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BB

BlackBerry

$5.61

0.11 (2.00%)

, PH

Parker-Hannifin

$197.42

1.55 (0.79%)

10:20
11/04/19
11/04
10:20
11/04/19
10:20

Fly Intel: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. BlackBerry (BB) upgraded to Neutral from Underperform at BofA/Merrill with analyst Daniel Bartus citing his updated sum-of-the-parts valuation model which, suggest limited downside at the current 2.2-times enterprise value to expected 2021 sales multiple vs. peer average multiple above 3-times. 2. Parker-Hannifin (PH) upgraded to Hold from Underperform at Gordon Haskett. 3. Oneok (OKE) upgraded to Buy from Neutral at Goldman Sachs with analyst Michael Lapides saying his estimates for 2020-2022 are 5% above consensus on average. 4. Hollysys (HOLI) upgraded to Buy from Neutral at Goldman Sachs with analyst Jacqueline Du saying the stock has dropped 21% year-to-date following the company's proposed placement to invest in Industrial Internet of Things in May. 5. Marvell (MRVL) upgraded to Outperform from Market Perform at Wells Fargo with analyst Gary Mobley saying "we are at a 'tipping point' in adoption of Marvell's 5G system on chip and related Ethernet integrated circuits relative to 'expensive' field programmable gate arrays." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

BB

BlackBerry

$5.61

0.11 (2.00%)

PH

Parker-Hannifin

$197.42

1.55 (0.79%)

OKE

Oneok

$71.61

1.34 (1.91%)

HOLI

Hollysys

$15.17

0.24 (1.61%)

MRVL

Marvell

$26.25

1.11 (4.42%)

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    Nov

BB BlackBerry
$5.61

0.11 (2.00%)

09/25/19
RBCM
09/25/19
NO CHANGE
Target $7.5
RBCM
Sector Perform
BlackBerry price target lowered to $7.50 from $9 at RBC Capital
RBC Capital analyst Paul Treiber lowered his price target on BlackBerry to $7.50 and kept his Sector Perform rating after its Q2 results, saying the quarter's fundamentals were below expectations with Enterprise Software and Service, or ESS, business revenue declining by mid-teens and its Cylance revenue coming in flat. The analyst notes that competition for BlackBerry's ESS has intensified and the churn in its non-regulated customer base has increased. Treiber adds that while the stock is trading at a discount 2.5-times enterprise value to forward-12-month sales estimate, stronger organic growth is needed to warrant a higher multiple.
11/04/19
BOFA
11/04/19
UPGRADE
BOFA
Neutral
BlackBerry upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill upgraded BlackBerry to Neutral from Underperform.
11/04/19
BOFA
11/04/19
UPGRADE
Target $7
BOFA
Neutral
BlackBerry upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill analyst Daniel Bartus upgraded BlackBerry to Neutral from Underperform with a price target of $7, up from $6. The analyst cites his updated sum-of-the-parts valuation model which, suggest limited downside at the current 2.2-times enterprise value to expected 2021 sales multiple vs. peer average multiple above 3-times. Bartus believes that investors are "overlooking key assets" such as Cylance, QNX, and Athoc, but also warns that BlackBerry may still disappoint on its quarterly earnings.
09/25/19
MKMP
09/25/19
NO CHANGE
Target $6.5
MKMP
Neutral
BlackBerry price target lowered to $6.50 from $8.75 at MKM Partners
MKM Partners analyst Michael Genovese lowered his price target on BlackBerry to $6.50 and kept his Neutral rating after the company missed on revenue in Q2. The analyst notes that while the management claims that all of its businesses except for Enterprise Software and Services outperformed its revenue expectations, its Cylance sales were also below his forecast. Genovese contends that BlackBerry's core businesses - ESS and Cylance - are underperforming, while its potential unicorns like Auto and Radar are not "breaking out."
PH Parker-Hannifin
$197.42

1.55 (0.79%)

11/01/19
DBAB
11/01/19
UPGRADE
Target $215
DBAB
Buy
Parker-Hannifin upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Nicole DeBlase upgraded Parker-Hannifin to Buy from Hold with a $215 price target.
11/04/19
GDHS
11/04/19
UPGRADE
GDHS
Hold
Parker-Hannifin upgraded to Hold from Underperform at Gordon Haskett
Gordon Haskett analyst John Inch upgraded Parker-Hannifin to Hold from Underperform saying last week's guidance cut "rebases expectations."
11/01/19
DBAB
11/01/19
UPGRADE
Target $215
DBAB
Buy
Parker-Hannifin upgraded to Buy with $215 price target at Deutsche Bank
Deutsche Bank analyst Nicole DeBlase upgraded Parker-Hannifin to Buy from Hold with a price target of $215, up from $179. After going through the company's reduced fiscal 2020 earnings outlook in detail, the analyst feels if Parker-Hannifin is embedding a sales scenario that properly reflects its typical trends during an industrial recession. As such, she thinks this is the last of the fiscal 2020 earnings cuts. Further, the analyst sees scope for Parker-Hannifin to reach the high end of its guidance.
11/01/19
11/01/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. TAL Education (TAL) upgraded to Buy from Neutral at Goldman Sachs with analyst Christine Cho saying the company's management implemented meaningful changes in its offline and online strategy, forecasting its flagship Peiyou business to drive accelerated operating profit growth of 49% in FY20-23E. 2. Parker-Hannifin (PH) upgraded to Buy from Hold at Deutsche Bank with analyst Nicole DeBlase saying after going through the company's reduced fiscal 2020 earnings outlook in detail, the analyst feels if Parker-Hannifin is embedding a sales scenario that properly reflects its typical trends during an industrial recession. 3. Imax (IMAX) upgraded to Buy from Hold at Canaccord. 4. Pinterest (PINS) upgraded to Buy from Neutral at DA Davidson with analyst Tom Forte saying the stock price fell by double-digits after its Q3 results, even though the quarter was strong with a non-GAAP 1c earnings beating consensus expectations along with an improvement in the company's geographic sales mix. 5. Motorola Solutions (MSI) upgraded to Buy from Hold at Gabelli with analyst Hendi Susanto saying the company reported what he views as "strong" third quarter performance and raised its full year guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
OKE Oneok
$71.61

1.34 (1.91%)

11/03/19
GSCO
11/03/19
UPGRADE
Target $81
GSCO
Buy
Oneok upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Michael Lapides upgraded Oneok to Buy from Neutral with an $81 price target following the company's strong Q3 earnings report. The analyst noted that his estimates for 2020-2022 are 5% above consensus on average. Lapides said he sees additional upside in Oneok shares, as he expects "robust returns on new NGL pipeline projects," and an "inflection in cash flow as new projects come online and capital spend moderates," which he sees "driving leverage lower, and potentially increasing capital allocation to shareholders."
08/12/19
UBSW
08/12/19
UPGRADE
Target $75
UBSW
Buy
Oneok upgraded to Buy from Neutral at UBS
UBS analyst Shneur Gershuni upgraded Oneok to Buy and raised his price target to $75 from $69, calling the stock an "emerging midstream unicorn". The analyst notes that his prior downgrade was driven by the expectations of 2019 being a "transition year" for the company with higher leverage and reduced free cash flows, and he now expects a "material decline" in capital expenditures driving cash flows next year. Gershuni further notes that the current volatility in the E&P sector is positive for companies with integrated NGL chains like Oneok.
08/06/19
ARGS
08/06/19
NO CHANGE
Target $82
ARGS
Buy
Oneok price target raised to $82 from $76 at Argus
Argus analyst Bill Selesky raised his price target on Oneok to $82 and kept his Buy rating after its "solid" Q2 earnings beat driven by strong volume growth in natural gas liquids and natural gas along with higher average fee rates for NGL and natural gas gathering and processing. The analyst says the company continues to restructure its lower-margin legacy contracts with efforts to generate new business under a fee-based system, leading to earnings that are less vulnerable to changes in volume and pricing.
07/31/19
MUFG
07/31/19
NO CHANGE
Target $77
MUFG
Neutral
Oneok price target raised to $77 from $74 at MUFG
MUFG analyst Barrett Blaschke raised his price target on Oneok to $77 after its Q2 earnings beat, saying the quarter was "strong" given the rising NGL and natural gas volumes in addition to fee improvement. The analyst notes that while the management kept its FY19 EBITDA guidance, Q2 results indicate that the upper end of forecasted $2.5B-$2.7B range is "more likely". Blaschke keeps his Neutral rating on Oneok stock however citing its "high" valuation relative to its peer group average.
HOLI Hollysys
$15.17

0.24 (1.61%)

11/04/19
GSCO
11/04/19
UPGRADE
Target $18.7
GSCO
Buy
Hollysys upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Jacqueline Du upgraded Hollysys Automation Technologies to Buy from Neutral with an unchanged price target of $18.70. The stock has dropped 21% year-to-date following the company's proposed placement to invest in Industrial Internet of Things in May, Du tells investors in a research note. The analyst sees value at current value at current levels and highlights Hollysy's recent Process Automation order win in two of China's largest petrochemical projects - Sinopec's Hainan Lianyou project and Zhong'an project.
04/17/19
JPMS
04/17/19
UPGRADE
JPMS
Overweight
Hollysys upgraded to Overweight from Neutral at JPMorgan
04/17/19
JPMS
04/17/19
UPGRADE
Target $26
JPMS
Overweight
JPMorgan upgrades Hollysys back to Overweight after offering is canceled
JPMorgan analyst Karen Li upgraded Hollysys Automation Technologies to Overweight from Neutral and raised her price target for the shares to $26 from $23. The analyst downgraded the shares on April 9 after being surprised by the company's 7.8M share offering. The withdraw of the share issuance, and Li's corresponding model changes, has driven the upgrade of Hollysys back to Overweight.
04/09/19
JPMS
04/09/19
DOWNGRADE
Target $23
JPMS
Neutral
Hollysys downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Karen Li downgraded Hollysys Automation Technologies to Neutral from Overweight and lowered her price target for the shares to $23 from $26. The analyst views the company's 7.8M share offering as surprising.
MRVL Marvell
$26.25

1.11 (4.42%)

11/04/19
WELS
11/04/19
UPGRADE
Target $32
WELS
Outperform
Marvell upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Gary Mobley upgraded Marvell Technology Group to Outperform from Market Perform with a $32 price target.
11/04/19
WELS
11/04/19
UPGRADE
Target $32
WELS
Outperform
Wells Fargo upgrades Marvell to Outperform, boosts price target to $32
Wells Fargo analyst Gary Mobley upgraded Marvell Technology Group to Outperform from Market Perform with a price target of $32, up from $25. We are at a "tipping point" in adoption of Marvell's 5G system on chip and related Ethernet integrated circuits relative to "expensive" field programmable gate arrays, Mobley tells investors in a research note. As such, he believes Marvell should continue to experience "robust" 5G-basestation-related sales to Nokia and Samsung for the balance of 2019 and into 2020. Further, recent reacceleration in data center capex should bode well for the company's OCTEON/NITROX and Fibre Channel sales, which represents a more near-term catalyst, adds the analyst.
10/24/19
NEED
10/24/19
NO CHANGE
Target $28
NEED
Buy
Xilinx ASIC displacement, Nokia cost pressures to benefit Marvell, says Needham
Needham analyst N. Quinn Bolton says that comments made by Xilinx (XLNX) and Nokia (NOK) on their respective earnings calls appear to have "strong positive read-throughs" for Marvell's (MRVL) 5G business. Xilinx warned investors that baseband ASIC displacement would result in materially weaker wireless revenue in Q4 of 2019 and Q1 of 2020, while Nokia lowered its profit margin targets for the next couple of years citing the high cost of its first generation 5G products and the need to invest in SoC solutions in order to reduce its semiconductor costs, he notes. As the analyst believes Marvell's processors are displacing Xilinx's FPGAs for baseband applications in Samsung's (SSNLF) 5G base stations, he thinks Marvell is poised to pick up a meaningful portion of the business Xilinx is losing over the next two quarters. Similarly, he sees the company working with Nokia to deliver a custom ASIC over the next 12 months to help the latter reduce the cost of its 5G solutions. Bolton has a Buy rating and $28 price target on Marvell's shares.
10/04/19
10/04/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Nike (NKE) initiated with an Underperform rating at Exane BNP Paribas. 2. Etsy (ETSY) initiated with a Buy at Nomura Instinet. 3. Domino's Pizza (DPZ) initiated with an Outperform at Wedbush. 4. Marvell (MRVL) resumed with a Buy rating at Stifel. 5. Five Below (FIVE) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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Starbucks

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SolarWinds

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Texas Roadhouse

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Masimo

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