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GNC

GNC Holdings

, KKR

KKR

09:19
03/03/17
03/03
09:19
03/03/17
09:19

Chinese suitors discussing joint bid for GNC with U.S. firms, Dealreporter says

Chinese suitors recently held talks with U.S. private equity firms, including KKR (KKR), to discuss a possible joint bid for GNC Holdings (GNC), sources familiar with the situation told Dealreporter, according to contacts.

GNC

GNC Holdings

KKR

KKR

GNC GNC Holdings

12/23/16
PIPR
12/23/16
NO CHANGE
Target $7
PIPR
Underweight
GNC Holdings price target lowered to $7 from $11 at Piper Jaffray
Piper Jaffray analyst Sean Naughton lowered his price target for GNC Holdings to $7 saying price reductions and the elimination of the paid membership "represent meaningful earnings risks." The analyst cut his 2017 earnings per share estimate to $1.80, well below the consensus of $2.17. He thinks the company's margin pressure could be greater than the Street currently estimates. Naughton believes GNC's trends likely don't improve soon and that its leverage is concerning. The analyst views the company's first ever Super Bowl ad in February as a "risky marketing decision." He keeps an Underweight rating on GNC.
01/19/17
GSCO
01/19/17
DOWNGRADE
GSCO
Sell
GNC Holdings downgraded to Sell from Neutral at Goldman
01/19/17
GSCO
01/19/17
DOWNGRADE
GSCO
Sell
GNC Holdings downgraded to Sell on brand re-launch, competition at Goldman
As previously reported, Goldman downgraded GNC Holdings to Sell from Neutral and lowered its price target to $8 from $12. Analyst Stephen Tanal believes GNC's brand re-launch, which it cut prices meaningfully across half of its assortment and ended its Gold Card loyalty program, will weigh on profitability to a much greater degree than consensus estimates reflect. The analyst expects persistent same-store-sales declines to persist given share losses to conventional retailers including grocers, drug stores, warehouse/clubs, as well as online challengers.
02/15/17
MACQ
02/15/17
NO CHANGE
Target $20
MACQ
Outperform
GNC Holdings shares pricing in 'draconian' outcomes, says Macquarie
Macquarie analyst Bob Summers said GNC Holdings' Q4 and near-term results will prove challenging but management has made decisions that will significantly increase the company's long-term potential to succeed by simplifying pricing and having consistent in-store and online pricing. The analyst said these efforts will pressure margins, but shares are pricing in "draconian" outcomes with shares trading at just over 4x P/E. Summers expects free cash flow to remain positive, which could be further enhanced by cutting the dividend and notes there are no near-term debt maturities to create credit risk. The analyst said even a "slight bend" in same-store sales trends could produce a dramatic positive outcome and reiterates his Outperform rating and $20 price target on GNC Holdings.
KKR KKR

04/26/16
OPCO
04/26/16
NO CHANGE
Target $24
OPCO
Outperform
KKR fundamentals remain 'sound,' says Oppenheimer
Oppenheimer analyst Chris Kotowski says KKR's Q1 results were disappointing, missing on larger non-cash marks, but cash earnings metrics were closer to expectations and overall fundraising was strong. The analyst continues to think that the business is "very healthy." Kotowski reiterates an Outperform rating and raised his price target on the shares to $24 from $23.
07/05/16
07/05/16
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. Netflix (NFLX) downgraded to Hold from Buy at Needham with analyst Laura Martin saying that the U.K.'s "Brexit" adds risk that decelerating U.K. and EU GDP growth will slow the company's subscriber growth or accelerate its churn rates. 2. Harley-Davidson (HOG) downgraded to Neutral from Outperform at Baird with the firm citing valuation amid unconfirmed rumors that KKR (KKR) is interested in acquiring the company. 3. Cirrus Logic (CRUS) and Skyworks (SWKS) downgraded to Sector Weight from Overweight at Pacific Crest with analyst Michael McConnell citing iPhone 7 concerns putting the estimates of both companies at risk. The analyst expects a 15%-20% decline in iPhone 7 shipments in the second half of 2016. 4. Cerner (CERN) downgraded to Market Perform from Outperform at Raymond James with analyst Nicholas Jansen citing balanced risk/reward and expectations for Q2 results to return to "normalcy." 5. Hershey (HSY) downgraded to Hold from Buy at Argus with analyst David Coleman citing valuation following takeover overtures by Mondelez (MDLZ). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/07/16
FBCO
07/07/16
INITIATION
Target $16
FBCO
Outperform
KKR reinstated with an Outperform at Credit Suisse
Target $16.
02/02/17
KEYB
02/02/17
NO CHANGE
KEYB
Air Methods sale would 'at least attract initial interest,' says KeyBanc
After The Wall Street Journal reported that Air Methods (AIRM) is in the early stages of selling itself, KeyBanc says that a sale of the company "would at least attract initial interest from both financial and strategic buyers." However, the firm is unsure as to whether a deal would close, given what it sees as Air Methods' "operational challenges." KeyBanc estimates that "a non-strategic buyer" of Air Methods could pay in the low to mid $40s per share for the stock. However, it thinks that Air Medical Group Holdings and KKR could offer a meaningfully higher price, given the $30M-$40M in synergies thatit estimates could be realized by such a deal. KeyBanc raised its price target on Air Methods to $45 from $36 and keeps an Overweight rating on it.

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