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Fly News Breaks for September 13, 2019
AVGO, HBAN, CBOE, LM, ORLY
Sep 13, 2019 | 10:03 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. O'Reilly Automotive (ORLY) downgraded to Neutral from Buy at Citi with analyst Gregory Badishkanian stating he views O'Reilly as a "best-in-class operator" but is on the sidelines due to valuation. 2. Legg Mason (LM) downgraded to Market Perform from Outperform at Wells Fargo with analyst Christopher Harris saying he believes "substantial value" in Legg Mason has now been unlocked following the implementation of an aggressive cost savings plan and the stock's "meaningful" outperformance year-to-date. 3. Cboe Global Markets (CBOE) downgraded to Underperform from Buy at BofA/Merrill with analyst Michael Carrier noting trends have moderated some in September while its compares in Q4 are tough. 4. Huntington Bancshares (HBAN) downgraded to Neutral from Buy at DA Davidson with analyst Kevin Reevey saying that after a 22.9% rise in its stock price year-to-date and 32% from its 52-week low, the stock is now trading at 9.5% premium to its peers with an earnings multiple of 10.5-times his expected FY20 earnings. 5. Broadcom (AVGO) downgraded to Hold from Buy at Loop Capital with analyst Cody Acree noting that the company met expectations for Q3, but management has warned about the "very low-growth environment" expected for the foreseeable future unless the macro backdrop improves. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
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