|Over a week ago|
Fly Intel: Top five analyst upgrades » 10:1106/1806/18/20
PNW, AMED, BMCH, PCTY, CHD, CNO
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Pinnacle West (PNW) upgraded to Overweight from Equal Weight at Barclays with analyst Eric Beaumont saying the shares are undervalued given the regulatory overhang and uncertainty associated with expected Arizona Commission Corporation turnover. 2. Amedisys (AMED) upgraded to Buy from Hold at Benchmark with analyst Bill Sutherland saying he believes the home health book of business is nearing pre-COVID levels of activity, while also contending that COVID-19 has enhanced the preference for home health over skilled nursing facilities and nursing homes. 3. BMC Stock Holdings (BMCH) upgraded to Buy from Hold at Benchmark with analyst Reuben Garner saying he thinks housing demand is improving by the day, while supply is increasingly limited, and he now believes that valuation for the group, and for BMC, could continue to move higher as the market starts to anticipate rising earnings estimates. 4. Church & Dwight (CHD) upgraded to Outperform from Neutral at Credit Suisse with analyst Kaumil Gajrawala saying the company's operating model is "designed to thrive in this environment." 5. CNO Financial (CNO) upgraded to Buy from Neutral at Goldman Sachs with analyst Alex Scott saying the shares are trading at 5.6 times on 2021 estimated free cash flow versus the sector average of 9.5 times which underappreciates the company's ability to consistently return cash to shareholders. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Pinnacle West upgraded to Overweight with $89 target at Barclays » 06:4506/1806/18/20
Barclays analyst Eric…
Barclays analyst Eric Beaumont upgraded Pinnacle West Capital to Overweight from Equal Weight with a price target of $89, up from $83. The shares are undervalued given the regulatory overhang and uncertainty associated with expected Arizona Commission Corporation turnover, Beaumont tells investors in a research note. The analyst believes share upside still exists to current prices "even with a suboptimal rate outcome." While turnover at the Arizona Corporate Commission drives uncertainty and a negative regulatory perception given the APS rate case will be a campaign issue, historical precedent reduces the risk of a "draconian" rate case outcome, says Beaumont.
Pinnacle West upgraded to Overweight from Equal Weight at Barclays » 05:3006/1806/18/20
Barclays analyst Eric…
Barclays analyst Eric Beaumont upgraded Pinnacle West Capital to Overweight from Equal Weight with an $89 price target.
Fly Intel: Top five analyst upgrades » 10:0606/1506/15/20
INTC, TWLO, NVS, MDLZ, PNW
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Intel (INTC) upgraded to Overweight from Sector Weight at KeyBanc with analyst Weston Twigg saying he views Intel as the best-positioned company to take advantage of the next wave of compute, beyond PCs, phones, and tablets. 2. Twilio (TWLO) upgraded to Overweight from Neutral at Piper Sandler with analyst Brent Bracelin saying new "data-driven insights" point to accelerating digital adoption trends in April and May across retail, healthcare, education, communications and media that could offset the first full quarter impact in travel from COVID-19. 3. Novartis (NVS) upgraded to Buy from Neutral at Citi with analyst Andrew Baum saying the shares are attractively valued following the recent underperformance. 4. Mondelez (MDLZ) upgraded to Buy from Hold at Berenberg with analyst James Targett saying the COVID-19 pandemic has improved the mid-term outlook for most food manufacturers. 5. Pinnacle West (PNW) upgraded to Buy from Neutral at Goldman Sachs with analyst Insoo Kim saying after underperforming the utilities sector by over 20% in the past year, the shares now embed a "meaningfully bearish scenario" in tThis list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, he current Arizona electric rate case. click here.
Pinnacle West upgraded to Buy from Neutral at Goldman Sachs » 21:4106/1406/14/20
Goldman Sachs analyst…
Goldman Sachs analyst Insoo Kim upgraded Pinnacle West Capital to Buy from Neutral with an unchanged price target of $93. After underperforming the utilities sector by over 20% in the past year, the shares now embed a "meaningfully bearish scenario" in the current Arizona electric rate case, Kim tells investors in a research note. The analyst believes the downside scenario is largely priced in and that favorable Arizona demand trends in the near term should help mitigate the impact of COVID-19. Longer-term, Pinnacle West represents a "clean energy transformation story," says Kim.
|Over a month ago|
Pinnacle West upgraded to Buy following underperformance at Guggenheim » 08:4605/1205/12/20
As previously reported,…
As previously reported, Guggenheim analyst Shahriar Pourreza upgraded Pinnacle West to Buy from Neutral with an $82 price target. Following months of underperformance the stock "has reached an unwarranted discount" compared to peers, contends Pourreza, who also sees the rate case overhang diminishing as the door to a possible settlement "looks increasingly open." The analyst also takes an optimistic view on the post-COVID re-emergence for the balance of the year following the management reset last fall that resulted in more conservative and manageable expectations, Pourreza said.
Pinnacle West upgraded to Buy from Neutral at Guggenheim » 06:0805/1205/12/20
Guggenheim upgraded Pinnacle West to Buy from Neutral.
Pinnacle West backs FY20 EPS view of $4.75-$4.95, consensus $4.81 » 08:4505/0805/08/20
While the company cannot…
While the company cannot predict the duration and longer-term impacts of the coronavirus pandemic, as of today Pinnacle West continues to believe its 2020 consolidated earnings guidance of $4.75 to $4.95 per diluted share is still achievable. This outlook assumes that the impacts from COVID-19 dissipate by the end of June, and customer and sales growth resume once the economy normalizes. In addition, the company will continue its focus on managing costs and utilizing Lean principles to help mitigate any impacts of the pandemic.
Pinnacle West reports Q1 EPS 27c, consensus 15c » 08:4405/0805/08/20
Reports Q1 revenue…
Reports Q1 revenue $661.93M, consensus $749.63M. "Our first quarter results provided an encouraging start to 2020 largely due to how our employees operated and managed costs across our business," said Pinnacle West Chairman, President and CEO Jeff Guldner. "While the coronavirus pandemic will impact future results, we are managing what we can directly control - helping to keep our employees and communities safe, and providing reliable electric service to our customers."
Federal support for renewables could come in summer, says Morgan Stanley » 09:5404/2404/24/20
TPIC, FSLR, SPWR, RUN, AEP, AEE, XEL, CMS, D, DUK, PNW, BE, PLUG
Federal legislative support for renewables may not be coming in the near term, but could be included in the summer as part of a broader stimulus package that might also include the oil and gas sector, Morgan Stanley analyst Stephen Byrd tells investors in a research note after hosting with law firm Akin Gump to discuss government support for the clean energy sector amid disruptions from COVID-19. The analyst sees a potential for a compromise approach in which both the clean energy and oil and gas sectors receive federal support. Potential additional federal support for renewables is positive for equipment manufacturers TPI Composites (TPIC), First Solar (FSLR) and SunPower (SPWR), rooftop solar developer Sunrun (RUN), and utilities focused on significant deployments of renewables and shutdowns of coal-fired power plants like American Electric Power (AEP), Ameren (AEE), Xcel Energy (XEL), CMS Energy (CMS), Dominion (D), Duke Energy (DUK) and Pinnacle West (PNW), according to Byrd. In addition, fuel cell companies Bloom Energy (BE) and Plug Power (PLUG) may indirectly benefit from carbon capture support, says the analyst.