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CANADIAN ANALYSTS’ CALLS
INITIATIONS
CIBC upgrades to "outperformer" and raises the price target to $10 (Canadian) from $7, which gives the stock a projected 12-to-18 month return of about 45%.
BMO Nesbitt Burns upgrades to "outperform" and lifts the target to $28 from $25.
Clarksons Platou upgrades to "buy" with a target of $39.
Barclays moves the target to $31 from $30 saying the owner of Sobey's is on the right track with it's three-year transformation plan and a new CEO in place.
J.P. Morgan downgrades to "neutral" from outperform.
U.S. ANALYSTS’ CALLS
J.P. Morgan raises the target to $20 (U.S.) from $18, which implies nearly 65% upside. I looked at this stock in the spring of 2016 as a contrarian play when it was way out of favour trading around $4. It's tripled since. My instincts were right. Did I buy it? Nope. Filed under Duh.
Wedbush upgrades to "outperform" and hikes the target to $12.25 from $11.50, saying the departures of the CFO and chief strategy ofcer, who are both being replaced by "seasoned professionals" is a positive for the company.
Canaccord Genuity upgrades to "buy" and hikes the target to $95 from $78, saying the company's embrace of controversial former football player Colin Kaepernick is a "stroke of genius" as it "struck an emotional chord"...was "courageous"..."spoke to core consumers"...and..."strengthened its ties with its sponsor athletes".
KeyBanc Capital lifts the target to $81 from $67.
In a note titled No Longer Investable, Nomura Instinet is cutting the stock to "hold" and reducing the target to $300 from $400 due to CEO Elon Musk's "erratic behaviour".
STOCKS THAT MAY MOVE
says its founder and executive chair Mogens Smed has left the company, efective immediately, because "Mogens has not adequately performed the agreed assigned duties", according to DIRTT. Smed stepped down as CEO in January. DIRTT also announced that it's appointed Kevin O’Meara as CEO and director of the board, following an eight month search.
has confirmed it's merging it Kauthof department store brand with Signa's Karstadt.
has locked out about 130 of its unionized Quebec sales representatives, saying the union has been inflexible in negotiations.
is being bought by Japan's Renesas Electronics for $6.7 billion or $49 a share, a 16% premium to Monday's closing price.
The company's CFO is stepping down after the company admitted it didn't do enough to prevent money laundering, and agreed to pay regulators a $900 million fine.
With files from The Globe and Mail, Reuters and Bloomberg News.
MARKETS
TSX and U.S. equity futures are pointing lower as China is expected to ask the WTO to revive a duty dispute with the U.S. dating back to 2013, while the U.S. threatens further tarifs.
Asian stocks were mostly lower for the ninth session in a row, although Japan’s Nikkei was higher, with Hong Kong’s Hang Seng index ofcially falling into bear market territory after dropping more than 20% from its recent peak.
CURRENCIES
The Canadian dollar is flat at $75.95 U.S.
Bitcoin is down 0.6% at $6,267, according to CoinDesk.
COMMODITIES WHAT WE’RE READING
West Texas Intermediate is up 0.3% at $67.71 a barrel.
Gold is drifting at $1,197.60 an ounce.
WHAT WE’RE READING
Seven reasons why Big Tobacco will invest in cannabis.
DAILY UPDATE
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Mark Bunting | Publisher
Capital Ideas Media
