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TERP

TerraForm Power

$12.00

-0.6 (-4.76%)

, BAM

Brookfield

$42.53

0.15 (0.35%)

16:32
10/13/17
10/13
16:32
10/13/17
16:32

TerraForm Power: Stock oversubscription in merger consideration election

TerraForm Power (TERP) announced the preliminary results of the elections made by the Company's stockholders regarding the form of merger consideration they wish to receive in connection with the Merger and Sponsorship Transaction with certain affiliates of Brookfield Asset Management (BAM). Stockholders were given the option to elect for each share of Class A common stock owned immediately prior to the merger to either receive $9.52 in cash or retain one share of Class A common stock following the closing of the merger. As previously announced, the cash option and stock option elections are subject to proration procedures as set forth in the Merger and Sponsorship Transaction Agreement. Based on the preliminary results of the consideration election, the stock option was oversubscribed which resulted in the following: Stockholders who selected the cash option and stockholders who did not make an election prior to the election deadline of Thursday, October 12, 2017 at 5:00 p.m. will receive the cash consideration of $9.52 per share; and stockholders who selected the stock option will retain a portion of their shares following the closing of the merger and will receive the cash consideration of $9.52 for the remaining portion of their shares.

TERP

TerraForm Power

$12.00

-0.6 (-4.76%)

BAM

Brookfield

$42.53

0.15 (0.35%)

TERP TerraForm Power
$12.00

-0.6 (-4.76%)

02/03/17
MACQ
02/03/17
DOWNGRADE
MACQ
Neutral
TerraForm Power downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Angie Storozynski downgraded TerraForm Power (TERP) to Neutral and lowered its price target to $12 from $14 saying the $12 cash offer from Brookfield Asset Management (BAM) is disappointing. The analyst said TerraForm is heavily over-levered and interest and principal payments pressure the company's CAFD. He believes an equity injection from a new owner would boost cash flow generation but said it would require an investor with available cash and one willing to deal with TerraForm's complexity.
02/14/17
UBSW
02/14/17
UPGRADE
Target $11.5
UBSW
Neutral
TerraForm Power upgraded to Neutral from Sell at UBS
UBS analyst Julien Dumoulin-Smith upgraded TerraForm Power (TERP) to Neutral saying the risk/reward is now balanced with shares at his unchanged price target of $11.50. Further share moves are largely dependent on the company's ongoing strategic review, including prospects for an acquisition, Dumoulin-Smith tells investors in a research note. He believes the company's fundamentals are intact and feels Brookfield's (BAM) cash bids of $11.50 per share for TerraForm Power alone provides a support level for shares while the $12 per share level including TerraForm Global (GLBL) provides "some viable upside."
03/07/17
AVON
03/07/17
UPGRADE
Target $14
AVON
Outperform
TerraForm Power upgraded to Outperform from Market Perform at Avondale
Avondale analyst Michael Morosi upgraded TerraForm Power to Outperform with a $14 price target.
03/08/17
BMOC
03/08/17
NO CHANGE
BMOC
Brookfield Renewable acquisition seen as accretive at BMO Capital
BMO Capital analyst Ben Pham expects Brookfield Renewable's (BEP) acquisition of a 51% stake in TerraForm Power (TERP) and its acquisition of 100% of TerraForm Global (GLBL) to be accretive. The analyst adds that the deal " should relieve some pressure on the payout ratio." He reiterates a $33 price target and an Outperform rating on Brookfield Renewable.
BAM Brookfield
$42.53

0.15 (0.35%)

01/19/17
SBSH
01/19/17
INITIATION
Target $39
SBSH
Buy
Brookfield initiated with a Buy at Citi
Citi analyst William Katz started Brookfield Asset Management with a Buy rating and $39 price target. The analyst believes investors may be overlooking the "sizable" growth opportunities within Brookfield's Asset Management business.
01/19/17
01/19/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Nike (NKE) and lululemon (LULU) were initiated with an Underperform at CLSA, while the firm initiated Under Armour (UA, UAA) with a Buy. 2. Comcast (CMCSA) was initiated with a Buy at HSBC, while Charter (CHTR) was initiated with a Hold. 3. Brookfield (BAM) initiated with a Buy at Citi. 4. Apogee Enterprises (APOG) initiated with a Buy at Craig-Hallum. 5. Infinera (INFN) initiated with a Neutral at Piper Jaffray. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/10/17
RBCM
02/10/17
DOWNGRADE
RBCM
Outperform
Brookfield downgraded to Outperform from Top Pick at RBC Capital
RBC Capital analyst Neil Downey downgraded Brookfield to Outperform and raised its price target to $41 from $40 given shares have risen 11% this year.

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