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PVTB

PrivateBancorp

$46.78

-0.18 (-0.38%)

09:24
12/01/16
12/01
09:24
12/01/16
09:24

PrivateBancorp shareholder Glazer Capital issues open letter to shareholders

PrivateBancorp shareholder Glazer Capital, the manager of investment funds that collectively beneficially own 1M shares of PrivateBancorp common stock, issued an open letter to PrivateBancorp shareholders detailing reasons for rejecting the proposed acquisition of PrivateBancorp by CIBC at the special meeting of PrivateBancorp shareholders scheduled to be held on December 8. The letter claims, among other things, that the CIBC Merger would prevent shareholders from realizing the benefits of the recent surge in regional bank valuations, that PrivateBancorp's board has no choice but to present the merger for a vote by shareholders at the Meeting, that rejection of the CIBC Merger at the upcoming Special Meeting would not jeopardize the CIBC Merger and is the best means available for shareholders to achieve full and fair value, that using traditional comparative valuation methodologies Glazer believes that PrivateBancorp's share price would exceed $50 per share absent the merger agreement with CIBC, and commends ISS for recommending that shareholders vote against the acquisition

  • 08

    Dec

PVTB PrivateBancorp
$46.78

-0.18 (-0.38%)

06/30/16
KBWI
06/30/16
DOWNGRADE
KBWI
Market Perform
PrivateBancorp downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded PrivateBancorp to Market Perform following the company's sale to CIBC at $47 per share.
06/30/16
RAJA
06/30/16
DOWNGRADE
RAJA
Market Perform
PrivateBancorp downgraded to Market Perform from Strong Buy at Raymond James
Raymond James analyst David Long downgraded Privatebancorp (PVTB) to Market Perform following the acquisition by CIBC (CM) saying he does not expected a competing bid to come to the table.
06/30/16
RBCM
06/30/16
DOWNGRADE
RBCM
Sector Perform
PrivateBancorp downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital downgraded PrivateBancorp after the company agreed to be acquired by CIBC. Target $46.
06/30/16
06/30/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on the today's top five analyst downgrades with this list compiled by The Fly: 1. Diamond Resorts (DRII) downgraded to Neutral from Buy at Goldman by analyst Steven Kent after the company agreed to be acquired by Apollo Global Management (APO) for $30.25 per share. The analyst keeps his price target of $32 for the shares. MKM Partners also downgraded Diamond Resorts to Neutral from Buy. 2. Qualcomm (QCOM) downgraded to Market Perform from Outperform by Bernstein, which kept a $55 target on the stock. The firm thinks that estimates for the company's September quarter remain too high, due to unrealistic licensing expectations. Bernstein adds that the company has long-term "structural issues." 3. TESARO (TSRO) downgraded to Hold from Buy at Jefferies by analyst Eun Yang, citing yesterday's rally on the company's positive Phase 3 data for niraparib in ovarian cancer. The data were better than expected, but so was the stock move, Yang tells investors in a research note. The analyst prefers a Hold rating ahead of the full data set as well as competitor data in the second half of 2016 and 2017. She lists a potential takeout and competitor data not being as good as niraparib as risks to her downgrade. Yang raised her price target for TESARO shares to $75 from $53.4. PrivateBancorp (PVTB) downgraded to Market Perform from Outperform at Keefe Bruyette by analyst David Long following the acquisition by CIBC (CM) saying he does not expected a competing bid to come to the table. PrivateBancorp was also downgraded to Market Perform from Outperform at Keefe Bruyette. 5. Spirit AeroSystems (SPR) downgraded to Market Perform from Outperform at Wells Fargo by analyst Sam Pearlstein, saying a charge for the A350 could make multiple expansion difficult. Spirit could be close to finishing a revised A350 pricing agreement that, when completed, could trigger a reach-forward loss accrual of around $200M, Pearlstein says. The analyst lowered his price target range for the shares to $50-$55 from $55-$60.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

CELC

Celcuity

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BSTI

BEST Inc

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Best Inc 45M share IPO priced at $10.00 »

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  • 20

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GIS

General Mills

$55.38

-1.05 (-1.86%)

20:25
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Notable companies reporting before tomorrow's open »

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  • 20

    Sep

PCRX

Pacira

$35.70

-0.6 (-1.65%)

20:00
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Pacira analyst commentary at BMO Capital »

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  • 25

    Sep

AVEVF

Aveva

19:56
09/19/17
09/19
19:56
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Upgrade
Aveva rating change at Goldman Sachs »

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ZLAB

Zai Lab

18:58
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09/19
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Syndicate
Zai Lab announces upsizing of U.S. IPO of American depositary shares »

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  • 20

    Sep

OHI

Omega Healthcare

$32.53

-0.12 (-0.37%)

18:30
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Omega Healthcare provides hurricane update »

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  • 20

    Sep

F

Ford

$11.72

0.09 (0.77%)

18:30
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09/19
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Periodicals
Ford to slash production at five North American assembly plants, Reuters says »

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  • 23

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FDX

FedEx

$216.00

0.92 (0.43%)

18:26
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18:26
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18:26
Hot Stocks
FedEx says without cyberattack FY18 guidance would not have changed »

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  • 19

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EE

El Paso Electric

$54.85

0.05 (0.09%)

18:25
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18:25
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Hot Stocks
El Paso Electric announces City of El Paso approved settlement terms »

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BBBY

Bed Bath & Beyond

$27.03

-0.27 (-0.99%)

18:17
09/19/17
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18:17
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Hot Stocks
Bed Bath & Beyond says biggest component in drop of FY17 EPS view is operations »

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  • 19

    Sep

CPRT

Copart

$32.54

-0.32 (-0.97%)

18:11
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18:11
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Earnings
Copart reports Q4 EPS 30c, consensus 29c »

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  • 20

    Sep

STLD

Steel Dynamics

$33.83

0.03 (0.09%)

18:04
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18:04
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Earnings
Steel Dynamics sees Q3 adjusted EPS 63c-67c, consensus 70c »

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XBKS

Xenith Bankshares

$29.96

0.42 (1.42%)

17:58
09/19/17
09/19
17:58
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17:58
Hot Stocks
Treasury exits stake in Xenith Bankshares »

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BMY

Bristol-Myers

$62.93

0.23 (0.37%)

17:54
09/19/17
09/19
17:54
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17:54
Periodicals
Breaking Periodicals news story on Bristol-Myers »

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  • 24

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  • 05

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BBBY

Bed Bath & Beyond

17:54
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Hot Stocks
Breaking Hot Stocks news story on Bed Bath & Beyond »

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  • 19

    Sep

DESP

Despegar.com

17:52
09/19/17
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17:52
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Syndicate
Despegar.com 12.7M share IPO priced at $26.00 »

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  • 20

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WAC

Walter Investment

$0.65

0.186 (40.09%)

17:50
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Walter Investment says Barclays to increase financing available »

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CBAY

CymaBay

17:49
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Initiation
CymaBay initiated at Cantor »

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  • 25

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BBBY

Bed Bath & Beyond

17:46
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Hot Stocks
Bed Bath & Beyond sees net drop in Bed Bath & Beyond stores in FY17 »

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  • 19

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EVH

Evolent Health

$15.65

-0.8 (-4.86%)

17:45
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Initiation
Evolent Health initiated at KeyBanc »

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  • 25

    Sep

BPL

Buckeye Partners

$56.33

0.64 (1.15%)

17:44
09/19/17
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17:44
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17:44
Syndicate
Buckeye Partners announces $210M in limited partnership unit sales »

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RL

Ralph Lauren

$91.03

0.87 (0.96%)

17:43
09/19/17
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17:43
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Initiation
Ralph Lauren initiated at Barclays »

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  • 03

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PVH

PVH Corp.

$127.47

-0.54 (-0.42%)

17:43
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Initiation
PVH Corp. initiated at Barclays »

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  • 19

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GEMP

Gemphire Therapeutics

$9.65

0.54 (5.93%)

, ORIG

Ocean Rig UDW

$0.16

-0.0083 (-4.90%)

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GEMP

Gemphire Therapeutics

$9.65

0.54 (5.93%)

ORIG

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$0.16

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IOVA

Iovance Biotherapeutics

$8.55

0.3 (3.64%)

BBBY

Bed Bath & Beyond

$27.03

-0.27 (-0.99%)

FDX

FedEx

$216.00

0.92 (0.43%)

ADBE

Adobe

$156.60

0.83 (0.53%)

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  • 19

    Sep

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