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BKNG Booking Holdings $39.00 12 (9.00%) , MA MasterCard $38.00 17 (4.00%) … 18:53 02/14/19 02/14 18:53 02/14/19 18:53 Hot Stocks	Mandel's Lone Pine adds Mastercard, exits EA in Q4 » Stephen Mandel's… Stephen Mandel's Lone Pine Capital disclosed in an SEC filing its holdings as of December 31, 2018. The fund's six new buys during the fourth quarter included, by size of position, Booking (BKNG), Mastercard (MA), Tiffany (TIF), Autodesk (ADSK), and Salesforce (CRM). Lone Pine exited six positions in the quarter, including by size of previous position Alphabet (GOOG), Electronic Arts (EA), Nvidia (NVDA), First Data (FDC), Union Pacific (UNP), and FleetCor (FLT). The fund increased its stake in six holdings, including by size of previous position Amazon (AMZN), Facebook (FB), UnitedHealth (UNH), CSX (CSX), Constellation Brands (STZ), and TransUnion (TRU). Lone Pine reduced its stake in 10 positions, including by size of previous position Alibaba (BABA), Activision Blizzard (ATVI), Microsoft (MSFT), MercadoLibre (MELI), and Adobe (ADBE). The fund's top holdings as of December 31, in order of size, were Adobe, Amazon, Microsoft, Iqvia (IQV), and UnitedHealth. BKNG Booking Holdings $39.00 12 (9.00%) MA MasterCard $38.00 17 (4.00%) TIF Tiffany $33.00 15 (3.00%) ADSK Autodesk $37.00 19 (10.00%) CRM Salesforce $38.00 15 (5.00%) GOOG Alphabet $33.00 20 (2.00%) EA Electronic Arts $39.00 15 (6.00%) NVDA Nvidia $40.00 19 (6.00%) FDC First Data $32.00 15 (8.00%) UNP Union Pacific $36.00 12 (10.00%) FLT FleetCor $32.00 13 (9.00%) AMZN Amazon.com $33.00 19 (10.00%) FB Facebook $33.00 14 (4.00%) UNH UnitedHealth $40.00 16 (4.00%) CSX CSX $38.00 20 (5.00%) STZ Constellation Brands $35.00 20 (3.00%) TRU TransUnion $32.00 11 (7.00%) BABA Alibaba $39.00 16 (4.00%) ATVI Activision Blizzard $32.00 13 (5.00%) MSFT Microsoft $39.00 15 (7.00%) MELI MercadoLibre $36.00 11 (5.00%) ADBE Adobe $39.00 19 (7.00%) IQV Iqvia $32.00 12 (3.00%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	14 Feb 14 Feb 14 Feb 14 Feb 14 Feb 18 Feb 19 Feb 19 Feb 20 Feb 20 Feb 20 Feb 21 Feb 25 Feb 27 Feb 28 Feb 03 Mar 04 Mar 04 Mar 06 Mar 07 Mar 12 Mar 13 Mar 18 Mar 28 May

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PCG PG&E $6.00 -2.37 (-28.32%) , SLG SL Green Realty $86.93 0.03 (0.03%) … 10:25 01/15/19 01/15 10:25 01/15/19 10:25 Downgrade	Fly Intel: Top five analyst downgrades » Catch up on today's… Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PG&E (PCG) downgraded to Sell from Buy at Argus with analyst Jacob Kilstein citing the company's announcement that it will declare bankruptcy based on the potential for $30B in liability costs related to its role in California wildfire, the lack of financing, and the absence of the state government intervention. 2. SL Green Realty (SLG) downgraded to Neutral from Buy at Goldman Sachs with analyst Andrew Rosivach saying he believes the market will value at a lower multiple than real estate ownership. 3. Atlassian (TEAM) and Yext (YEXT) were downgraded to Underweight from Equal Weight at Morgan Stanley while Oracle (ORCL), VMware (VMW), and Autodesk (ADSK) were downgraded to Equal Weight from Overweight. 4. Brookfield Business Partners (BBU) downgraded to Sector Perform at RBC Capital. 5. Edison International (EIX) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing the challenging operating environment in California following the PG&E (PCG) Chapter 11 filing. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. PCG PG&E $6.00 -2.37 (-28.32%) SLG SL Green Realty $86.93 0.03 (0.03%) ORCL Oracle $47.82 -0.15 (-0.31%) TEAM Atlassian $94.25 0.61 (0.65%) ADSK Autodesk $136.89 2.08 (1.54%) VMW VMware $143.35 -0.85 (-0.59%) YEXT Yext $14.24 -1.08 (-7.05%) BBU Brookfield Business Partners $34.42 -0.97 (-2.74%) EIX Edison International $56.00 -2.175 (-3.74%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	15 Jan 15 Jan 15 Jan 16 Jan 16 Jan 17 Jan 23 Jan 24 Jan 24 Jan 25 Jan 08 Feb 25 Feb 03 Mar
ADSK Autodesk $134.81 -1.89 (-1.38%) 07:53 01/15/19 01/15 07:53 01/15/19 07:53 Downgrade	Autodesk rating change » Morgan Stanley downgrades… Morgan Stanley downgrades Autodesk with 'easy money' seen as already made. As previously reported, Morgan Stanley analyst Keith Weiss downgraded Autodesk to Equal Weight from Overweight, citing the perception of higher macro sensitivity given Autodesk's highly cyclical end markets and uncertainty about its potential for success in entering the Field Construction market. Weiss, who said "the easy money has likely been made," has grown less confident in the bull case for Autodesk, he said. He lowered his price target on the stock to $150 from $160. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	15 Jan
ADSK Autodesk $134.81 -1.89 (-1.38%) 06:55 01/15/19 01/15 06:55 01/15/19 06:55 Downgrade	Autodesk rating change at Morgan Stanley » Autodesk downgraded to… Autodesk downgraded to Equal Weight from Overweight at Morgan Stanley 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	15 Jan
ORCL Oracle $47.65 -0.23 (-0.48%) , CRM Salesforce $144.97 -0.72 (-0.49%) … 11:03 01/09/19 01/09 11:03 01/09/19 11:03 On The Fly	Competition seen impacting Oracle’s growth in ‘winner takes all’ cloud environment » Predicting that Oracle… Open Full Text ORCL Oracle $47.65 -0.23 (-0.48%) CRM Salesforce $144.97 -0.72 (-0.49%) ADSK Autodesk $134.18 0.36 (0.27%) WDAY Workday $166.81 -0.16 (-0.10%) ADBE Adobe $233.87 1.17 (0.50%) NOW ServiceNow $189.63 1.63 (0.87%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	14 Jan 15 Jan 15 Jan 15 Jan 16 Jan 16 Jan 22 Jan 23 Jan 23 Jan 24 Jan 25 Jan 30 Jan 25 Feb 03 Mar

ADSK Autodesk $133.82 1.11 (0.84%) 08:18 01/09/19 01/09 08:18 01/09/19 08:18 Initiation	Autodesk initiated at Atlantic Equities » Autodesk initiated with… Autodesk initiated with an Overweight at Atlantic Equities. Atlantic Equities analyst Dimitri Kallianiotis started Autodesk with an Overweight rating and $180 price target, citing his view that its revenue growth should accelerate driven by its move to a subscription model and new design technologies using AI. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
ADSK Autodesk $122.34 -3.45 (-2.74%) 13:55 12/27/18 12/27 13:55 12/27/18 13:55 Options	Autodesk put volume heavy and directionally bearish » Bearish flow noted in… Bearish flow noted in Autodesk with 6,183 puts trading, or 3x expected. Most active are Jul-19 120 puts and 12/28 weekly 121 puts, with total volume in those strikes near 3,700 contracts. The Put/Call Ratio is 4.14, while ATM IV is up over 1 point on the day. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	07 Jan
ADSK Autodesk $125.79 7.47 (6.31%) 09:29 12/27/18 12/27 09:29 12/27/18 09:29 Recommendations	Autodesk analyst commentary at Wedbush » Autodesk price target… Autodesk price target lowered to $131 from $146 at Wedbush. Wedbush analyst Steve Koenig lowered his price target for Autodesk to $131 from $146 to reflect lower EV/free cash flow multiples across his space. The analyst believes the recent acquisitions of PlanGrid and Building Connected enhance Autodesk's construction offerings significantly, giving the company a pole position in the potential $10B market opportunity from digitizing pre-construction and build workflows. Koenig is incrementally positive on the acquisition activity, despite near-term impacts to profitability and cash flow. He reiterates a Neutral rating on the shares. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	07 Jan
ADSK Autodesk $128.19 -2.37 (-1.82%) 09:13 12/20/18 12/20 09:13 12/20/18 09:13 Hot Stocks	Autodesk to acquire BuildingConnected for $275M net of cash acquired » Autodesk has signed a… Autodesk has signed a definitive agreement to acquire BuildingConnected for $275M net of cash acquired. This acquisition will add bid management, risk analysis and other preconstruction solutions to Autodesk's construction portfolio. In addition, BuildingConnected's network presents an opportunity to create a robust digital marketplace for construction goods and services. BuildingConnected has built a network of more than 700,000 construction professionals, helping real estate owners and general contractors find and hire qualified contractors for their projects. It is the largest and most active digital network of construction professionals. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	07 Jan
ADSK Autodesk $130.56 3.22 (2.53%) 16:18 12/18/18 12/18 16:18 12/18/18 16:18 Initiation	Autodesk initiated at Stifel » Autodesk initiated with a… Autodesk initiated with a Buy at Stifel. Stifel analyst Adam Borg initiated Autodesk with a Buy rating and a price target of $163, saying that the industry and company-specific drivers, along with its "model transformation, offer "plenty of opportunity" for a 20% annualized revenue growth and accelerating operating margin in the coming years. The analyst further states that the 15-times enterprise value to free cash flow multiple is an "attractive" valuation and believes that the stock can generate multiple expansion. 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	07 Jan

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