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ROKU

Roku

$133.23

-27.18 (-16.94%)

, WDC

Western Digital

$49.34

-1 (-1.99%)

10:54
12/02/19
12/02
10:54
12/02/19
10:54

Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Roku (ROKU) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Benjamin Swinburne saying Roku continues to execute a "sound strategy" to capitalize on the shift to streaming, but there are risks to growth expectations not reflected in current valuation levels. 2. Western Digital (WDC) resumed with a Hold from Buy at Stifel with analyst Patrick Ho saying he sees some tailwinds for the company but has "some more fundamental questions" as it relates to Western Digital versus Seagate Technology (STX). 3. Philip Morris (PM) downgraded to Neutral from Buy at Citi. 4. Biogen (BIIB) downgraded to Underperform from Neutral at Baird with analyst Brian Skorney saying the upcoming Clinical Trials on Alzheimer's Disease annual congress could serve as a negative catalyst for shares Biogen shares. 5. Deere (DE) downgraded to Underperform from Neutral at BofA/Merrill with analyst Ross Gilardi saying he views last week's earnings outlook as disappointing and says it is "more realistic than conservative." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

ROKU

Roku

$133.23

-27.18 (-16.94%)

WDC

Western Digital

$49.34

-1 (-1.99%)

PM

Philip Morris

$82.01

-1.49 (-1.78%)

BIIB

Biogen

$292.92

-7.06 (-2.35%)

DE

Deere

$165.49

-2.6 (-1.55%)

  • 02

    Dec

  • 03

    Dec

  • 04

    Dec

  • 05

    Dec

  • 09

    Dec

ROKU Roku
$133.23

-27.18 (-16.94%)

11/15/19
BOFA
11/15/19
NO CHANGE
Target $160
BOFA
Buy
Roku price target raised to $160 from $150 at BofA/Merrill
BofA/Merrill analyst Ziv Israel noted that Roku (ROKU) announced a variety of Black Friday offers and discounts on Roku streaming devices, content promotions, and the temporary availability of the Roku SE streaming player exclusively at Walmart (WMT). The company also announced three new smart TV models sold under the Walmart house brand that he estimates are currently priced at about half of TVs with similar attributes. The lower device average selling prices and new smart TV offerings provide a "solid setup for outsized Q4 account growth," contends Israel, who reiterates a Buy rating and raised his price target to $160 on Roku shares.
12/02/19
MSCO
12/02/19
DOWNGRADE
Target $110
MSCO
Underweight
Morgan Stanley downgrades Roku to Underweight after 400% year-to-date rally
Morgan Stanley analyst Benjamin Swinburne downgraded Roku to Underweight from Equal Weight with a price target of $110, up from $100. The shares closed Friday down $1.27 to $160.37. Roku continues to execute a "sound strategy" to capitalize on the shift to streaming, but there are risks to growth expectations not reflected in current valuation levels, Swinburne tells investors in a research note. Specifically, he thinks the company's revenue and gross profit growth could slow "meaningfully" in 2020, leading to multiple compression. Swinburne is bullish on Roku's growth prospects, but he notes the shares are up over 400% year-to-date due to rising estimates and overall exuberance over all things streaming. As a result, the stock's risk/reward is skewed to the downside, contends the analyst. He points out that Roku's valuation levels have surged past digital media players and even past high-growth software-as-a-service companies.
12/02/19
MSCO
12/02/19
DOWNGRADE
Target $110
MSCO
Underweight
Roku downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne downgraded Roku to Underweight from Equal Weight with a $110 price target.
WDC Western Digital
$49.34

-1 (-1.99%)

12/02/19
STFL
12/02/19
DOWNGRADE
Target $53
STFL
Hold
Western Digital resumed with a Hold from Buy at Stifel
Stifel analyst Patrick Ho downgraded Western Digital (WDC) to Hold from Buy with a $53 price target after resuming coverage of the name. The firm had a Buy rating on the shares before suspending coverage in July. The analyst sees some tailwinds for the company but has "some more fundamental questions" as it relates to Western Digital versus Seagate Technology (STX). The technology roadmaps in both hard disk drive and NAND flash need to be monitored, particularly as the competitive landscape drives their own technology roadmaps as well, Ho tells investors in a research note. He also questions Western Digital's operating model and whether it can rebound to its last cycle peak. Further, the company's high debt load could be restrictive, adds the analyst. Ho this morning also resumed coverage of Seagate with a Hold rating.
10/14/19
10/14/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nike (NKE) upgraded to Neutral from Underperform at BofA/Merrill with analyst Robert Ohmes saying that he expects the "accelerated democratization" of the brand to offset the broader future challenges around "significant" third-party retail store closures and global stagnation in "performance" footwear/apparel. 2. Western Digital (WDC) upgraded to Buy from Hold at Loop Capital with analyst Ananda Baruah citing his findings that flash memory average selling prices are set to increase starting in the September and December quarters while also sustaining those increases in 2020, along with expectations of strong hyperscale HDD demand next year. 3. Varian Medical (VAR) upgraded to Buy from Neutral at BTIG with analyst Sean Lavin saying Varian shares have pulled back in recent weeks and now trade in line with the comp group. 4. Xilinx (XLNX) upgraded to Buy from Neutral at Nomura Instinet with analyst David Wong saying many risks remain for U.S. semiconductor companies, including uncertainties related to U.S./China trade issues and U.S. action against Chinese companies such as Huawei. 5. HP Enterprise (HPE) upgraded to In Line from Underperform at Evercore ISI with analyst Amit Daryanani saying he is incrementally more positive on cash flow resiliency, the Cray acquisition, recent data points that indicate H3C is performing better than other OEMs in China, and valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/31/19
RBCM
10/31/19
NO CHANGE
Target $64
RBCM
Outperform
Western Digital price target lowered to $64 from $70 at RBC Capital
RBC Capital analyst Mitch Steves lowered his price target on Western Digital to $64, saying that while its Q1 earnings were "solid", the Q2 guidance was weaker because of "limited margin flow through." The analyst still keeps his Outperform rating on the stock, citing the management's view that the bottom in NAND memory cycle is now in the past as the company works toward gross margins of over 40%.
PM Philip Morris
$82.01

-1.49 (-1.78%)

12/02/19
SBSH
12/02/19
UPGRADE
Target $60
SBSH
Buy
Citi 'getting much more bullish' on cigarettes, upgrades Altria to Buy
Citi analyst Adam Spielman upgraded Altria Group to Buy from Neutral with a price target of $60, up from $47. It is becoming hard to argue that "tobacco is being disrupted," Spielman tells investors in a research note. He believes investors will start to care less about "reduced risk products" and points out that traditional tobacco companies have fallen to price-to-earnings multiples last seen when litigation meant bankruptcy was a realistic prospect. As a result, Spielman is "getting much more bullish on the cigarette companies." He upgraded Altria Group while downgrading Philip Morris (PM) to Neutral with an unchanged price target to $90.
10/01/19
10/01/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Ericsson (ERIC) upgraded to Buy from Hold at Canaccord with analyst Michael Walkley saying since the Q2 earnings report, Ericsson has announced deals with Nex-Tech, RINA, and KDDI, demonstrating continuing 5G momentum. 2. VMware (VMW) upgraded to Outperform from Market Perform at Wells Fargo with analyst Philip Winslow saying investors have been concerned that growing interest in deploying containerized applications into Kubernetes-centric environments will eventually reduce customer demand for VMware's virtualization-centric product portfolio. 3. Tradeweb Markets (TW) upgraded to Overweight from Equal Weight at Barclays with analyst Jeremy Campbell saying recent weakness in the shares "seems largely technical," which presents an "attractive upside opportunity." 4. Scotts Miracle-Gro (SMG) upgraded to Neutral from Underperform at BofA/Merrill with analyst Christopher Carey saying the bar on the company's earnings consensus may be "too low." 5. Philip Morris (PM) upgraded to Buy from Neutral at BofA/Merrill with analyst Lisa Lewandowski citing the suspended merger discussions with Altria (MO) amid the heightened risk for U.S. vaping category following reports of lung health concerns. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/02/19
SBSH
12/02/19
DOWNGRADE
SBSH
Neutral
Philip Morris downgraded to Neutral from Buy at Citi
Citi analyst Adam Spielman downgraded Philip Morris to Neutral from Buy.
BIIB Biogen
$292.92

-7.06 (-2.35%)

12/02/19
BARD
12/02/19
DOWNGRADE
Target $250
BARD
Underperform
Biogen downgraded to Underperform from Neutral at Baird
Baird analyst Brian Skorney downgraded Biogen to Underperform from Neutral with an unchanged price target of $250. The stock closed Friday down $3.54 to $299.81. The upcoming Clinical Trials on Alzheimer's Disease annual congress could serve as a negative catalyst for shares Biogen shares, Skorney tells investors in a research note. The analyst believes the investor "hype" around Alzheimer's disease will "descend into broader critique of the full data set and Biogen's decision to file on it." This will only exacerbate concerns around the 2020 launch of risdiplam and its impact on Spinraza along with the ongoing Tecfidera patent litigation, argues Skorney.
11/26/19
RBCM
11/26/19
NO CHANGE
RBCM
Sector Perform
Judge being replaced a possible positive for Biogen, says RBC Capital
RBC Capital analyst Brian Abrahams noted that an updated posting in the Tecfidera inter-partes review proceeding reveals that Judge Harlow will be replaced by Judge Wisz for future matters due to unavailability. During the hearing two weeks ago, Harlow was the judge who seemed most vocal around the potential obviousness of the 480 mg dose in Biogen's '514 patent, according to Abrahams, who sees the change as a possible positive for Biogen. However, he also cautions that "significant read throughs to this judge change may be limited" and keeps a Sector Perform rating on Biogen shares.
11/19/19
MSCO
11/19/19
NO CHANGE
Target $262
MSCO
Underweight
Mylan only IPR challenger remaining for Biogen's Tecfidera, says Morgan Stanley
Morgan Stanley analyst Matthew Harrison noted that the U.S. Patent and Trademark Appeal Board issued an order indicating that Sawai and Biogen (BIIB) have settled their disputes regarding the key Biogen patent protecting Tecfidera, which he said leaves Mylan (MYL) as the only other IPR challenger. Although he expects investors to view this as a step in the right direction, he still sees the IPR continuing with Mylan remaining a key overhang on Biogen shares. Even if Mylan and Biogen were to settle, the PTAB will likely continue to issue a final written decision by February 2020 since the IPR has had an oral hearing, which puts the patent at risk, said Harrison. He keeps an Underweight rating on Biogen shares.
DE Deere
$165.49

-2.6 (-1.55%)

12/02/19
BOFA
12/02/19
DOWNGRADE
BOFA
Underperform
Deere downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill downgraded Deere to Underperform from Neutral.
12/02/19
BMOC
12/02/19
NO CHANGE
Target $180
BMOC
Outperform
Deere price target raised to $180 from $175 at BMO Capital
BMO Capital analyst Joel Tiss raised his price target on Deere to $180 and kept his Outperform rating, saying that the company remains "well positioned" to benefit from a cyclical recovery in North American agricultural equipment market. The analyst states that awaiting a "stronger recovery" has been "admittedly frustrating", but he remains positive on Deere given its heavy level of investment in precision-agricultural technologies, its efforts on cost structure, and the aging cycle of tractors in the field being the "oldest in more than a decade".
12/02/19
BOFA
12/02/19
DOWNGRADE
Target $150
BOFA
Underperform
BofA/Merrill downgrades Deere to Underperform, sees share downside to $150
As previously reported, BofA/Merrill analyst Ross Gilardi downgraded Deere to Underperform from Neutral with a $150 price target. The analyst views last week's earnings outlook as disappointing and says it is "more realistic than conservative." The agriculture setup into next year is very challenging, and there is no guarantee that fiscal 2020 is the bottom if U.S. farmers respond with higher corn and soybean planting, Gilardi tells investors in a research note. The analyst sees share downside to $150 per share.

TODAY'S FREE FLY STORIES

PLMR

Palomar

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Palomar analyst commentary at Keefe Bruyette »

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ASAZY

Assa Abloy

$0.00

(0.00%)

20:23
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Assa Abloy rating change at JPMorgan »

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RXEEY

Rexel

$0.00

(0.00%)

20:23
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Rexel rating change at JPMorgan »

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TATYY

Tate & Lyle

$0.00

(0.00%)

20:22
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Tate & Lyle rating change at Jefferies »

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AUO

AU Optronics

$0.00

(0.00%)

20:20
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AU Optronics rating change at Morgan Stanley »

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LPL

LG Display

$6.22

0.115 (1.89%)

20:17
12/08/19
12/08
20:17
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20:17
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LG Display rating change at Morgan Stanley »

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  • 09

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ETNB

89bio

$28.38

0.86 (3.13%)

20:16
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12/08
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ANIOY

Acerinox

$0.00

(0.00%)

20:15
12/08/19
12/08
20:15
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20:15
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Acerinox rating change at Jefferies »

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BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

20:15
12/08/19
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Blueprint Medicines to hold an anlayst and investor event »

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TLSNY

Telia

$0.00

(0.00%)

20:14
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12/08
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20:14
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ARWR

Arrowhead

$67.25

1.705 (2.60%)

20:13
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Arrowhead analyst commentary at Piper Jaffray »

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ARGX

Argenx

$147.31

-2.56 (-1.71%)

20:08
12/08/19
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Argenx analyst commentary at Stifel »

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  • 16

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STC

Stewart

$43.16

0.28 (0.65%)

19:56
12/08/19
12/08
19:56
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19:56
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Stewart rating change at Keefe Bruyette »

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FAF

First American

$63.05

(0.00%)

19:55
12/08/19
12/08
19:55
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19:55
Downgrade
First American rating change at Keefe Bruyette »

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PFSI

PennyMac Financial

$33.91

0.12 (0.36%)

19:54
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12/08
19:54
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PennyMac Financial rating change at Keefe Bruyette »

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AGIO

Agios Pharmaceuticals

$40.93

0.81 (2.02%)

18:40
12/08/19
12/08
18:40
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18:40
Recommendations
Agios Pharmaceuticals analyst commentary at Piper Jaffray »

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BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

18:34
12/08/19
12/08
18:34
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18:34
Recommendations
Blueprint Medicines analyst commentary at Piper Jaffray »

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  • 08

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FATE

Fate Therapeutics

$13.64

0.07 (0.52%)

18:29
12/08/19
12/08
18:29
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18:29
Recommendations
Fate Therapeutics analyst commentary at Piper Jaffray »

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RCKT

Rocket Pharmaceuticals

$22.37

2.61 (13.21%)

18:05
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  • 08

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ARGX

Argenx

$147.31

-2.56 (-1.71%)

, JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

18:03
12/08/19
12/08
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18:03
Recommendations
Argenx, Johnson & Johnson analyst commentary at Piper Jaffray »

Argenx data on…

ARGX

Argenx

$147.31

-2.56 (-1.71%)

JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

03/08/13
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03/08/13
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  • 08

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    Jan

BLUE

Bluebird Bio

$79.51

-1.24 (-1.54%)

, JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

17:58
12/08/19
12/08
17:58
12/08/19
17:58
Recommendations
Bluebird Bio, Johnson & Johnson, Amgen, Bristol-Myers, Regeneron analyst commentary at Piper Jaffray »

Piper says…

BLUE

Bluebird Bio

$79.51

-1.24 (-1.54%)

JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

AMGN

Amgen

$233.74

0.3 (0.13%)

BMY

Bristol-Myers

$59.94

0.435 (0.73%)

REGN

Regeneron

$372.26

4.02 (1.09%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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  • 08

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  • 09

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  • 11

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  • 21

    Jan

BGNE

BeiGene

$186.89

-2.3 (-1.22%)

17:50
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12/08
17:50
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17:50
Hot Stocks
BeiGene announces data from two clinical trials of Brukinsa at ASH meeting »

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  • 09

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    Feb

LLY

Eli Lilly

$119.59

-0.175 (-0.15%)

16:34
12/08/19
12/08
16:34
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16:34
Hot Stocks
Eli Lilly presents interim clinical data from LOXO-305 dose escalation trial »

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  • 08

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BMY

Bristol-Myers

$59.94

0.435 (0.73%)

16:32
12/08/19
12/08
16:32
12/08/19
16:32
Hot Stocks
Bristol-Myers announces data from multiple liso-cel studies at ASH meeting »

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  • 08

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QURE

uniQure

$66.06

1.5 (2.32%)

16:26
12/08/19
12/08
16:26
12/08/19
16:26
Hot Stocks
uniQure reports 1-year follow-up data from etranacogene dezaparvovec study »

uniQure announced updated…

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  • 09

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