Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Early Research Calls<p><strong><em>Misc</em></strong></p><ul><li><strong>Kate Spade</strong> (KATE 19.67) target raised to $25 from $21 at Mizuho. Firm notes KATE unexpectedly reported 4Q results with BTE GM and SG&A offsetting NA sales weakness. Importantly, KATE announced it is reviewing strategic alternatives, confirming recent rumors. As KATE moved its 4Q report up by one week, they wonder if a deal may be imminent. With better than feared 4Q results that may improve sentiment in the handbag category, a brand in the early stages of growth, and cash position of $479mm, they believe KATE is an attractive target, especially in a potential strategic transaction.</li><li><strong>WebMD Health</strong> (WBMD 51.51) target raised to $55 from $52 at Mizuho. Firm believes the stock would have traded off ~10-15% on its poor 2017 guide, had the company not announced that it is exploring strategic alternatives. The company did this before in 2011, and it amounted to nothing; they can't be sure that this time will be different. WebMD's losing visitors, its revenue growth is slowing materially, and EBITDA margins could contract next year. Yet it has a strong brand, it is a leader in its category, generates FCF, and has strong relationships with Pharma advertisers.</li><li><strong>Endeavtheir Silver</strong> (EXK 4.64) initiated with a Buy at Noble Financial; tgt $5.50. Firm notes Silver production represents approximately 2/3 of production. The shares of Endeavtheir move quickly when silver prices change. The shares of EXK almost doubled last summer when sliver prices rose on news of the Brexit vote. They state EXK has three producing mines, three in the development stage and several at the exploratory stage. They believe having mines in different stages gives the company the flexibility to accelerate production should prices rise but still provide cash flow should prices fall.</li><li><strong>ESSA Pharma</strong> (EPIX 2.35) initiated with a Buy at Noble Financial; tgt $9. Firm notes ESSA Pharma's intellectual property portfolio covers composition of matter and methods of use. It has 17 filed patent families filed covering various EPI structural motifs, with prosecution ongoing for 14 at present. They value ESSA Pharma based on a risk-adjusted net present value (rNPV) of its pipeline. The company is valued at $9/per share over the next year. The main investment driver is EPI-506 for the castrate resistant prostate cancer (CRPC) program in Phase 1/2 trials. The Phase 1 program is projected to report topline results in 1Q 2017 and a Phase 2 trial based on dose from Phase 1 trial is expected to be initiated in 1Q17</li><li><strong>Celanese</strong> (CE 88.86) initiated with a Outperform at Robert W. Baird; tgt $105. Firm notes given consistent execution and several crown jewels in the portfolio (led by Advanced Engineered Materials), they believe that Celanese is on a highly probabilistic path towards valuation multiple expansion by the end of the decade—underlying their initiation with an Outperform rating.</li><li><strong>Alexion Pharma</strong> (ALXN 130.39) target lowered to $177 from $187 at RBC Capital Mkts. Firm notes some concerns about Alexion's near-term direction were probably alleviated today: 2017 isn't expected to be the bad year many feared. However, they see Alexion's future as heavily leveraged on one molecule and remain concerned about the lack of data disclosure: while two new Phase IIIs were just announced, they haven't yet seen any data from PNH/aHUS patients treated with 3000-3600mg of q8w 1210. They have updated their model and have removed SBC-103 from their revenue model. We've also removed ALXN1007 for APS and GI-GvHD from their PAT revenue model, since it's no longer being mentioned in ALXN's slides</li><li><strong>Marriott</strong> (MAR 89.44) target raised to $90 from $73 at Telsey Advisory Group. Firm notes while it is clearly a positive that the RevPAR cycle appears to be headed for «extra innings», perhaps the larger positive for MAR is the opportunity to integrate and capitalize on the integration of HOT. The business appears to be poised to generate several billions of free cash including asset sales, which should be returned to shareholders. Their positive bias remains although the shares are pricing in much of this opportunity at present levels and they recommend investors take an opportunistic approach.</li></ul></td> </tr></table>"