Initiations, Upgrades & Downgrades.
    Good morning

    Please note: The Morning Note will not be published Monday, Tuesday and Wednesday of next week and will return Thursday, October 4.

    CANADIAN ANALYSTS’ CALLS

    INITIATIONS

    Tervita (TSX:TEV)

    GMP FirstEnergy starts coverage with a "buy" and a $12.50 (Canadian) target.

    Brookfield Asset Management (TSX:BAM.A;NYSE:BAM)

    You likely know BAM was one of our cover story ideas this week. Canaccord Genuity ups the price target to $55 (U.S.) from $47.50, maintains a "buy" and says the company's model allows for "dramatic value creation".

    CIBC boosts the target to $54 from $48 and reiterates "outperformer".

    BAM held an investor day on Thursday.

    CannaRoyalty (CSE:CRZ)

    Canaccord Genuity hikes the target to $8.75 (Canadian) from $8 and maintains a "speculative buy", saying the company's $25 million purchase of of vape store chain 180 Smoke is "near perfect timing".

    Mainstream Health Investments (TSX:IVQ.UN)

    CIBC upgrades to "outperform".

    Horizon North Logistics (TSX:HNL)

    AltaCorp reinstates at "outperform".

    Summit Industrial Income REIT (TSX:SMU.UN)

    Canaccord Genuity upgrades the REIT to "buy" and moves the target to $10 from $9 after the company's leasing update.

    TFI International (TSX:TFII)

    CIBC lifts the target to $52 from $47.

    Canadian Pacific Railway (TSX:CP;NYSE:CP)

    Citi moves the target to $242 (U.S.) from $215.

    Cameco (TSX:CCO)

    Raymond James moves the target to $18 (Canadian) from $16 and maintains an "outperform" after the company won a tax court ruling.

    Scotia upgrades to "sector perform" with a $15 target.

    TD Securities ups the target to $20 from $18.

    U.S. ANALYSTS’ CALLS

    Alexion Pharmaceuticals (NASDAQ:ALXN)

    Barclays boosts the target to $175 (U.S.) from $165, saying the company is one of the most compelling names in biotech.

    Teladoc Health (NASDAQ:TDOC)

    Cowen & Co. lifts the target to $85 from $74, and says the company is a consolidator in the nascent and fast-growing telehealth market.

    General Electric (NYSE:GE)

    RBC lowers the target to $13 from $15, reduces their 2018/2019 EPS estimates slightly, maintains a "sector perform", and says the stock has yet to bottom.

    Tesla (NASDAQ:TSLA)

    Citi cuts to "sell/highrisk" and slashes the target to $225 from $356 after the SEC action. See more below.

    STOCKS THAT MAY MOVE

    goeasy (TSX:GSY).

    How's it going at goeasy? We interviewed the alternative lender's CEO David Ingram last January in Episode 30, when the stock was trading around $38. The shares are now near record highs, closing yesterday at nearly $54. The company is raising about $30 million in a bought deal financing through a syndicate of underwriters, which is buying a 600,000 common shares at $50.50 per share, about a 6% discount to Thursday's close.

    Summit Industrial Income REIT (TSX:SMU.UN)

    is buying what it describes as a 262,610 square foot single tenant Class A logistics facility in Mississauga, Ontario for $33.5 million.

    Blackberry (TSX:BB;NASDAQ:BBRY)

    is up in pre-market trading after its profit beat estimates due to cost cutting but enterprise revenue fell 3% and total revenue was down 13%.

    Tesla (NASDAQ:TSLA)

    You can read this news anywhere but the SEC has sued CEO Elon Musk with charges of fraud and making false and misleading statements, and wants to ban him from serving as a director after Musk tweeted the now infamous phrase "funding secured" (to go private).

    With files from The Globe and Mail, Reuters and Bloomberg News.

    MARKETS

    TSX and U.S. equity futures are indicating a lower opening with Italy leading Europe down as the populists won a budget battle in that country meaning higher deficit spending than expected.

    CURRENCIES

    The Canadian dollar is up 0.5% to $0.77 U.S.

    Bitcoin is down 1.5% to $6,584.

    COMMODITIES WHAT WE’RE READING

    West Texas Intermediate is hovering at $72.22 a barrel (U.S.), on pace for its fifth monthly gain, the longest streak since 2008.

    Gold is fairly flat at $1,188.30 an ounce.

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