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AXP

American Express

$124.59

0.94 (0.76%)

, CG

Carlyle Group

$30.84

0.54 (1.78%)

12:04
12/17/19
12/17
12:04
12/17/19
12:04

American Express business travel JV gets new investment from Carlyle, others

American Express Global Business Travel announced the signing of an agreement for an equity recapitalization of its joint venture ownership structure to maintain GBT's focus on its long-term growth strategy. The joint venture, formed in 2014, "has established its position as the world's largest travel management company" with more than 18,000 employees across a network of more than 140 countries and management of more than $35B of corporate travel every year, the company said. American Express (AXP) will retain its 50% ownership stake, while the Certares-led investor group holding the other 50%, including Qatar Investment Authority, certain funds managed by BlackRock (BLK), and Teacher Retirement System of Texas, will now include The Carlyle Group's (CG) long-duration private equity platform, Carlyle Global Partners, and GIC, an institutional investor. In addition, the University of California Office of the Chief Investment Officer of the Regents, and Kaiser Permanente, have also joined the investor group. Greg O'Hara, the Founder and Senior Managing Director of Certares, will continue as Executive Chairman of the GBT Board of Directors. Leading GBT's next phase are recently appointed Chief Executive Officer Paul Abbott, and members of GBT's executive management team continuing in their current roles. The terms of the transaction are not disclosed.

AXP

American Express

$124.59

0.94 (0.76%)

CG

Carlyle Group

$30.84

0.54 (1.78%)

BLK

BlackRock

$503.31

1.04 (0.21%)

  • 24

    Jan

  • 26

    Feb

AXP American Express
$124.59

0.94 (0.76%)

12/05/19
NOMU
12/05/19
DOWNGRADE
Target $38
NOMU
Neutral
Synchrony downgraded to Neutral from Buy at Nomura Instinet
Nomura Instinet analyst Bill Carcache downgraded Synchrony Financial (SYF) to Neutral from Buy with a price target of $38, down from $43. The shares are up 60% year-to-date but its GAAP earnings growth is "non-existent" in 2020 and unlikely to resume until 2021 at the earliest, Carcache tells investors in a research note. Further, the risk of incremental late-cycle provision headwinds is a growing concern over the next 12-18 months, adds the analyst. He believes that while investors get CECL is an accounting change that only accelerates the timing of loss recognition, the change will wipe out Synchrony's 2020 earnings growth. Carcache this morning also downgraded Discover (DFS) for a similar rationale. He also raised his price target for Neutral-rated Capital One (COF) to $108 from $87 and for Buy-rated American Express (AXP) to $134 from $130.
10/18/19
WBLR
10/18/19
NO CHANGE
WBLR
Outperform
William Blair reiterates Outperform rating on American Express after earnings
William Blair analyst Robert Napoli called American Express' Q3 results "solid" and noted that management expressed "high confidence" in strong revenue and EPS growth in 2020 and beyond. The analyst, who sees the company benefiting from the secular growth of electronic payments for consumers and businesses over the next several decades, reiterates his Outperform rating on Amex shares.
09/17/19
MSCO
09/17/19
NO CHANGE
Target $142
MSCO
Overweight
Morgan Stanley says American Express dip an overreaction to monthly credit stats
Morgan Stanley analyst Betsy Graseck noted that American Express shares dipped a bit over 1% on Monday, which she said was due to an "overreaction" to the August master trust data that showed a slight uptick in charge-offs and a continued deceleration in loan growth. Her model changes prompted Graseck to lower her Q3 EPS forecast by 1c to $2.05, which she noted is still slightly above consensus. Graseck has an Overweight rating and $142 price target on AmEx shares.
07/22/19
RBCM
07/22/19
NO CHANGE
Target $125
RBCM
Sector Perform
American Express price target raised to $125 from $120 at RBC Capital
RBC Capital analyst Jon Arfstrom raised his price target on American Express to $125 after its Q2 earnings beat, saying the quarter benefited from a lower than expected loan loss provision and seasonally stronger billings and loan growth. The analyst further notes that the company's credit trends were stable and fundamentals remain solid. Arfstrom keeps his Sector Perform rating, adding that the stock may be an attractive long-term holding for investors seeking a high quality core holding, but his near-term neutral view balances the positive outlook with a premium valuation.
CG Carlyle Group
$30.84

0.54 (1.78%)

12/12/19
UBSW
12/12/19
DOWNGRADE
Target $31
UBSW
Neutral
Carlyle Group downgraded to Neutral from Buy at UBS
UBS analyst Adam Beatty downgraded Carlyle Group (CG) to Neutral from Buy with a price target of $31, down from $32. The company's "soaring valuation" multiple is increasingly at odds with tapering distributable earnings growth and estimate trends for the Alternative Asset Managers group, Beatty tells investors in a research note. Beatty this morning also downgraded Apollo Global (APO) for a similar rationale. However, he remains bullish on Buy-rated Ares Management (ARES).
12/10/19
SDLR
12/10/19
INITIATION
Target $35
SDLR
Buy
Carlyle Group reinstated with a Buy at Sandler O'Neill
Sandler O'Neill analyst Sumeet Mody reinstated coverage of Carlyle Group with a Buy rating and $35.00 price target.
10/14/19
BOFA
10/14/19
DOWNGRADE
Target $52
BOFA
Neutral
BofA gets more selective in alternative asset managers, downgrades Blackstone
BofA Merrill Lynch analyst Michael Carrier downgraded Blackstone (BX) to Neutral from Buy with a price target of $52, down from $54, stating that he is getting a bit more selective within the alternative asset managers sector since valuation multiples have moved higher so far this year while estimates have moved lower. Despite his view that the firm is structurally very well positioned over the long-term, he sees more modest upside for the stock from here and prefers others with a higher portion of fee related earnings of that have upcoming fundraising catalysts, Carrier tells investors. To reflect a more typical level of fundraising ahead and the potential for slightly lower than expected realizations if geopolitical risks linger, Carrier also trimmed his price target for Ares Management (ARES) to $31 from $32 and lowered his target for target for KKR (KKR) shares to $31 from $32.
10/14/19
SBSH
10/14/19
NO CHANGE
SBSH
Citi opens '30-Day Negative Catalyst Watch' on Waddell & Reed
Citi analyst William Katz opened a "30-Day Negative Catalyst Watch" for Sell-rated Waddell & Reed (WDR) and initiated a "90-Day Positive Catalyst Watch" on Buy-rated Carlyle Group (CG). He also initiated a "Persistent Existentialism" pair trade, or overweight Charles Schwab (SCHW) and underweight TD Ameritrade (AMTD), a stock he downgraded this morning to Sell from Neutral. Into the Q3 earnings season, the analyst lowered his 12-month price targets for the Brokers and Asset Managers to reflect a combination of lower target multiples and reduced earnings prospects.
BLK BlackRock
$503.31

1.04 (0.21%)

10/07/19
BMOC
10/07/19
INITIATION
BMOC
KKR, Victory Capital, Apollo Global top BMO Capital picks among asset managers
BMO Capital analyst James Fotheringham initiated 11 U.S. asset managers, selecting KKR (KKR), Victory Capital (VCTR), and Apollo Global (APO) as his "top picks" with Outperform ratings and respective price targets of $40, $33, and $52 per share. The analyst believes that investors are undervaluing KKR's performance fees reliability and also have yet to appropriately value its "meaningful" excess capital. Instead, Fotheringham believes that investors are too worried about the risks of recession and KKR's relatively larger balance sheet. For Victory Global, the analyst believes that the market is overly concerned with its balance sheet leverage and believes that the company's organic growth will outperform expectations because of its exposure to to higher-growth segments like ETF products and solutions-seeking investors. For Apollo Global, Fotheringham notes that investors are undervaluing its accelerating Fee Related Earnings growth and expects the stock to benefit from technical support related to "improved liquidity, broadened shareholder engagement, and index inclusions." As part of his research note, the analyst also started the following at Market Perform: Ares Management (ARES) with price target $31, Invesco (IVZ) with price target $18, Blackrock (BLK) with price target $44, AssetMark (AMK) with price target $24, Blackstone (BX) with price target of $44, Carlyle Group (CG) with price target of $23, and T. Rowe Price (TROW) with price target of $101. Fotheringham also initiated Franklin Resources (BEN) at Underperform with price target of $16, saying the market is overvaluing its management-fee related income amid continued outflows and magnified redemption risk as well as operating expense "inflexibility". The analyst warns that Franklin's U.S. and European retail channels are facing ongoing fee pressures and risk from active-to-passive rotation.
10/08/19
10/08/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Target (TGT) initiated with a Strong Buy at Raymond James . 2. Tyler Technologies (TYL) initiated with an Outperform rating at Oppenheimer. 3. Kirkland Lake Gold (KL) initiated with a Neutral rating at Credit Suisse. 4. Blackstone (BX) and BlackRock (BLK) initiated with a Market Perform at BMO Capital. 5. Floor & Decor (FND) initiated with a Strong Buy at Raymond James. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/19
11/01/19
NO CHANGE

Rice University-Jones Graduate School of Business to hold a summit
Rice Energy Finance Summit will be held in Houston on November 1.
11/06/19
DBAB
11/06/19
UPGRADE
Target $543
DBAB
Buy
BlackRock upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Brian Bedell upgraded BlackRock to Buy from Hold with a $543 price target.

TODAY'S FREE FLY STORIES

TLGT

Teligent

$0.40

-0.0025 (-0.62%)

15:53
01/18/20
01/18
15:53
01/18/20
15:53
Conference/Events
Teligent to hold a special shareholder meeting »

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03/08/13
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  • 24

    Jan

AYTU

Aytu BioScience

$0.80

0.0014 (0.18%)

15:48
01/18/20
01/18
15:48
01/18/20
15:48
Conference/Events
Aytu BioScience to hold a special shareholder meeting »

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  • 24

    Jan

DVA

DaVita

$79.45

0.43 (0.54%)

15:32
01/18/20
01/18
15:32
01/18/20
15:32
Conference/Events
DaVita to host special shareholder meeting »

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03/06/13
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  • 23

    Jan

TSM

TSMC

$58.58

-0.18 (-0.31%)

09:16
01/18/20
01/18
09:16
01/18/20
09:16
Periodicals
Taiwan tech stocks can ignore China's bluster for now, Barron's says »

China's government…

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KKR

KKR

$31.20

0.7 (2.30%)

, APO

Apollo Global

$50.35

1.26 (2.57%)

09:03
01/18/20
01/18
09:03
01/18/20
09:03
Periodicals
KKR undervalued compared with peers, Barron's says »

KKR (KKR) gained 50% last…

KKR

KKR

$31.20

0.7 (2.30%)

APO

Apollo Global

$50.35

1.26 (2.57%)

ARES

Ares Management

$37.29

0.47 (1.28%)

BX

Blackstone

$60.79

0.62 (1.03%)

CG

Carlyle Group

$33.30

0.36 (1.09%)

HLNE

Hamilton Lane

$67.25

-0.02 (-0.03%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 30

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    Jan

  • 04

    Feb

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    Feb

  • 05

    Feb

  • 13

    Feb

  • 17

    Feb

  • 26

    Feb

SPCE

Virgin Galactic

$15.65

0.685 (4.58%)

, TWNK

Hostess Brands

$14.03

0.02 (0.14%)

08:56
01/18/20
01/18
08:56
01/18/20
08:56
Periodicals
'Blank-check' companies hot on Wall Street, Barron's says »

More than a quarter of…

SPCE

Virgin Galactic

$15.65

0.685 (4.58%)

TWNK

Hostess Brands

$14.03

0.02 (0.14%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 25

    Feb

  • 04

    Mar

GOOG

Alphabet

$1,480.28

28.34 (1.95%)

, NFLX

Netflix

$339.56

0.89 (0.26%)

08:47
01/18/20
01/18
08:47
01/18/20
08:47
Periodicals
Peacock's pricing might be 'killer feature,' Barron's says »

This week, Peacock…

GOOG

Alphabet

$1,480.28

28.34 (1.95%)

NFLX

Netflix

$339.56

0.89 (0.26%)

CMCSK

Comcast

$0.00

(0.00%)

CMCSA

Comcast

$47.48

0.62 (1.32%)

GOOGL

Alphabet Class A

$1,479.12

29.29 (2.02%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 21

    Jan

  • 22

    Jan

  • 23

    Jan

  • 03

    Feb

  • 03

    Feb

  • 10

    Feb

JWN

Nordstrom

$40.34

-0.15 (-0.37%)

, WMT

Walmart

$114.93

-0.96 (-0.83%)

08:36
01/18/20
01/18
08:36
01/18/20
08:36
Periodicals
Casper IPO highlights tech's promise, troubles, Barron' says »

Mattresses have been…

JWN

Nordstrom

$40.34

-0.15 (-0.37%)

WMT

Walmart

$114.93

-0.96 (-0.83%)

CSPR

Casper Sleep

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 21

    Jan

  • 18

    Feb

BA

Boeing

$324.11

-7.89 (-2.38%)

, DDAIF

Daimler AG

$0.00

(0.00%)

08:12
01/18/20
01/18
08:12
01/18/20
08:12
On The Fly
Week in Review: How Trump's policies moved stocks »

Catch up on the top…

BA

Boeing

$324.11

-7.89 (-2.38%)

DDAIF

Daimler AG

$0.00

(0.00%)

FCAU

Fiat Chrysler

$13.76

-0.14 (-1.01%)

VWAGY

Volkswagen

$0.00

(0.00%)

FSLR

First Solar

$53.51

-0.42 (-0.78%)

AAPL

Apple

$318.66

3.33 (1.06%)

DQ

Daqo New Energy

$53.61

-0.025 (-0.05%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 28

    Jan

  • 29

    Jan

SPOT

Spotify

$148.20

-3.59 (-2.37%)

18:15
01/17/20
01/17
18:15
01/17/20
18:15
Periodicals
Spotify in talks to acquire The Ringer, WSJ reports »

Spotify is in discussions…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 05

    Feb

CE

Celanese

$117.54

-0.53 (-0.45%)

18:00
01/17/20
01/17
18:00
01/17/20
18:00
Hot Stocks
Celanese announces acetyl intermediates price increases »

Celanese Corporation will…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 31

    Jan

BYND

Beyond Meat

$109.20

-1.16 (-1.05%)

17:58
01/17/20
01/17
17:58
01/17/20
17:58
Periodicals
Beyond Meat rival gets green light in Canada, The Star says »

Impossible Foods, a maker…

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03/06/13
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DBD

Diebold

$11.09

-0.49 (-4.23%)

17:42
01/17/20
01/17
17:42
01/17/20
17:42
Periodicals
Breaking Periodicals news story on Diebold »

Diebold Nixdorf divests…

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03/06/13
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IEF

iShares 7-10 Year Treasury Bond ETF

$111.28

-0.13 (-0.12%)

, SHY

iShares 1-3 Year Treasury Bond

$84.73

-0.005 (-0.01%)

17:32
01/17/20
01/17
17:32
01/17/20
17:32
General news
Weekly CFTC Commitment of Traders highlights »

2-YEAR U.S. TREASURY net…

IEF

iShares 7-10 Year Treasury Bond ETF

$111.28

-0.13 (-0.12%)

SHY

iShares 1-3 Year Treasury Bond

$84.73

-0.005 (-0.01%)

SPY

SPDR S&P 500 ETF Trust

$331.98

1.08 (0.33%)

SLV

iShares Silver Trust

$16.82

0.04 (0.24%)

GLD

SPDR Gold Shares

$146.59

0.29 (0.20%)

FXE

Euro Currency Trust

$105.10

-0.43 (-0.41%)

03/08/13
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03/06/13
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UBSFY

Ubisoft

$0.00

(0.00%)

17:32
01/17/20
01/17
17:32
01/17/20
17:32
Periodicals
Ubisoft to restructure editorial team after difficult 2019, VGC reports »

Ubisoft intends to…

03/08/13
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  • 17

    Jan

  • 18

    Feb

IMVT

Immunovant

$17.04

-0.01 (-0.06%)

17:27
01/17/20
01/17
17:27
01/17/20
17:27
Syndicate
Breaking Syndicate news story on Immunovant »

Immunovant files to sell…

03/08/13
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03/06/13
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03/06/13
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TBLT

ToughBuilt

$0.33

-0.0255 (-7.11%)

17:20
01/17/20
01/17
17:20
01/17/20
17:20
Syndicate
ToughBuilt files to sell common stock, no amount given »

Maxim acted as sole book…

03/08/13
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03/06/13
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03/06/13
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MYO

Myomo

$0.32

0.0062 (1.98%)

17:18
01/17/20
01/17
17:18
01/17/20
17:18
Conference/Events
Myomo to host special shareholder meeting »

Special Shareholder…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 21

    Jan

SRRA

Sierra Oncology

$0.40

-0.02 (-4.76%)

17:14
01/17/20
01/17
17:14
01/17/20
17:14
Conference/Events
Sierra Oncology to host virtual special shareholder meeting »

Virtual Special…

03/08/13
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  • 21

    Jan

SRNE

Sorrento Therapeutics

$4.26

-0.15 (-3.40%)

17:10
01/17/20
01/17
17:10
01/17/20
17:10
Syndicate
Breaking Syndicate news story on Sorrento Therapeutics »

Sorrento Therapeutics…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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AKER

Akers Biosciences

$3.45

-0.1 (-2.82%)

17:01
01/17/20
01/17
17:01
01/17/20
17:01
Hot Stocks
Akers Biosciences reaches settlement agreements on two derivative actions »

Akers Biosciences…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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ECA

Encana

$4.09

-0.18 (-4.22%)

16:40
01/17/20
01/17
16:40
01/17/20
16:40
Hot Stocks
Encana receives court approval for reorganization »

Encana Corporation…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 29

    Jan

MBRX

Moleculin Biotech

$0.96

0.0122 (1.29%)

16:38
01/17/20
01/17
16:38
01/17/20
16:38
Syndicate
Breaking Syndicate news story on Moleculin Biotech »

Moleculin Biotech files…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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VOD

Vodafone

$20.07

-0.225 (-1.11%)

, BT

BT Group

$0.00

(0.00%)

16:37
01/17/20
01/17
16:37
01/17/20
16:37
Periodicals
BT, Vodafone consider urging PM Johnson not to ban Huawei in U.K., Reuters says »

BT Group (BT) and…

VOD

Vodafone

$20.07

-0.225 (-1.11%)

BT

BT Group

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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16:30
01/17/20
01/17
16:30
01/17/20
16:30
Options
Preliminary option volume of 28.7M today »

Preliminary option volume…

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