Check out today's top analyst calls from around Wall Street, compiled by The Fly.
ANALYSTS REACT TO QIAGEN STAYING INDEPENDENT: BofA analyst Derik de Bruin reinstated coverage of Qiagen (QGEN) with an Underperform rating and $28 price target. The analyst is surprised that the company decided to remain independent and terminate all talks with external parties. With the potential for a takeout removed, the "historical lack of transparency" in the company's organic sales growth disclosure and its "repeatedly" lowered expectations, the shares have downside risk, de Bruin said.
In a research note titled "You're A Mean One Mr. Grinch; Qiagen Ends Strategic Review," Piper Jaffray analyst William Quirk kept a Neutral rating on Qiagen with a $29 price target. Quirk continues to have a high level of confidence in Qiagen's interim CEO, Thierry Bernard, but he recognizes the "transition will likely impact results in the near term."
WEDBUSH BOOSTS TESLA TARGET TO $370: Wedbush analyst Daniel Ives raised his price target for Tesla (TSLA) to $370 from $270 and kept a Neutral rating on the shares. "Strong" Model 3 consumer demand and profitability "that looks to be on an upward trajectory" for the December quarter has proven the skeptics wrong in the near-term, Ives told investors in a research note. For Q4, both U.S. consumer demand for Model 3 and European strength should likely drive upside and enable Tesla to "comfortably" hit its vehicle delivery guidance of 360,000-400,000 units for fiscal 2019, said the analyst. He believes that while part of the recent share rally has been a "massive short covering," it has also been driven by underlying fundamental improvement. Ives values the Tesla "Bear case" at $200-$220 per share and the "Bull case" at $580-$600 per share. However, he's still taking a "wait and see approach to see how sustainable this level of demand/profitability is going forward" before becoming more constructive on Tesla shares.
MORGAN STANLEY SAYS TESLA'S EV MARKET SHARE LEAD UNSUSTAINABLE: Morgan Stanley analyst Adam Jonas kept his Equal Weight rating and $250 price target on Tesla, saying that while the company is a global market leader in battery electric vehicles at around 80% by unit volume, that position is "unsustainable long term." The analyst expects "serious competition" from a "clean sheet start-up" that has access to capital and points to Rivian having raised $2.8B in 2019 alone, which may be potentially enough to buy a full gigafactory in a low cost factory and become a "serious force" in the market.
CANTOR CUTS SPECTRUM TO NEUTRAL: Cantor Fitzgerald analyst Alethia Young downgraded Spectrum (SPPI) to Neutral from Overweight with a price target of $4, down from $17, after the company announced that the pre-specified primary endpoint in its Phase 2 clinical trial evaluating poziotinib in previously treated non-small cell lung cancer patients with EGFR exon 20 insertion mutations was not met in Cohort 1.
STIFEL SEES PATH TO $230 FOR IQVIA: Stifel analyst Shlomo Rosenbaum views AstraZeneca (AZN) selecting the Orchestrated Customer Engagement platform as a "significant win" for Iqvia Holdings (IQV). The deal is a takeaway from Veeva (VEEV), is for all of AstraZeneca in the U.S., and has the potential for upsizing both through global expansion and additional modules, Rosenbaum told investors in a research note. The analyst continues to like the Iqvia story and sees a valuation path in the $230s range in the next several years as the story plays out. Rosenbaum has a Buy rating on the name with a $180 price target.
Qiagen
+1.27 (+4.23%)
Tesla
+6.56 (+1.54%)
Spectrum
-4.85 (-55.37%)
Iqvia
-0.31 (-0.20%)
AstraZeneca
+0.02 (+0.04%)
Veeva
+1.42 (+1.00%)