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Fly News Breaks for October 11, 2019
WDAY, PRGO, SQ, HEXO, USAT
Oct 11, 2019 | 10:16 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Workday (WDAY) upgraded to Buy from Neutral at Goldman Sachs with analyst Heather Bellini saying recent partner checks suggest accelerating momentum in the company's cloud based financial migrations. 2. Perrigo (PRGO) upgraded to Buy from Hold at Argus with analyst Jasper Hellweg stating that given his expectation that the company will begin to show initial results from its consumer-focused transition later in the year, shares appear attractively valued at 13.1-times his 2019 EPS estimates. 3. Square (SQ) upgraded to Positive from Neutral at Susquehanna with analyst James Friedman noting the stock's underperformance was due to valuation, decelerating margin expansion and decelerating GPV growth and saying he sees the company's return on margin reinvestment on the horizon. 4. Hexo (HEXO) upgraded to Hold from Underperform at Jefferies with analyst Owen Bennett stating the pressures facing the company are now better understood following its weaker than expected outlook. 5. USA Technologies (USAT) upgraded to Buy from Hold at Lake Street with analyst Jaeson Schmidt saying the company's filing of audited financials earlier this week, while containing a lot of moving parts, is a net positive. 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 USAT;HEXO;SQ;PRGO;WDAY From the Last 2 Days
WDAY, SQ
Aug 4, 2021 | 17:02 EDT
Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly.  1... To see the rest of the story go to thefly.com. See Story Here
WDAY, SQ
Aug 3, 2021 | 12:06 EDT
Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly.  1... To see the rest of the story go to thefly.com. See Story Here
WDAY, SQ
Aug 3, 2021 | 10:05 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. 'MATERIAL' POSITIVE REVISION... To see the rest of the story go to thefly.com. See Story Here
WDAY, SQ
Aug 3, 2021 | 09:54 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Cable One (CABO) upgraded to Neutral from Underweight at JPMorgan with analyst Philip Cusick citing "solid trends" and the stock's year-to-date underperformance for the upgrade. 2. Airbnb (ABNB) upgraded to Overweight from Sector Weight at KeyBanc with analyst Justin Patterson believing a "material positive revision cycle is about to take place," driven by market conditions remaining favorable and Airbnb's "model durability against digital ad inflation." 3. Square (SQ) upgraded to Market Perform from Underperform at Raymond James with analyst John Davis saying better-than-feared July Cash App GP growth coupled with the Afterpay acquisition changes the narrative. 4. Workday (WDAY) upgraded to Overweight from Equal Weight at Barclays with analyst Raimo Lenschow saying as investors look for software opportunities in the second half of the year, Workday and Anaplan (PLAN) stand out as companies with "low valuations and those that will benefit from enterprise heavy 2H spending trends." 5. Globant (GLOB) upgraded to Buy from Hold at Jefferies with analyst Surinder Thind saying with the strategic plans for most businesses upended by the pandemic and technology now more central to how businesses compete and operate, spending on IT services is expected to grow at double its pre-pandemic three-year average. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
SQ
Aug 3, 2021 | 09:11 EDT
RBC Capital analyst Daniel Perlin raised the firm's price target on Square (SQ) to $312 from $305 and keeps an Outperform rating on the shares. The company's Q2 pre-announcement conference call commentary was slightly better in terms of its Q3 outlook, while its Cash App July trends suggest gross profit should be up 110% on a 2-year CAGR, the analyst tells investors in a research note. Perlin adds that the acquisition of Afterpay (AFTPF) is "strategic" with several key benefits, including expansion of Square's Cash App product.
SQ
Aug 3, 2021 | 08:14 EDT
Canaccord analyst Joseph Vafi raised the firm's price target on Square to $310 from $280 and keeps a Buy rating on the shares. The analyst said the Afterpay acquisition will accelerate the evolution of bringing together the seller ecosystem and Cash App as BNPL is quickly emerging as a core product that benefits both merchants and consumers.
SQ
Aug 3, 2021 | 08:04 EDT
BMO Capital analyst James Fotheringham raised the firm's price target on Square (SQ) to $259 from $225 but keeps a Market Perform rating on the shares. The company pre-announced an "impressive" Q2 with faster gross payment volume as part of its agreement to acquire Afterpay (AFTPF), the analyst tells investors in a research note. Fotheringham adds however that while the deal accelerates Square's scale and provides cross-selling opportunities, at a near-200-times rolling two-year forward earnings multiple, the price tag "seems rich".
SQ
Aug 3, 2021 | 07:57 EDT
DA Davidson analyst Christopher Brendler downgraded Affirm (AFRM) to Neutral from Buy with a price target of $65, down from $90. The Afterpay (AFTPF) - Square (SQ) deal is a "key inflection point" in the buy-now-pay-later landscape, legitimizing the format and increasing the likelihood of further consolidation, the analyst tells investors in a research note. With this deal, Square is soon be the global leader in this "hyper-growth" consumer payments solution, which is "bad news" for BNPL competitors, and Affirm is unlikely to become a takeout candidate given its lend-centric model and nonprime exposure, Brendler adds.
SQ
Aug 3, 2021 | 07:16 EDT
Bernstein analyst Harshita Rawat believes Square's (SQ) $29B all-stock acquisition of Afterpay (AFTPF) is "game-changing." In essence, Afterpay addresses almost all major challenges Square faces in its ambitions to become a dominant payments ecosystem, the analyst contends, adding that it accelerates Square's efforts of building a two-sided platform, gives Square what it needs most in its seller business, and catalyzes further user growth and engagement drivers for Cash App.
SQ
Aug 3, 2021 | 06:53 EDT
Raymond James analyst John Davis upgraded Square to Market Perform from Underperform.
SQ
Aug 3, 2021 | 06:09 EDT
Truist analyst Andrew Jeffrey raised the firm's price target on Square to $365 from $325 and keeps a Buy rating on the shares. The company's acquisition of Afterpay "accelerates" its "ambitious" agenda to become the future of consumer banking, the analyst tells investors in a research note. Jeffrey adds that the Buy-Now-Pay-Later integration will improve Seller engagement and monetization by offering an emerging tender type, and the ability to service loans through Square Cash App will bolster inflows.
WDAY
Aug 3, 2021 | 05:50 EDT
Barclays analyst Raimo Lenschow upgraded Workday (WDAY) to Overweight from Equal Weight with a price target of $282, up from $268. As investors look for software opportunities in the second half of the year, Workday and Anaplan (PLAN) stand out as companies with "low valuations and those that will benefit from enterprise heavy 2H spending trends," Lenschow tells investors in a research note. The analyst, who notes both stocks have underperformed yesterday-to-date, says "we are starting to see green shoots" that indicate demand for both companies will "snap back" in the second half of the fiscal year.
SQ
Aug 3, 2021 | 05:38 EDT
Cowen analyst George Mihalos upgraded Square (SQ) to Outperform from Market Perform with a price target of $343, up from $266. The analyst is "bullish" on the Afterpay (AFTPF) acquisition and sees the deal as accretive to Square's long-term profit growth even before revenue synergies. Mihalos expects "levers for additional estimate upside" relative to consensus expectations for Square. The company offered "best of breed" industry growth before the acquisition and post deal it should see pro-forma gross profit growth over 30%, even without synergies, Mihalos tells investors in a research note. He sees "multiple sources" of upside for Square and recommends buying the stock now.
SQ
Aug 3, 2021 | 05:30 EDT
BTIG analyst Mark Palmer raised the firm's price target on Square (SQ) to $320 from $295 and reiterates a Buy rating on the shares after the company agreed to acquire Afterpay (AFTPF). Square also reported Q2 results that beat consensus metrics across most categories, which confirmed that the operating momentum of its Cash App and Seller ecosystems has continued, Palmer tells investors in a research note. He also views the Afterpay deal as a "significant, positive move" by Square that will "provide a meaningful boost to both of its ecosystems."