An employee pushes grocery carts outside a Kroger Co. grocery store in Louisville, Kentucky.
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Here are the biggest calls on Wall Street on Tuesday:
Evercore ISI upgraded Live Nation to ‘outperform’ from ‘in line’
Evercore said it sees another “strong, double-digit growth” year in 2020 for the events promoter and venue operator.
“We think Live Nation Entertainment shares have pulled back needlessly post-3Q19 report. It seems that the 3Q19 revenue miss (due to light stadium activity, which was misunderstood due to its outsized revenue contributions) despite the AOI beat, led to the sell activity in LYV shares. We would take advantage of this pullback as we believe another strong, double-digit AOI growth year is ahead of it, bolstered by the pending Ocesa transactions (we model a 1/1/20 close, but there could be a couple months of delays due to uncertainties regarding the regulatory process timing in Mexico).”
JMP Securities downgraded Box to ‘market perform’ from ‘outperform’
JMP downgraded the cloud content management and file sharing company and said it sees sales slowing.
“We downgrade Box to Market Perform from Market Outperform and revise our estimates for the quarter ending in January and beyond to reflect our concern that the October quarter was challenging and we anticipate that the company’s pipeline of business has slowed. We revise our estimates to reflect slower top-line growth, but increase our operating margin and EPS assumptions in light of cost-cutting actions we believe the company is taking.”
