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Fly News Breaks for February 6, 2020
PAGP, PAA, CMI, VMW, GD, MU
Feb 6, 2020 | 10:08 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Micron (MU) upgraded to Strong Buy from Market Perform at Raymond James with analyst Chris Caso saying his firm's analysis of conditions looking forward concludes that supply/demand conditions are highly likely to improve further as the year progresses. 2. General Dynamics (GD) upgraded to Overweight from Neutral at JPMorgan with analyst Seth Seifman saying General Dynamics has been a "value trap," but with a free cash inflection "upon us," the stock's potential to return 17% of the current market capitalization over the next three years stacks up well versus peers. 3. VMware (VMW) upgraded to Outperform from Market Perform at Bernstein with analyst Mark Moerdler saying he increased his revenue and earnings expectations above consensus after breaking down each of the company's businesses and growth potential. 4. Cummins (CMI) upgraded to Neutral from Sell at UBS with analyst Steven Fisher saying with a 7% year-to-date decline in the stock price, its risk/reward is now "more closely balanced. 5. Plains All American (PAA) and Plains GP Holdings (PAGP) were upgraded to Buy from Neutral at Goldman Sachs. 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 MU;GD;VMW;CMI;PAA;PAGP From the Last 2 Days
MU
Nov 29, 2021 | 06:49 EST
While DRAM spot prices have continued to decline since July, there has been increasing optimism that the duration of the correction will be short and the magnitude will be less severe than previous cycles, Deutsche Bank analyst Sidney Ho tells investors in a research note. The analyst's recent checks with the supply chain point to supply shortages limiting set builds in PCs and smartphones, but that this is offset by "robust" demand, especially for server DRAM with enterprise IT spending continuing to recover and hyperscale customers planning to invest aggressively for growth. This is driving "better than feared" DRAM price declines despite elevated inventory levels, says Ho. However, the analyst's checks also point to NAND prices coming down at a faster rate than expected. This combination is generally positive for investor sentiment on Micron, but the company is unlikely to change its financial outlook for fiscal Q1 at an upcoming investor conference this week, contends Ho. He finds the stock's risk/reward favorable and keeps a Buy rating on Micron with a $90 price target.
PAA
Nov 29, 2021 | 05:56 EST
Barclays analyst Christine Cho reinstated coverage of Plains All American with an Equal Weight rating post the Oryx deal closure. While the joint venture "makes a lot of sense" for Plains All American, the pipeline overcapacity in the basin remains an overhang, Cho tells investors in a research note.