TD upgrades Altice USA to Buy ahead of second half growth pickup » 11:3006/1706/17/21
ATUS, CMCSA, CHTR
TD Securities analyst…
TD Securities analyst Vince Valentini earlier today upgraded Altice USA (ATUS) to Buy from Hold with a price target of $43, up from $40, after assuming primary coverage of the name. The second quarter has historically been a seasonally slow quarter for broadband, and the upcoming quarter will be no different, Valentini told investors in a research note. Altice management has been consistent in saying that the first half of the year will be a set-up for growth in the latter half in its core cable business, specifically the broadband business, adds the analyst. Given the underperformance of Altice USA relative to peers Comcast (CMCSA) and Charter (CHTR) year-to-date, Valentini upgraded the shares to Buy. He views the stock's "current discount as excessive."
Micron downgrade, AT&T upgrade among today's top calls on Wall Street » 10:0106/1706/17/21
MU, T, VZ, DISCA, HNST, NKE, SWK
Check out today's top…
Fly Intel: Top five analyst upgrades » 09:5506/1706/17/21
T, BK, SWK, PDCO, BOOT
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. AT&T (T) upgraded to Sector Perform from Underperform at Scotiabank with analyst Jeffrey Fan saying the stock over the past two has underperformed at down 9% compared to Verizon's (VZ) down 2% and the up 46% for the S&P 500 Index. 2. BNY Mellon (BK) upgraded to Outperform from Market Perform at Keefe Bruyette with analyst Michael Brown expecting the "receive positive news on the capital return front," and longer term the "considerable rate headwinds should flip to meaningful tailwinds" for the trust banks. 3. Stanley Black & Decker (SWK) upgraded to Buy from Hold at Gabelli with analyst Justin Bergner citing his increasing confidence in growth driven by e-commerce, the Black & Decker brand revitalization, and "sustained ex-urban living." 4. Patterson Companies (PDCO) upgraded to Overweight from Neutral at Piper Sandler with analyst Jason Bednar saying he would be a buyer of the stock ahead of next week's fiscal Q4 earnings release. 5. Boot Barn (BOOT) upgraded to Buy from Neutral at Citi with analyst Steven Zaccone viewing Boot Barn as an attractive play on the economic reopening in the near- to medium-term. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AT&T upgraded to Sector Perform on reduced secular risk at Scotiabank » 04:5206/1706/17/21
Scotiabank analyst Jeffrey Fan yesterday afternoon upgraded AT&T (T) to Sector Perform from Underperform with a price target of $31, up from $28. The stock over the past two has underperformed at down 9% compared to Verizon's (VZ) down 2% and the up 46% for the S&P 500 Index, Fan tells investors in a research note. Over the past year, AT&T has transitioned to a new senior management team, and has recently announced the divestiture of DirecTV and the spin-out of Warner Media to merge with Discovery, notes the analyst. He believes these transactions will de-lever the balance sheet and reduce the company's "secular risk exposure" to satellite video and the volatility and investment related to media.
AT&T upgraded to Sector Perform from Underperform at Scotiabank » 15:2406/1606/16/21
Scotiabank analyst Jeffrey Fan upgraded AT&T to Sector Perform from Underperform with a price target of $31, up from $28.
Coinbase initiation, Dish upgrade among today's top calls on Wall Street » 09:5406/1606/16/21
COIN, DISH, T, AFRM, SQSP, NCLH, CCL, RCL
Check out today's top…
Unusual call flow in option market yesterday » 07:3506/1606/16/21
Notable call activity was…
Notable call activity was cited Tuesday in ViacomCBS Class B (VIAC).
Dish upgraded to Buy from Hold at Pivotal Research » 04:4806/1606/16/21
DISH, AMZN, T
Pivotal Research analyst…
Pivotal Research analyst Jeffrey Wlodarczak upgraded Dish Network (DISH) to Buy from Hold with a price target of $60, up from $50. The new target price is "arguably conservative considering the significant upside potential" in the Dish 5G wireless opportunity and to a much lesser extent from the likely inevitable merger with AT&T's (T) DirecTV, Wlodarczak tells investors in a research note. Dish is in the process of rolling out a "revolutionary cloud-native/software-driven 5G network" with key partner Amazon Web Services (AMZN) that should allow 5G services to be quickly developed, says the analyst. Wlodarczak says Dish's risk/reward is "simply too great."
AT&T CFO confident in achieving 67M-70M HBO Max customers by end of 2021 » 18:1006/1506/15/21
AT&T CFO Pascal…
AT&T CFO Pascal Desroches said he expects WarnerMedia's second-quarter results to benefit from positive comparisons to the second quarter of 2020, which represented the worst of the pandemic impacts in that business unit. He also said that in the second half of the year, he expects WarnerMedia to benefit from improvements in advertising revenues, a return to theaters and run rate benefits from the second-half 2020 restructuring. He also expressed confidence in the upcoming planned international launch of HBO Max and in the company's ability to deliver on its guidance of 67M to 70M HBO Max customers by the end of 2021. Desroches reiterated the guidance AT&T previously provided for 2022-2024 after the expected close of the pending WarnerMedia-Discovery transaction: Low-single digit revenue CAGR and mid-single digit adjusted EBITDA and adjusted EPS CAGR. The company expects to generate $20B plus in free cash flow on an annual basis post-close, with a dividend payout ratio in the 40% to 43% range4 for a total dividend payout of $8B to $9B per year. Also during that time period, the company expects to increase capital investment to around $24B annually, focused on 5G and fiber. The company also expects net debt to adjusted EBITDA in the 2.6x range after the transaction closes, moving to less than 2.5x by year-end 2023. AT&T expects to have the optionality to repurchase shares once net debt to adjusted EBITDA is less than 2.5x. Ultimately the company's capital allocation decisions after close of the WarnerMedia transaction will be guided foremost by where management expects to generate the best returns for its shareholder base. Desroches also reiterated that the company doesn't expect to reset the current dividend until after the proposed WarnerMedia-Discovery transaction is approved and closed. After close of the transaction, he expects that the resized dividend will continue to deliver a very attractive yield in the 95th percentile of dividend yielding stocks.
AT&T sees C-band spectrum covering 200M people by end of 2023 » 18:0806/1506/15/21
AT&T CFO Pascal…
AT&T CFO Pascal Desroches provided an update to shareholders at the Credit Suisse Communications conference. Desroches said that AT&T's network is performing as well as it ever has and that as the company accelerates its deployment of C-band spectrum, it expects to cover 200M people by the end of 2023. Desroches indicated that the company's outlook includes expectations for continued elevated wireless competition and thus recent promotional activity by other wireless providers does not come as a material surprise. Desroches also said the company's plan to double the size of AT&Ts fiber footprint to about 30M customer locations by year-end 2025 should open up new use cases and opportunities given the company's integrated fiber deployment strategy and penetration trends in areas where fiber has already been deployed.