9:03 am Duluth Trading Co downgraded to Hold from Buy at Stifel
Stifel downgrades DLTH to Hold from Buy and lowers their tgt to $33 from $35 following last night's mixed Q3 print. 3Q results showed a sharp deceleration in Direct revenue with challenges reportedly continued into 4Q16. Their previous outlook for brand growth considered +HT Direct growth through FY20 to approach $1bn sales in 2021 -- the brand opportunity still exists, but firm assumes a slower pace of growth for the Direct business and greater dependence on retail which is early in proof of concept.
9:03 am Casella Waste downgraded to Equal-Weight at First Analysis Sec following big run; tgt $15
First Analysis Sec downgrades CWST to Equal-Weight from Overweight and sets target price at $15. Firm applauds the strong progress Casella has made over the past couple of years in improving its operating effectiveness, its pricing, its free cash flow, and its balance sheet. They believe all of those efforts will continue to bear fruit in 2017 and beyond, positioning the company well to achieve its 2018 EBITDA and free cash flow targets a year early.
9:03 am AFLAC downgraded to Underperform at RBC Capital Mkts; tgt lowered to $65
RBC Capital Mkts downgrades AFL to Underperform from Sector Perform and lowers their tgt to $65 from $74. Downgrade is based on firm's outlook for sluggish sales growth in the near-term, earnings headwinds in 2017 due to hedge costs and IT spend, and AFL being among the least rate sensitive of firm's names.