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Gabelli downgraded Zoetis to Hold from Buy based citing the stock’s valuation. Shares in the animal health company have already advanced more than 20% so far this year.Gabelli analyst Kevin Kedra stated that Zoetis’ (ZTS) “performance and leadership appear to be fairly reflected in the stock price". Following 2Q results on Aug. 6, Kedra raised his 2020 EPS estimate “to $3.60 from $3.40 based on an improved outlook for Zoetis' companion animal business.”Zoetis’ 2Q earnings of $0.89 per share beat analysts’ estimates of $0.64. Its revenues of $1.55 billion surpassed Street estimates of $1.36 billion. Overall, while revenues remain flat on a year-over-year basis, earnings declined by 2%.Meanwhile, on Aug. 7, Stifel analyst Jonathan Block raised the stock’s price target to $170 (6.7% upside potential) from $155 and reiterated a Buy rating, saying that Zoetis “continues to be his top pick in the Animal Health industry.” Block noted that “the stock...
(Bloomberg Opinion) -- The months since coronavirus swept the world have been a bumper period for listed companies selling more stock.This isn’t yet on par with the amount of capital banks had to raise after the financial crisis, but it’s a welcome change. A business with a bigger equity buffer provides comfort in troubled times — more so than being hooked on debt, which must be repaid. Until recently, companies were hellbent on shrinking their share counts via stock buybacks, or they’ve delisted entirely following a debt-funded takeover or buyout. Citi analysts dubbed the trend “de-equitization.”“Re-equitization” is just getting started. As bosses and institutional investors return from the beach, more companies will probably tap equity investors for cash. Sectors likely to recover slowest from the pandemic — airlines, aerospace and anything related to retail or hospitality — are sure to be first in line. U.K. mall landlord Hammerson Plc, British Airways owner International Consolidated Airlines Group SA...
boohoo group plc's (LON:BOO) price-to-earnings (or "P/E") ratio of 58x might make it look like a strong sell right now......
(Bloomberg) -- Gold headed for back-to-back gains following wild swings as investors weighed the outlook for the metal’s record-setting rally, tracking moves in bond yields, a weaker dollar, as well as an uptick in risk appetite.Spot bullion climbed, while futures were little changed. This comes after prices tumbled on Tuesday, then swung in a wide arc on Wednesday, as last-week’s rally likely spurred some technical selling and profit-taking. Meanwhile, most Asian stocks advanced Thursday and were on course to erase this year’s declines as the global equity rally that’s driven shares higher since March continued to strengthen.Gold and silver have resumed their uptrend after the correction and remain among the best performing commodities this year, aided by negative real yields and vast stimulus to combat the fallout from the coronavirus pandemic. Goldman Sachs Group Inc. has described gold as the currency of last resort amid an inflation threat to the dollar,...
Will more restaurants close or file for bankruptcy amid COVID-19? Chains like Outback, Applebee's and IHOP are most at risk for not paying back debts....
The U.S. government on Wednesday said it would maintain 15% tariffs on Airbus aircraft and 25% tariffs on other European goods, despite moves by the European Union to resolve a 16-year-old dispute over aircraft subsidies. U.S. Trade Representative Robert Lighthizer (USTR) said the EU had not taken actions necessary to come into compliance with World Trade Organization decisions, and Washington would initiate a new process to try to reach a long-term solution....
On a conference call with investors, Chief Executive Chuck Robbins said Cisco also plans to reduce its expenses by $1 billion on an annualized basis "over the next few quarters." The company also announced that Chief Financial Officer Kelly Kramer will retire from Cisco, but will remain with the company until a successor is found. Cisco expects current-quarter revenue to drop between 9% and 11% from last year, implying a range of between $11.71 billion and $11.97 billion, while analysts had expected $12.25 billion....
