Key Calls (Monday): Upgrades, Downgrades & Initiations

 

 

 

 

(Bloomberg) — Changes since prior close.

Upgrade

UPGRADES:

  • AcelRx (ACRX) upgraded to buy at Jefferies; PT $8
  • Activision Blizzard (ATVI) upgraded to overweight at Barclays; PT $86
  • American Eagle (AEO) raised to outperform at Wedbush; Price Target $29
  • Appian (APPN) upgraded to equal-weight at Barclays; Price Target $29
  • Arbutus Biopharma (ABUS) raised to neutral at Wedbush; Price Target $5
  • Boston Properties (BXP) upgraded to buy at Jefferies; PT $139
  • Carrizo Oil (CRZO) upgraded to buy at Jefferies; PT $28
  • Kansas City Southern (KSU) upgraded to buy at Deutsche Bank
  • Lululemon (LULU) upgraded to outperform at Wedbush
  • Marathon Oil (MRO) upgraded to outperform at BMO
  • McDonald’s (MCD) upgraded to outperform at Evercore ISI
  • Oasis Petroleum (OAS) upgraded to buy at Jefferies; PT $15
  • PNC (PNC) upgraded to buy at Deutsche Bank
  • PNC (PNC) upgraded to outperform at Bernstein; PT $158
  • Ralph Lauren (RL) upgraded to overweight at JPMorgan; PT $150
  • SRC Energy (SRCI) upgraded to outperform at Baird; PT $12
  • Spotify (SPOT) upgraded to buy at Redburn
  • Tal Education ADRs (TAL) upgraded to outperform at Macquarie
  • Teck Resources (TECK/B CN) upgraded to buy at Seaport
  • VICI Properties (VICI) upgraded to buy at BofAML; PT $23
  • Vail Resorts (MTN) upgraded to outperform at Macquarie
  • Wells Fargo (WFC) upgraded to outperform at Macquarie
  • Zoetis (ZTS) upgraded to overweight at JPMorgan; PT $100

Downgrade

DOWNGRADES:

  • Arris (ARRS) downgraded to outperform at Raymond James; PT $29
  • Axon (AAXN) downgraded to neutral at Ladenburg Thalmann
  • Cleveland-Cliffs (CLF) downgraded to neutral at Credit Suisse
  • Corium (CORI) downgraded to hold at Needham
  • Delphi Technologies (DLPH) downgraded to equal-weight at Morgan Stanley
  • Imperva (IMPV) downgraded to sector weight at KeyBanc
  • Mohawk Industries (MHK) downgraded to sector perform at RBC; PT $190
  • Monster Beverage (MNST) downgraded to inline at Evercore ISI
  • NCS Multistage Holdings (NCSM) cut to market perform at Wells Fargo
  • Nucor (NUE) downgraded to neutral at Credit Suisse
  • Parker-Hannifin (PH) downgraded to underperform at Cowen; PT $150
  • Rockwell Automation (ROK) downgraded to underperform at Cowen; PT $150
  • Simpson (SSD) downgraded to neutral at Baird; PT $72
  • Steel Dynamics (STLD) downgraded to neutral at Credit Suisse
  • Tapestry (TPR) downgraded to hold at Loop Capital; PT $45
  • Western Energy Services (WRG CN) cut to market perform at Raymond James

INITIATION

INITIATIONS:

  • 21st Century Fox (FOXA) resumed overweight at Morgan Stanley; PT $53
  • Argenx ADRs (ARGX BB) rated new outperform at Evercore ISI; PT $110
  • Bank7 (BSVN) rated new outperform at KBW; PT $24
  • Bilibili ADRs (BILI) rated new buy at Industrial Securities; PT $15.95
  • CBS (CBS) resumed at Morgan Stanley With Equal-weight; PT $65
  • CalAmp (CAMP) rated new hold at Jefferies; PT $22
  • CorePoint Lodging (CPLG) rated new underweight at JPMorgan; PT $16
  • CytomX (CTMX) rated new neutral at Goldman; PT $21
  • Elanco Animal Health (ELAN) rated new buy at Citi; PT $37
  • Elanco Animal Health (ELAN) rated new equal-weight at Morgan Stanley
  • Elanco Animal Health (ELAN) rated new neutral at Goldman; PT $30
  • Elanco Animal Health (ELAN) rated new outperform at Cowen; PT $38
  • Elanco Animal Health (ELAN) rated new outperform at Evercore ISI
  • Elanco Animal Health (ELAN) rated new overweight at JPMorgan; PT $38
  • Eventbrite (EB) rated new buy at Stifel; PT $32
  • Eventbrite (EB) rated new hold at SunTrust; PT $30
  • Eventbrite (EB) rated new neutral at Goldman; PT $28
  • Eventbrite (EB) rated new neutral at JPMorgan; PT $31
  • Eventbrite (EB) rated new outperform at RBC; PT $37
  • Interpublic (IPG) resumed at morgan stanley With Equal- weight; PT $24
  • KalVista (KALV) rated new buy at Stifel; PT $33
  • Viacom (VIAB) resumed at morgan stanley With Equal-weight; PT $34
  • X Financial ADRs (XYF) rated new equal-weight at Morgan Stanley

 



(Bloomberg) — U.S. stock-index futures drop with Asian and European shares. Expected data include retail sales and Empire State manufacturing. Bank of America, Schwab, and JB Hunt are among companies reporting earnings. U.S. MARKETS:

  • S&P 500 futures down 0.7% to 2,749.00
  • Brent futures up 0.7% to $80.98/bbl
  • Gold spot up 1% to $1,229.01
  • U.S. Dollar Index down 0.1% to 95.11

WHAT TO WATCH:

  • TOP OVERNIGHT NEWS:
    • Brexit Talks on Ice as Stalemate Throws Deadline Into Doubt
    • Trump Hints at More China Tariffs, Doesn’t Seek ‘Depression’
    • China Preparing for All Risks in Currency Policy, PBOC’s Yi Says
    • Trump Weighs Action Against Saudis as Khashoggi Denials Continue
    • Sears Goes Bankrupt, Deserted by Shoppers and Mired in Debt
    • Italy’s Populist Budget Lands in Brussels, Posing EU Dilemma
    • Merkel Faces Fresh Turmoil After Historic Bavarian Setback
    • Porsche CFO Sees Potential IPO Reap Ferrari-Like Multiples
    • Americans Snub China’s New Dollar Bond Amid Trade Tensions
    • Engie, Caisse Are Said to Plan $9 Billion Petrobras Pipeline Bid
    • Why One FX Veteran Is Predicting a Huge Drop in the Dollar
  • WEEKLY AGENDAS:
    • N.A. FINANCIALS WEEKLY AGENDA: Goldman, BofA Earnings
    • N.A. TMT WEEKLY AGENDA: IBM, LRCX, NFLX, TEAM, TSM Earnings
    • EU Pushes for Brexit Deal, Fed Minutes: Week Ahead Oct. 15-20
    • BARRON’S ROUNDUP: Rate Protection; Bank Stocks; Dell Tracker
    • N.A. INDUSTRIALS AGENDA: Canadian Pacific, Textron Earnings
    • N.A. MATERIALS WEEKLY AGENDA: AA, CCK, CLF, NUE, PPG Earnings
    • N.A. CONSUMER AGENDA: Canada Pot Legalization; PG, PM Results
    • N.A. ENERGY WEEKLY AGENDA: Kinder Morgan, Schlumberger Earnings
    • N.A. HEALTHCARE AGENDA: 3Q Earnings Kick Off, ESMO Conference
    • BofA, Brexit, Legal Cannabis, China GDP: Week Ahead in Functions
  • M&A, ECM SCHEDULED EVENTS:
    • N.A. M&A Weekly Agenda: Aetna, Avista, Fox, Perry Ellis
    • AMERICAS ECM AGENDA: Studio City IPO, Elanco Initiations
  • ANALYST ACTIONS
    • (APPN): Appian Upgraded to Equal-weight at Barclays; Price Target $29
    • (ARRS): Arris Downgraded to Outperform at Raymond James; PT $29
    • (ATVI): Activision Blizzard Upgraded to Overweight at Barclays; PT $86
    • (BILI): Bilibili ADRs Rated New Buy at Industrial Securities; PT $15.95
    • (BSVN): Bank7 Rated New Outperform at KBW; PT $24
    • (BXP): Boston Properties Upgraded to Buy at Jefferies; PT $139
    • (CAMP): CalAmp Rated New Hold at Jefferies; PT $22
    • (CPLG): CorePoint Lodging Rated New Underweight at JPMorgan; PT $16
    • (CRZO): Carrizo Oil Upgraded to Buy at Jefferies; PT $28
    • (CTMX): CytomX Rated New Neutral at Goldman; PT $21
    • (DLPH): Delphi Technologies Downgraded to Equal-weight at Morgan Stanley
    • (EB): Eventbrite Rated New Neutral at JPMorgan; PT $31
    • (EB): Eventbrite Rated New Buy at Stifel; PT $32
    • (EB): Eventbrite Rated New Outperform at RBC; PT $37
    • (EB): Eventbrite Rated New Neutral at Goldman; PT $28
    • (ELAN): Elanco Animal Health Rated New Equal-weight at Morgan Stanley
    • (ELAN): Elanco Animal Health Rated New Overweight at JPMorgan; PT $38
    • (ELAN): Elanco Animal Health Rated New Buy at Citi; PT $37
    • (ELAN): Elanco Animal Health Rated New Neutral at Goldman; PT $30
    • (IMPV): Imperva Downgraded to Sector Weight at KeyBanc
    • (KALV): KalVista Rated New Buy at Stifel; PT $33
    • (MRO): Marathon Oil Upgraded to Outperform at BMO
    • (NCSM): NCS Multistage Holdings Cut to Market Perform at Wells Fargo
    • (OAS): Oasis Petroleum Upgraded to Buy at Jefferies; PT $15
    • (RL): Ralph Lauren Upgraded to Overweight at JPMorgan; PT $150
    • (SPOT): Spotify Upgraded to Buy at Redburn
    • (SRCI): SRC Energy Upgraded to Outperform at Baird; PT $12
    • (SSD): Simpson Downgraded to Neutral at Baird; PT $72
    • (XYF): X Financial ADRs Rated New Equal-weight at Morgan Stanley
    • (ZTS): Zoetis Upgraded to Overweight at JPMorgan; PT $100

EARNINGS: (All ests. EPS. All times ET) Previews here

  • PRE-MKT
    • Bank of America (BAC US) 6:45am 62c
    • Schwab (SCHW US) 8:45am 65c
  • POST-MKT
    • First Defiance (FDEF US) 5:15pm 55c
    • JB Hunt (JBHT US) $1.40

GOVERNMENT:

  • Government Agenda

ECONOMIC DATA (All times ET):

  • Oct. 15-Oct. 18: Monthly Budget Statement, est. $75.0b, prior $7.9b
  • 8:30am: Empire Manufacturing, est. 20, prior 19
  • 8:30am: Retail Sales Advance MoM, est. 0.6%, prior 0.1%
  • 8:30am: Retail Sales Ex Auto MoM, est. 0.4%, prior 0.3%
  • 8:30am: Retail Sales Ex Auto and Gas, est. 0.4%, prior 0.2%
  • 8:30am: Retail Sales Control Group, est. 0.4%, prior 0.1%
  • 10am: Business Inventories, est. 0.5%, prior 0.6%

CENTRAL BANKS (All times ET):

  • Nothing major scheduled

CORPORATE EVENTS:

  • Other Events: ADBE US, CUBI US, FTS CN, NVGS US, WMT US
  • Earnings Calls: 1316 HK, BAC US, JBHT US
  • Credit Card Charge-Offs: ADS US, AXP US, BAC US, C US, COF US, DFS US, JPM US, SYF US

CONFERENCES:

  • AABB Meeting – 252AB: CERS US
  • AABB Meeting – BBC15-MN4-33: CERS US
  • AABB Meeting – BBC23-MN4-33: CERS US
  • AABB Meeting – BBC4- MN4-33: CERS US
  • AABB Meeting – MN1-8: CERS US
  • AABB Meeting – NIT3- MN4-35: CERS US
  • AABB Meeting – TS25-MN3-22: CERS US
  • C-130 Hercules Operators Conference: COL US
  • CRMUG SUMMIT PHOENIX: FIVN US
  • DoD SAP IT & Cybersecurity Summit: MANT US
  • Electric Power Industry Conference: ANSS US
  • Hercules Operators Conference: COL US
  • NADCA Die Casting Congress: KWR US
  • National Business Aviation Association Convention: WNC US
  • Parexel Horizons Conference: MSFT US
  • Web In Travel Conference: TVPT US
  • WEPTAC Conference: COL US
  • WIRED25 Conference: CRM US

BLOOMBERG TV SCHEDULE:

  • 06:00 Carl B Weinberg (Chief Economist/Founder) High Frequency Economics
  • 06:10 Frederick L Cannon “Fred” (Exec VP/Chief Equity Strategist) Keefe Bruyette & Woods Inc
  • 07:10 Troy Gayeski (Partner/Senior Portfolio Mgr) Skybridge Capital
  • 07:10 Charles Peabody (Partner) Portales Partners LLC
  • 07:10 Megan E Greene (Mng Dir/Chief Economist) Manulife Asset Management
  • 07:30 Amb. James Smith (Ambassador) U.S. Amb to Saudi Arabia
  • 08:00 Anastasia Amoroso (Exec Dir/Global Investment Strategist) JPMorgan Chase Bank NA
  • 08:00 Lori Calvasina (Head:US Equity Strategy) RBC Capital Markets LLC
  • 08:00 Leigh Drogen (CEO/Founder) Estimize Inc
  • 09:00 Chad A Morganlander (Portfolio Manager) Stifel Nicolaus & Co Inc
  • 09:00 Matthew Hornbach (Mng Dir/Global Head:Interest- Rate Strategy) Morgan Stanley & Co LLC
  • 09:40 Fahmi Quadir (Chief Invsmt Officer/Founder) Safkhet Capital LP
  • 10:00 George Maris (Co-Head:US Equities) Janus Henderson Group PLC (U.S.)
  • 11:00 Joseph Stiglitz (Professor:Economics) Columbia University
  • 11:30 Carsten Brzeski (Chief Economist) ING-Diba AG
  • 12:10 Reva Bhalla Goujon (Dir:Geopolitical Analysis) Stratfor Inc
  • 12:30 Chris Wilson (Director of research) Ted Cruz Campaign
  • 12:30 Kyle Kondik (Political strategist) Univ of Virginia Center for Politics
  • 12:40 Michael Beschloss (Presidential Historian) Self
  • 13:30 Leland Miller (President) China Beige Book International
  • 13:40 Tom Jessop (Head of Corp Business Devel) Fidelity Investments
  • 14:00 Daniel J Arbess (CEO/Chief Invsmt Ofcr/Founder) Xerion Investments LLC
  • 14:10 Michael Novogratz (Chairman/CEO/Founder) Galaxy Digital
  • 14:50 Anna Ivey (Founder) Anna Ivey Consulting
  • 15:50 Douglas Ramsey “Doug” (Chief Invsmt Ofcr/Senior Analyst) Leuthold Group
  • 00:00 Brian O’Malley (Partner) Forerunner Ventures

OTHER EUROPEAN NEWS SINCE THE U.S. CLOSE:

  • Speed Trader Hudson River Chooses Dublin as Post-Brexit Home
  • Greencore to Sell Troubled U.S. Food Unit for $1.1 Billion
  • Frankfurt Trading Resumes After Open Delayed by Technical Glitch
  • S&P Upgrade Boosts Zloty and Bonds as EM Woes Threaten Rally
  • Babcock Shares Fall After Report on Boatman Capital Research
  • ECB’s Rehn Sees Phillips Curve Slowly ‘Waking From Its Coma’
  • Austria Tightens Grip on Industrial ‘Jewels’ as Buyers Circle
  • Kazakhstan Looks to Dodge a Rate Hike With Other ‘Maneuvers’

EUROPEAN ECO DATA (All times ET):

  • Nothing major scheduled

WHAT HAPPENED IN EUROPEAN MARKETS:

  • STOXX Europe 600 down 0.6% to 356.81
  • German 10Y yield fell 0.8 bps to 0.49%
  • Euro up 0.01% to $1.1561
  • Italian 10Y yield rose 1.3 bps to 3.203%
  • Spanish 10Y yield fell 0.4 bps to 1.672%

OTHER ASIA NEWS SINCE THE U.S. CLOSE:

  • SoftBank Dive Hits $22 Billion Amid Saudi Outcry, Tech Rout
  • China’s Stocks Extend $3 Trillion Rout as Consumer Firms Crumble
  • Asian Stock Markets Fall. And There’s a Slew of Reasons Why
  • Singapore Home Sales Rebound as Buyers Move Past Curbs
  • Kuroda Says First Sign of Exit Will Be Seen in Bond Yields
  • Abu Dhabi Scraps Oil Refiner Cepsa’s IPO as Investors Balk

ASIAN ECO DATA (All times ET):

  • 12:30am: (JN) Aug. Capacity Utilization MoM, actual 2.2%, prior -0.6%
  • 12:30am: (JN) Aug. Industrial Production MoM, actual 0.2%, prior 0.7%
  • 12:30am: (JN) Aug. Industrial Production YoY, actual 0.2%, prior 0.6%
  • 2:30am: (IN) Sept. Wholesale Prices YoY, actual 5.13%, est. 5.0%, prior 4.53%
  • Oct. 14-Oct. 15: (IN) Sept. Exports YoY, prior 19.21%
  • Oct. 14-Oct. 16: (CH) Sept. Money Supply M2 YoY, est. 8.3%, prior 8.2%
  • Oct. 14-Oct. 16: (CH) Sept. New Yuan Loans CNY, est. 1.36t, prior 1.28t
  • 9:30pm: (CH) Sept. PPI YoY, est. 3.5%, prior 4.1%
  • 9:30pm: (CH) Sept. CPI YoY, est. 2.5%, prior 2.3%

WHAT HAPPENED IN ASIAN MARKETS:

  • MXAP down 1.1% to 152.56
  • MXAPJ down 1% to 479.89
  • Nikkei down 1.9% to 22,271.30
  • Topix down 1.6% to 1,675.44
  • Hang Seng Index down 1.4% to 25,445.06
  • Shanghai Composite down 1.5% to 2,568.10
  • Sensex up 0.1% to 34,775.90
  • Australia S&P/ASX 200 down 1% to 5,837.10
  • Kospi down 0.8% to 2,145.12

 

 



-R.W.N II, yours in 322.

Untitled

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