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EVHC

Envision Healthcare

$27.58

1.72 (6.65%)

, CG

Carlyle Group

$21.18

-0.075 (-0.35%)

14:12
11/14/17
11/14
14:12
11/14/17
14:12

Envision rises amid report of private equity interest

Shares of Envision Healthcare (EVHC) are on the rise following a report by Bloomberg claiming the company has attracted buyout interest from private equity investors. The hospital based physician group, which activist Starboard Value has targeted, had previously announced that it was exploring options to enhance shareholder value. Meanwhile, Baird analyst Whit Mayo told investors that Envision could be worth in the area of $40 per share in a leveraged buyout, which is an estimated value that his peer at Keybanc also sees as possible. PRIVATE EQUITY INTEREST: According to a report by Bloomberg, Envision has attracted buyout interest from firms including Carlyle Group (CG) and Onex Corp. The two are among companies that may bid for Envision alone or as part of a group, the report added. The health-services provider has been under pressure from activist investor Starboard Value, who revealed a stake in Envision in October and recommended the company as an attractive takeover target, Bloomberg noted. LBO 'DOABLE': In a research note to investors published prior to the release of Bloomberg's report, Baird's Mayo noted that he would guess that about three to four hedge funds now collectively own about 20% of Envision Healthcare, with "potentially more in the shadows," and that a leveraged buyout is "very doable" if one believes there is an investment case for industry volumes. If there is a case seen for structural changes in volumes, cash collections and/or physician rate, Mayo sees the potential for "very acceptable returns" on a theoretical leveraged buyout in the $40 per share area, he contended. Mayo pointed out that he thinks the upside risk of a leveraged buyout is being "underappreciated," and reiterated an Outperform rating and $35 price target on the shares. Meanwhile, KeyBanc analyst Jason Gurda told investors in a research note of his own that he also believes a private equity buyer could reasonably bid "in the low $40s" for Envision in a leveraged buyout. The analyst noted that he was not surprised to hear of reports that there is private equity interest in the company as in the past there has been a considerable level of private equity investment in both of Envision's business segments - physician services and ambulatory surgical centers. Gurda reiterated an Overweight rating on the stock, while raising his price target on the shares to $40 from $37. PRICE ACTION: In afternoon trading, shares of Envision have jumped about 7% to $27.66. Year-to-date, however, the stock is still down over 56%.

EVHC

Envision Healthcare

$27.58

1.72 (6.65%)

CG

Carlyle Group

$21.18

-0.075 (-0.35%)

EVHC Envision Healthcare
$27.58

1.72 (6.65%)

11/02/17
ADAM
11/02/17
NO CHANGE
Target $32
ADAM
Buy
Envision Healthcare price target lowered to $32 from $68 at Canaccord
Canaccord analyst Richard Close lowered his price target on Envision Healthcare to $32 from $68 as the stock lacks near-term catalysts and the company faces an "anemic" volume environment. The analyst noted the new management team may be the impetus to improve the operating model and it needs to show improvement to drive the shares higher. Close maintained his Buy rating on Envision Healthcare shares.
11/02/17
OPCO
11/02/17
NO CHANGE
Target $40
OPCO
Outperform
Envision Healthcare price target lowered to $40 from $77 at Oppenheimer
Oppenheimer analyst Michael Wiederhorn lowered his price target for Envision Healthcare to $40 from $77 on a disappointing outlook. The analyst reiterates an Outperform rating on the shares.
11/14/17
BARD
11/14/17
NO CHANGE
Target $35
BARD
Outperform
Envision Healthcare LBO 'upside risk' underappreciated, says Baird
Baird analyst Whit Mayo said he would guess that about three to four hedge funds now collectively own about 20% of Envision Healthcare, with "potentially more in the shadows," and that an LBO is "very doable" if one believes there is an investment case for industry volumes. If there is a case seen for structural changes in volumes, cash collections and/or physician rate, Mayo sees the potential for "very acceptable returns" on a theoretical LBO in the $40 per share "area," he tells investors. Mayo, who thinks the "upside risk" of an LBO is being underappreciated, keeps an Outperform rating and $35 price target on Envision Healthcare shares.
11/14/17
KEYB
11/14/17
NO CHANGE
Target $40
KEYB
Overweight
Envision Healthcare target raised to $40 after buyout interest report at KeyBanc
After Bloomberg reported that Envision Healthcare has attracted buyout interest from firms, KeyBanc analyst Jason Gurda said he believes that a P/E buyer could reasonably bid "in the low $40s" for Envision in a leveraged buyout. The analyst, who added that he was not surprised to hear there is private equity interest in Envision, raised his price target on the stock to $40 from $37 and keeps an Overweight rating on the name.
CG Carlyle Group
$21.18

-0.075 (-0.35%)

05/11/17
FBCO
05/11/17
UPGRADE
Target $23
FBCO
Outperform
Carlyle Group upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Craig Siegenthaler upgraded Carlyle Group to Outperform and maintained a $23 price target. The analyst believes fee-related earnings could expand by 2-3x by 2019-20 as fundraising accelerates, accrued investments generate sizable returns, and sees significant valuation expansion as fundamentals improved.
06/08/17
BOFA
06/08/17
UPGRADE
BOFA
Buy
Carlyle Group upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Michael Carrier upgraded Carlyle Group (CG) to Buy saying the outlook for alternative asset managers is improving following a challenging 2015 and 2016. The analyst highlights "healthy" fundraising, improving returns, and rising distributions for the space. Carrier raised his price target for Carlyle to $21 from $20 while noting that Apollo Global (APO) remains his top pick in the space.
10/10/17
SBSH
10/10/17
DOWNGRADE
Target $25.5
SBSH
Neutral
Carlyle Group downgraded to Neutral from Buy at Citi
Citi analyst William Katz downgraded Carlyle Group to Neutral citing valuation with the shares up 60% year-to-date. The analyst keeps a $25.50 price target for the shares.
10/10/17
10/10/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. HSBC (HSBC) downgraded to Underperform from Neutral at Credit Suisse with analyst Sanjay Jain citing valuation. 2. Jabil Circuit (JBL) downgraded to Sell from Neutral at Goldman Sachs with analyst Mark Delaney saying street expectations, which assume Jabil's earnings grow double digits year-over-year for both of the next two years, are overly optimistic. 3. Carlyle Group (CG) downgraded to Neutral from Buy at Citi with analyst William Katz citing valuation with the shares up 60% year-to-date. 4. Eli Lilly (LLY) downgraded to Neutral from Outperform at Credit Suisse with analyst Vamil Divan saying the valuation looks full with the shares up 13% since mid-August. 5. Ralph Lauren (RL) downgraded to Sell from Hold at Miller Tabak. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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IBM

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GE

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GE

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$18.21

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TWX

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TPIC

TPI Composites

$19.06

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SYNA

Synaptics

$38.21

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

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MKSI

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WGL

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