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Fly News Breaks for February 26, 2020
Feb 26, 2020 | 10:07 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Nike (NKE) downgraded to Hold from Buy at HSBC with analyst Erwan Rambourg saying while he believes Nike, which he calls the "LVMH of sporting goods," continues putting pressure on competitors with its long-term investments, he sees a "somewhat stretched valuation" and Chinese profit risks limiting the stock's upside in the near-term. 2. Huya (HUYA) downgraded to Neutral from Buy at Goldman Sachs with analyst Piyush Mubayi citing the expected impact of the COVID-19 outbreak. 3. Toll Brothers (TOL) downgraded to Market Perform from Outperform at Raymond James with analyst Buck Horne citing the company's Q1 results that not only missed key expectations on several fronts, but also included guidance for the remainder of FY20 that raises serious questions about internal cost controls and management's financial visibility. 4. Toyota (TM) downgraded to Neutral from Overweight at JPMorgan. 5. Regeneron (REGN) downgraded to Neutral from Outperform at Baird with analyst Brian Skorney saying the analyst appreciates the "tailwind granted by safety concerns" related to Eylea competitor, Novartis' (NVS) Beovu, he notes the shares are up 50% since his August 2019 upgrade. While the fall of Beovu certainly near-term pressure on Eylea market share, this has now been accounted for in the share price. 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 NKE;HUYA;TOL;TM;REGN From the Last 2 Days
Jun 26, 2022 | 20:11 EDT
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Spirit Airlines (SAVE) announced that leading independent proxy advisory company Institutional Shareholder Services recommends Spirit stockholders vote FOR the merger agreement with Frontier Group (ULCC), parent company of Frontier Airlines. This recommendation follows a June 3 report from Glass, Lewis & Co., another leading independent proxy advisory company, also recommending that stockholders vote FOR the proposed merger. 2. Reliance Industries is in talks with several global banks to raise as much as $8 billion for its planned leveraged buyout of Walgreens Boots Alliance's (WBA) international arm, Mint's Anirudh Laskar reported. A consortium of Apollo Global (APO) and Reliance made a binding offer for Boots earlier this month that valued Boots at more than $6.1 billion. 3. The issue with Lucid (LCID) is not direct competition; the issue is valuation, Al Root wrote in this week's edition of Barron's. Lucid, with a value of about $29 billion, is priced at more than eight times 2023 sales of $3.5 billion. That's not just expensive relative to Polestar (PSNY) but also to XPeng (XPEV), NIO (NIO), Li Auto (LI), and Rivian Automotive (RIVN)-all EV companies with sales, but no free cash flow yet, that trade for around 2.6 times 2023 sales. The fundamental risk for Lucid-which sold roughly 500 cars in the past two quarters and is expected to sell about 13,000 in 2022-is that volumes will flatten out or decline as the upper end of the EV market gets saturated. That would be very bad news for Lucid's multiple, the author contended. 4. Warner Bros. (WBD) "Elvis" and Paramount's (PARA) "Top Gun: Maverick" tied for the top spot at the domestic box office this weekend with an estimated $30.5M. The winner won't be declared until Monday when final grosses are tallied. "Top Gun: Maverick" enjoyed a boost in its fifth outing as it was rereleased in select Imax and premium large-format screens. Overseas, the movie earned another $44.5M as it joined the billion-dollar club at the global box office. Meanwhile, "Elvis" opened ahead of expectations, earning an A- CinemaScore and a 94% score on Rotten Tomatoes. 5. Starbucks (SBUX), General Motors (GM), Cadre Holdings (CDRE), D.R. Horton (DHI), Lennar (LEN), Toll Brothers (TOL), Cleveland-Cliffs (CLF), Nucor (NUE), Stelco Holdings (STZHF), Steel Dynamics (STLD) and U.S. Steel (X) saw positive mentions in this week's edition of Barron's, while Carvana (CVNA) was mentioned cautiously.
Jun 24, 2022 | 13:39 EDT
Toyota CEO Akio Toyoda lobbied Japan's government to make it clear it supported hybrid cars as much as battery electrics or face losing the car sector's support, Reuters' Makiko Yamazaki reports, citing a senior lawmaker's remarks during a ruling party meeting. Reference Link