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Fly News Breaks for May 19, 2017
BKE, SYMC, SHPG, BLMN, P
May 19, 2017 | 10:23 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Macquarie analyst Amy Yong downgraded Pandora (P) to Neutral from Outperform and trimmed her price target to $11 saying potential M&A is to "tough to call" and fundamentals are "choppy." The analyst believes Pandora could sell Ticketfly which would free up financial capacity and help management focus on the core business, but said if neither a sale or M&A materializes, its standalone strategy will be the focus. 2. Wells Fargo analyst Jeff Farmer downgraded Bloomin' Brands (BLMN) to Market Perform saying Street estimates could prove aggressive due to labor costs while share repurchases are decelerating. 3. Deutsche Bank analyst Tiffany Kanaga downgraded The Buckle (BKE) to Sell, citing a lack of near-term support post the Q1 report and continued long-term concerns. 4. HSBC analyst Steve McGarry downgraded Shire (SHPG) to Reduce, saying that while the hereditary angioedema data are positive, investors should avoid the "hemophilia risk." 5. RBC Capital analyst Matthew Hedberg downgraded Symantec (SYMC) to Sector Perform from Outperform, citing valuation. 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 P;BLMN;BKE;SHPG;SYMC From the Last 2 Days
SYMC
Nov 22, 2017 | 16:32 EDT
Amazon Web Services, an Amazon.com company (AMZN), announced that Symantec (SYMC) has chosen AWS as its strategic infrastructure provider for the vast majority of its cloud workloads, leveraging AWS's infrastructure scale and maturity to deliver cloud security to its global customers. With AWS's breadth and depth of cloud capabilities, Symantec has transformed legacy applications into cloud-based solutions, and built innovative, cloud-native as well as hybrid offerings. Symantec's relationship with AWS is long-term and bi-directional, with Symantec not only making a major operational move to AWS, but also tapping the global footprint of the AWS Marketplace to deliver its security services. The company built a data lake on AWS that collects tens of terabytes of data every day from 175M endpoints and more than 57M attack sensors. Symantec chose AWS for its scale and comprehensive cloud capabilities, including data services, analytics, machine learning, and container management. Innovating on AWS has allowed Symantec to deliver new security software and tools to customers faster, while adhering to strict data protection requirements.
BLMN
Nov 22, 2017 | 10:34 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Salesforce (CRM) downgraded to Neutral from Buy at Roth Capital with analyst Richard Baldry citing the 59% year-to-date rally in the shares. 2. Bloomin' Brands (BLMN) downgraded to Neutral from Buy at BofA/Merrill with analyst Gregory Francfort citing news of Jana Partners' 8.7% stake and subsequent share price spike. 3. Halozyme (HALO) assumed with an Equal Weight from Overweight at Barclays with analyst Gena Wang saying she believes the potential of Halozyme's Enhanze technology is largely reflected in the stock following the recent rally. 4. Mallinckrodt (MNK) downgraded to Perform from Outperform at Oppenheimer with analyst Derek Archila saying he's been "flat out wrong" on the shares. 5. Cytokinetics (CYTK) was downgraded to Neutral from Overweight at Cantor Fitzgerald and to Buy from Strong Buy at Needham. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BLMN
Nov 22, 2017 | 06:51 EDT
BofA/Merrill analyst Gregory Francfort downgraded Bloomin' Brands to Neutral and trimmed its price target to $21 from $22 following news of Jana Partners' 8.7% stake and subsequent share price spike.
BLMN
Nov 21, 2017 | 11:40 EDT
Bloomin' Brands confirmed that JANA Partners has filed a Schedule 13D with the Securities and Exchange Commission. "The Board of Directors and management appreciate the views of its stockholders and will consider the perspectives reflected in the Schedule 13D. The Company has and will continue to serve the interests of all stockholders," Bloomin' stated.
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