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HEES

H&E Equipment

$20.38

-0.06 (-0.29%)

, NEFF

Neff

09:45
07/14/17
07/14
09:45
07/14/17
09:45

H&E Equipment outlines benefits of Neff acquisition

The acquisition will nearly double the number of H&E (HEES) branches, from 78 to 147, within H&E's existing footprint in the strategically important Gulf Coast, Mid-Atlantic, Southeast and West Coast regions. Both H&E's and Neff's (NEFF) customers will benefit from best-in-class practices and a wide range of equipment in more locations. As of March 31, 2017, the companies' combined fleet totaled $2.2B based on original equipment cost and consisted of 43,749 units. The addition of Neff's fleet will be highly complementary to H&E's concentration in aerial work platform equipment and the combined company will possess one of the largest earthmoving rental fleets in the industry. As of March 31, 2017, the earthmoving fleet of H&E and Neff on a combined OEC basis totaled $727M and consisted of 8,736 units. The increased geographic expansion and density is expected to allow H&E to better position fleet to regional pockets of higher demand and improve overall utilization. The transaction is expected to increase H&E's penetration in the non-residential construction market. With a significantly larger earthmoving fleet, we believe H&E will be well-positioned to gain from any future governmental infrastructure spending initiatives and will also have a broader exposure to new regional and local customers in the construction markets generally. H&E believes that the earthmoving segment is an under-penetrated segment that may afford enhanced growth opportunities. Neff employees will bring significant industry expertise to H&E, where they will have the opportunity for further career development and advancement in the significantly larger combined company. Both companies share the same best-in-class commitment to customer service and safety.

HEES

H&E Equipment

$20.38

-0.06 (-0.29%)

NEFF

Neff

  • 27

    Jul

HEES H&E Equipment
$20.38

-0.06 (-0.29%)

01/10/17
LBOW
01/10/17
NO CHANGE
LBOW
H&E Equipment price target raised to $26 from $22 at Longbow
Longbow analyst Neil Fronhapple raised his price target on H&E Equipment as he believes that the stock's risk/reward ratio remains positive following the stock's advance. The analyst says that his "positive view..is emboldened by the backdrop of potentially higher infrastructure spending starting in 2018, a possible lengthening of the non-residential construction cycle, and higher oil prices." He keeps above-consensus estimates and a Buy rating on the stock.
10/07/16
UBSW
10/07/16
DOWNGRADE
Target $14.44
UBSW
Sell
H&E Equipment downgraded to Sell from Neutral at UBS
UBS analyst Steven Fisher downgraded H&E Equipment (HEES) to Sell saying his firm's geospatial analysis indicates rental business competition between the company and United Rentals (URI) has increased over the past year. The analyst believes H&E's rental business could remain under pressure as Gulf Coast project spending slows while a crane recovery is unlikely in 2017 amid a muted construction growth cycle. Fisher lowered his price target for H&E shares to $14.44 from $17.50.
NEFF Neff

03/15/17
03/15/17
UPGRADE
Target $20

Buy
Neff double upgraded to Buy on improving pricing, free cash flow at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst Ross Gilardi upgraded Neff (NEFF) by two notches, to Buy from Underperform, and raised his price target on the shares to $20 from $12. The analyst said the read-across on rental from CONEXPO was positive, pricing in the rental market is improving, state fiscal stimulus measures are supportive in the Sunbelt region and that the company's free cash flow generation is reassuring. Gilardi also noted that Neff shares have lagged industry leader United Rentals (URI) year-to-date and thinks his new target, which is an 11% discount to his target for United Rentals, "seems justified."
03/15/17
BOFA
03/15/17
UPGRADE
BOFA
Buy
Neff upgraded to Buy from Underperform at BofA/Merrill
11/29/16
JEFF
11/29/16
DOWNGRADE
Target $14
JEFF
Hold
Neff downgraded to Hold from Buy at Jefferies
Jefferies analyst Justin Jordan downgraded Neff to Hold saying the company's larger national peers are better positioned to win infrastructure work and benefit from stimulus under President Trump. The analyst also notes the stock is up 49% since the U.S. election. He raised his price target for Neff shares to $14 from $12.
11/23/16
PIPR
11/23/16
NO CHANGE
Target $112
PIPR
Overweight
Piper ups price targets after Rental Sentiment Survey
Piper Jaffray analyst George Tong raised his price targets for United Rentals (URI) and Neff (NEFF) following his firm's Rental Sentiment Survey of rental executives. The results increased the analyst's confidence in a "strengthening equipment rental demand outlook driven by aggressive planned increases in infrastructure spending under a Trump administration." Checks show stronger expectations for rental revenue growth over the next year, backed by an uptick in both rental rate and rental volume growth trends, Tong tells investors in a research note. He also believes increases in infrastructure spending will likely benefit 2018 estimates. The analyst raised his price target for United Rentals to $112 from $95 and for Neff to $15 from $13 citing a stronger spending outlook. Tong is a buyer of both stocks.

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