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ATH

Athene Holding

$47.31

-0.76 (-1.58%)

, TAP

Molson Coors

$79.21

1.11 (1.42%)

17:08
12/01/17
12/01
17:08
12/01/17
17:08

Athene Holding signs pension buyout agreement with MillerCoors

Athene Holding (ATH) announced today that Athene Annuity and Life Company, Athene's wholly-owned Iowa-domiciled life insurance subsidiary, has entered into a pension buyout agreement with Molson Coors Brewing Company (TAP) and its wholly-owned subsidiary MillerCoors. The transaction is structured as a buyout arrangement in which AAIA agrees to provide annuity benefits to more than 6,000 retirees and beneficiaries who are receiving benefits from the MillerCoors Pension Plan. Under this deal, MillerCoors is transferring over $900M in pension obligations to Athene. Starting May 1, 2018, Athene will begin making benefit payments to the affected individuals along with providing ongoing administrative services. Retirees and beneficiaries will receive the same monthly benefit they were previously receiving from the Plan. Under the agreement, AAIA will issue a group annuity contract to MillerCoors and individual annuity certificates to applicable retirees and beneficiaries. AAIA will have direct payment responsibility for all the liabilities covered in this transaction.

ATH

Athene Holding

$47.31

-0.76 (-1.58%)

TAP

Molson Coors

$79.21

1.11 (1.42%)

ATH Athene Holding
$47.31

-0.76 (-1.58%)

11/02/17
EVER
11/02/17
NO CHANGE
Target $60
EVER
Outperform
Tax Reform Bill Section 403 may impact Athene Holding tax rate,says Evercore ISI
Commenting on Section 4303 of Tax Reform Bill, Evercore ISI analyst Thomas Gallagher notes that if this new provision limits the use of internal quota share reinsurance, it could have a meaningful impact on the tax rate of Athene Holding. While the analyst acknowledges that Athene Holding could still likely get favorable tax treatment for business written directly out of Bermuda as a reinsurer, he believes the majority of its earnings could be impacted at a higher tax rate. If this scenario does come to pass it would clearly be a negative for the stock, but the market seems to already be pricing in a high probability of the scenario where the company's tax rate moves up to a 15% plus level, he adds. Gallagher reiterates an Outperform rating and $60 price target on the shares.
10/18/17
GSCO
10/18/17
INITIATION
Target $63
GSCO
Buy
Athene Holding initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Alex Scott started Athene Holding with a Buy rating and $63 price target while initiating coverage of the life insurance industry with a Neutral coverage view.
08/11/17
SDLR
08/11/17
UPGRADE
Target $58
SDLR
Buy
Athene Holding upgraded to Buy from Hold at Sandler ONeill
Sandler ONeill analyst John Barnidge upgraded Athene Holding to Buy from Hold, citing the improved operating performance and environment and its transition to "a beat and raise story." He raised his price target on Athene shares to $58 from $54.
08/10/17
WELS
08/10/17
NO CHANGE
WELS
Outperform
Athene Holding removed from Priority Stock List at Wells Fargo
Wells Fargo analyst Sean Dargan removed Athene Holding from his firm's Priority Stock List but keeps an Outperform rating on the shares.
TAP Molson Coors
$79.21

1.11 (1.42%)

09/13/17
09/13/17
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. Amazon.com (AMZN) initiated with a Buy at Loop Capital. 2. Square (SQ) initiated with an Overweight at Cantor. 3. Molson Coors (TAP) initiated with a Sell at Berenberg. 4. Build-A-Bear (BBW) initiated with a Buy at Jefferies. 5. Regis (RGS) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/13/17
BREN
09/13/17
INITIATION
Target $78
BREN
Sell
Molson Coors initiated with a Sell in structural headwinds at Berenberg
As previously reported, Berenberg analyst Javier Gonzalez Lastra initiated Molson Coors with a Sell and a $78 price target due to mainstream beer segment exposure. The analyst believes Molson Coors is facing intensifying structural headwinds in its core US and Canada markets as millennial consumers drink less beer than previous generations, and when they do, increasingly favor craft, Baby Boomers continue to shift consumption to wine, and Generation Z is showing little interest in alcohol.
09/13/17
BREN
09/13/17
INITIATION
Target $78
BREN
Sell
Molson Coors initiated with a Sell at Berenberg
Berenberg analyst Javier Gonzalez Lastra initiated Molson Coors with a Sell and a $78 price target.
05/04/17
05/04/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Garmin (GRMN) downgraded to Underweight from Neutral at JPMorgan with analyst Paul Coster citing valuation and less likelihood for upside surprises throughout the remainder of 2017 due to tough comparisons. The analyst lowered his price target for the shares to $50 from $55. 2. Square (SQ) downgraded to Neutral from Buy at Guggenheim with the firm citing valuation and maintained a $20 price target on shares. 3. Tractor Supply (TSCO) downgraded to Perform from Outperform at Oppenheimer with analyst Brian Nagel citing concerns about the company's "modest" earnings growth could drive multiple contraction. The analyst thinks a guidance cut is likely when Tractor reports second quarter results in July. 4. Molson Coors (TAP) downgraded to Hold from Buy at Societe Generale with analyst Andrew Holland saying investments will impact margins. 5. MEDNAX (MD) downgraded two notches to Underperform from Buy at BofA/Merrill with the firm's analyst citing concerns cost pressures and worsening top line trends. The analyst lowered its price target to $57 from $75. 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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XENT

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ALXN

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  • 11

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MARK

Remark Holdings

$8.84

1.43 (19.30%)

09:59
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  • 12

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CTL

CenturyLink

$15.47

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, FTR

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$9.75

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ECR

Eclipse Resources

$2.36

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XLE

Energy Select Sector SPDR

$69.57

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NKE

Nike

$61.50

0.195 (0.32%)

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IBB

iShares Nasdaq Biotechnology Index

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AKS

AK Steel

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ONCE

Spark Therapeutics

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NKE

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IOTS

Adesto Technologies

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AGIO

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KMB

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AKS

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X

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