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Fly News Breaks for August 9, 2019
SYMC, AVGO
Aug 9, 2019 | 08:54 EDT
Morgan Stanley analyst Keith Weiss upgraded Symantec (SYMC) to Equal Weight from Underweight and raised his price target on the stock to $27 from $14, contending that the pending acquisition by Broadcom (AVGO) of the company's Enterprise Business puts a floor on the valuation of that unit. The remaining Consumer Business, while a "slowly declining asset," should support $15 per share in value to add to the $12 per share in value from Enterprise, estimates Weiss.
News For SYMC;AVGO From the Last 2 Days
AVGO
Sep 13, 2019 | 16:21 EDT
The major averages had a mixed day, but finished with gains for the week, as progress appears to have been made toward a trade deal with China. In the latest... To see the rest of the story go to thefly.com. See Story Here
AVGO
Sep 13, 2019 | 12:16 EDT
Stocks are having an up day and look headed for a weekly gain as progress appears to have been made toward a trade deal with China. In the latest... To see the rest of the story go to thefly.com. See Story Here
AVGO
Sep 13, 2019 | 10:03 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. O'Reilly Automotive (ORLY) downgraded to Neutral from Buy at Citi with analyst Gregory Badishkanian stating he views O'Reilly as a "best-in-class operator" but is on the sidelines due to valuation. 2. Legg Mason (LM) downgraded to Market Perform from Outperform at Wells Fargo with analyst Christopher Harris saying he believes "substantial value" in Legg Mason has now been unlocked following the implementation of an aggressive cost savings plan and the stock's "meaningful" outperformance year-to-date. 3. Cboe Global Markets (CBOE) downgraded to Underperform from Buy at BofA/Merrill with analyst Michael Carrier noting trends have moderated some in September while its compares in Q4 are tough. 4. Huntington Bancshares (HBAN) downgraded to Neutral from Buy at DA Davidson with analyst Kevin Reevey saying that after a 22.9% rise in its stock price year-to-date and 32% from its 52-week low, the stock is now trading at 9.5% premium to its peers with an earnings multiple of 10.5-times his expected FY20 earnings. 5. Broadcom (AVGO) downgraded to Hold from Buy at Loop Capital with analyst Cody Acree noting that the company met expectations for Q3, but management has warned about the "very low-growth environment" expected for the foreseeable future unless the macro backdrop improves. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AVGO
Sep 13, 2019 | 09:01 EDT
HIGHER: Fibrocell Science (FCSC), up 60% after announcing it will be acquired by Castle Creek Pharmaceutical for a total consideration of approximately $63.3M, including repayment of debt and other financial instruments, in cash... Akari Therapeutics (AKTX), up 10% after announcing the FDA has granted orphan drug designation for nomacopan for the treatment of bullous pemphigoid... Catalyst Pharmaceuticals (CPRX), up 10% after announcing that it will not conclude the offering of shares of its common stock announced on September 11. The company believes that the culmination of an offering at the current market price of the common stock is not in the best interest of the company and its stockholders. LOWER: Adient (ADNT) and Lithia Motors (LAD), down 2% and 1%, respectively, after after being downgraded at BofA Merrill Lynch. Analyst John Murphy is taking a "more neutral stance" on the automotive sector to reflect the greater market and macro uncertainty and also cites numerous "swing factors" that include trade and technical issues, even though some of the stocks in the auto group have already come down... Broadcom (AVGO), down 1% following last night's report of earnings and guidance.
AVGO
Sep 13, 2019 | 08:02 EDT
As previously reported, Loop Capital analyst Cody Acree downgraded Broadcom to Hold from Buy while keeping a $310 price target on the stock after its Q3 report. The analyst notes that the company met expectations, but the management has warned about the "very low-growth environment" expected for the foreseeable future unless the macro backdrop improves. Acree adds that Broadcom's end demand appears to have bottomed, but is expected to remain at the "reduced levels" for some time with few new growth drivers, stating that the management has instead pointed to the ongoing trade tensions with China and the efforts in the OEM/distribution channels to clear out inventory.
SYMC, AVGO
Sep 13, 2019 | 06:21 EDT
KeyBanc analyst John Vinh raised his price target for Broadcom (AVGO) to $340 from $330 and maintained an Overweight rating, citing the company's solid execution in a challenging environment following the company's "mixed" Q3 results and maintained FY19 outlook, saying strength in networking and ASICs, as well as the ramp of the new iPhone and content growth, offset weakness in storage and broadband. Vinh tells investors in a research note that he expects the close of the Symantec (SYMC) deal will continue to sustain outsized earnings growth.