Fly Intel: Top five analyst downgrades » 09:5301/1901/19/21
VIAC, DISCA, PTON, TTWO, TOT
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. ViacomCBS (VIAC) double downgraded to Underweight from Overweight at Barclays with analyst Kannan Venkateshwar saying that even if he assumes "significant acceleration" in growth in the coming five years for ViacomCBS's streaming service and uses Netflix's (NFLX) multiple, there isn't much upside versus present stock levels. 2. Discovery (DISCA) downgraded to Underweight from Equal Weight at Barclays with analyst Kannan Venkateshwar saying he finds the optimism around some of these streaming launches like Discovery+ to be premature. 3. Peloton (PTON) downgraded to Sell from Neutral at UBS with analyst Eric Sheridan saying the stock is "emblematic of a market that values growth over any semblance of valuation that can be justified" on a multiple year view based on fundamentals. 4. Take-Two (TTWO) downgraded to Neutral from Buy at UBS with analyst Eric Sheridan saying that while he makes no changes to his operating estimates or multiples, he downgrades the stock to reflect a "more balanced risk/reward" after a 37% run-up in the stock price over the past six months. 5. Total (TOT) downgraded to Market Perform from Outperform at Cowen with analyst Jason Gabelman downgraded saying he sees a multi-year patch of in-line performance while the stock trades at an elevated premium to peers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Intuit price target raised to $440 from $425 at Wells Fargo » 09:1201/1901/19/21
Wells Fargo analyst…
Wells Fargo analyst Michael Turrin raised the firm's price target on Intuit to $440 from $425 and keeps an Overweight rating on the shares. The analyst notes that tax season is again approaching, which he views as a positive catalyst for Intuit shares entering 2021.
ViacomCBS announces Paramount+ to launch in the U.S. on March 4 » 09:0501/1901/19/21
ViacomCBS announced that…
ViacomCBS announced that its streaming service, Paramount+, will launch in the U.S. on Thursday, March 4. ViacomCBS will also bring Paramount+ to international markets with initial debuts in Latin America on March 4, 2021; the Nordics on March 25, 2021 and Australia in mid-2021. The CBS All Access service in Canada will be rebranded to Paramount+ on March 4 and an expanded offering will be available later in the year. Additionally, the company will host an investor event and issue Q4 results for the period ending December 31, 2020 on Wednesday, February 24.
HP Inc. announces five new chromebooks » 08:2101/1901/19/21
HP Inc. announced five…
ViacomCBS downgraded to Underweight from Overweight at Barclays » 06:3001/1901/19/21
Barclays analyst Kannan…
Coca-Cola won't run ads during Super Bowl, Variety reports » 14:1901/1501/15/21
KO, PEP, VIAC, VIACA
Following a similar move…
Following a similar move by PepsiCo (PEP), Coca-Cola (KO) will not run advertisements during CBS' (VIAC) broadcast of this year's Super Bowl, citing a "difficult choice" made to "ensure we are investing in the right resources during these unprecedented times," Variety's Brian Steinberg reports. The move follows PepsiCo's decision to focus on its annual halftime show rather than run commercials for its flagship beverage, Steinberg says. Reference Link
Gap price target lowered to $22 from $31 at B. Riley Securities » 09:2101/1501/15/21
B. Riley Securities…
B. Riley Securities analyst Susan Anderson lowered the firm's price target on Gap to $22 from $31 and keeps a Neutral rating on the shares. Entering 2021, the analyst sees a "number of tailwinds" for retailers that were created by the pandemic including lean inventory, cost control, competitor rationalization, store rationalization, accelerated shifts to e-commerce, easy first halve of 2021 compares and fiscal stimulus. For 2021, Anderson favors retailers that are able to renegotiate rents/store leases, benefit from competitor closures, levered to the "get out" economy and benefit from stimulus checks.
AMC Networks appoints Christina Spade as CFO » 09:1601/1501/15/21
AMCX, VIAC, VIACA
AMC Networks (AMCX) has…
AMC Networks (AMCX) has appointed Christina Spade as EVP, CGO. In this role, Spade will oversee financial operations, including treasury, tax, accounting, financial planning & analysis, as well as investor relations and global technology, for the AMC Networks portfolio, which includes AMC, BBC AMERICA, IFC, SundanceTV and WE tv; streaming services AMC+, Acorn TV, Shudder, Sundance Now and ALLBLK; and AMC Networks International. Her appointment is effective as of today. Spade, most recently as EVP, CFO for the newly-combined ViacomCBS (VIAC). Spade succeeds former AMC Networks CFO Sean Sullivan who stepped down in October 2020.
Deere price target raised to $350 from $320 at Jefferies » 08:4001/1501/15/21
Jefferies analyst Stephen…
Jefferies analyst Stephen Volkmann raised the firm's price target on Deere to $350 from $320 and keeps a Buy rating on the shares. The December stimulus package, and the increased odds of additional stimulus under Democratic control of Congress, should provide additional tailwinds to growth in industrials, said Volkmann, who raised estimates and prices targets across his machinery coverage.
Evercore adds Dell Technologies to tactical Outperform list, ups target to $85 » 08:2401/1501/15/21
DELL, VMW, INTC
Evercore ISI analyst Amit…
Evercore ISI analyst Amit Daryanani raised the firm's price target on Dell Technologies (DELL) to $85 from $75 and keeps an Outperform rating on the shares while adding the stock to the firm's tactical Outperform list, arguing that the recent selloff on the announcement that Pat Gelsinger is leaving VMware (WMW) to become Intel's (INTC) CEO is "largely overdone." A path remains for a spin of VMware after Sept 2021, which should materially de-lever Dell and allow them to be "comfortably into investment grade range," said Daryanani, who thinks a more simplified corporate structure and stronger balance sheet should enable further multiple expansion.