Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. BHP Billiton (BHP) downgraded to Underperform from Sector Perform at RBC Capital with analyst Tyler Broda saying that the company's "mature asset base, especially in petroleum, creates medium term pressure on profitability." 2. New Senior Investment (SNR) downgraded to Neutral from Buy at Compass Point. 3. Calpine (CPN) downgraded to Neutral from Outperform at Macquarie. 4. Ctrip.com (CTRP) downgraded to Outperform from Buy at Daiwa with analyst John Choi saying he expects downward Street earnings revisions following results while the uncertainty on cross-sale revenue in the second half will likely cap the stock's performance in the coming 1-2 quarters. 5. Carrefour (CRRFY) downgraded to Neutral from Overweight at JPMorgan with analyst Borja Olcese saying the company "severely missed expectations" in its first half and profit warned for the year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Reports Q2 revenue $114.29M, consensus $114.68M. Reports Q2 adjusted FFO 27c. Total same store cash NOI decreased 1.7% vs. 2Q16. Managed same store cash NOI decreased 6.5% vs. 2Q16. Triple net same store cash NOI increased 4.3% vs. 2Q16.
New Senior Investment initiated with an Underweight at Morgan Stanley. Morgan Stanley analyst Vikram Malhotra initiated New Senior Investment with an Underweight and a $9 price target. The analyst believes the company will struggle to show meaningful growth given higher relative inventory growth, mid to low-end market positioning, and a leveraged balance sheet.
The Board of Directors of New Senior Investment Group (SNR) has appointed Bhairav Patel, as Interim CFO and Treasurer, effective as of September 26. Patel has served as the company's Chief Accounting Officer since March 2016, and he will continue to serve in this role. Patel is a Managing Director at Fortress Investment Group (FIG).