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SVU

Supervalu

$14.60

0.36 (2.53%)

06:36
02/07/18
02/07
06:36
02/07/18
06:36

Blackwells Capital intends to nominate Directors at Supervalu in letter to Board

Blackwells Capital sent a letter to the Board of Directors Supervalu announcing its intention to submit director nominations to the Board in connection with the company's 2018 annual meeting of shareholders. Blackwells also released a presentation detailing its analysis of Supervalu's operations, strategy and finances and a plan to unlock significant value, available at www.savesupervalu.com. With ownership representing approximately 4.35% of Supervalu's common stock and equivalents, Blackwells ranks among the Company's largest shareholders. After meeting multiple times with management, Blackwells met with non-executive Chairman Donald Chappel and President and CEO Mark Gross on January 17, 2017. In that meeting, Jason Aintabi, Managing Partner at Blackwells, communicated shareholders' frustration with Supervalu's performance and the need for real change in the Company's approach to operations, strategy and governance. In addition to proposing concrete steps to unlock value at Supervalu, Blackwells requested representation on the Board of Directors for three Blackwells nominees to help effect this change, as well as the creation of a new Board committee to explore concrete measures of realizing shareholder value. Unfortunately, Supervalu has summarily rejected Blackwells' request. "In the spirit of constructive, open collaboration, Blackwells has made good faith efforts to engage with the Company," said Mr. Aintabi. "The Board's passivity and the Company's persistent underperformance have left us with no alternative but to run an election contest and give shareholders an opportunity to vote for enhanced Board leadership and support a mandate to explore all alternatives to unlock value."

SVU Supervalu
$14.60

0.36 (2.53%)

11/14/17
11/14/17
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. Kroger (KR) assumed with a Neutral at Goldman Sachs. 2. Dollar General (DG) assumed with a Neutral at Goldman Sachs. 3. Sea Limited (SE) was initiated with an Outperform at Cowen, an Overweight at Piper Jaffray, a Buy at Goldman Sachs and Stifel, and an Equal Weight at Morgan Stanley. 4. Supervalu (SVU) assumed with a Sell at Goldman Sachs. 5. Celanese (CE) initiated with a Buy at Tudor Pickering. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/17
GSCO
11/14/17
INITIATION
Target $14
GSCO
Sell
Supervalu assumed with a Sell at Goldman Sachs
Goldman analyst Christopher Prykull assumed coverage on Supervalu with a Sell and $14 price target. Prykull expects retail to underperform given increasing competition, pricing gaps, and under-investment in stores and said Wholesale faces a challenged end market. The analyst also sees EBITDA headwinds from waning transition service agreement revenue and limited cost offsets.
11/03/17
WELS
11/03/17
INITIATION
Target $16
WELS
Market Perform
Supervalu initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Edward Kelly started Supervalu with a Market Perform rating and $16 price target.
10/19/17
RBCM
10/19/17
NO CHANGE
Target $35
RBCM
Outperform
Supervalu price target lowered to $35 from $42 at RBC Capital
RBC Capital analyst William Kirk lowered his price target on Supervalu to $35 after Q2 results that offered more modeling visibility to the wind-down timing of trasition service agreements and the related P&L impact. Kirk says this was resolved less favorable than anticipated, but remains positive on the company in the long-run as deflation trends ease. The analyst also notes the company's strong wholesale win pipeline, under-appreciated real estate, and overreaction to the Whole Foods acquisition, maintaining an Outperform rating.

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