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Fly News Breaks for January 10, 2020
SWKS, QRVO, MCK, EW, SQ, LB
Jan 10, 2020 | 10:30 EDT
Catch up on today's top five analyst upgrade with this list compiled by The Fly: 1. Qorvo (QRVO) and Skyworks (SWKS) upgraded to Buy from Neutral at Mizuho. 2. McKesson (MCK) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Ricky Goldwasser saying shares have underperformed the S&P in the last five years because of "a myriad of headwinds, with the most recent being concerns about opioids liability and its 2020/21 earnings power. 3. Edwards Lifesciences (EW) upgraded to Outperform from Perform at Oppenheimer. 4. Square (SQ) upgraded to Overweight from Equal Weight at Stephens with analyst Brett Huff saying he expects the company to beat revenue expectations and meet EBITDA expectations when it reports Q4 results. 5. L Brands (LB) upgraded to Buy from Hold at Deutsche Bank with analyst Tiffany Kanaga saying yesterday's holiday report, with Victoria's Secret reporting sales well below expectations, likely tips the scale "more toward a split, likely triggering strategic action in the near-term." This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
News For SWKS;QRVO;MCK;EW;SQ;LB From the Last 2 Days
QRVO, SWKS
Feb 18, 2020 | 16:25 EDT
The S&P 500 pulled back from a record high after Apple (AAPL) warned of production and demand disruptions due to the novel coronavirus outbreak in China, although gains for some of its megacap tech brethren helped to push the Nasdaq index to a very small gain. Apple suppliers also... To see the rest of the story go to thefly.com. See Story Here
SWKS
Feb 18, 2020 | 13:32 EDT
Shares of Apple (AAPL) are under pressure on Tuesday after the company warned that it does not expect to hit its quarterly revenue target due to the novel coronavirus outbreak. However, many Wall... To see the rest of the story go to thefly.com. See Story Here
QRVO, SWKS
Feb 18, 2020 | 12:30 EDT
Stocks are under renewed downward pressure amid worries that the Covid-19 virus will have a sizable negative impact on global growth after Apple (AAPL) warned that it won't make its previous sales forecast due to the lingering effects of the disease on both supply and demand. ECONOMIC EVENTS: In... To see the rest of the story go to thefly.com. See Story Here
QRVO
Feb 18, 2020 | 07:48 EST
Wells Fargo analyst Gary Mobley notes that Qorvo's (QRVO) largest customer, Apple (AAPL), announced it will not meet its original $63B-$67B March-quarter revenue guidance issued on January 28. The analyst believes this news will no doubt cause investors to question Qorvo's $800M-$840M March-quarter revenue guidance given on January 29. Although the coronavirus is still a serious issue yet to be fully controlled, he believes the supply chain issues and retail closures impacting the manufacture of, and demand for, smartphones in China may be temporary in nature. Mobley believes investors should buy shares of Qorvo on any weakness related to Apple's news. He has an Overweight rating and $135 price target on Qorvo's shares.
QRVO, SWKS
Feb 18, 2020 | 07:41 EST
After Apple (AAPL) announced that it will not meet March quarter guidance due to disruptions to its supply chain and weaker than expected demand in China amid the Covid-19 outbreak, Morgan Stanley analysts Craig Hettenbach and Joseph Moore noted that the news could weigh on Qorvo (QRVO), Skyworks (SWKS) and Qualcomm (QCOM) and also presents a risk to the memory market. They estimate Qorvo has around 30% exposure to China smartphone OEMs and noted that management had already tempered expectations for the June quarter. They estimate Skyworks has around 10%-15% exposure to China smartphone OEMs and while they said the company has done a good job in managing inventory in the China smartphone supply chain, it could still feel an impact in the June quarter due to both China smartphones and the weaker iPhone. They estimate Broadcom (AVGO) has low single digit exposure to China smartphones, the analysts tell investors. Qualcomm highlighted risks of disruption from Covid-19 on its earnings call two weeks ago, Hettenbach and Moore added. In terms of implications for Micron (MU) and Western Digital (WDC), the analysts see decelerating smartphone builds as a risk that memory improvement is deferred, and believe they may have the potential to derail the memory recovery if China demand does not come back quickly.