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BAM

Brookfield

$33.70

0.19 (0.57%)

, GLBL

TerraForm Global

$4.00

0.25 (6.67%)

17:38
11/18/16
11/18
17:38
11/18/16
17:38

Appaloosa reports 9.53% TerraForm Power stake, may act as sponsor

Appaloosa, which owns a 9.53% stake in TerraForm Power (TERP), said in a regulatory filing that Brookfield (BAM) sent a letter to the boards of directors of the TerraForm companies, including TerraForm Power and TerraForm Global (GLBL). The letter said that Brookfield understands that if the TerraForm companies enter into a binding change of control agreement by December 6th, no bondholder waiver is required. "We are therefore prepared to commit significant internal and external resources, on a non-exclusive basis, to complete operational and financial due diligence to seek to be in a position to enter into binding agreements by December 6th such that no waiver is required. As described to you in our meeting of November 8th, we are prepared to make an all-cash offer for 100% of the shares of TERP or, alternatively, an all-cash offer for a minimum 50% and maximum 60% stake in TERP in connection with a long-term Brookfield sponsorship transaction, which would include a substantial ROFO pipeline and additional capital provided by Brookfield to support future growth. We are offering the alternative Brookfield sponsorship transaction because we understand that there a number of TERP stakeholders who would prefer this option. Subject to due diligence, we anticipate that our offer price would be at a value of $13 per TERP Class A or Class B share, which represents a 49% premium to the TERP Class A closing price on June 28, 2016, the day prior to Brookfield's original 13D filing which disclosed its ownership interest in TERP. We would also be prepared, if desired by you, to make an offer with respect to GLBL. Our binding agreements would include customary provisions which would permit the TerraForm companies to pursue superior proposals to allow the Boards to exercise their fiduciary duties. We would expect our diligence to include access to all relevant documentation regarding material agreements, litigation and disputes, liabilities or contingencies, independent engineering reports, and regulatory and compliance matters." Brookfield added that it is prepared to act as interim sponsor of the TerraForm companies for a period of up to six months, solely on a cost recovery basis. "We firmly believe that these proposals represent unique and extremely attractive opportunities for the TERP and GLBL shareholders, as well as to the creditors of SunEdison. We further believe that it is imperative that the Boards of TERP and GLBL act quickly to avoid the further diminution of value of the TerraForm companies. We have made these proposals in the spirit of providing you with the immediate ability to restore stability and confidence in their businesses, with no downside risk. In order to be able to effect either or both of these proposals, which as you know, are extremely time sensitive in nature, it will be necessary for you to formally engage with us, in good faith and on a non-exclusive basis, prior to the close of business on Monday, November 21st, with the mutual objective of attempting to reach a binding agreement in advance of the December 6th deadline, or, in the case of the interim sponsorship, make arrangements for an effective transition."

BAM

Brookfield

$33.70

0.19 (0.57%)

GLBL

TerraForm Global

$4.00

0.25 (6.67%)

TERP

TerraForm Power

$13.62

0.61 (4.69%)

BAM Brookfield
$33.70

0.19 (0.57%)

05/24/16
KBWI
05/24/16
INITIATION
Target $41
KBWI
Outperform
Brookfield initiated with an Outperform at Keefe Bruyette
Keefe Bruyette analyst Ann Dai started Brookfield Asset Management with an Outperform rating and $41 price target.
09/21/16
RBCM
09/21/16
UPGRADE
RBCM
Top Pick
Brookfield upgraded to Top Pick from Outperform at RBC Capital
09/22/16
RBCM
09/22/16
UPGRADE
RBCM
Top Pick
Brookfield upgraded on execution, valuation at RBC Capital
As noted earlier, RBC Capital upgraded Brookfield to Top Pick from Outperform. Analyst Neil Downey says that the company is executing well, while its valuation is favorable compared with other names in the sector and it has key competitive advantages. Target $41.
09/22/16
09/22/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Amazon.com (AMZN) upgraded to Buy from Hold at Argus with analyst Jim Kelleher saying he believes Amazon is currently growing and expanding margins faster than the stock price has been rising. 2. SeaWorld (SEAS) upgraded to Buy from Neutral at Citi with analyst Jason Bazinet saying the risk/reward looks attractive at current share levels. 3. Brookfield (BAM) upgraded to Top Pick from Outperform at RBC Capital with analyst Neil Downey saying the company is executing well, while its valuation is favorable compared with other names in the sector and it has key competitive advantages. 4. ON Semiconductor (ON) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Craig Hattenbach saying the Fairchild acquisition will add 16c to 2017 earnings and is less negative on ON Semiconductor shares given the upward bias to estimates. 5. Atwood Oceanics (ATW) upgraded to Neutral from Sell at Clarksons Platou. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
GLBL TerraForm Global
$4.00

0.25 (6.67%)

07/21/16
GSCO
07/21/16
UPGRADE
Target $3.25
GSCO
Neutral
TerraForm Global upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Brian Lee upgraded TerraForm Global to Neutral citing a higher probability of M&A after the company reported select preliminary results. The analyst sees a more balanced risk/reward for shares of TerraForm Global. He upped his price target for the stock to $3.25 from $1.50.
03/30/16
BOFA
03/30/16
NO CHANGE
BOFA
TerraForm Global rating to Under Review at BofA/Merrill
BofA/Merrill moved TerraForm Global's rating to Under Review from Neutral given the lack of financial statements.
01/22/16
01/22/16
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 8point3 Energy (CAFD) downgraded to Underweight from Equal Weight at Barclays... American Express (AXP) downgraded to Market Perform from Outperform at Keefe Bruyette... Baidu (BIDU) downgraded to Neutral from Buy at Nomura... CONSOL (CNX) downgraded to Equal Weight from Overweight at Morgan Stanley... Cardiovascular Systems (CSII) downgraded to Underperform at Needham... DDR Corp. (DDR) downgraded to Neutral from Buy at SunTrust... Energy Transfer Partners (ETP) downgraded to Perform from Outperform at Oppenheimer... Foresight Energy (FELP) downgraded to Equal Weight at Morgan Stanley... LDR Holding (LDRH) downgraded to Market Perform from Outperform at Wells Fargo... MGIC Investment (MTG) downgraded to Buy from Conviction Buy at Goldman... Mid-America Apartment (MAA) downgraded to Neutral from Buy at SunTrust... ONEOK Partners (OKS) downgraded to Perform from Outperform at Oppenheimer... ONEOK (OKE) downgraded to Perform from Outperform at Oppenheimer... Pengrowth Energy (PGH) downgraded to Sector Perform from Outperform at Scotiabank... Rocky Brands (RCKY) downgraded to Neutral from Outperform at Baird... Skechers (SKX) downgraded to Neutral from Positive at Susquehanna... TerraForm Global (GLBL) downgraded to Equal Weight from Overweight at Barclays... UniCredit (UNCFF) downgraded to Neutral from Buy at Nomura... WP Glimcher (WPG) downgraded to Neutral from Buy at SunTrust.
01/22/16
LEHM
01/22/16
DOWNGRADE
Target $4
LEHM
Equal Weight
TerraForm Global downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Jon Windham downgraded TerraForm Global to Equal Weight and lowered his price target for the shares to $4 from $10.
TERP TerraForm Power
$13.62

0.61 (4.69%)

11/09/16
OPCO
11/09/16
NO CHANGE
OPCO
Election to impact solar, alternative transportation plays, says Oppenheimer
Oppenheimer analyst Colin Rusch believes Trump's surprise victory, in tandem with Republicans maintaining control of Congress, constitutes a material negative for the majority of stocks under the firm's coverage and injects "significant policy uncertainty" into the growth outlook for multiple verticals, with solar/ alternative transportation plays the most impacted. He thinks residential solar plays will see lower volumes on more challenging regulations/slower demand, and expects First Solar (FSLR) and SunPower (SPWR) to take share of a smaller utility-scale solar project pie. Yieldcos like NextEra Energy Partners (NEP), NRG Yield (NYLD), 8point3 Energy (CAFD), Pattern Energy (PEGI), and TerraForm Power (TERP) could see a smaller set of available projects, he adds. Rusch believes a Trump administration could weaken or repeal corporate fuel economy standards, and a rollback could be a net negative for Johnson Controls (JCI), Ideal Power (IPWR) and Maxwell (MXWL). Also, he would not be surprised to see a Trump administration attempt to block federal support for EV buyers but provide support for companies such as Tesla (TSLA) that are creating U.S. manufacturing jobs.
07/28/16
AVON
07/28/16
DOWNGRADE
AVON
Market Perform
TerraForm Power downgraded to Market Perform from Outperform at Avondale
07/27/16
OPCO
07/27/16
DOWNGRADE
OPCO
Perform
TerraForm Power downgraded to Perform at Oppenheimer
As previously reported, Oppenheimer analyst Colin Rusch downgraded TerraForm Power (TERP) to Perform from Outperform following the company's filing of preliminary financial data as part of an effort to solicit debt holders' waiver of filing deadlines ahead of a potential August 19th cross-default. With its revolving line of credit fully utilized, approximately $3.9B in total debt, and limited capital flexibility, the analyst sees TerraForm Power as "highly" levered and notes the uncertainty around risk to equity cash flows from ongoing negotiations. Further, he sees ongoing risk to O&M arrangements, performance guarantees, and operating and interest expense support from SunEdison (SUNEQ).
07/27/16
OPCO
07/27/16
DOWNGRADE
OPCO
Perform
TerraForm Power downgraded to Perform from Outperform at Oppenheimer

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