"We believe many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of small positives, and with a 38% move in the stock year to date, and >50% cuts to forward fundamental FCF anchors, we are cutting our PT and moving to UW."Bank of America downgraded the stock saying they now expect a longer delay with the 737 Max.
"We are upgrading SNAP to Outperform with a $17 PT based on several factors, incl. early evidence that Android platform improvements are finally gaining traction, our long-standing appreciation for the high level of product innovation @ SNAP, takeaways from Snap's partner conference, and our belief that SNAP may have reached a fundamentals inflection point.""We adjust estimates and PT post Q1 miss in mix and delivered units.
"Events and developments have occurred in China, Macau and for WYNN in the year to date and since our market tour in March that we believe warrant a more positive view. These include better than expected GGR results, regulatory developments for competing companies/markets, and increasing evidence of a Chinese economic rebound. As we have noted previously, valuation sensitivity is reduced in accelerating periods.
"ZG's IMT franchise has enduring value and leadership a compelling pedigree. Our analysis finds Internet segment targets conservative and Homes attainable. Management has a cogent plan, experienced personnel, and ample capital to deploy. Our SOTP suggests $46/share in value, and meaningful upside if IMT returns to historical growth rates. Therefore we upgrade to Outperform from Market Perform.