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CSX

CSX

$72.89

-1.04 (-1.41%)

, ETN

Eaton

$91.78

-0.09 (-0.10%)

10:16
11/12/19
11/12
10:16
11/12/19
10:16

Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. CSX (CSX) downgraded to Hold from Buy at Deutsche Bank. 2. Eaton (ETN) downgraded to Hold from Buy at HSBC. 3. Amneal Pharmaceuticals (AMRX) downgraded to Underweight from Neutral at JPMorgan with analyst Christopher Schott saying while some of the challenges facing the company appear fixable, like supply penalties and plant utilization, many appear fundamental, a function of the evolving dynamics in the U.S. generics market. 4. Albemarle (ALB) downgraded to Sector Perform from Outperform at RBC Capital with analyst Arun Viswanathan saying with lithium prices falling below historical levels, global lithium suppliers may have to reduce output and wait for demand to catch up. 5. Box (BOX) downgraded to Market Perform from Outperform at JMP Securities with analyst Erik Suppiger citing concerns that after the challenging October quarter, the pipeline of the company's business has slowed. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

CSX

CSX

$72.89

-1.04 (-1.41%)

ETN

Eaton

$91.78

-0.09 (-0.10%)

AMRX

Amneal Pharmaceuticals

$2.71

0.07 (2.65%)

ALB

Albemarle

$67.47

-0.25 (-0.37%)

BOX

Box

$15.93

-0.52 (-3.16%)

  • 12

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    Nov

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    Nov

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    Nov

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    Dec

CSX CSX
$72.89

-1.04 (-1.41%)

11/11/19
DBAB
11/11/19
DOWNGRADE
DBAB
Hold
CSX downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Amit Mehrotra downgraded CSX to Hold from Buy.
10/29/19
WELS
10/29/19
INITIATION
Target $73
WELS
Market Perform
CSX initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Allison Poliniak-Cusic initiated coverage of CSX with a Market Perform rating and $73 price target. In a research note to investors, the analyst says railroad shares have fared well despite a challenging economic backdrop, with the shares on average performing in line with the S&P 500. Valuations are currently reflecting the near-term optimism on the efficiency gains that railroads have made and, as a result, she looks to be more selective in this environment. She says execution remains "solid" and would expect for most rails that improvement could be more moderate at current levels. Looking beyond that, Poliniak-Cusic expects that traffic trends will continue to be challenged, further putting pressure on earnings and results.
10/28/19
WELS
10/28/19
INITIATION
Target $73
WELS
Market Perform
CSX initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Allison Poliniak-Cusic initiated coverage of CSX with a Market Perform rating and $73 price target.
10/23/19
BOFA
10/23/19
DOWNGRADE
Target $198
BOFA
Neutral
BofA downgrades Norfolk Southern to Neutral on slower than expected PSR progress
BofA/Merrill analyst Ken Hoexter downgraded Norfolk Southern (NSC) to Neutral from Buy with an unchanged price target of $198. The benefits from its Precision Scheduled Railroad, or PSR, implementation are not materializing as fast as he expected and the company said it would not reach its 100 basis point operating ratio improvement target in 2019, although it reiterated confidence in achieving a 60% operating ratio by 2021, said Hoexter. Norfolk Southern's 63.8% operating ratio, when adjusted for the 110 basis points negative impact of a write-off of a receivable resulting from a legal dispute, compares with CSX (CSX) at 59.0% ex-real estate gains, Kansas City Southern (KSU) at 60.7%, Union Pacific (UNP) at 59.5%, and Canadian National (CNI) at 57.9%, Hoexter pointed out.
ETN Eaton
$91.78

-0.09 (-0.10%)

11/12/19
HSBC
11/12/19
DOWNGRADE
Target $96
HSBC
Hold
Eaton downgraded to Hold from Buy at HSBC
HSBC analyst Puneet Garg downgraded Eaton to Hold from Buy with a $96 price target.
10/30/19
FBCO
10/30/19
NO CHANGE
Target $94
FBCO
Outperform
Eaton price target raised to $94 from $89 at Credit Suisse
Credit Suisse analyst John Walsh raised his price target for Eaton to $94 from $89 following the company's Q3 results, saying he thinks Eaton is "attractively" deploying capital via M&A and share repurchases. He maintains an Outperform rating.
10/16/19
OPCO
10/16/19
UPGRADE
Target $95
OPCO
Outperform
Eaton upgraded to Outperform from Perform at Oppenheimer
Oppenheimer analyst Christopher Glynn upgraded Eaton to Outperform from Perform with a price target of $95.
10/16/19
10/16/19
UPGRADE
Target $95

Outperform
Eaton upgraded to Outperform at Oppenheimer
As previously reported, Oppenheimer analyst Christopher Glynn upgraded Eaton to Outperform from Perform with a price target of $95. The analyst believes that ten straight quarters of OM expansion, a well covered 3.5% dividend yield, and 8% 2019 free cash flow yield will prevail as more persuasive than some pending incremental cyclical pressures for long-term investors. Glynn also notes "strong price execution" at the Electrical segments, leveraging scale benefits of consolidation into channels.
AMRX Amneal Pharmaceuticals
$2.71

0.07 (2.65%)

11/12/19
JPMS
11/12/19
DOWNGRADE
JPMS
Underweight
Amneal Pharmaceuticals downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Christopher Schott downgraded Amneal Pharmaceuticals to Underweight from Neutral without a price target. While some of the challenges facing the company appear fixable, like supply penalties and plant utilization, many appear fundamental, a function of the evolving dynamics in the U.S. generics market, Schott tells investors in a research note. He believes fixing these will likely take time and resources. At this point, major pipeline successes would be needed to turn Amneal's story around, which appear increasingly unlikely in the near-term, contends the analyst.
11/12/19
JPMS
11/12/19
DOWNGRADE
JPMS
Underweight
Amneal Pharmaceuticals downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Christopher Schott downgraded Amneal Pharmaceuticals to Underweight from Neutral.
09/11/19
GUGG
09/11/19
INITIATION
GUGG
Sell
Amneal Pharmaceuticals assumed with a Sell at Guggenheim
Guggenheim analyst Dana Flanders assumed coverage of Amneal Pharmaceuticals with a Sell rating and a $2.50 price target. Flanders believes the current consensus is too optimistic about the company's forward growth prospects, and noted that his estimates are 10% below consensus.
11/07/19
LEER
11/07/19
DOWNGRADE
Target $3
LEER
Market Perform
Amneal Pharmaceuticals downgraded to Market Perform from Outperform at SVB Leerink
SVB Leerink analyst Ami Fadia downgraded Amneal Pharmaceuticals to Market Perform from Outperform with a price target of $3, down from $4.
ALB Albemarle
$67.47

-0.25 (-0.37%)

11/08/19
11/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Argo Group (ARGO) downgraded to Market Perform from Outperform at William Blair with analyst Adam Klauber citing a lower earnings outlook following the company's Q3 results. 2. RA Pharmaceuticals (RARX) was downgraded to Hold from Buy at Stifel and to Neutral from Buy at Guggenheim. 3. Newtek Business (NEWT) downgraded to Market Perform from Outperform at Raymond James with analyst Robert Dodd saying he believes the current valuation reflects a positive outlook, while loan growth indicators have declined. 4. Gap (GPS) downgraded to Market Perform from Outperform at Telsey Advisory. 5. Albemarle (ALB) downgraded to Underweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas saying Albemarle, currently trading at 11.2 times estimated EBITDA for 2020, is overvalued. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/12/19
RBCM
11/12/19
DOWNGRADE
Target $71
RBCM
Sector Perform
Albemarle downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital analyst Arun Viswanathan downgraded Albemarle to Sector Perform from Outperform with a $71 price target.
11/12/19
RBCM
11/12/19
DOWNGRADE
Target $71
RBCM
Sector Perform
Albemarle downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital analyst Arun Viswanathan downgraded Albemarle to Sector Perform from Outperform with a price target of $71, down from $77. The analyst notes that with lithium prices falling below historical levels, global lithium suppliers may have to reduce output and wait for demand to catch up. Viswanathan adds that the near-term supply-demand imbalance, along with the general weakness in the auto industry, may keep Albemarle from achieving his previously forecast 40% or more EBITDA margins.
11/08/19
JPMS
11/08/19
DOWNGRADE
Target $60
JPMS
Underweight
JPMorgan downgrades 'overvalued' Albemarle to Underweight from Neutral
JPMorgan analyst Jeffrey Zekauskas downgraded Albemarle to Underweight from Neutral with a price target of $60, down from $68. The stock closed Thursday up $4.48, or 7%, to $71.39. Albemarle, currently trading at 11.2 times estimated EBITDA for 2020, is overvalued, Zekauskas tells investors in a research note. The growth rate of global electric vehicles is slowing and lithium supply is accelerating, contends the analyst. Prices in the lithium industry have declined sharply due to oversupply conditions, says Zekauskas, who thinks Albemarle's long-term contracts are likely to be renegotiated downward.
BOX Box
$15.93

-0.52 (-3.16%)

10/10/19
BREN
10/10/19
INITIATION
Target $18
BREN
Hold
Box initiated with a Hold rating at Berenberg
Berenberg analyst Brett Knoblauch initiated coverage of Box with a Hold rating and $18 price target.
11/12/19
JMPS
11/12/19
DOWNGRADE
JMPS
Market Perform
Box downgraded to Market Perform from Outperform at JMP Securities
JMP Securities analyst Erik Suppiger downgraded Box to Market Perform from Outperform.
10/04/19
DADA
10/04/19
NO CHANGE
Target $21
DADA
Buy
Box price target raised to $21 from $17 at DA Davidson
DA Davidson analyst Rishi Jaluria raised his price target on Box to $21 and kept his Buy rating after its investor session / annual user conference presentation yesterday. The analyst is positive on the management's commitment to margin expansion without the promise of accelerating growth and expects the activist investor involvement by Starboard to support those efforts. Still, Jaluria is skeptical about the targeted rise in FY23 free cash flow margin to over 20% from 3% in 2019 given Box's "low sales efficiency, weakening net retention rates, and declining gross margins".
11/12/19
JMPS
11/12/19
DOWNGRADE
JMPS
Market Perform
Box downgraded to Market Perform from Outperform at JMP Securities
JMP Securities analyst Erik Suppiger downgraded Box to Market Perform from Outperform. The analyst attributes the rating change to concerns that after the challenging October quarter, the pipeline of the company's business has slowed. While his earnings forecasts are moving higher to reflect the company's cost-cutting actions, Suppiger adds that with enterprise value to expected 2021 revenue at a 3.2-times multiple, Box shares are "fairly valued".

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