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CMI

Cummins

$183.46

-0.13 (-0.07%)

, TSLA

Tesla

$358.76

8.77 (2.51%)

13:01
11/19/19
11/19
13:01
11/19/19
13:01

Electric truck firm Nikola to unveil 'game-changing' battery cell technology

Nikola Motor, which designs and manufactures electric components, drivetrains and vehicles including the Nikola One and Nikola Two electric semi-trucks said in a statement: "Nikola Corporation is excited to announce details of its new battery that has a record energy density of 1,100 watt-hours per kg on the material level and 500 watt-hours per kg on the production cell level. The Nikola prototype cell is the first battery that removes binder material and current collectors, enabling more energy storage within the cell. It is also expected to pass nail penetration standards, thus reducing potential vehicle fires. This battery technology could increase the range of current EV passenger cars from 300 miles up to 600 miles with little or no increase to battery size and weight. The technology is also designed to operate in existing vehicle conditions. Moreover, cycling the cells over 2,000 times has shown acceptable end-of-life performance. This month, Nikola entered into a letter of intent to acquire a world-class battery engineering team to help bring the new battery to pre-production. Through this acquisition, Nikola will add 15 PhDs and five master's degree team members. Due to confidentiality and security reasons, additional details of the acquisition will not be disclosed until Nikola World 2020. "This is the biggest advancement we have seen in the battery world," said Trevor Milton, CEO, Nikola Motor Company. "We are not talking about small improvements; we are talking about doubling your cell phone battery capacity. We are talking about doubling the range of BEVs and hydrogen-electric vehicles around the world." Companies that may be impacted by this include Cummins (CMI), Tesla (TSLA), Navistar (NAV) ,General Motors (GM) and Paccar (PCAR) Reference Link

CMI

Cummins

$183.46

-0.13 (-0.07%)

TSLA

Tesla

$358.76

8.77 (2.51%)

NAV

Navistar

$32.22

-0.3 (-0.92%)

GM

General Motors

$36.60

-0.02 (-0.05%)

PCAR

Paccar

$79.50

-0.48 (-0.60%)

CMI Cummins
$183.46

-0.13 (-0.07%)

11/08/19
11/08/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. McDonald's (MCD) upgraded to Buy from Neutral at Longbow with analyst Alton Stump saying though disappointed by Steve Easterbrook's departure, Chris Kempczinski has played an integral role alongside Easterbrook in driving the company's "impressive" domestic same-store sales recovery and he believes McDonald's "is in good hands" under its new CEO. 2. Foot Locker (FL) upgraded to Positive from Neutral at Susquehanna with analyst Sam Poser saying he believes its outlook for Q3 and Q4 will be better than anticipated. 3. WWE (WWE) upgraded to Buy from Neutral at Citi with analyst Jason Bazinet saying the stock's risk/reward is "now compelling." 4. Qualcomm (QCOM) upgraded to Hold from Sell at DZ Bank. 5. Cummins (CMI) upgraded to Outperform from In Line at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/08/19
EVER
11/08/19
UPGRADE
Target $207
EVER
Outperform
Cummins upgraded to Outperform from In Line at Evercore ISI
Evercore ISI analyst David Raso upgraded Cummins to Outperform from In Line with a $207 price target.
10/30/19
CFRA
10/30/19
DOWNGRADE
CFRA
Hold
Cummins downgraded to Hold from Buy at CFRA
CFRA downgraded Cummins to Hold from Buy.
10/30/19
WELS
10/30/19
NO CHANGE
Target $180
WELS
Market Perform
Cummins price target raised to $180 from $165 at Wells Fargo
Wells Fargo analyst Andrew Casey raised his price target for Cummins to $180 from $165, saying demand trends appear to become progressively weaker with declining demand spreading to more markets. These downturns are faster and deeper than prior guidance but not unexpected, Casey tells investors in a research note, adding that Cummins has taken steps to reduce costs in the face of end market downturns and announced it will be pursuing early retirement initiatives in North America. Casey, who maintains a Market Perform rating on the shares, expects most of the end market weakness to persist into 2020 with further declines in some truck markets during 2021.
TSLA Tesla
$358.76

8.77 (2.51%)

11/11/19
JEFF
11/11/19
NO CHANGE
Target $400
JEFF
Buy
Tesla price target raised to $400 from $300 at Jefferies
Jefferies analyst Philippe Houchois raised his price target for Tesla to $400 from $300 saying the company's risk profile continues to improve. The stock closed Friday Tesla's gross margin levels in Q3 are consistent with sustained profitability and its average selling prices should stabilize ahead of improvements in the second half of 2020, Houchois tells investors in a research note. Stabilization in 2019 "sets a better foundation" for a return to growth in 2020 revenue and earnings, adds the analyst. Houchois, who continues to see Tesla maintaining its edge in product, affordability and technology, keeps a Buy rating on the shares.
11/13/19
MSCO
11/13/19
NO CHANGE
Target $250
MSCO
Equal Weight
Tesla gross margins in China may 'push the mid-30% range,' says Morgan Stanley
Morgan Stanley analyst Adam Jonas said labor costs for Tesla in China could be one-tenth of what they are for the company in California and he feels that many investors do not fully appreciate that Tesla is about to address both the largest electric vehicle and luxury car markets in the world, both of which are in China, "at scale and at a more advantageous cost basis." At the midpoint of his estimates, Jonas sees the potential for low to mid-30% auto gross margins in China for Tesla, he tells investors. He believes that Tesla vehicles could theoretically add about $4.00 to his estimates for 2022 EPS, or roughly $60 to Tesla shares at a 15 times P/E multiple, Jonas added. The analyst, who thinks the Shanghai Gigafactory has potential to be one of the more profitable auto factories in the world, keeps an Equal Weight rating and $250 price target on Tesla shares.
11/18/19
DBAB
11/18/19
NO CHANGE
Target $290
DBAB
Hold
Tesla price target raised to $290 from $260 at Deutsche Bank
Deutsche Bank analyst Emmanuel Rosner raised his price target for Tesla to $290 from $260 while keeping a Hold rating on the shares. Tesla is set to unveil its "Cybertruck" electric pickup on November 21, and assuming most performance specifications are in line with those teased over time by Elon Musk, the focus will likely be on how well the actual design resonates with pickup buyers, Rosner tells investors in a research note. Based on Musk's comments that the truck "looks like an armored personnel carrier from the future," and is "unrecognizable from the trucks from the past 20-40 years," the analyst sees risk of the truck not attracting traditional pickup buyers, "leaving it a lower-volume niche product."
11/12/19
MSCO
11/12/19
NO CHANGE
Target $250
MSCO
Equal Weight
Tesla may be entering 'hottest, fastest growing' EV segment, says Morgan Stanley
Morgan Stanley analyst Adam Jonas said Tesla's planned pickup truck unveiling event on November 21 could be "the beginning of a process that may see Tesla potentially more than triple its model line-up" by 2025 and multiply its segment coverage by a factor of five in the process. Pickup trucks may arguably, along with delivery vans, become the "hottest, fastest growing EV" segment in the U.S. market over the next 3 to 5 years, contends Jonas, who questions if the short term noise around Tesla may have diverted attention from the potential for the upcoming "Cyberpunk" pickup. Jonas keeps an Equal Weight rating and $250 price target on Tesla shares.
NAV Navistar
$32.22

-0.3 (-0.92%)

11/18/19
RBCM
11/18/19
NO CHANGE
Target $33
RBCM
Sector Perform
Navistar price target raised to $33 from $30 at RBC Capital
RBC Capital analyst Seth Weber raised his price target on Navistar (NAV) to $33 to reflect the multiple expansion across its peer group and calls the company's update last week regarding the impact of the GM (GM) autoworker strike as "unsurprising". The analyst notes that while the company projects its FY19 revenue and EBITDA to be at the low end of its prior guidance ranges, his FY20/21 estimates are "essentially unchanged", as he also maintains his Sector Perform rating on the stock.
11/19/19
BMOC
11/19/19
NO CHANGE
Target $30
BMOC
Market Perform
Navistar earnings forecasts lowered at BMO Capital
BMO Capital analyst Joel Tiss keeps his Market Perform rating and $30 price target on Navistar (NAV) after its reduced revenue and EBITDA guidance last week, but also lowers his FY19 and FY20 EPS views by 17c and 10c to $3.78 and $2.90 respectively. The analyst cites the impact of the 6-week labor strike at General Motors (GM) which prevented components from being delivered that led to the company's suspension of operations at its Springfield plant from late September to early November. Tiss adds that his reduced forecasts also assume potential production inefficiencies lingering into the start of the company's next fiscal year.
10/09/19
OTRG
10/09/19
DOWNGRADE
OTRG
Negative
Navistar downgraded to Negative from Mixed at OTR Global
10/09/19
OTRG
10/09/19
DOWNGRADE
OTRG
Negative
Update: Navistar downgraded to Negative following checks at OTR Global
As previously reported, OTR Global downgraded Navistar to Negative from Mixed. The firm's checks indicate US, Europe, and Brazil heavy duty truck demand deteriorated during Q3 due to market saturation, uncertainty, and specific market conditions. Further, US component suppliers reported Q3 sales declines, trailer demand appears to have declined, and Western European new truck inventory levels are high, the firm reported in a note to investors.
GM General Motors
$36.60

-0.02 (-0.05%)

11/05/19
LEHM
11/05/19
DOWNGRADE
Target $12
LEHM
Equal Weight
Barclays downgrades American Axle on limited earnings upside
Barclays analyst Brian Johnson downgraded American Axle (AXL) to Equal Weight from Overweight with an unchanged price target of $12. The analyst appreciates the company's progress on operational performance and launch cost reduction, but he sees limited upside to 2020 earnings estimates. Johnson thinks there is "little reason to be Overweight the stock" given the limited upside to 2020 earnings expectations as a result of General Motors' (GM) capacity constraints and late-cycle nature and its exposure to U.S. automotive.
11/19/19
MSCO
11/19/19
NO CHANGE
Target $46
MSCO
Overweight
GM could drive five-fold rise in Corvette volume with SUV, says Morgan Stanley
Morgan Stanley analyst Adam Jonas said Ford's (F) decision to use its Mustang brand for the Mach-E electric SUV "stands as a clear precedent with relevance to Corvette" as he considers the potential of a hypothetical Corvette brand expansion into SUVs and battery electric vehicles as a way for General Motors (GM) to help fund the transition to electric, though he noted that the company has not confirmed any such plans. A hypothetical 100% electric Corvette SUV could drive a five- fold increase in volume to 80,000 units for Corvette by the mid 2020s, projects Jonas, who values the Corvette business at $7B in his base case scenario and at $12B in his bull case. He keeps an Overweight rating and $46 price target on GM shares.
PCAR Paccar
$79.50

-0.48 (-0.60%)

10/23/19
BUCK
10/23/19
NO CHANGE
Target $80
BUCK
Neutral
Paccar price target raised to $80 from $70 at Buckingham
Buckingham analyst Neil Frohnapple raised his price target for Paccar to $80 from $70 and maintained a Neutral rating following stronger than expected Q3 results. In a research note to investors, Frohnapple says he is leaning more positive on Paccar overall, as he thinks the expected decline in global truck production in 2020 is widely understood and thinks the stock can outperform other industrials ahead of a recovery in Class 8 net orders.
11/14/19
BOFA
11/14/19
NO CHANGE
BOFA
Stanley Black & Decker upgrade, Deere downgrade among BofA Industrials changes
BofA Merrill Lynch analyst Ross Gilardi made a number of changes in his Industrial Machinery ratings, including three upgrades and two downgrades, as he contends cyclical rotation is likely to persist into 2020. Lead indicators have started to inflect positively, but, in retrospect, he now thinks he was "a little too early" with his pro-cyclical rotation thesis earlier in the year, the analyst said in his sector note. With that view in mind, he upgraded Stanley Black & Decker (SWK) to Buy from Underperform, raised PACCAR (PCAR) and Allison Transmission (ALSN) both to Buy from Neutral, and downgraded Deere (DE) and H&E Equipment (HEES) each to Neutral from Buy. He noted that record defensive-to-cyclical valuation premiums have begun to shrink and said that if there is a de-escalation in China trade tensions, even in a light capital spending environment, he sees the stage being set for a restocking-driven recovery in Spring 2020.
11/14/19
BOFA
11/14/19
UPGRADE
BOFA
Buy
Paccar upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Ross Gilardi upgraded Paccar to Buy from Neutral.
10/09/19
OTRG
10/09/19
DOWNGRADE
OTRG
Negative
Update: Paccar downgraded to Negative following checks at OTR Global
As previously reported, OTR Global downgraded Navistar to Negative from Mixed. The firm's checks indicate US, Europe, and Brazil heavy duty truck demand deteriorated during Q3 due to market saturation, uncertainty, and specific market conditions. Further, US component suppliers reported Q3 sales declines, trailer demand appears to have declined, and Western European new truck inventory levels are high, the firm reported in a note to investors.

TODAY'S FREE FLY STORIES

STOK

Stoke Therapeutics

$28.91

3.99 (16.01%)

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AUTL

Autolus Therapeutics

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AGIO

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ZIOP

Ziopharm

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0.06 (1.18%)

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TGTX

TG Therapeutics

$7.11

-0.57 (-7.42%)

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KPTI

Karyopharm

$16.30

-1.15 (-6.59%)

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IPHA

Innate Pharma

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REGN

Regeneron

$372.26

4.02 (1.09%)

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  • 08

    Dec

BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

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  • 08

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BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

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  • 08

    Dec

PCG

PG&E

$9.65

-0.13 (-1.33%)

08:12
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Periodicals
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  • 07

    Jan

SYRS

Syros Pharmaceuticals

$4.60

-0.02 (-0.43%)

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  • 08

    Dec

ABBV

AbbVie

$86.97

0.3 (0.35%)

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RHHBY

Roche

$0.00

(0.00%)

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  • 09

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  • 16

    Dec

ORTX

Orchard Therapeutics

$11.85

0.37 (3.22%)

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SRRA

Sierra Oncology

$0.49

0.1035 (27.13%)

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  • 08

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RUHN

Ruhnn

$6.19

-0.2 (-3.13%)

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SRRA

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MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

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  • 07

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PFE

Pfizer

$38.29

0.26 (0.68%)

, BMY

Bristol-Myers

$59.94

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PFE

Pfizer

$38.29

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BMY

Bristol-Myers

$59.94

0.435 (0.73%)

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  • 07

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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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  • 07

    Dec

  • 07

    Dec

AUTL

Autolus Therapeutics

$14.60

-0.18 (-1.22%)

19:23
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  • 07

    Dec

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  • 09

    Dec

BMY

Bristol-Myers

$59.94

0.435 (0.73%)

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