Fly Intel: Top five analyst upgrades » 10:0111/3011/30/21
SQ, HHR, ESMT, TROX, KRP
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Square (SQ) upgraded to Neutral from Underperform at BofA with analyst Jason Kupferberg saying the "deceleration risk" of the company's Cash App business has been "more appropriately" priced in as the stock now trades 25% below August highs and 15% since reporting a Q3 earnings miss earlier this month, the analyst tells investors in a research note. 2. HeadHunter (HHR) upgraded to Buy from Neutral at BofA with analyst Evgeny Annenkov saying the Russian labor market is expected to remain tight in the next five years, which should accelerate monetization for the company. 3. EngageSmart (ESMT) upgraded to Strong Buy from Outperform at Raymond James with analyst John Davis saying the stock's 36% decline since the Q3 report is "nearly unexplainable." 4. Tronox (TROX) double-upgraded to Buy from Sell at UBS with analyst Joshua Spector "abandoning" his prior negative stance on the direction of titanium dioxide price for a "more constructive" outlook, noting that while he had been concerned that China TiO2 pricing would weaken, impacting the upward trajectory in western markets, this has not played out. 5. Kimbell Royalty upgraded to Overweight from Equal Weight at Wells Fargo with analyst Joseph McKay saying the stock's recent underperformance creates an attractive entry point given Kimbell's "premium quality assets" and impending balance sheet inflection. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Tronox double-upgraded to Buy from Sell at UBS » 06:5111/3011/30/21
UBS analyst Joshua…
UBS analyst Joshua Spector double-upgraded Tronox to Buy from Sell with a price target of $32, up from $22. The analyst is "abandoning" his prior negative stance on the direction of titanium dioxide price for a "more constructive" outlook, noting that while he had been concerned that China TiO2 pricing would weaken, impacting the upward trajectory in western markets, this has not played out. Spector adds that outside of TiO2 industry fundamentals, a number of company specific initiatives such as NewTRON and Jazan could also push Tronox earnings higher.
Tronox upgraded to Buy from Neutral at UBS » 06:0511/3011/30/21
UBS upgraded Tronox to…
UBS upgraded Tronox to Buy from Neutral.
|Over a month ago|
Tronox options imply 12.4% move in share price post-earnings » 14:3410/2710/27/21
Pre-earnings options volume in Tronox is normal with puts leading calls 9:5. Implied volatility suggests the market is anticipating a move near 12.4%, or $3.06, after results are released. Median move over the past eight quarters is 3.1%.
Fly Intel: Top five analyst initiations » 10:0110/1410/14/21
CAT, NEWR, TROX, HASI, RMBS
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Caterpillar (CAT) initiated with an Outperform at Cowen. 2. New Relic (NEWR) initiated with a Sector Perform at RBC Capital. 3. Tronox (TROX) initiated with a Buy at Deutsche Bank. 4. Hannon Armstrong (HASI) initiated with Buy, $65 target at Berenberg. 5. Rambus (RMBS) initiated with a Buy at Rosenblatt. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Tronox initiated with a Buy at Deutsche Bank » 06:1710/1410/14/21
Deutsche Bank analyst…
Deutsche Bank analyst David Begleiter initiated coverage of Tronox with a Buy rating and $30 price target. Since news broke on September 13 that Apollo had approached Tronox with an offer to buy the company for $27 per share, Tronox shares are up 20%, Begleiter tells investors in a research note. However, more important is that the Apollo news "has helped shine a light onto how inexpensive Tronox shares were at $20," says the analyst.
Tronox put volume heavy and directionally bearish » 10:3510/1310/13/21
Bearish flow noted in…
Bearish flow noted in Tronox with 2,073 puts trading, or 8x expected. Most active are Nov-21 20 puts and Oct-21 25 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 20.94, while ATM IV is up nearly 7 points on the day. Earnings are expected on October 27th.
Reported offer to keep floor under Tronox's share price, says Morgan Stanley » 08:1609/1609/16/21
Morgan Stanley analyst…
Morgan Stanley analyst Vincent Andrews noted that Bloomberg and Reuters have each reported this week that Apollo Global (APO) has offered to acquire Tronox (TROX) for $27 per share in cash, although neither company has commented and he has no knowledge of any potential deal. He expect this reported offer will keep a floor under Tronox's share price "until further developments one way or the other" and also notes that Tronox generates "significant free cash flow" that could interest a financial suitor. He also sees an argument to be made that titanium dioxide is now a better industry that will be subject to much less severe boom/bust cycles and thinks it is "possible the industry could be rewarded with a higher multiple that could be enjoyed by the financial sponsor in a subsequent potential IPO." Andrews maintains an Equal Weight rating and $24 price target on Tronox.
Tronox price target raised to $30 from $26 at JPMorgan » 07:3709/1509/15/21
JPMorgan analyst Jeffrey…
JPMorgan analyst Jeffrey Zekauskas raised the firm's price target on Tronox to $30 from $26 and keeps an Overweight rating on the shares after Reuters reported that Apollo Management made an offer to buy Tronox for $27 per share. Tronox has neither confirmed nor denied receiving a bid from Apollo, Zekauskas tells investors in a research note. He continues to rate Tronox shares Overweight due to its high level of free cash flow generation, low valuation multiples and its tax characteristics.
Credit Suisse to hold a virtual conference » 09:3309/1409/14/21
X, OEC, AA, WRK, ORGN, SQM, TROX
34th Annual Basic…
34th Annual Basic Materials Virtual Conference to be held on September 13-14.