo initiated with an Outperform at Imperial Capital
Imperial Capital analyst Saliq Khan started Resideo Technologies with an Outperform rating and $24 price target. The company has a "significant presence" in the connected premises software solutions market with 4.7M connected customers and 2.3M security panel signals transmitted daily, Khan tells investors in a research note. The analyst expects Resideo's leading market share to grow.
03/12/19
03/12/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Snap (SNAP) initiated with an Overweight at Consumer Edge. 2. Crinetics (CRNX) initiated with an Overweight at Cantor Fitzgerald. 3. Tellurian (TELL) initiated with a Buy at BTIG. 4. Stealth Biotherapeutics (MITO) initiated with an Outperform at Evercore ISI, a Buy at Nomura Instinet, and a Hold at Jefferies. 5. Resideo (REZI) initiated with an Outperform at Imperial Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/13/19
OPCO
08/13/19
NO CHANGE
Target $20
OPCO
Outperform
Resideo price target lowered to $20 from $30 at Oppenheimer
Oppenheimer analyst Ian Zaffino lowered his price target for Resideo to $20 from $30 as he is concerned with the company's margin profile over the next 2-3 years. The analyst believes Resideo could face a permanently lower margin profile in security, as well as increased investment spend and near-term headwinds created by its transition from high-margin, non-connected devices to lower-margin, connected devices. Zaffino has an Outperform rating on the shares.

TODAY'S FREE FLY STORIES

ESYJY

easyJet

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MSEX

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1.5 (2.48%)

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DLAKY

Lufthansa

$0.00

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TGT

Target

$110.86

0.27 (0.24%)

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Lowe's

$113.41

-1.62 (-1.41%)

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Earnings
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0.27 (0.24%)

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$113.41

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$288.77

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CPRT

Copart

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0.32 (0.37%)

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ICAGY

IAG

$0.00

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20:23
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RYAAY

Ryanair

$86.27

0.52 (0.61%)

20:20
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LXFR

Luxfer

$17.57

0.16 (0.92%)

20:11
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VAL

Valaris

$3.69

-0.515 (-12.26%)

20:09
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RIG

Transocean

$4.66

-0.16 (-3.32%)

20:03
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FTI

TechnipFMC

$19.29

-0.24 (-1.23%)

19:58
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SLB

Schlumberger

$34.31

-0.36 (-1.04%)

19:53
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PTEN

Patterson-UTI

$8.49

-0.095 (-1.11%)

19:45
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SAFE

Safehold

$34.59

-1.33 (-3.70%)

19:38
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HP

Helmerich & Payne

$38.39

-0.45 (-1.16%)

19:36
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HAL

Halliburton

$19.89

-0.26 (-1.29%)

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  • 21

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BKR

Baker Hughes

$22.01

-0.155 (-0.70%)

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PHAT

Phathom Pharmaceuticals

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SHW

Sherwin-Williams

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SPY

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BRY

Berry Petroleum

$8.90

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NYMT

New York Mortgage

$6.25

0.015 (0.24%)

19:05
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  • 20

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LNG

Cheniere Energy

$59.77

-0.69 (-1.14%)

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  • 04

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SQ

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AVID

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BCRX

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CTMX

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ENDP

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$4.44

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AVYA

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$12.11

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BKR

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URBN

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$28.73

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ALC

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ORGO

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AMRN

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CRSP

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MGP

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RIG

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NYMT

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MSEX

Middlesex Water

$62.07

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NVDA

Nvidia

$207.90

-4.36 (-2.05%)

, MLNX

Mellanox

$114.40

0.245 (0.21%)

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NVDA

Nvidia

$207.90

-4.36 (-2.05%)

MLNX

Mellanox

$114.40

0.245 (0.21%)

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  • 20

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