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WFC

Wells Fargo

$53.80

0.3 (0.56%)

, AAPL

Apple

$265.73

3.07 (1.17%)

10:01
11/16/19
11/16
10:01
11/16/19
10:01

Berkshire Hathaway inactive with record cash hoard, Barron's says

Berkshire Hathaway (BRK.A, BRK.B) has a record cash and equivalents of $128B as of the end of the third quarter, but has made very few recent moves with it, according to Barron's Andrew Bary. Berkshire's only major investment this year was a $10B preferred stock investment in Occidental Petroleum (OXY), and Berkshire's Q3 regulatory filing shows only $15.1B of equity purchases for 2019, far below the $38.6B from the first three quarters of 2018. Berkshire did trim positions in Apple (AAPL) and Wells Fargo (WFC), however. Berkshire has also "done little on the acquisition front," Bary added. With Berkshire inactive in both investments and acquisitions, and only buying back $2.8B of its own stock so far in 2019, cash continues to pile up. This "frustrates some Berkshire holders who would like to see Buffett return more cash to shareholders," and Bary noted that Berkshire's buyback is "running at less than 1% of the shares outstanding and Berkshire pays no dividend." This may be showing in the stock's performance, as Berkshire shares are up less than 8% this year, well behind the 25% rise in the S&P 500. Reference Link

WFC

Wells Fargo

$53.80

0.3 (0.56%)

AAPL

Apple

$265.73

3.07 (1.17%)

OXY

Occidental Petroleum

$38.94

1.18 (3.13%)

BRK.B

Berkshire Hathaway

$219.74

0.38 (0.17%)

BRK.A

Berkshire Hathaway

$329,361.11

266.11 (0.08%)

  • 14

    Jan

WFC Wells Fargo
$53.80

0.3 (0.56%)

10/16/19
BMOC
10/16/19
NO CHANGE
Target $57
BMOC
Market Perform
Wells Fargo price target lowered to $57 from $59 at BMO Capital
BMO Capital analyst James Fotheringham lowered his price target on Wells Fargo (WFC) to $57 and kept his Market Perform rating after its Q3 results. The analyst cites the bank's lower than expected net interest income along with a miss on fees and a higher than anticipated operating costs. Fotheringham contends that before the new Wells Fargo CEO arrives and administers a strategic review, there are better investment opportunities in large cap banks that include Citi (C), Bank of America (BAC), Capital One (COF) and Morgan Stanley (MS).
11/15/19
ROTH
11/15/19
DOWNGRADE
Target $8
ROTH
Neutral
Mitek Systems downgraded on USAA litigation risk at Roth Capital
Roth Capital analyst Darren Aftahi downgraded Mitek Systems (MITK) to Neutral from Buy with a price target of $8, down from $12.50. The potential "trickle-down litigation risk" from USAA against Mitek's mobile deposit customer's acts is "too big of a risk/uncertainty to shares," Aftahi tells investors in a research note. He believes this could drag on for an extended period of time, causing distraction and additional legal costs. While Mitek does not believe it is the target of a lawsuit from USAA, the ruling in favor of USAA against Wells Fargo (WFC) could prove to be too big of a risk to justify buying Mitek shares currently, says Aftahi.
09/30/19
09/30/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. TSMC (TSM) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Bruce Lu saying after a re-examination of industry capacity builds and order revisions, he thinks he's underestimating the positive impacts on TSMC arising from trade uncertainty. 2. Wells Fargo (WFC) upgraded to Buy from Hold at Argus with analyst Stephen Biggar citing the company's appointment of Charlie Scharf as its new CEO. 3. Cigna (CI) upgraded to Outperform from Market Perform at BMO Capital with analyst Matthew Borsch claiming that the current 8-times his expected forward earnings valuation multiple is "attractive" as the stock represents a "better hedge" against political and health policy uncertainty. 4. Bed Bath & Beyond (BBBY) upgraded to Outperform from Neutral at Wedbush with analyst Seth Basham saying turning around declining retailers is a very difficult task, particularly amidst unfavorable secular trends and soft industry sales growth, but Bed Bath & Beyond has a "good chance of stabilization" in earnings over the next two years as its changes take hold. 5. Restaurant Brands (QSR) upgraded to Neutral from Underperform at Longbow with analyst Alton Stump saying after calls with U.S. Burger King franchisees, he believes same-store sales for Restaurant Brands' Burger King concept were up 4.5%-5.0% in Q3 ahead of his prior estimate of 2.0% growth and consensus at up 3.4%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/22/19
ODEN
10/22/19
DOWNGRADE
ODEN
Hold
Wells Fargo downgraded to Hold from Buy at Odeon Capital
Odeon Capital analyst Richard Bove downgraded Wells Fargo to Hold from Buy despite his view of the bank as "one of the most powerful companies in the United States" in spite of "all of its problems and all of its challenges." However, Wells' net interest margins will remain under pressure, sending its net interest income lower, while its costs are unlikely to decline any time soon and it faces more legal and regulatory issues, Bove tells investors.
AAPL Apple
$265.73

3.07 (1.17%)

11/14/19
11/14/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Sell from Hold at Maxim with analyst Nehal Chokshi saying his survey data lead him to project iPhone revenue in fiscal Q2 that is 14% below consensus iPhone revenue that is 6% below consensus for fiscal year 2020. He also expects operating profit to decline year-over-year due to his below consensus iPhone view. 2. Kraft Heinz (KHC) downgraded to Sell from Neutral at Goldman Sachs with analyst Jason English saying shares are up 15% since the company reported Q3 results on October 31. 3. Verizon (VZ), AT&T (T), and T-Mobile (TMUS) downgraded to Hold from Buy at HSBC. 4. Myomo (MYO) downgraded to Neutral from Buy at Roth Capital with analyst Scott Henry saying he sees lowered future expectations for the company after its Q3 results missed expectations. 5. Albemarle (ALB) downgraded to Neutral from Buy at Seaport Global with analyst Michael Harrison saying "challenging" lithium market dynamics are now anticipated to continue though 2020. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/19
MZHO
11/15/19
UPGRADE
Target $100
MZHO
Buy
Qualcomm upgraded to Buy from Neutral at Mizuho
Mizuho analyst Vijay Rakesh upgraded Qualcomm (QCOM) to Buy from Neutral with a price target of $100, up from $80. The chipmaker closed Thursday up 1c to $90.48. Much of Qualcomm's 4G handset risk is "in the rear view mirror," and the company is positioned well for 5G ramps in 2020 and 2021, Rakesh tells investors in a research note. The analyst believes Qualcomm could see better average selling prices at its CDMA Technologies unit, supplying 5G modems at $15-$20 versus the current $10 for 4G. 2020 could see 200M 5G phones versus less than 20M in 2019, according to Rakesh. For Qualcomm, Samsung (SSNLF) and Apple (AAPL) should start to drive better 5G sales in 2020, he contends.
11/15/19
PIPR
11/15/19
NO CHANGE
Target $290
PIPR
Overweight
Apple price target raised to $290 from $270 at Piper Jaffray
Piper Jaffray analyst Michael Olson raised his price target for Apple to $290 from $270 after surveying 569 domestic iPhone users. The shares closed Thursday down $1.83 to $262.64. The survey suggests a year-over-year improvement in upgrade rates for the newly released device, Olson tells investors in a research note. Specifically, 35% of those surveyed have either already upgraded to an iPhone 11 or 11 Pro or plan to within the coming months, which is consistent with 35% in last year's survey, says the analyst. He is modeling for flat year-over-year iPhone revenue in fiscal 2020, which is consistent with consensus estimates, and says a "slight improvement" in upgrade rates could signal potential for upside. Further, while still nearly a year away, Olson believes the launch of a 5G iPhone could also drive upgrades. He maintains an Overweight rating on Apple shares.
11/15/19
JPMS
11/15/19
NO CHANGE
Target $290
JPMS
Overweight
JPMorgan ups Apple target to $290 on 'underappreciated' advertising opportunity
JPMorgan analyst Samik Chatterjee raised his price target for Apple to $290 from $280 and reiterates an Overweight rating on the shares. Following the stock's strong run, investor attention is increasingly focusing on identifying new avenues of Services revenue growth beyond the current ventures, such as Apple Music, Apple Pay, Apple Arcade, and its latest, Apple TV+, "which are still very much in early innings," Chatterjee tells investors in a research note. However, he believes "hidden in plain sight and underappreciated by most" is Apple's advertising opportunity. The analyst highlights the "secular migration" of advertising dollars to mobile platforms and Apple's large installed base of close to 1B iPhone users. Chatterjee estimates that if Apple were willing to accelerate monetization of advertising through an expansion of its current efforts with Apple Search Ads as well as adopting new strategies around Apple TV, it could expand advertising revenues 33% per annum to $11B in fiscal 2020 from an estimated ~$2B currently. Piper Jaffray this morning also raised its price target on Apple to $290.
OXY Occidental Petroleum
$38.94

1.18 (3.13%)

11/11/19
TUDR
11/11/19
DOWNGRADE
Target $36
TUDR
Sell
Occidental Petroleum downgraded to Sell from Hold at Tudor Pickering
Tudor Pickering analyst Matthew Portillo downgraded Occidental Petroleum to Sell from Hold with a $36 price target. He contends that the "overwhelming amount" of debt and preferred equity issued to guarantee the winning bid for Anadarko Petroleum has put Occidental's balance sheet in an "extremely uncomfortable position." While plans to deconsolidate Western Midstream (WES) will "help optically," he believes Occidental needs $65 per barrel WTI price to achieve less than 2 times leverage by 2022, he stated. Management has said it remains committed to the dividend, but a 50% cut would free up greater than $1.3B of annual cash flow for further debt reduction, Portillo contends.
09/05/19
SUSQ
09/05/19
INITIATION
Target $55
SUSQ
Positive
Occidental Petroleum initiated with a Positive at Susquehanna
Susquehanna analyst Biju Perincheril initiated Occidental Petroleum with a Positive rating and $55.00 price target.
09/12/19
HSBC
09/12/19
UPGRADE
Target $20.5
HSBC
Buy
HSBC upgrades Ecopetrol to Buy with $20.50 price target
HSBC analyst Lilyanna Yang upgraded Ecopetrol (EC) to Buy from Hold with a price target of $20.50, down from $21. The analyst estimates the company's $1.5B joint venture with shale operator Occidental Petroleum (OXY) announced in August to be accretive on a standalone basis and better than initially thought at the time of the announcement. The asset should provide self-funded reserve upside to beyond 160M BOE of proven reserves, Yang tells investors in a research note. Further, the analyst believes the joint venture should help Ecopetrol better understand and de-risk gross resources in Colombia unconventionals.
09/23/19
RHCO
09/23/19
INITIATION
Target $48
RHCO
Hold
Occidental Petroleum initiated with a Hold at SunTrust
SunTrust analyst Neal Dingmann initiated Occidental Petroleum with a Hold rating and a price target of $48. The analyst notes that in the wake of its Anadarko acquisition, the company needs to execute some "key external transactions" to reduce its leverage toward that of its peer group. Dingmann adds that Occidental Petroleum's growth will likely track below that of its peers in the coming quarters to ensure that the company can generate free cash flows and return capital to shareholders.
BRK.B Berkshire Hathaway
$219.74

0.38 (0.17%)

04/09/19
KEYB
04/09/19
NO CHANGE
Target $235
KEYB
Overweight
Workday wins deal from Berkshire Hathaway's Geico, says KeyBanc
KeyBanc analyst Brent Bracelin reported that he found a recent job posting indicating that Geico, a subsidiary of Berkshire Hathaway (BRK.A), plans to implement Workday (WDAY) Financials as its new ERP system. He view the Geico win, which also includes the use of Workday's Adaptive Insights planning software, as further validation of the increasing cloud financial momentum at the company. The analyst, who sees share gains across both HCM and ERP as the primary drivers of upside for Workday, has an Overweight rating and $235 price target on the shares.
04/24/19
BOFA
04/24/19
NO CHANGE
BOFA
PG&E deal talks report could drive renewed interest, says BofA/Merrill
BofA Merrill Lynch analyst Julien Dumoulin-Smith noted that SparkSpread reported that Berkshire Hathaway Energy (BRK.A) was in talks to acquire bankrupt PG&E (PCG). However, CNBC subsequently reported that Berkshire had no interest, citing direct conversations with Warren Buffett, and a spokesperson also noted the company is not in talks with PG&E, noted the analyst. Still, he thinks headlines regarding the Berkshire interest could help drive renewed interest in PG&E from other large-cap entities, adding that "for all of the same reasons why we see credibility to a potential Berkshire bid, much of the same applies to any other large buyer." Dumoulin-Smith keeps No Rating on PG&E shares given ongoing Chapter 11 proceedings.
BRK.A Berkshire Hathaway
$329,361.11

266.11 (0.08%)

06/19/19
SBSH
06/19/19
NO CHANGE
SBSH
Axalta Coating under pressure to deliver on M&A, says Citi
Citi analyst P.J. Juvekar said Axalta is under increased pressure "to deliver on M&A now or risk its credibility" after the company announced it is exploring strategic options again after going through the same process in 2017. Previously the company had M&A negotiations with AkzoNobel (AKZOY) and briefly with Nippon Paints, though neither reached a deal, and this time it could approach new players like Berkshire Hathaway (BRK.A), which already owns roughly 10% of the company, or Sherwin-Williams (SHW), contends Juvekar. Axalta does not have architectural paint, which trades at high multiples compared to industrial paint, and he thinks a multiple range of 12x-13x, equating to a stock price in the mid-to-high $30 range, is possible in a deal, though "there is no guarantee that a deal would happen," Juvekar stated in a note to investor before the open.

TODAY'S FREE FLY STORIES

WCG

WellCare

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1.65 (0.52%)

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WBA

Walgreens Boots Alliance

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PLAB

Photronics

$12.59

0.36 (2.94%)

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1.16 (0.99%)

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$5.66

0.07 (1.25%)

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HD

Home Depot

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-0.75 (-0.35%)

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ACHC

Acadia

$32.10

0.1 (0.31%)

06:03
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BYND

Beyond Meat

$74.59

0.53 (0.72%)

06:02
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PLAB

Photronics

$12.59

0.36 (2.94%)

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  • 11

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FB

Facebook

$200.90

-0.42 (-0.21%)

06:02
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06:02
Periodicals
Facebook fires contractor paid to reactivate banned ad accounts, BFN says »

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HD

Home Depot

$215.84

-0.75 (-0.35%)

06:02
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Earnings
Home Depot backs FY19 EPS view of about $10.03, consensus $10.08 »

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  • 11

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CRY

CryoLife

$24.21

-0.04 (-0.16%)

05:57
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  • 13

    Dec

THOR

Synthorx

$67.81

0.09 (0.13%)

05:56
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ITRM

Iterum Therapeutics

$4.90

1.1 (28.95%)

05:55
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SWMAY

Swedish Match

$0.00

(0.00%)

05:53
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LZRFY

Localiza

$0.00

(0.00%)

05:51
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AKS

AK Steel

$3.41

0.08 (2.40%)

, CLF

Cleveland-Cliffs

$8.55

0.035 (0.41%)

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CLF

Cleveland-Cliffs

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SRDX

Surmodics

$40.95

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RHHBY

Roche

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JKS

JinkoSolar

$20.29

-0.145 (-0.71%)

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GME

GameStop

$6.50

0.18 (2.85%)

05:33
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  • 13

    Dec

SWAV

ShockWave Medical

$40.43

-0.08 (-0.20%)

05:29
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GOL

Gol Linhas

$16.88

-0.83 (-4.69%)

, DAL

Delta Air Lines

$55.52

-0.27 (-0.48%)

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GOL

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$16.88

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DAL

Delta Air Lines

$55.52

-0.27 (-0.48%)

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  • 12

    Dec

JOUT

Johnson Outdoors

$75.16

-2.36 (-3.04%)

05:25
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NFLX

Netflix

$293.21

-9.27 (-3.06%)

05:24
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Netflix analyst commentary  »

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