Here are the biggest calls on Wall Street on Monday
Cowen upgraded the biotech company and said it liked the "opportunity" surrounding the company's Alzheimer's drug, aducanumab.
With this in mind, we like the opportunity BIIB presents as we head into the regulatory saga on aducanumab, and are upgrading BIIB to BUY. We acknowledge there are other risks along the way, and this stock call is based less on an opinion around the merits (or lack thereof) of the science/data and/ or the longer-term implications of the eventual regulatory outcome on adu. We cannot, however, underestimate investors' fear of missing out on the potential to get ahead of what might be an approval for the first ever disease-altering therapy for Alzheimer's, which simultaneously presents high unmet need and a large addressable market.
JPMorgan said in its initiation of the toymaker that it had increasing confidence in management's execution of the company's initiatives.
"We rate MAT OW as a long-term value play on a turnaround story for three reasons: (1) Realigned management. We believe key leadership changes under CEO Ynon Kreiz set the foundation for improving execution. (2) Topline turning. We expect MAT to grow sales LSD% in 2020 after consecutive declines from 2014 to 2018 supported by momentum in Barbie and Hot Wheels, while Fisher-Price stabilizes. We expect growth to accelerate beyond 2020 with eight movies and two Netflix shows utilizing MAT IP in the pipeline. (3) Visible margin drivers. With ~$900MM of run-rate savings by 2021 from its cost programs, results are supported by visible margin enhancements."