Tag: Bank

12
Oct
2020
Posted in technology

Snowflake Rated Buy at Deutsche Bank, Piper Sandler on Growth Prospects

Snowflake  (SNOW) – Get Report Monday received positive recommendations from analysts at Deutsche Bank and Piper Sandler, who are impressed with the cloud service company’s growth prospects.

Snowflake shares recently traded at $245.51, up 3.15%, but have slipped 4% since the company’s initial public offering in September.

Deutsche Bank analyst Patrick Colville initiated coverage with a buy rating and a $305 price target.

“Data is the coal of the digital economy,” he wrote in a commentary. Production of the commodity “spurned the Industrial Revolution,” he said.

Now, “we find that capturing and analyzing data is becoming paramount to business success in the 21st century,” Colville said. “We see a world where the use of data is democratizing, many more roles and functions are becoming data consumers. … Our estimates call for data warehouse (analytical processing) spending to grow to $45.2bn in 2024, a 13% CAGR from 2019.”

Brent Bracelin of Piper Sandler began coverage of Snowflake with an overweight rating and a $264 price target.

“SNOW has built a new cloud-native software layer that has the potential to redefine and modernize the enterprise data stack,” he wrote in a commentary.

“Despite high valuation risks that could spark elevated stock volatility over the next six months,” Bracelin issued the strong rating “based on a unique cloud product and proven leadership team capable of executing on a compelling 10-year growth trajectory,” he said.

“A premium valuation is warranted for longer-term oriented investors looking out 3-5 years based on” several factors, he said.

That includes “triple-digit growth last quarter at $0.5 billion revenue scale, a proven leadership team stacked with A-plus talent and a clear path to multi-billion dollar revenue run-rate within two years.”

04
Oct
2020
Posted in programming

City National Bank continues as Hunger Heroes for backpack programming | Features/Entertainment

HUNTINGTON — City National Bank provided a donation of $8,500 to support programming at Facing Hunger Foodbank during a check presentation on Thursday, Oct. 1.

It is the fourth year the bank has made such a donation. This year’s funding will be directed to county schools in Lawrence County, Ohio, as well as Cabell and Wayne counties in West Virginia.

“City National Bank and their team have become ‘Hunger Heroes’ in their partnership with the food bank since 2016. This year, they wanted to ensure that children in the communities they serve benefit from this gracious gift,” Cynthia Kirkhart, chief executive officer of the food bank, said in a news release. “Through their donations of time, talent and treasure, their support has made a huge impact on the well-being of those we serve.”

Facing Hunger Foodbank has served an additional 11,000 children with emergency back packs throughout the pandemic, and as the regular school year has started, the weekly distributions of back packs for weekend use by students will stretch further with this support. In total, the food bank has expanded the back pack program from 4,000 students last year, to an expected 10,000 children throughout this school year and in support of emergency child nutrition initiatives in partnership with local schools and the West Virginia Department of Education’s Child Nutrition Services.

Facing Hunger is a 501(c)(3) nonprofit organization affiliated with Feeding America, the largest hunger relief agency in the United States. Facing Hunger’s service area includes 12 West Virginia counties, four counties in northeastern Kentucky, as well as Lawrence County, Ohio. To join them in these efforts, visit www.facinghunger.org.

Source Article

04
Oct
2020
Posted in technology

Growth stocks enjoying best year-to-date outperformance since 1979 – but value can soon bounce back, Bank of America says

NYSE traders


  • Stocks just closed out their best third-quarter performance in a decade, but Bank of America expects growth stocks to soon take a back seat to value names.
  • The Russell 1000 Growth Index opened a 36 percentage-point lead over its value-focused peer on Thursday. That’s the biggest outperformance for growth stocks in data going back to 1979, Bank of America said in a note to clients.
  • Still, investors’ heavy concentration in growth sets value up for a bounce-back. The bank recommended high-quality value stocks to ride out election-season volatility and the US economic recovery.
  • Positioning, valuation dispersion, and “an expected recovery in the profits cycle” point to a near-term rally for value, the team of strategists led by Savita Subramanian added.
  • Visit the Business Insider homepage for more stories.

The stock market is hot off of its best third-quarter performance in a decade, and growth names are set to dominate through the rest of the year.

Though stocks sank through the start of September, the S&P 500 still notched a 9% gain in the quarter ended Thursday. Mega-cap stocks such as Apple, Microsoft, and Amazon are on track to post their best year since 1998. Further down the size spectrum, the Russell 1000 outperformed its mid-cap and small-cap peers in the third quarter.

The strong performance proved the “no alternative to stocks” argument is going strong, Bank of America strategists led by Savita Subramanian said in a note to clients. Even after volatility climbed in September, long-dated Treasurys and investment-grade bonds only gained 0.2% and 1.7%, respectively. Gold was on track to beat the S&P 500’s return before falling 3.6% in September.

Within stocks, large growth names have been the clear favorite in 2020. The Russell 1000 Growth Index was up 24% year-to-date on Thursday, trouncing the corresponding

03
Oct
2020
Posted in programming

City National Bank Continues as Hunger Heroes for Back Pack Programming | Features/Entertainment

HUNTINGTON — City National Bank provided a donation of $8,500 to support programming at Facing Hunger Foodbank during a check presentation on Thursday, Oct. 1.

It is the fourth year the bank has made such a donation. This year’s funding will be directed to county schools in Lawrence County, Ohio, as well as Cabell and Wayne counties in West Virginia.

“City National Bank and their team have become ‘Hunger Heroes’ in their partnership with the food bank since 2016. This year, they wanted to ensure that children in the communities they serve benefit from this gracious gift,” Cynthia Kirkhart, chief executive officer of the food bank, said in a news release. “Through their donations of time, talent and treasure, their support has made a huge impact on the well-being of those we serve.”

Facing Hunger Foodbank has served an additional 11,000 children with emergency back packs throughout the pandemic, and as the regular school year has started, the weekly distributions of back packs for weekend use by students will stretch further with this support. In total, the food bank has expanded the back pack program from 4,000 students last year, to an expected 10,000 children throughout this school year and in support of emergency child nutrition initiatives in partnership with local schools and the West Virginia Department of Education’s Child Nutrition Services.

Facing Hunger is a 501(c)(3) nonprofit organization affiliated with Feeding America, the largest hunger relief agency in the United States. Facing Hunger’s service area includes 12 West Virginia counties, four counties in northeastern Kentucky, as well as Lawrence County, Ohio. To join them in these efforts, visit www.facinghunger.org.

Source Article

01
Oct
2020
Posted in internet

Penn National will nosedive 57% as weak fundamentals overshadow ‘internet meme’ rally, Deutsche Bank says



Getty Images / Cliff Hawkins


© Getty Images / Cliff Hawkins
Getty Images / Cliff Hawkins

  • An influx of retail-investor interest in Penn National Gaming boosted shares too far, too fast, Deutsche Bank said Thursday.
  • The bank’s analysts lifted their price target for Penn National Gaming shares on Thursday to $31 from $22, implying a 57% plunge over the next 12 months.
  • While Penn National’s improvements to operating costs show promise, the stock has transformed “into an internet meme of sorts” without the fundamentals to support its rally, the analysts said.
  • Few states are interested in passing online gambling legislation, and the company’s total addressable market is smaller than bullish investors realize, they added.
  • Watch Penn National trade live here.

Penn National Gaming shares are up more than 800% from their mid-March trough, but Deutsche Bank doesn’t think the rally will hold.

Analysts Carlo Santarelli and Steven Pizzella raised their price target to $31 from $22 on Thursday, implying shares will tumble 57% over the next 12 months from Wednesday’s close. The bank reiterated its “sell” rating for Penn National and cited improved operating costs for the target bump.

The casino and sports-betting company’s surge was fueled by retail investors who turned the stock “into an internet meme of sorts,” the team wrote in a note to clients. Penn National’s partnership with Barstool Sports garnered interest from casual investors earlier in the year, but the recent influx of inexperienced day-traders drove extraordinary momentum.

Barstool founder and day-trading streamer Dave Portnoy frequently backed the stock to his millions of online followers, further fueling the summer frenzy.

Read more: US Investing Championship hopeful Evan Buenger raked in a 131.9% return through August. He shares the distinct spin he’s putting on a classic trading strategy that’s led to his outsized returns

Institutional investors quickly followed the retail crowd