>>> Europe : Brokers Upgrades & Downgrades - 30th of January 201

>>> Up
* Fraport Upgraded to Buy at HSBC; PT 77 Euros
* Novozymes Raised to Neutral at JPMorgan; Price Target 275 Kroner
* Siemens Healthineers Upgraded to Buy at DZ Bank; PT 39 Euros
* Uniper Upgraded to Neutral at JPMorgan; PT Set to 22.50 Euros
* Vopak Upgraded to Buy at HSBC; PT 52 Euros

>>> Down
* AK Steel Downgraded to Neutral at Longbow
* Allergan Downgraded to Sector Perform at RBC; PT $165
* CVS Group Downgraded to Sector Perform at RBC; PT 6 Pounds
* Suez Downgraded to Underweight at Morgan Stanley; PT 10.70 Euros
* Telia Downgraded to Hold at Pareto Securities; PT 43 Kronor
* Voestalpine Downgraded to Hold at Baader Helvea; PT 30 Euros
* Whirlpool Downgraded to Underperform at RBC; Price Target $111
* Zalando Downgraded to Reduce at Commerzbank

>>> Initiation
* Airbus Rated New Outperform at MainFirst; PT 120 Euros
* ALD Rated New Buy at Oddo BHF; PT 15.70 Euros
* BIC Rated New Neutral at MainFirst; PT 85 Euros
* Danone Rated New Buy at SocGen; PT 80 Euros
* Dassault Aviation Rated New Outperform at MainFirst
* Meggitt Rated New Neutral at MainFirst; PT 5.20 Pounds
* MTU Aero Rated New Neutral at MainFirst; PT 190 Euros
* Nestle Reinstated at SocGen With Buy; PT 95 Francs
* Pennon Rated New Equal-weight at Barclays; PT 8.20 Pounds
* Rolls-Royce Rated New Outperform at MainFirst; PT 11 Pounds
* Safran Rated New Neutral at MainFirst; PT 115 Euros
* Senior Rated New Outperform at MainFirst; PT 2.70 Pounds
* Severn Trent Rated New Equal-weight at Barclays
* Unilever GDRs Rated New Sell at SocGen; PT 43 Euros
* United Utilities Rated New Equal-weight at Barclays

>>> Call
* EDF Valuation High, Even With Carbon Transformation: Berenberg
* Suez Valuation Premium ‘Overdone,’ Rating Cut: Morgan Stanley

>>> US After Hours Summary: AMD +9%, AAPL +6% rise while EGHT -8%, ALG


After Hours Summary: AMD +9%, AAPL +6% rise while EGHT -8%, ALGN -7% move lower after earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AMD +9.2%, AAPL +5.7%, SYK +4.9%, MRCY +2.7%, KLAC +1.5%, IPHI +0.7%

Companies trading higher in after hours in reaction to news: CONN +10.7% (appointed to join S&P SmallCap 600), CZR +3.7% (appointed to join S&P MidCap 400), GBT +2.2% (lightly traded; announces publication of voxelotor data in Blood publication), P +1.1% (lightly traded; receives stockholder approval for acquisition by Sirius XM [SIRI]), SIRI +0.7% (adds $2 bln to stock repurchase program)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: EGHT -7.8%, ALGN -7.2%, JNPR -7% (also announces dividend increase and $300 mln accelerated share repurchase program), MSTR -6.7% (also expects to report a material weakness in its internal control over financial reporting in upcoming 10-k), MKSI -5.2%, COHR -4.1%, HA -4.1%, MITK -3.6%, ILMN -3.3%, MXIM -2.6%, AMGN -2.4%, AX -1.2% (lightly traded), EBAY -0.8%, CHRW -0.7%

Companies trading lower in after hours in reaction to news: RWT -3.1% (proposes public offering of 10.0 mln shares of common stock), FHB -2.1% (announces launch of secondary offering of approx. 24.9 mln shares; lightly traded), NIO -2% (announces offering of $650 mln in aggregate principal amount of convertible senior notes due 2024)

>>> Stryker beats by $0.03, beats on revs; guides Q1 EPS in-line; guides FY19 EP

Stryker beats by $0.03, beats on revs; guides Q1 EPS in-line; guides FY19 EPS above consensus (161.01 -0.98)
  • Reports Q4 (Dec) earnings of $2.18 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $2.15 and at high end of prior guidance of $2.13-2.18; revenues rose 9.4% year/year to $3.80 bln vs the $3.73 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees EPS of $1.80-1.85, excluding non-recurring items, vs. $1.84 S&P Capital IQ Consensus.
  • Co issues upside guidance for FY19, sees EPS of $8.00-8.20, excluding non-recurring items, vs. $8.01 S&P Capital IQ Consensus. Co expects organic sales growth of +6.5-7.5%. We note this is not comparable to consensus

>>> eBay beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, re

eBay beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY19 EPS above consensus, revs below consensus (33.69 -0.33)
  • Reports Q4 (Dec) earnings of $0.71 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.68; revenues rose 6.3% year/year to $2.88 bln vs the $2.87 bln S&P Capital IQ Consensus.
    • Reported Q4 gross merchandise volume (GMV) of $24.6 billion, up 1% on an as-reported basis and 2% on a FX-Neutral basis.
    • In the fourth quarter, eBay grew active buyers by 4% across its platforms, for a total of 179 million global active buyers.
  • Co issues mixed guidance for Q1, sees EPS of $0.62-0.64, excluding non-recurring items, vs. $0.61 S&P Capital IQ Consensus; sees Q1 revs of $2.55-2.60 bln vs. $2.66 bln S&P Capital IQ Consensus.
  • Co issues mixed guidance for FY19, sees EPS of $2.62-2.68, excluding non-recurring items, vs. $2.57 S&P Capital IQ Consensus; sees FY19 revs of $10.7-10.9 bln vs. $11.2 bln S&P Capital IQ Consensus.
  • Co also announced updates to its capital structure:
    • Initiation of a quarterly dividend of $0.14 per share, with the first quarterly dividend to be paid on or about March 20, 2019 to shareholders of record as of the close of business on March 1, 2019.
    • Increase in share repurchase authorization by an additional $4.0 billion with no expiration, with an expected 2019 share repurchase of approximately $5.0 billion