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LOW

Lowe's

$72.09

-0.16 (-0.22%)

08:32
10/07/16
10/07
08:32
10/07/16
08:32

Lowe's to acquire RONA's preferred shares for C$24.00 per share

Lowe's and RONA announced that Lowe's, through a wholly owned subsidiary, and RONA have entered into a definitive agreement for the acquisition of RONA's outstanding Cumulative 5-Year Rate Reset Series 6 Class A Preferred Shares and Cumulative Floating Rate Series 7 Class A Preferred Shares for C$24.00 per share in cash pursuant to a plan of arrangement under the Business Corporations Act. The board of directors of RONA, after consultation with its financial and legal advisors, has unanimously approved the transaction and has resolved to unanimously recommend that holders of the Preferred Shares vote in favour of the transaction at a meeting of Preferred Shareholders to be held to consider the transaction. RBC Capital Markets has provided a fairness opinion to RONA's board of directors that, subject to the assumptions, limitations and qualifications set out in such fairness opinion, and as of the date of such opinion, the consideration under the transaction is fair from a financial point of view to the Preferred Shareholders. The transaction is subject to court approval and the requisite approval of the Preferred Shareholders. Assuming the required approvals are received, the transaction is expected to be consummated before the end of the year.

LOW Lowe's
$72.09

-0.16 (-0.22%)

09/19/16
BARD
09/19/16
NO CHANGE
Target $88
BARD
Outperform
Lowe's risk/reward remains attractive, says Baird
Baird analyst Peter Benedict said the recent pullback in Lowe's shares is an attractive buying opportunity. The analyst cited macro drivers, consistency around key operating initiatives, and a durable financial model capable of delivering high-teens earnings growth over the next few years. Benedict reiterated his Outperform rating and $88 price target on Lowe's shares.
10/06/16
CLVD
10/06/16
DOWNGRADE
CLVD
Neutral
Lowe's downgraded to Neutral from Buy at Cleveland Research
10/06/16
10/06/16
DOWNGRADE

Neutral
Lowe's downgraded on end market demand, execution at Cleveland Research
As previously reported, Cleveland Research downgraded Lowe's to Neutral from Buy. Analyst led by Eric Bosshard's work suggest a moderation in demand in the building product categories generally and in homecenter categories over the last 4-5 months. He sees Lowe's struggling to sustain the upside execution needed to post growth ahead of Street expectations and has concerns with diversification efforts and would prefer the company focus on improving execution in its core US business.
10/06/16
10/06/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tesla (TSLA) downgraded to Neutral from Buy at Goldman with analyst David Tamberrino saying he sees incremental risk to Tesla's business related to management's willingness to deploy capital for M&A, and he believes that any delay in the company's new Model 3 launch will be detrimental to shares. 2. JPMorgan (JPM) downgraded to Hold from Buy at Sandler O'Neill with analyst Jeffery Harte citing relative share outperformance. 3. Abercrombie & Fitch (ANF) downgraded to Sector Weight from Overweight at KeyBanc with analyst Jessica Schmidt saying the elevated promotions add to other headwinds, including the fact that the teen space is "overstored" and faces soft consumer demand and weak tourism. 4. American Express (AXP) downgraded to Reduce from Neutral at Nomura with analyst Bill Carcache saying the combination of weaker than expected revenues and higher than expected expenses will weigh on the shares. 5. Lowe's (LOW) downgraded to Neutral from Buy at Cleveland Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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UNCFF

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OIH

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ICPT

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EFX

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FSLR

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GLNG

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$NSD

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$NYE

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