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Fly News Breaks for January 3, 2020
MD, INCY, BAC, FLEX, LOGM
Jan 3, 2020 | 10:11 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. LogMeln (LOGM) downgraded to Sector Weight from Overweight at KeyBanc analyst Alex Kurtz citing the acquisition offer from Francisco Partners at $86.05 per share and does not expect a separate competitive offer to emerge at this time, stating that Francisco Partner is likely offering the "best price available." 2. Flex (FLEX) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Mark Delaney citing valuation. 3. Bank of America (BAC) downgraded to Market Perform from Outperform at BMO Capital with analyst James Fotheringham saying the stock has "run its course" and downgraded shares solely on valuation. 4. Incyte (INCY) downgraded to Neutral from Buy at Mizuho with analyst Mara Goldstein citing the results of the GRAVITAS-301 study that saw itacitinib in combination with corticosteroids in patients with GVHD fail to meet primary and secondary endpoints. 5. Mednax (MD) downgraded to Neutral from Buy at Citi with analyst Ralph Giacobbe saying he believes stabilization/turnaround efforts are taking longer to materialize, and come at a hefty cash expense, despite the company excluding "transformational" initiatives from operating earnings. 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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