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Fly News Breaks for October 15, 2019
BLMN, ENB, TGE, TEX, ATI
Oct 15, 2019 | 10:19 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bloomin' Brands (BLMN) downgraded to Hold from Buy at Deutsche Bank with analyst Brian Mullan saying to reflect the "lackluster" casual dining industry data throughout the Q3, he lowered his blended Q3 U.S. same-store-sales estimate for Bloomin' to up 0.6% from up 1.1%, below the current consensus of up 1.2%. 2. Enbridge (ENB) downgraded to Equal Weight from Overweight at Barclays with analyst Christine Cho saying she thinks the stock's risk/reward is "more fairly balanced at this juncture," especially given the continued headline risks around Line 3 and Line 5. 3. Tallgrass Energy (TGE) downgraded to Neutral from Buy at Citi with analyst Timm Schneider saying after "some market jitters last week," Blackstone (BX) and Tallgrass Energy both released statements confirming the take-private offer is still alive and in front of the conflicts committee. 4. Terex (TEX) downgraded to Sell from Neutral at Citi. 5. Allegheny Technologies (ATI) downgraded to Underperform from Neutral at Longbow with analyst Chris Olin saying a survey of his industry contacts revealed events he believes could have a "disproportionately negative impact" on Allegheny results in calendar year 2020. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For BLMN;ENB;TGE;TEX;ATI From the Last 2 Days
ATI
Nov 13, 2019 | 08:34 EST
Allegheny Technologies announced it signed another one year agreement to extend and expand carbon steel hot-rolling conversion services for NLMK at its hot-rolling and processing facility, or HRPF, located in Brackenridge, PA. The continuation of this relationship is an important element of ATI's drive to achieve improved and sustainable profitability in its flat rolled products segment. ATI expects 2020 volumes covered under this agreement to meaningfully increase over 2019 levels. This agreement includes significant guaranteed volumes and fixed fee-per-ton revenues. It provides NLMK USA with continued access to the HRPF's capabilities for conversion of their broad range of carbon steel grades through December 2020.