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Fly News Breaks for November 16, 2017
ECPG
Nov 16, 2017 | 09:48 EDT
Janney Capital analyst John Rowan said he sees "significant downside risk" for shares of Encore Capital following its announcement that its IPO plans for its Cabot subsidiary in the U.K. have been scrapped. The GBP1B pound valuation that Encore and partner JC Flowers were seeking for Cabot equates to about $21 per share of value to Encore, noted Rowan, who maintains a Neutral rating on the stock and said he needs to reevaluate his fair value estimate on the stock when he gets a better sense of management's go-forward plans.
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