>>> Top Pre-Market Analyst Actions

Top Pre-Market Analyst Actions; BABA +1.2% following earnings-driven upgrades, NVDA making new all-time highs following earnings/upgrades
Upgrades:
  • Alibaba (BABA) was upgraded to Outperform at Macquarie, to Strong Buy at Raymond James, and was added to the Conviction Buy List at Goldman following yesterday's Q1 beat.
    • Attempting to break through a near 14-month high, BABA trades about +1.2% this morning; the stock has rebounded nicely in the past few months, up about +16% since the start of June
  • NVIDIA (NVDA) was upgraded to Outperform from Sector Perform at RBC Capital Mkts following earnings. RBC noted while expectations were originally slated for ~8-12% revenue growth, they think 20-30% is now on the table combined with margin tailwinds from improving yield on production.
    • NVDA makes new all-time highs in the early session, indicated +3.0% on a chart that's been bullish for some time now; since the start of 2013, NVDA is up about +375% and posts gains of about +85% YTD
Downgrades:
  • Macy's (M) was downgraded to Neutral from Outperform at Macquarie following earnings. Firm also thinks the 100 store closures will have a greater impact than the current $1 billion in 2017 expected by Macy's.
    • Following earnings, shares were up about +17% yesterday; the stock cools off mildly, indicated -0.8% this morning a day removed from the quarterly print
  • VistaOutdoor (VSTO) was downgraded to Neutral from Buy at Monness Crespi & Hardt. They continue to believe in the long term growth story. However, they believe capacity constraints for ammunition and a soft retail environment for outdoor products will limit sales growth through 1HFY18.
    • Yesterday parmarket, VSTO reported a worse than expected Q1 top and bottom line; the stock closed down about -16% yesterday, but takes a modestly higher tick into morning action today, indicated +0.6%
Others:
  • Broadcom (AVGO) was initiated with an Outperform at Robert W. Baird as they note the company has rapidly emerged as a key consolidator within the semiconductor industry, with a focus on operating margin leverage and EPS accretion. AVGO's FBAR technology is differentiated, driving share gains this year.
    • AVGO has posted decent gains alongside the broader Technology(XLK +12%, YTD) sector this year, up about +21% YTD; shares tick about +0.5% this morning following the Baird initiation