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Fly News Breaks for February 28, 2020
APO, TPC
Feb 28, 2020 | 16:07 EDT
DA Davidson analyst Brent Thielman reiterated a Buy rating and $18 price target on Tutor Perini (TPC) following a Reuters report that Apollo Global (APO) has approached the company with a takeover offer of "around" $17 per share. Thielman said that while he can't validate such rumors and is skeptical, if true, that Tutor's chairman and CEO would look to sell, he wouldn't rule out the possibility this could also include some sort of liquidity event in advance of the company's spring-forward provision embedded in its credit facility. The analyst added that addressing liquidity concerns should also be viewed positively.
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