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MBI

MBIA

$10.98

0.05 (0.46%)

, AGO

Assured Guaranty

$42.72

0.265 (0.62%)

09:17
10/04/18
10/04
09:17
10/04/18
09:17

National commences legal action seeking to lift PROMESA litigation stay

National Public Finance Guarantee Corporation, an indirect subsidiary of MBIA (MBI) announced that National, Assured Guaranty (AGO), Assured Guaranty Municipal Corp., and Syncora Guarantee have filed a motion in the U.S. District Court for the District of Puerto Rico to lift the PROMESA litigation stay that will allow the Creditor Group to seek to enforce its right to compel the appointment of an independent receiver for the Puerto Rico Electric Power Authority. The Creditor Group filed a similar motion in July 2017 that was denied by the District Court. The new motion follows a successful appeal of that denial, as the First Circuit Court of Appeals recently vacated the District Court's decision and remanded the case for further proceedings. The appointment of a receiver, which would assume operational control of PREPA to protect the interests of PREPA's customers and creditors, is necessitated by the utility's well-documented history of mismanagement and undue political interference in its operations, the combined results of which were laid bare by Hurricanes Irma and Maria. Bondholders holding at least 25 percent in principal amount of the PREPA bonds outstanding have a statutory right to the appointment of a receiver following an event of default. The Creditor Group represents approximately 27 percent of the outstanding bonds.

MBI

MBIA

$10.98

0.05 (0.46%)

AGO

Assured Guaranty

$42.72

0.265 (0.62%)

MBI MBIA
$10.98

0.05 (0.46%)

02/16/18
BTIG
02/16/18
NO CHANGE
BTIG
BTIG says PREPA request rejection a 'huge' positive for Assured Guaranty, MBIA
BTIG analyst Mark Palmer said that U.S. District Court Judge Laura Taylor Swain's rejection of the financial oversight board's effort to prime the bondholders of the Puerto Rico Electric Power Authority, or PREPA, is a "huge" positive for municipal bond insurers Assured Guaranty (AGO) and MBIA (MBI). Each have significant insured exposure to PREPA's debt and the rejection of PREPA's effort to gain approval for a $1B DIP loan issued by the Puerto Rico government that would have primed the utility's bondholders was a big win, said Palmer. He also believes the ruling had broader implications for them and fellow municipal bond insurer Ambac Financial (AMBC), which has no insured exposure to PREPA but still filed a motion opposing the DIP loan. MBIA shares are up 6.8% in early trading while Assured Guaranty is up about 3.8%.
02/05/18
02/05/18
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. Kellogg (K) initiated with a Buy at Pivotal Research. 2. MBIA (MBI) initiated with a Market Perform at Keefe Bruyette. 3. AxoGen (AXGN) initiated with an Outperform at William Blair. 4. Ctrip (CTRP) initiated with a Hold at Deutsche Bank. 5. Sun Hydraulics (SNHY) was initiated with a Buy at SunTrust and an Overweight at KeyBanc. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/05/18
KBWI
02/05/18
INITIATION
Target $7
KBWI
Market Perform
MBIA initiated with a Market Perform at Keefe Bruyette
Keefe Bruyette initiated MBIA with a Market Perform rating and $7 price target.
10/05/17
MKMP
10/05/17
NO CHANGE
MKMP
Bond insurer decline could be opportunity, says MKM Partners
After President Trump said all of Puerto Rico's debt would have to be wiped out, MKM PArtners analyst Harry Fong does not expect the debt to actually be wiped out. He believes that taking this step would violate the principles of contract law and could destroy the municipal bond market. The analyst adds that the bond insurers will not face liquidity issues if Puerto Rico's debt is wiped out. He believes that the decline in their stocks could prove to be a buying opportunity. He keeps Buy ratings on Assured Guaranty (AGO) and MBIA (MBI), and he maintains a Neutral rating on Ambac (AMBC).
AGO Assured Guaranty
$42.72

0.265 (0.62%)

04/24/18
MKMP
04/24/18
NO CHANGE
Target $55
MKMP
Buy
Assured Guaranty unlikely to see real loss forecast by Einhorn, say MKM Partners
MKM Partners analyst Harry Fong keeps his Buy rating and $55 price target on Assured Guaranty, saying that investors should take advantage of the 3% decline in the stock price afterhours following a negative view taken by Greenlight Capital's David Einhorn at the Ira Sohn conference. Fong says Einhorn's model of a $2.8B implied loss on the company's Puerto Rico exposure is inaccurate as it has already established a significant loss reserve for Puerto Rico that is likely to be over $1B. The analyst adds that "the company has no liquidity issue of any significance as its debt service payments are stretched out over many years".
12/20/17
KBWI
12/20/17
INITIATION
Target $47
KBWI
Outperform
Keefe Bruyette starts Assured Guaranty with Outperform, $47 target
Keefe Bruyette analyst Bose George started Assured Guaranty with an Outperform rating and $47 price target. While the company's losses from the Puerto Rican debt crisis could be material, a more likely scenario is a resolution that results in losses that are already incorporated in the valuation of the shares, George tells investors in a research note. Further, the analyst believes higher interest rates should improve the landscape for new business.

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