Goldman adds Ralph Lauren to 'conviction buy' list; Gap shares rally; Honeywell cuts guidance

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Ralph Lauren (RL) – Goldman Sachs (GS) added the retailer to its “conviction buy” list, saying that it thinks the elements for a successful turnaround are in place. Goldman reiterated its buy rating on the stock and said shares could rally 18%.

Honeywell (HON) – The company issued lower-than-expected guidance for its third quarter and trimmed the top end of its full-year earnings forecast. Honeywell cited lower shipments in its aerospace division and the separation of its Automation and Control Solutions unit as reasons for its lowered outlook.

Gap (GPS) – The retailer reported September sales that were slightly better than analysts’ estimates, driven by a 4% climb in same-store sales at its Old Navy chain. Overall, Gap’s same-store sales dropped 3% in September. Analysts were expecting a drop of 3.6%.

Home Depot (HD) – The stock is in focus as Hurricane Matthew remains a dangerous Category 3 storm. Historically, Home Depot’s comparable sales have risen in the wake of hurricanes or tropical storms.

Zillow (Z) – Needham & Company initiated coverage on Zillow Group with a buy rating and set a price target of $40. Needham analyst Kerry Rice expects real estate agents to spend more on their marketing budgets and thinks Zillow will benefit.

Tyson Foods (TSN) – Pivotal Research downgraded Tyson Foods to sell and lowered its price target to $40. Pivotal Research warns a class action lawsuit that was filed last month alleging systematic collusion will weigh on the stock.