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ATCEY

Altice

$0.00

(0.00%)

, KKR

KKR

$24.37

0.2 (0.83%)

14:29
06/20/18
06/20
14:29
06/20/18
14:29

Altice to sell stakes in telecom tower units in France, Portugal for EUR2.5B

Altice Europe (ATCEY) announced that its subsidiary Altice France has entered into an exclusivity agreement, and its subsidiary PT Portugal has reached an agreement regarding the sale of equity stakes in their telecommunication tower businesses in France and Portugal for a total cash consideration of EUR2.5B. As part of the transaction, Altice Europe would create one of the largest European Towercos, including the #1 TowerCo in France. Altice France has entered into an exclusivity agreement with KKR (KKR) for the sale of 49.99% of the equity in the to be formed tower company that will comprise 10,198 sites currently operated by SFR. The envisaged transaction values SFR TowerCo at an enterprise value of EUR3.6B, representing a very attractive multiple of 18.0x 2017 pro forma EBITDA of EUR200M. In addition, a build-to-suit agreement for 1,200 new sites between SFR and SFR TowerCo is expected to generate approximately EUR250M in additional proceeds to SFR within the next 4 years. The transaction will be subject to customary conditions precedent for this type of transactions in France. Closing of the transaction, which will be subject to regulatory approvals, is expected to occur in Q4 2018. PT Portugal has reached an agreement with a Consortium including Morgan Stanley Infrastructure Partners (MS) and Horizon Equity Partners for the sale of 75% in the to be formed tower company that will comprise 2,961 sites currently operated by Altice Portugal. The transaction values Towers of Portugal at an enterprise value of EUR660M, representing a highly attractive multiple of 18.9x 2017 pro forma EBITDA of EUR35M. In addition, a build-to-suit agreement for 400 new sites between MEO and ToP is expected to generate approximately EUR60M in additional proceeds to MEO within the next 4 years. The agreement includes an additional deferred payment based on an earn-out structure upon exit by the Consortium. Reference Link

ATCEY

Altice

$0.00

(0.00%)

KKR

KKR

$24.37

0.2 (0.83%)

MS

Morgan Stanley

$50.04

0.11 (0.22%)

  • 21

    Jun

  • 22

    Jun

ATCEY Altice
$0.00

(0.00%)

11/07/17
GSCO
11/07/17
DOWNGRADE
GSCO
Neutral
Altice downgraded to Neutral from Conviction Buy at Goldman Sachs
Goldman Sachs analyst Andrew Lee downgraded Altice to Neutral and removed the shares from his firm's Conviction Buy list. The analyst believes the company's performance in France means a weaker sales growth outlook. He lowered his price target for the shares to EUR 14 from EUR 27.
09/11/17
BTIG
09/11/17
NO CHANGE
Target $260
BTIG
Buy
Knicks sale would not be surprising after Rockets deal, says BTIG
BTIG analyst Brandon Ross noted that James Dolan and family have been actively unwinding their ties to the legacy TV bundle, both by splitting Madison Square Garden (MSG) from MSG Networks (MSGN) and via the sale of Cablevision to Altice (ATCEY). He also notes that Dolan is on record that he believes sports rights are in a bubble. Given all of this, and the recent big-ticket sale of the Houston Rockets, Ross would not be surprised to see Dolan consider a sale of the Knicks and/or Rangers, adding that selling one team or both could pave the way for an eventual "go-private" deal for the rest of MSG and its remaining live entertainment business. Ross keeps a Buy rating and $260 price target on Madison Square Garden shares.
08/14/17
UBSW
08/14/17
NO CHANGE
Target $450
UBSW
Buy
Charter price target raised to $450 from $380 at UBS
UBS analyst John Hodulik raised his price target on Charter to $450 from $380 following his review of potential strategic options for the company. The analyst looked at the increasing M&A speculation and said many of the options come with significantly higher leverage than its current ratio. He believes it can be increased and supported with free cash flow while maintaining its investment grade rating. Hodulik said applying a conservative multiple would suggest significant upside to the shares setting a possible floor for a suitor. Hodulik reiterated his Buy rating on Charter shares.
08/09/17
TLSY
08/09/17
UPGRADE
TLSY
Outperform
Altice could pay between $434 to $501 per share for Charter, says Telsey
As previously reported, Telsey Advisory upgraded Charter (CHTR) to Outperform from Market Perform and raised its price target to $450 from $340. Analyst Thomas Egan estimates Altice USA (ATUS) could pay between $434 to $501 per share for Charter and for shares to trade at a material discount during a regulatory review, but ultimately expects a deal to be approved.
KKR KKR
$24.37

0.2 (0.83%)

06/05/18
SPHN
06/05/18
NO CHANGE
Target $78
SPHN
Equal Weight
Amedisys buying back shares from KKR a 'win-win,' says Stephens
Stephens analyst Dana Hambly called Amedisys' (AMED) repurchase of about 2.4M of its common shares from KKR (KKR) a "creative way to deploy excess capital" and create shareholder value while also returning capital to KKR and not impacting Amedisys' ability to pursue M&A. He also noted that the company is in advanced talks to increase borrowing to support M&A. Hambly raised his 2019 EPS estimate by 6% to account for the buybacks and raised his price target on Amedisys to $78 from $73, though he keeps an Equal Weight rating on the stock, citing valuation.
05/16/18
05/16/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Urban Outfitters (URBN) upgraded to Neutral from Sell at MKM Partners with analyst Roxanne Meyer citing her expectations of a sales and margin recovery in the second half, with fourth quarter commentary suggesting improving trends after the company's worse than expected performance in 2017. 2. AMD (AMD) upgraded to Neutral from Negative at Susquehanna with analyst Christopher Rolland saying Ethereum prices have doubled in the last month, driving a "modest" reacceleration in GPU purchases, while price hikes have "destroyed value proposition" of a rival Ethereum ASIC. 3. TripAdvisor (TRIP) upgraded two notches to Outperform from Underperform at Macquarie with analyst Matthew Brooks saying TripAdvisor raised their EBITDA forecast to up from flat, and now believes it could grow above 20% in 2018, with a margin rise for the first time since 2011. 4. KKR (KKR) upgraded to Buy from Neutral at Citi with analyst William Katz saying he believes the company's C-Corp conversion will increase relevance of the sector and raise the absolute upside for KKR. 5. Chipotle (CMG) upgraded to Buy from Hold at Argus with analyst John Staszak saying the current valuation does not adequately "reflect prospects for accelerating same-store sales and earnings growth as the company continues its multiyear recovery." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/16/18
SBSH
05/16/18
UPGRADE
Target $27
SBSH
Buy
KKR upgraded to Buy from Neutral at Citi
Citi analyst William Katz upgraded KKR to Buy and raised his price target for the shares to $27 from $23.50. The analyst believes the company's C-Corp conversion will increase relevance of the sector and raise the absolute upside for KKR. His higher price target incorporates increased balance sheet value, lower cost of capital to discount performance fees, and tax benefits related to the C Corp conversion.
06/05/18
RHCO
06/05/18
NO CHANGE
Target $90
RHCO
Buy
Amedisys's robust free cash flow 'a good thing,' says SunTrust
SunTrust analyst David MacDonald said he is "bullish" on Amedisys (AMED) following the repurchase of 2.4M shares from KKR (KKR), telling investors in a research note that the company's pristine balance sheet, strong free cash flow and expected near-term upsizing of the credit facility should give Amedisys plenty of dry power to ramp M&A activity. MacDonald raised his price target to $90 from $85 and maintained a Buy rating on the stock.
MS Morgan Stanley
$50.04

0.11 (0.22%)

04/18/18
BMOC
04/18/18
NO CHANGE
Target $245
BMOC
Market Perform
Goldman Sachs price target raised to $245 from $221 at BMO Capital
BMO Capital analyst James Fotheringham raised his price target on Goldman Sachs (GS) to $245 after the company's Q1 revenue beat, saying it is "back to stealing market share in its core business" as its FICC - fixed income, currencies, and commodities - trading rose 23% vs. a 4% decline for peers. The analyst adds that while Goldman Sachs will continue to experience positive operating leverage, its valuation relative to Morgan Stanley (MS) cannot be justified, favoring the latter based on its greater exposure to higher-multiple asset management businesses. Fotheringham keeps his Market Perform rating on Goldman Sachs.
04/06/18
WELS
04/06/18
NO CHANGE
Target $330
WELS
Outperform
Goldman Sachs to benefit from market volatility, says Wells Fargo
Wells Fargo analyst Mike Mayo says rising volatility could push his above consensus estimates for Goldman Sachs (GS) even higher. Goldman could be one of the biggest volatility beneficiaries, Mayo tells investors in a research note. He notes Goldman generates the highest contribution from trading among the large U.S. banks, with Morgan Stanley (MS) being second. The analyst keeps an Outperform rating on Goldman shares with a $330 price target.
04/09/18
BERN
04/09/18
INITIATION
Target $51
BERN
Underperform
Morgan Stanley initiated with an Underperform at Bernstein
Bernstein initiated Morgan Stanley with an Underperform and $51 price target.
04/19/18
BMOC
04/19/18
NO CHANGE
Target $72
BMOC
Outperform
Morgan Stanley 'richly deserves' higher valuation multiple, says BMO Capital
BMO Capital analyst James Fotheringham kept his Outperform rating and $72 price target on Morgan Stanley after its Q1 earnings beat while also raising his FY18 EPS view to $4.78 from $4.51. The analyst cites his expectations of higher trading revenues and also points to lower EPS volatility relative to that Goldman Sachs (GS), even though Morgan Stanley's multiple of 9.7-times two-year-forward PE is below Goldman's 10-times.

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TXN

Texas Instruments

$115.80

1.21 (1.06%)

16:49
07/17/18
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Earnings
Texas Instruments reports Q2 EPS $1.40, consensus $1.69 »

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NLY

Annaly Capital

$10.42

0.04 (0.39%)

, MTGE

MTGE Investment

$19.70

0.05 (0.25%)

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Hot Stocks
Annaly Capital extends exchange offer to acquire MTGE Investment »

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NLY

Annaly Capital

$10.42

0.04 (0.39%)

MTGE

MTGE Investment

$19.70

0.05 (0.25%)

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TXN

Texas Instruments

$115.80

1.21 (1.06%)

16:42
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Hot Stocks
Texas Instruments CEO Brian Crutcher resigns, Rich Templeton to succeed »

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CSX

CSX

$64.42

0.46 (0.72%)

16:41
07/17/18
07/17
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Hot Stocks
Breaking Hot Stocks news story on CSX »

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WTFC

Wintrust Financial

$88.40

0.25 (0.28%)

16:40
07/17/18
07/17
16:40
07/17/18
16:40
Earnings
Wintrust Financial reports Q2 EPS $1.53, consensus $1.44 »

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UBNK

United Financial

$17.40

-0.07 (-0.40%)

16:39
07/17/18
07/17
16:39
07/17/18
16:39
Earnings
United Financial reports Q2 EPS 31c, consensus 30c »

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  • 18

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16:38
07/17/18
07/17
16:38
07/17/18
16:38
General news
API crude inventories for week of July 13 »

API reports that crude…

CASI

Casi Pharmaceuticals

$7.26

-0.215 (-2.88%)

16:38
07/17/18
07/17
16:38
07/17/18
16:38
Syndicate
Breaking Syndicate news story on Casi Pharmaceuticals »

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SHAK

Shake Shack

$66.86

1 (1.52%)

16:37
07/17/18
07/17
16:37
07/17/18
16:37
Hot Stocks
Shake Shack plans to expand to Manila in spring 2019 »

Shake Shack said that…

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SAH

Sonic Automotive

$20.45

0.3 (1.49%)

16:36
07/17/18
07/17
16:36
07/17/18
16:36
Hot Stocks
Breaking Hot Stocks news story on Sonic Automotive »

Sonic Automotive down…

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SAH

Sonic Automotive

$20.45

0.3 (1.49%)

16:34
07/17/18
07/17
16:34
07/17/18
16:34
Earnings
Sonic Automotive sees Q2 adjusted cont ops EPS 32c-36c, consensus 49c »

Sonic Automotive…

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HOPE

Hope Bancorp

$17.52

-0.05 (-0.28%)

16:32
07/17/18
07/17
16:32
07/17/18
16:32
Hot Stocks
Hope Bancorp raises quarterly dividend to 14c per share from 13c »

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  • 18

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  • 07

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NTRS

Northern Trust

$105.64

0.18 (0.17%)

16:32
07/17/18
07/17
16:32
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Hot Stocks
Northern Trust approves new stock repurchase program of 25M shares »

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  • 18

    Jul

CSX

CSX

$64.42

0.46 (0.72%)

16:32
07/17/18
07/17
16:32
07/17/18
16:32
Earnings
Breaking Earnings news story on CSX »

CSX expects mid-single…

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  • 17

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NTRS

Northern Trust

$105.64

0.18 (0.17%)

16:32
07/17/18
07/17
16:32
07/17/18
16:32
Hot Stocks
Northern Trust raises dividend 30% to 55c »

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  • 18

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HOPE

Hope Bancorp

$17.52

-0.05 (-0.28%)

16:31
07/17/18
07/17
16:31
07/17/18
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Earnings
Hope Bancorp reports Q2 EPS 36c, consensus 37c »

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  • 18

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  • 07

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FULT

Fulton Financial

$16.70

-0.05 (-0.30%)

16:31
07/17/18
07/17
16:31
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Earnings
Fulton Financial reports Q2 EPS 20c, consensus 14c »

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  • 18

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CSX

CSX

$64.42

0.46 (0.72%)

16:31
07/17/18
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Hot Stocks
CSX reports Q2 operating ratio 58.6% versus 67.4% in same quarter last year »

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  • 17

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16:30
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16:30
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Options
Preliminary option volume of 17.8M today »

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General news
U.S. TIC report showed foreign accounts bought $69.9 B in net U.S. assets in May »

U.S. TIC report showed…

CARA

Cara Therapeutics

$21.60

0.435 (2.06%)

16:29
07/17/18
07/17
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07/17/18
16:29
Syndicate
Cara Therapeutics announces offering of 4.5M shares of common stock »

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UAL

United Continental

$72.66

0.38 (0.53%)

16:29
07/17/18
07/17
16:29
07/17/18
16:29
Hot Stocks
United Continental sees FY18 total regional aircraft 554 at year end »

Up 36 units from FY17…

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  • 18

    Jul

UAL

United Continental

$72.66

0.38 (0.53%)

16:28
07/17/18
07/17
16:28
07/17/18
16:28
Hot Stocks
United Continental sees FY18 total mainline aircraft 768 at year end »

Up 24 units from FY17…

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  • 18

    Jul

CSX

CSX

$64.42

0.46 (0.72%)

16:28
07/17/18
07/17
16:28
07/17/18
16:28
Hot Stocks
Breaking Hot Stocks news story on CSX »

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  • 17

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UAL

United Continental

$72.66

0.38 (0.53%)

16:27
07/17/18
07/17
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07/17/18
16:27
Hot Stocks
Breaking Hot Stocks news story on United Continental »

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  • 18

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