Key Calls (Monday): Upgrades, Downgrades & Initiations

(Bloomberg) — Changes since prior close.

UPGRADES:Upgrade

  • AMRB US (AMRB) upgraded to market perform at Raymond James
  • Autoliv (ALV) upgraded to buy at Danske Bank Markets
  • Chipotle (CMG) upgraded to outperform at RBC; PT $510
  • Citizens Financial (CFG) upgraded to buy at BofAML; PT Set to $43
  • Corus Entertainment (CJR/B CN) upgraded to outperform at CIBC; PT C$7
  • Crown Holdings (CCK) upgraded to outperform at Wells Fargo; PT $60
  • Diana Shipping (DSX) upgraded to buy at Fearnley; PT $4.70
  • Ecopetrol ADRs (ECOPETL CB) upgraded to market perform at Raymond James
  • First Financial (FFBC) upgraded to outperform at KBW; PT $32
  • Intel (INTC) upgraded to buy at Nomura Instinet; Price Target $50
  • Lennar (LEN) upgraded to buy at Deutsche Bank; PT $51
  • Louisiana-Pacific (LPX) upgraded to market perform at BMO; PT $24
  • M&T Bank (MTB) upgraded to overweight at Piper Jaffray; PT $194
  • Meritage Homes (MTH) upgraded to buy at Deutsche Bank
  • Norbord (OSB CN) upgraded to market perform at BMO
  • Occidental (OXY) upgraded to strong buy at Raymond James; PT $90

DOWNGRADES:

Downgrade

  • AvalonBay (AVB) downgraded to inline at Evercore ISI; PT $192
  • Bank OZK (OZK) downgraded to equal-weight at Morgan Stanley; PT $32
  • Barrick Gold (ABX CN) downgraded to neutral at Macquarie
  • Bristol-Myers (BMY) downgraded to neutral at Citi
  • Canadian Solar (CSIQ) cut to underweight at JPMorgan; Price Target $15
  • Copa Holdings (CPA) downgraded to market perform at Raymond James
  • Crescent Point Energy (CPG CN) cut to market perform at BMO; PT C$8
  • Genesee & Wyoming (GWR) cut to underweight at Morgan Stanley; PT $75
  • Horizon Technology (HRZN) downgraded to underperform at KBW; PT $10
  • ManpowerGroup (MAN) downgraded to neutral at JPMorgan; PT $82
  • Melco Resorts ADRs (MLCO) downgraded to hold at CICC; PT $20
  • Mobile Mini (MINI) downgraded to neutral at Baird; PT $44
  • Old Dominion (ODFL) cut to equal-weight at Morgan Stanley; PT $146
  • PulteGroup (PHM) downgraded to hold at Deutsche Bank; PT $24
  • Reliance Steel (RS) downgraded to neutral at Longbow
  • Rogers Communications (RCI/B CN) downgraded to hold at Desjardins; PT C$71
  • Taylor Morrison (TMHC) downgraded to hold at Deutsche Bank; PT $14
  • Toll Brothers (TOL) downgraded to hold at Deutsche Bank; PT $29
  • UDR (UDR) downgraded to underperform at Evercore ISI; Price Target $40
  • Union Pacific (UNP) cut to underweight at Morgan Stanley; PT $134
  • Wingstop (WING) downgraded to neutral at Wedbush
  • eBay (EBAY) downgraded to neutral at BofAML; PT Set to $33

INITIATIONS:

INITIATION

  • Arco Platform (ARCE) rated new buy at Goldman; PT $26
  • Arco Platform (ARCE) rated new outperform at Itau BBA; PT $27
  • Arco Platform (ARCE) rated new overweight at Morgan Stanley; PT $27
  • Arvinas (ARVN) rated new neutral at Goldman; PT $17
  • Arvinas (ARVN) rated new overweight at Piper Jaffray; PT $23
  • Camden Property (CPT) rated new equal-weight at Capital One; PT $96
  • Capital Bancorp (CBNK) rated new outperform at KBW; PT $16
  • Capital Bancorp (CBNK) rated new overweight at Stephens; PT $14
  • Domino’s Pizza Inc. (DPZ) rated new neutral at UBS; PT $285
  • Enel Americas ADRs (ENELAM CI) resumed at morgan stanley With Overweight
  • Entasis Therapeutics Holdings (ETTX) rated new outperform at BMO
  • Entasis Therapeutics Holdings (ETTX) rated new outperform at Wedbush
  • Essex Property (ESS) rated new equal-weight at Capital One; PT $255
  • Exela Technologies Inc (XELAU) rated new overweight at Morgan Stanley
  • GSV Capital (GSVC) rated new buy at BTIG; PT $11.50
  • Jagged Peak (JAG) rated new hold at NatAlliance; PT $14.50
  • LAIX ADRs (LAIX) rated new buy at Goldman; PT $19
  • LAIX ADRs (LAIX) rated new equal-weight at Morgan Stanley; PT $11.50
  • Marker Therapeutics (MRKR) rated new neutral at Piper Jaffray; PT $10
  • Mid-America (MAA) rated new equal-weight at Capital One; PT $101.50
  • RA Medical Systems (RMED) rated new buy at SunTrust; PT $16
  • RA Medical Systems (RMED) rated new overweight at Cantor; PT $21
  • RA Medical Systems (RMED) rated new overweight at Piper Jaffray; PT $23
  • SVMK (SVMK) rated new buy at BofAML; PT $16
  • SVMK (SVMK) rated new buy at SunTrust; PT $16
  • SVMK (SVMK) rated new market outperform at JMP; PT $16
  • SVMK (SVMK) rated new neutral at UBS; PT $15
  • SVMK (SVMK) rated new overweight at JPMorgan; PT $15
  • Seres (MCRB) rated new buy at Chardan; PT $15
  • Sutro Biopharma (STRO) rated new market outperform at JMP; PT $28
  • Sutro Biopharma (STRO) rated new outperform at Cowen
  • Sutro Biopharma (STRO) rated new outperform at Wedbush; PT $20
  • Sutro Biopharma (STRO) rated new overweight at Piper Jaffray; PT $23
  • Teekay Corp (TK) rated new buy at BofAML; PT $8
  • Urovant Sciences (UROV) rated new buy at Jefferies; PT $19
  • Urovant Sciences (UROV) rated new outperform at Cowen; PT $25
  • Urovant Sciences (UROV) rated new overweight at JPMorgan; PT $21
  • Viomi Technology ADRs (VIOT) rated new buy at Needham; PT $10
  • Viomi Technology ADRs (VIOT) rated new overweight at Morgan Stanley

(Bloomberg) — U.S. equity-index futures point to slight gains after advances in Europe and a surge in Chinese stocks after state support. Oil and most industrial metals rise. Scheduled earnings include Kimberly-Clark, Halliburton, TD Ameritrade. U.S. MARKETS:

  • S&P 500 futures up 0.2% to 2,771.75
  • Brent Futures up 0.6% to $80.29/bbl
  • Gold spot down 0.3% to $1,223.23
  • U.S. Dollar Index down 0.03% to 95.68

WHAT TO WATCH:

  • TOP OVERNIGHT NEWS:
    • Fiat Agrees to Sell Parts Unit Marelli to KKR’s Calsonic
    • Chinese Stocks Rally Most Since 2016 as State Steps Up Support
    • How Blackstone Landed $20 Billion From Saudis for New Fund
    • Trump’s Pre-Election Tax-Cut Promise Leaves GOP Leaders Baffled
    • ‘Lyin’ Ted’ Gets Boost From ‘Sleazy Donald’ With Texas Rally
    • Italy Hints at Softer Stance on Deficit Goal Before EU Deadline
    • Jacobs to Sell Energy Business to WorleyParsons for $3.3 Billion
    • CBS Interim Board Chairman Parsons Resigns Due to Health Reason
    • Novartis’s Alpelisib Improved PFS in Phase 3 Study
    • ImmunoGen Combo Shows 30% Response in Ovarian Cancer Study
    • Hormel Explores Move Into $3.7 Billion Meat Alternative Market
    • Goldman Urges Do-Over by Trump Regulators in Easing Volcker Rule
    • Saudi Summit Loses Its Swagger as Elites Question Kingdom
    • Sears Chairman Seeks Partner for Bankruptcy Financing: Reuters
    • Blackstone to Buy Ulterra Drilling Tech for $700M: Reuters
    • Trump Has No Intention of Easing Tariffs on China: Axios
    • Caesars Expected to Reject Merger Offer From Golden Nugget: NYP
    • Facebook Seeks Cybersecurity Purchase: The Information
    • Lufthansa, Delta to Hold Talks on Alitalia in Rome: Messaggero
    • Ford to Begin Testing Self-Driving Cars in D.C. Next Year: WaPo
    • JPMorgan Hopes China Venture Will Be Cleared Next Year: SCMP
  • WEEKLY AGENDAS:
    • N.A. FINANCIALS WEEKLY AGENDA: Visa, Capital One Earnings
    • N.A. TMT WEEKLY AGENDA: AMZN, CMCSA, GOOGL, INTC, MSFT Earnings
    • BARRON’S ROUNDUP: Emerging-Markets Bargains, Citizens Financial
    • ECB, Canada Set Rates; WTO Reforms Mulled: Week Ahead Oct. 22-27
    • N.A. INDUSTRIALS AGENDA: Ford, Boeing Earnings, AI Conference
    • N.A. HEALTH WEEKLY AGENDA: Biotech Earnings, Alzheimer’s Meeting
    • N.A. CONSUMER AGENDA: HAS, KMB, MCD, LVS, MO, MAT, CMG Earnings
    • N.A. ENERGY WEEKLY AGENDA: ConocoPhillips, Halliburton Earnings
    • N.A. MATERIALS WEEKLY AGENDA: ABX, FCX, GPK, MEOH, SHW Earnings
  • M&A, ECM SCHEDULED EVENTS:
    • N.A. M&A Weekly Agenda: Avista, Pandora, Praxair, Supervalu
    • AMERICAS ECM AGENDA: YETI, StoneCo IPOs; DocuSign Lockup Expiry
  • ANALYST ACTIONS
    • (ALA CN): AltaGas Canada Rated New Buy at Veritas
    • (ALV): Autoliv Upgraded to Buy at Danske Bank Markets
    • (AMRB): AMRB US Upgraded to Market Perform at Raymond James
    • (ARCE): Arco Platform Rated New Overweight at Morgan Stanley; PT $27
    • (ARCE): Arco Platform Rated New Buy at Goldman; PT $26
    • (ARCE): Arco Platform Rated New Outperform at Itau BBA; PT $27
    • (ARVN): Arvinas Rated New Neutral at Goldman; PT $17
    • (ARVN): Arvinas Rated New Overweight at Piper Jaffray; PT $23
    • (AVB): AvalonBay Downgraded to Inline at Evercore ISI; PT $192
    • (BIIB): Biogen Cut at Bernstein Ahead of Alzheimer’s Results
    • (BMY): Bristol-Myers Downgraded to Neutral at Citi
    • (CBNK): Capital Bancorp Rated New Outperform at KBW; PT $16
    • (CCK): Crown Holdings Upgraded to Outperform at Wells Fargo; PT $60
    • (CJR/B CN): Corus Entertainment Upgraded to Outperform at CIBC; PT C$7
    • (CMG): Chipotle Upgraded to Outperform at RBC; PT $510
    • (CPA): Copa Holdings Downgraded to Market Perform at Raymond James
    • (CPG CN): Crescent Point Energy Cut to Market Perform at BMO; PT C$8
    • (CPT): Camden Property Rated New Equal-weight at Capital One; PT $96
    • (CSIQ): Canadian Solar Cut to Underweight at JPMorgan; Price Target $15
    • (DSX): Diana Shipping Upgraded to Buy at Fearnley; PT $4.70
    • (ECOPETL CB): Ecopetrol ADRs Upgraded to Market Perform at Raymond James
    • (ESS): Essex Property Rated New Equal-weight at Capital One; PT $255
    • (ETTX): Entasis Therapeutics Holdings Rated New Outperform at BMO
    • (FFBC): First Financial Upgraded to Outperform at KBW; PT $32
    • (GWR): Genesee & Wyoming Cut to Underweight at Morgan Stanley; PT $75
    • (HRZN): Horizon Technology Downgraded to Underperform at KBW; PT $10
    • (LPX): Louisiana- Pacific Upgraded to Market Perform at BMO; PT $24
    • (MAA): Mid- America Rated New Equal-weight at Capital One; PT $101.50
    • (MAN): ManpowerGroup Downgraded to Neutral at JPMorgan; PT $82
    • (MINI): Mobile Mini Downgraded to Neutral at Baird; PT $44
    • (MLCO): Melco Resorts ADRs Downgraded to Hold at CICC; PT $20
    • (MTB): M&T Bank Upgraded to Overweight at Piper Jaffray; PT $194
    • (ODFL): Old Dominion Cut to Equal-weight at Morgan Stanley; PT $146
    • (OSB CN): Norbord Upgraded to Market Perform at BMO
    • (OXY): Occidental Upgraded to Strong Buy at Raymond James; PT $90
    • (OZK): Bank OZK Downgraded to Equal-weight at Morgan Stanley; PT $32
    • (OZK): Bank OZK’s ‘Story Has Changed,’ Morgan Stanley Says in Downgrade
    • (RMED): RA Medical Systems Rated New Overweight at Piper Jaffray; PT $23
    • (RS): Reliance Steel Downgraded to Neutral at Longbow
    • (STRO): Sutro Biopharma Rated New Overweight at Piper Jaffray; PT $23
    • (SVMK): SVMK Rated New Overweight at JPMorgan; PT $15
    • (SVMK): SVMK Rated New Market Outperform at JMP; PT $16
    • (UDR): UDR Downgraded to Underperform at Evercore ISI; Price Target $40
    • (UNP): Union Pacific Cut to Underweight at Morgan Stanley; PT $134
    • (UROV): Urovant Sciences Rated New Overweight at JPMorgan; PT $21
    • (UROV): Urovant Sciences Rated New Buy at Jefferies; PT $19
    • (VIOT): Viomi Technology ADRs Rated New Overweight at Morgan Stanley
    • (XELAU): Exela Technologies Inc Rated New Overweight at Morgan Stanley

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

  • PRE-MKT
    • Bank of Hawaii (BOH US) 6:45am $1.34
    • Bank of Marin (BMRC US) 8am $1.17
    • Cadence (CADE US) 8:05am 51c
    • Community Bank System (CBU US) 6:45am 78c
    • Halliburton (HAL US) 6:45am 49c
    • Hasbro (HAS US) 6:30am $2.24
    • Iqvia (IQV US) 7am $1.39
    • Kimberly-Clark (KMB US) 7:30am $1.63
    • Lennox (LII US) 8am $2.92
    • Old National (ONB US) 6:30am 32c
    • Opus Bank (OPB US) 7am 36c
    • PetMed (PETS US) 8am 50c
    • Polaris (PII US) 6am $1.56
    • TCF Financial (TCF US) 8am 48c
  • POST- MKT
    • Agree Realty (ADC US) 4:01pm 38c
    • American Campus (ACC US) 4:05pm (1c)
    • Brown & Brown (BRO US) 5pm 34c
    • Cadence Design (CDNS US) 4:05pm 41c
    • Crane (CR US) 5pm $1.46
    • Enterprise Financial (EFSC US) 4:05pm 89c
    • Equity LifeStyle (ELS US) 4:16pm 58c
    • FB Financial (FBK US) 4:15pm 72c
    • Green Bancorp (GNBC US) 4:05pm 48c
    • HealthStream (HSTM US) 4:30pm 8c
    • Helix Energy (HLX US) 5:31pm 11c
    • Hexcel (HXL US) 4:21pm 79c
    • HNI (HNI US) 4:15pm 86c
    • Independent Bank Group (IBTX US) 5pm $1.20
    • Moelis & Co (MC US) 4:15pm 64c
    • Renasant (RNST US) 4:49pm 77c
    • Simmons First (SFNC US) 5pm 58c
    • SLM (SLM US) 4:30pm 24c
    • South State (SSB US) 4:15pm $1.40
    • Superior Energy (SPN US) 4:15pm (12c)
    • TD Ameritrade (AMTD US) 4:01pm 88c
    • TFI International (TFII CN) 4:05pm C$0.83
    • TrustCo Bank NY (TRST US) 8:15pm 16c
    • Veritex Holdings (VBTX US) 5:15pm 46c
    • Washington Trust (WASH US) 4:05pm 98c
    • West Fraser Timber (WFT CN) 5:01pm C$2.87
    • WSFS Financial (WSFS US) 4:05pm 92c

GOVERNMENT:

  • Government Agenda

ECONOMIC DATA (All times ET):

  • 8:30am: Chicago Fed Nat Activity Index, est. 0.2, prior 0.2

CENTRAL BANKS (All times ET):

  • Nothing major scheduled

CORPORATE EVENTS:

  • Annual general meetings: CNR CN, CREE US
  • Extraordinary Shareholders Meeting: TJX US
  • Other Events: LUC CN, SJI US, SLB US, VRAY US
  • Earnings Calls: BMRC US, BOH US, CADE US, CBU US, CDNS US, HAL US, HAS US, IQV US, KMB US, LII US, MC US, ONB US, OPB US, PETS US, PII US, SSB US, TCF US, TFII CN

CONFERENCES:

  • American College of Rheumatology and Association of Rheumatology Health Professi: BMY US
  • American College of Rheumatology Meeting – Abstract # 1500: MYGN US
  • American College of Rheumatology Meeting: REGN US
  • American Society for Radiation Oncology Meeting: VRAY US
  • CannMed UCLA Luskin Conference: TLRY US, WEED CN
  • CIX is Canada Largest Investment Conference: SIVB US, T CN
  • Cognite Conference: DVMT US
  • DEVOPS ENTERPRISE SUMMIT: PVTL US
  • ESMO Congress: IONS US
  • European Society for Medical Oncology Meeting – Presentation Number: 1129O: MRTX US
  • European Society for Medical Oncology Meeting: BPMC US, CTMX US, EPZM US, EXEL US, INCY US, JNJ US, MRK US, MRTX US, NKTR US
  • European Society of Intensive Care Medicine Congress: BAX US
  • IIPS Fall Conference: PLUS US
  • Jefferies Disrupt Summit: F US
  • National Safety Congress Expo: MSA US
  • NVIDIA GPU Technology Conference – Panel: 3418829Z US, LMT US
  • NVIDIA GPU Technology Conference: BAH US, FB US
  • Oracle Open World – 2018: MSTR US, PRFT US
  • Persontrafik Conference: BBD/B CN
  • ProcureCon Pharma Conference: AMAG US, BIIB US, BMY US, GILD US, MRK US, RDUS US, SHP LN
  • Railway Tie Association Symposium: KOP US
  • Sibos Conference – Panel: BK US
  • Sibos Conference: ACIW US
  • Storage Visions Conference: XLNX US
  • United European Gastroenterology Meeting: TBPH US
  • Waters Inform Asia Seminar: WAT US

OTHER EUROPEAN NEWS SINCE THE U.S. CLOSE:

  • U.K. Softens Brexit Red Line as May Faces Lawmaker Backlash
  • Philips Tumbles on Disappointing Profit, Growth at Health Unit
  • Sweden’s Government Talks Reach a Record With No End in Sight
  • Euro Front-End Demand for Wings Drops on Italy Before ECB Meet
  • Investors Aren’t Eager to Short-Sell Mining Equities, Citi Says
  • Roche Tecentriq Breast Cancer Data Is ‘Life-Changing’: Vontobel
  • Germany Seeks to Preserve Post-Brexit Ties to U.K. Markets Cop

EUROPEAN ECO DATA (All times ET):

  • Nothing major scheduled

WHAT HAPPENED IN EUROPEAN MARKETS:

  • STOXX Europe 600 up 0.2% to 361.98
  • German 10Y yield unchanged at 0.461%
  • Euro up 0.03% to $1.1517
  • Brent Futures up 0.6% to $80.29/bbl
  • Italian 10Y yield fell 19.8 bps to 3.111%
  • Spanish 10Y yield fell 4.5 bps to 1.69%

OTHER ASIA NEWS SINCE THE U.S. CLOSE:

  • A Big Secret in Japan Debt Market Is Getting Harder to Keep
  • China’s $195 Billion Debt Splurge Has Less Bang Than You Think
  • BOJ Signals Financial System Able to Withstand Easing for Now
  • Thanks to the Trade War, Southeast Asia Has an Investment Boom
  • Goldman Sees Reduced Chance for Yuan to Breach 7 in Near Term
  • Developer Group Seeks HK$46b-Equiv. Debt for Residential Project

ASIAN ECO DATA (All times ET):

  • 12:30am: (JN) Aug. All Industry Activity Index MoM, actual 0.48%, est. 0.4%, prior 0.0%, revised -0.19%

WHAT HAPPENED IN ASIAN MARKETS:

  • MXAP up 0.4% to 153.69
  • MXAPJ up 0.8% to 484.84
  • Nikkei up 0.4% to 22,614.82
  • Topix up 0.2% to 1,695.31
  • Hang Seng Index up 2.3% to 26,153.15
  • Shanghai Composite up 4.1% to 2,654.88
  • Sensex up 0.3% to 34,412.26
  • Australia S&P/ASX 200 down 0.6% to 5,904.94
  • Kospi up 0.3% to 2,161.71

 


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

Bernard Buffet L'embouchure de L'odet 1962
Bernard Buffet “L’embouchure de L’odet” 1962 Etching – edition of 75 

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