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ARNC

Arconic

$19.22

-0.62 (-3.13%)

, BX

Blackstone

$30.40

-1.33 (-4.19%)

06:12
10/30/18
10/30
06:12
10/30/18
06:12

Arconic's PE suitors worried about liability costs from massive fire, NYP says

Blackstone (BX) and Carlyle (CG), two of the potential private equity bidders for Arconic (ARNC), are said to be worried about the aluminum giant's liability costs from the Grenfell Tower fire, The New York Post reports, citing two sources close to the situation. The bidding group led by the private equity companies is trying to determine the total exposure "should the company face a sweeping judicial remedy" requiring Arconic to replace tiles in high-rise buildings in England, Germany and possibly the U.S., a source says. Reference Link

ARNC

Arconic

$19.22

-0.62 (-3.13%)

BX

Blackstone

$30.40

-1.33 (-4.19%)

CG

Carlyle Group

$18.85

-0.21 (-1.10%)

  • 30

    Oct

  • 05

    Nov

ARNC Arconic
$19.22

-0.62 (-3.13%)

09/17/18
09/17/18
DOWNGRADE

Neutral
Arconic downgraded to Neutral on valuation at Longbow
As previously reported, Longbow downgraded Arconic to Neutral from Buy. Analyst Chris Olin cites valuation, limited upside to EP&S Segment margins and recent checks that appear evenly balanced for his change in view.
09/17/18
LBOW
09/17/18
DOWNGRADE
LBOW
Neutral
Arconic downgraded to Neutral from Buy at Longbow
08/22/18
ARGS
08/22/18
NO CHANGE
ARGS
Hold
Argus looking for upgrade opportunity for Arconic
Argus analyst John Eade kept his Hold rating on Arconic but noted that he is looking to get more constructive on the company, stating that while the stock has outperformed the market over the past quarter, the performance over the past year has been much worse. Eade believes that the new management's key challenge is the rise in the input costs, but notes that he would consider returning the stock to the Buy list when margins show some signs of stabilizing.
10/10/18
MSCO
10/10/18
NO CHANGE
Target $22
MSCO
Equal Weight
Morgan Stanley says Arconic could rise to $28, or fall to $17, pending review
With Arconic expected to host an investor event in November where management is expected to share the results of their strategic review, Morgan Stanley analyst Rajeev Lalwani lays out three potential scenarios and the associated move in the stock that he sees in each theoretical case. In Scenario 1, which he views as most probable, Arconic will announce significant asset sales as it continues its shift toward becoming a pure-play A&D company. In such a scenario, Lalwani sees the stock trading at about $22 per share. In Scenario 2, the company announces a full buyout and he sees the stock moving up to about $28 per share. Lalwani puts the odds of this scenario at 30%. In Scenario 3, the company announces limited strategic activity beyond those noted to-date and in such a case Lalwani sees the stock falling to $17 per share to re-test its early 2018 lows. Ahead of the potential catalyst of the investor day and end of the review, Lalwani keeps an Equal Weight rating and $22 price target on Arconic.
BX Blackstone
$30.40

-1.33 (-4.19%)

09/25/18
ARGS
09/25/18
NO CHANGE
Target $46
ARGS
Buy
Blackstone price target raised to $46 from $39 at Argus
Argus analyst Stephen Biggar raised his price target on Blackstone to $46 and kept his Buy rating after its Investor Day presentation on Friday, citing the company's outlined plans to grow its assets under management to $1T from $439B currently. The analyst states that Blackstone is seeing "sees considerable growth in real estate, private equity, infrastructure, tactical opportunities and credit assets", adding that while the $1T target is "aggressive", it is also achievable, requiring "continuing cooperative economic environment and fundraising efforts". Biggar also anticipates Blackstone's "fee-related earnings component to grow significantly over the next two years" as its flagship funds reach key milestones, helping reduce earnings volatility and yielding "more consistent" dividend payouts.
09/24/18
MSCO
09/24/18
NO CHANGE
Target $48
MSCO
Overweight
Blackstone price target raised to $48 from $42 at Morgan Stanley
Morgan Stanley analyst Michael Cyprys said he came away from Blackstone's investor day more positive on the company's superior AUM and fee growth and ability to innovate. Blackstone also said a C-Corp conversion is under active consideration, which is a more positive stance than in it has expressed in the past, Cyprys tells investors. Based on expectations for strong growth in AUM, management fees and performance fee, along with the rising prospects for C-Corp conversion, Cyprys raised his price target on Blackstone shares to $48 from $42 and keeps an Overweight rating on the stock.
09/24/18
SBSH
09/24/18
NO CHANGE
Target $47.5
SBSH
Buy
Blackstone price target raised to $47.50 from $43 at Citi
Citi analyst William Katz raised his price target for Blackstone to $47.50 following last week's investor day. The analyst left constructive on the Alternatives sector and impressed by the "multitude of earnings drivers" at Blackstone. He's encouraged by the company's "growing competitive moat and longer-term opportunities" and keeps a Buy rating on the shares.
09/24/18
JMPS
09/24/18
NO CHANGE
Target $43
JMPS
Outperform
Blackstone price target raised to $43 after investor day at JMP Securities
JMP Securities analyst Devin Ryan raised his price target on Blackstone shares to $43 from $39 following the company's investor day, from which he said the primary takeaway was the company's detailed roadmap for growth to $1T+ of AUM over the next eight years from $439B of total assets today. Ryan, who said Blackstone communicated a "clear line of sight" into $2 of fee-related earnings over the longer-term, keeps an Outperform rating on Blackstone shares.
CG Carlyle Group
$18.85

-0.21 (-1.10%)

03/12/18
03/12/18
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. Time Warner (TWX) upgraded to Buy from Neutral at UBS with analyst John Hodulik saying while he expects the takeover by AT&T (T) to receive regulatory approval, he believes the current environment would make Time Warner's assets "highly attractive" to other media companies and Internet-based competitors were the deal to be blocked. 2. Carlyle Group (CG) and Apollo Global (APO) were upgraded to Buy from Neutral at Citi. 3. Merck (MRK) upgraded to Outperform from Market Perform at Leerink with analyst Seamus Fernandez saying Keytruda will continue to dominate the first-line non-small cell lung cancer market. 4. SAP (SAP) upgraded to Outperform from In Line at Evercore ISI with analyst Stewart Materne III saying that he believes the risk/reward is more attractive at current levels following the stock's 6% pullback. 5. Aratana Therapeutics (PETX) upgraded to Buy on valuation at CL King with the firm citing favorable risk/reward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/27/18
SBSH
03/27/18
NO CHANGE
SBSH
Citi says AkzoNobel free to think more strategically about M&A after divestiture
After AkzoNobel (AKZOY) announced the sale of its Specialty Chemicals business to Carlyle Group (CG) and GIC, Citi analyst P.J. Juvekar said the divestiture frees up the company to think more strategically about M&A. Akzo could go after Axalta (AXTA) again, but unless Akzo is prepared to pay a significant premium a deal is unlikely, said Juvekar. He thinks a price in the mid to high $30 range would be needed to get Axalta to the negotiating table. Akzo has thus far resisted a sale to PPG (PPG), but Juvekar thinks PPG would be interested if a deal were to be a friendly one.
08/14/18
MSCO
08/14/18
NO CHANGE
Target $31
MSCO
Overweight
Carlyle's fee-related earnings ramp on track, says Morgan Stanley
Morgan Stanley analyst Michael Cyprys reiterated an Overweight rating on Carlyle Group and raised his price target slightly to $31, telling investors that fee-related earnings are on track to grow by over 50% over the next two quarters after doubling in the past two quarters. The analyst sees significant value in accrued carry receivable balance that should crystallize at a faster pace in 2019, driving an increase in cash performance fees.
09/17/18
ADAM
09/17/18
NO CHANGE
Target $85
ADAM
Buy
Esterline being taken private makes most sense, says Canaccord
Canaccord analyst Ken Herbert noted reports Esterline (ESL) is exploring a sale and be believes it is part of an industry-wide consolidation. The analyst thinks an acquisition by TransDigm (TDG) would be a long shot, but he believes they could be interested in any opportunities as part of a restructuring. He believes an acquisition by the Carlyle Group (CG) or some other private equity firm makes the most sense. Herbert reiterated his Buy rating and $85 price target on Esterline shares.

TODAY'S FREE FLY STORIES

ATRS

Antares Pharma

$3.21

0.01 (0.31%)

08:58
02/22/19
02/22
08:58
02/22/19
08:58
Recommendations
Antares Pharma analyst commentary  »

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AVEO

Aveo Pharmaceuticals

$0.62

-0.0047 (-0.75%)

, BMY

Bristol-Myers

$50.15

-1.14 (-2.22%)

08:57
02/22/19
02/22
08:57
02/22/19
08:57
Conference/Events
Piper Jaffray biotech analysts to hold an analyst/industry conference call »

Biotech Analysts, along…

AVEO

Aveo Pharmaceuticals

$0.62

-0.0047 (-0.75%)

BMY

Bristol-Myers

$50.15

-1.14 (-2.22%)

EXEL

Exelixis

$21.22

(0.00%)

IMMU

Immunomedics

$14.33

-0.03 (-0.21%)

JNJ

Johnson & Johnson

$135.40

-0.91 (-0.67%)

MRK

Merck

$79.82

0.38 (0.48%)

NKTR

Nektar

$40.26

-2.76 (-6.42%)

PFE

Pfizer

$42.14

-0.07 (-0.17%)

SGEN

Seattle Genetics

$69.25

-0.53 (-0.76%)

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TRIL

Trillium Therapeutics

$1.28

0.08 (6.67%)

08:55
02/22/19
02/22
08:55
02/22/19
08:55
Hot Stocks
Breaking Hot Stocks news story on Trillium Therapeutics »

Trillium Therapeutics…

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GE

General Electric

$10.03

-0.07 (-0.69%)

, LLY

Eli Lilly

$122.72

0.05 (0.04%)

08:55
02/22/19
02/22
08:55
02/22/19
08:55
Options
Notable open interest changes for February 22nd »

Thursday's total…

GE

General Electric

$10.03

-0.07 (-0.69%)

LLY

Eli Lilly

$122.72

0.05 (0.04%)

TSLA

Tesla

$291.18

-11.33 (-3.75%)

ELAN

Elanco

$29.07

-0.29 (-0.99%)

03/08/13
Wedge Partners
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PLAN

Anaplan

08:54
02/22/19
02/22
08:54
02/22/19
08:54
Recommendations
Anaplan analyst commentary  »

Anaplan price target…

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  • 22

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ZG

Zillow

$35.07

0.22 (0.63%)

, Z

Zillow

$35.03

0.22 (0.63%)

08:54
02/22/19
02/22
08:54
02/22/19
08:54
Recommendations
Zillow, Zillow analyst commentary  »

Zillow core business…

ZG

Zillow

$35.07

0.22 (0.63%)

Z

Zillow

$35.03

0.22 (0.63%)

03/08/13
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STM

STMicroelectronics

$16.55

(0.00%)

08:52
02/22/19
02/22
08:52
02/22/19
08:52
Initiation
STMicroelectronics initiated  »

Cowen initiates…

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WAB

Wabtec

$73.59

-1.425 (-1.90%)

, GE

General Electric

$10.03

-0.07 (-0.69%)

08:51
02/22/19
02/22
08:51
02/22/19
08:51
Initiation
Wabtec, General Electric initiated  »

Wabtec initiated with a…

WAB

Wabtec

$73.59

-1.425 (-1.90%)

GE

General Electric

$10.03

-0.07 (-0.69%)

03/08/13
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03/06/13
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  • 11

    Mar

PNW

Pinnacle West

$92.01

1.095 (1.20%)

08:50
02/22/19
02/22
08:50
02/22/19
08:50
Earnings
Pinnacle West reaffirms FY19 EPS view $4.75-$4.95, consensus $4.85 »

Expects to achieve a…

03/08/13
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03/08/13
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  • 22

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ENV

Envestnet

$55.50

-0.91 (-1.61%)

08:50
02/22/19
02/22
08:50
02/22/19
08:50
Recommendations
Envestnet analyst commentary  »

Envestnet price target…

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03/08/13
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  • 25

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ANIK

Anika Therapeutics

$40.45

0.45 (1.13%)

08:49
02/22/19
02/22
08:49
02/22/19
08:49
Downgrade
Anika Therapeutics rating change  »

Anika Therapeutics…

03/08/13
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03/08/13
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PNW

Pinnacle West

$92.01

1.095 (1.20%)

08:49
02/22/19
02/22
08:49
02/22/19
08:49
Earnings
Pinnacle West reports Q4 EPS 23c, consensus 18c »

Reports Q4 revenue…

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NDLS

Noodles & Company

$7.46

0.1 (1.36%)

08:49
02/22/19
02/22
08:49
02/22/19
08:49
Upgrade
Noodles & Company rating change  »

Jefferies upgrades…

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ON

ON Semiconductor

08:48
02/22/19
02/22
08:48
02/22/19
08:48
Initiation
ON Semiconductor initiated  »

ON Semiconductor…

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  • 08

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ATR

AptarGroup

$103.17

1.05 (1.03%)

08:48
02/22/19
02/22
08:48
02/22/19
08:48
Downgrade
AptarGroup rating change  »

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  • 01

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VZ

Verizon

$56.14

0.35 (0.63%)

08:47
02/22/19
02/22
08:47
02/22/19
08:47
Recommendations
Verizon analyst commentary  »

Verizon has network focus…

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WDAY

Workday

$189.36

0.66 (0.35%)

08:46
02/22/19
02/22
08:46
02/22/19
08:46
Recommendations
Workday analyst commentary  »

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EXAS

Exact Sciences

$83.30

-0.3 (-0.36%)

08:46
02/22/19
02/22
08:46
02/22/19
08:46
Recommendations
Exact Sciences analyst commentary  »

Exact Sciences price…

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  • 22

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COTY

Coty

$11.11

-0.04 (-0.36%)

, CMCSA

Comcast

$38.46

0.67 (1.77%)

08:45
02/22/19
02/22
08:45
02/22/19
08:45
Options
Largest borrow rate increases among liquid names »

Latest data shows the…

COTY

Coty

$11.11

-0.04 (-0.36%)

CMCSA

Comcast

$38.46

0.67 (1.77%)

AXDX

Accelerate Diagnostics

$21.55

0.02 (0.09%)

SLB

Schlumberger

$44.73

-1.18 (-2.57%)

RSX

Market Vectors Russia ETF

$20.55

-0.16 (-0.77%)

UBS

UBS

$12.32

-0.13 (-1.04%)

NOK

Nokia

$6.15

0.055 (0.90%)

HEAR

Turtle Beach

$15.85

0.05 (0.32%)

ABB

ABB

$20.21

-0.04 (-0.20%)

03/08/13
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08:45
02/22/19
02/22
08:45
02/22/19
08:45
General news
Oil Action: WTI crude »

Oil Action: WTI crude…

08:45
02/22/19
02/22
08:45
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08:45
General news
Action Economics has a new Podcast »

Action Economics has a…

PLNT

Planet Fitness

$58.26

-0.18 (-0.31%)

, AMZN

Amazon.com

$1,619.84

-2.26 (-0.14%)

08:44
02/22/19
02/22
08:44
02/22/19
08:44
Upgrade
Planet Fitness a platform like Amazon, not a gym, Jefferies says in upgrade »

Jefferies analyst Randal…

PLNT

Planet Fitness

$58.26

-0.18 (-0.31%)

AMZN

Amazon.com

$1,619.84

-2.26 (-0.14%)

NFLX

Netflix

$356.74

-3.26 (-0.91%)

03/08/13
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XSPA

XpresSpa

$0.19

-0.0017 (-0.89%)

08:43
02/22/19
02/22
08:43
02/22/19
08:43
Hot Stocks
XpresSpa announces 1-for-20 reverse stock split »

XpresSpa announced that…

03/08/13
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HK

Halcon Resources

$1.79

-0.07 (-3.76%)

08:43
02/22/19
02/22
08:43
02/22/19
08:43
Downgrade
Halcon Resources rating change  »

Halcon Resources…

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CAT

Caterpillar

$138.85

-1.44 (-1.03%)

, XRX

Xerox

$31.34

0.47 (1.52%)

08:43
02/22/19
02/22
08:43
02/22/19
08:43
Periodicals
Breaking Periodicals news story on Caterpillar, Xerox »

Caterpillar, Xerox to be…

CAT

Caterpillar

$138.85

-1.44 (-1.03%)

XRX

Xerox

$31.34

0.47 (1.52%)

03/08/13
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