Fly Intel: Top five analyst downgrades » 09:5307/2907/29/21
MCO, SC, ATUS, CONE, CRUS
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Moody's (MCO) downgraded to Neutral from Buy at UBS with analyst Alex Kramm saying following two years of "outsized" debt issuance levels, the analyst is "increasingly concerned" that the medium-term outlook "can only soften from here." 2. Santander Consumer (SC) downgraded to Hold from Buy at Deutsche Bank with analyst Meng Jiao saying upside potential in the shares is "capped given the overhang" of the nonbinding proposal for SHUSA, Santander Consumer's majority shareholder, to acquire all outstanding common shares for $39 per share. 3. Altice USA (ATUS) downgraded to Outperform from Strong Buy at Raymond James with analyst Frank Louthan believing leverage will remain the biggest risk to Altice shares, along with lower top line growth, until advertising returns to full strength and fiber build penetration is further along. 4. CyrusOne (CONE) downgraded to Hold from Buy at Truist with analyst Greg Miller citing the surprise separation of Bruce Duncan only one year after he was appointed as CEO. 5. Cirrus Logic (CRUS) downgraded to Neutral from Buy at BofA with analyst Vivek Arya saying while he likes Cirrus' pipeline, plans for broadening into Android phones and laptops, and content gain opportunities from its Lion acquisition, the company's announcement of FY23 pricing and cost pressures suggests earnings growth is likely to remain muted and below semis industry growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Moody's price target raised to $415 from $406 at BMO Capital » 08:5207/2907/29/21
BMO Capital analyst…
BMO Capital analyst Jeffrey Silber raised the firm's price target on Moody's to $415 from $406 and keeps an Outperform rating on the shares. Global debt issuance declined but the company's Q2 results were "less worse" than expected and the mix toward "more transactional issuance" was more favorable, the analyst tells investors in a research note. Moody's Analytics business also outperformed with strong recurring revenue, Silber adds.
Moody's price target raised to $406 from $387 at Oppenheimer » 07:3707/2907/29/21
Oppenheimer analyst Owen…
Oppenheimer analyst Owen Lau raised the firm's price target on Moody's to $406 from $387 and keeps an Outperform rating on the shares. The analyst notes Moody's reported Q2 results, with EPS coming in at $3.22 versus his estimate of $2.82 and consensus' $2.78. Overall, the results were "excellent," with revenue of $1.55B meaningfully outpacing his estimate of $1.46B and up 8.2% year-over-year, Lau adds. That said, the stock is down, driven by profit taking in light of strong year-to-date performance of 30% versus 17% for S&P 500 and conservative guidance, the analyst argues.
Moody's price target raised to $375 from $325 at Deutsche Bank » 07:0707/2907/29/21
Deutsche Bank analyst…
Deutsche Bank analyst Sameer Kalucha raised the firm's price target on Moody's to $375 from $325 and keeps a Hold rating on the shares post the "solid" Q2 results.
Moody's downgraded to Neutral from Buy at UBS » 05:2107/2907/29/21
UBS analyst Alex Kramm…
UBS analyst Alex Kramm downgraded Moody's to Neutral from Buy with a price target of $392, up from $383. Following two years of "outsized" debt issuance levels, the analyst is "increasingly concerned" that the medium-term outlook "can only soften from here." Meanwhile, Moody's shares are pricing in a continuation of recent trends, Kramm tells investors in a research note. He thinks "ratings headwinds may be too large to overcome" and downgrades the shares following the 30% year-to-date rally.
Moody's sees FY21 EPS $11.55-$11.85 , consensus $11.52 » 07:1307/2807/28/21
Sees FY21 operating cash…
Sees FY21 operating cash flow $2.3B-$2.4B.
Moody's reports Q2 EPS $3.22, consensus $2.74 » 07:1007/2807/28/21
Reports Q2 revenue $1.6B,…
Reports Q2 revenue $1.6B, consensus $1.47B. "Moody's impressive second quarter 2021 results reflect the strong demand for our increasingly comprehensive suite of risk assessment offerings as we help our customers make better decisions about a wider range of risks," said Rob Fauber, President and Chief Executive Officer of Moody's. "This quarter, Moody's Investors Service revenue grew in the mid-single-digit percent range, benefitting from economic tailwinds that supported increased leveraged finance and CLO activity. In Moody's Analytics, continued demand for KYC and compliance solutions, as well as research and data feeds, drove mid-teens revenue growth. Due to our robust first half performance, we now forecast Moody's full year 2021 revenue to increase in the low-double-digit percent range and are raising our full year 2021 adjusted diluted EPS guidance range to $11.55 to $11.85."
|Over a week ago|
Moody's price target raised to $344 from $322 at Morgan Stanley » 06:4607/0807/08/21
Morgan Stanley analyst…
Morgan Stanley analyst Toni Kaplan raised the firm's price target on Moody's to $344 from $322 and keeps an Equal Weight rating on the shares as debt issuance continues to outperform expectations. She forecasts Ratings revenue to be up 1% at each of the rating agencies despite a tough year-over-year comparison, Kaplan noted.
Moody's initiated with an Outperform at RBC Capital » 16:2007/0707/07/21
RBC Capital analyst…
RBC Capital analyst Ashish Sabadra initiated coverage of Moody's with an Outperform rating and $409 price target. The analyst sees "sustained margin expansion in the medium term despite the expense growth through the rest of the FY21 due to strategic investments and M&A." Sabadra also believes share repurchases should "help deliver upside to the long-term guidance of low-teens earnings growth."
Moody's price target raised to $394 from $341 at Raymond James » 07:3207/0707/07/21
Raymond James analyst…
Raymond James analyst Patrick O'Shaughnessy raised the firm's price target on Moody's to $394 from $341 and keeps an Outperform rating on the shares. High yield and leveraged loan issuance, as well as all three structured finance issuance categories, posted robust year-over-year growth during 2Q21, the analyst tells investors in a research note.