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GE

General Electric

$9.13

0.35 (3.99%)

, WAB

Wabtec

$72.81

1.74 (2.45%)

11:56
01/25/19
01/25
11:56
01/25/19
11:56

GE modification of Wabtec deal reflects 'need for cash,' says Gordon Haskett

Gordon Haskett analyst John Inch noted that Wabtec (WAB) and General Electric (GE) announced a modification to their rail merger agreement, calling it "unusual" for the terms of such a merger to be "changed in the 11th hour." The modified deal does not appear to be beneficial to GE shareholders and GE stated that the modification is to strengthen the company's balance sheet, which reinforces Inch's view that GE is "desperate for cash to pay down its debt and other liabilities as quickly as possible," he tells investors. Inch has an Underperform rating and $7 price target on GE shares.

GE

General Electric

$9.13

0.35 (3.99%)

WAB

Wabtec

$72.81

1.74 (2.45%)

  • 31

    Jan

GE General Electric
$9.13

0.35 (3.99%)

01/07/19
JPMS
01/07/19
NO CHANGE
Target $6
JPMS
Neutral
JPMorgan sees GE providing something 'more tangible' soon, keeps $6 target
JPMorgan analyst Stephen Tusa says his conversations with clients continue to be dominated by the debate around General Electric's liabilities. The analyst has seen nothing to change his view that $100B of net liabilities and zero enterprise free cash flow is the problem facing management and the right construct when thinking about how to get the story back to "normal" from an equity value standpoint. We are likely approaching the time where GE will provide something "more tangible, perhaps shrinking the balance sheet," Tusa tells investors in a research note. However, related dilution, combined with a full "cleanse" of the accounting structure, should result in a "substantially lower run rate fundamental anchor than many appreciate," says Tusa. He keeps a Neutral rating on GE shares with a $6 price target. The analyst believes Bloomberg's report of Apollo interest in GE's jet leasing business is "not enough value to change" the company's "leverage problem," which he says is "punctuated" by the "collapse in lessor peer multiples."
01/14/19
WBLR
01/14/19
NO CHANGE
WBLR
Outperform
GE risk profile to 'significantly improve' with asset sales, says William Blair
William Blair analyst Nicholas Heymann senses that the prospects are rising for a "possible material expansion" of the sale of non-core General Electric businesses versus the company's original earlier plans last updated in June 2018. GE's risk profile is likely to "significantly improve" as uncertainties regarding its financial leverage, litigation and government investigations, unfunded liabilities, and operational turnaround plans for Power are likely to emerge over the next few months, Heymann tells investors in a research note partially titled "End of Apocalypse Scenarios Now at Hand." Specifically, the analyst sees a rising likelihood that GE may accelerate the timing and size of its original plans for the initial public offering of GE Healthcare. Further, the prospects for GE Commercial Aviation Service to be sold at or above book value are also rising while the non-core 20% of GE Digital recently recast into a separate business could lead to it being monetized, says the analyst. Collectively, Heymann estimate the potential monetization of these two new asset sales, along with a larger Healthcare IPO sooner than originally envisioned, could enhance GE's liquidity by as much as about $50B-$55B, beyond the company's previously disclosed June 2018 corporate transformation plan. The analyst, however, believes GE's free cash flow will remain "significantly challenged" throughout 2019 while it works to resurrect Power's profitability by right-sizing its global fossil turbine production capacity. He maintains an Outperform rating on General Electric.
01/15/19
JPMS
01/15/19
NO CHANGE
JPMS
Neutral
GE risk/reward unfavorable into Q4 report, says JPMorgan's Tusa
JPMorgan analyst Stephen Tusa says the risk/reward on shares of General Electric (GE) is unfavorable into the company's Q4 earnings report. GE shares have bounced over the last month, outperforming the group by over 3,000 basis points, Tusa writes in a research note previewing earnings reports for the group. He believes the recent stock move "is built upon an expectation of more certainty in the path forward." Tusa thinks the focus on the earnings call should turn back to fundamentals, where he continues to see "disconnect with high level analyses from those who apparently ignore the mechanical headwinds from dilutive asset sales, a key aspect as to why FCF remains so weak." The call will "reinforce the Bear case that there is no concrete silver bullet plan, and much remains fluid, also negative," Tusa contends. He recommends Honeywell (HON) and Emerson Electric (EMR) as longs into the quarter and tells investors to avoid Johnson Controls (JCI), 3M (MMM) and Rockwell Automation (ROK). Tusa has a Neutral rating on General Electric.
01/24/19
JPMS
01/24/19
NO CHANGE
Target $6
JPMS
Neutral
General Electric shares outperforming on no tangible news, says JPMorgan
Shares of General Electric have continued to outperform in 2019 "on hope for a recovery underpinned by almost no hard data or tangible new news," JPMorgan analyst Stephen Tusa tells investors in a research note titled "GE YTD Outperformance: A Show About Nothing...For Now." The analyst, however, believes the investment case "should become clearer" within the next week as the company's earnings "will provide some necessary direction with tangible numbers and potential clarity around portfolio/balance sheet strategy." He believes, though, that GE's portfolio strategy will be more dilutive than most assume, "as some credit and equity analysts continue to claim the same asset value." Tusa keeps a Neutral rating on General Electric shares with a $6 price target.
WAB Wabtec
$72.81

1.74 (2.45%)

10/05/18
WOLF
10/05/18
DOWNGRADE
WOLF
Peer Perform
Wabtec downgraded to Peer Perform from Outperform at Wolfe Research
10/15/18
WLSD
10/15/18
UPGRADE
WLSD
Gradually Accumulate
Wabtec upgraded to Gradually Accumulate from Hold at Wellington Shields
10/31/18
WELS
10/31/18
NO CHANGE
Target $105
WELS
Outperform
Wabtec price target lowered to $105 from $120 at Wells Fargo
Wells Fargo analyst Allison Poliniak-Cusic lowered his price target for Wabtec to $105 from $120 due to the re-rating of the broader Industrial group. Despite shares declining 14% in the past month on general macro/tariff concerns, shares took another step down following Q3's weaker margin and cash flow performance, she notes. The analyst believes that investor concerns centered on lower margin U.K. project work impacting Transit segment margins, but thinks the company is beginning to put these issues in the rear-view and 2018 margins will likely prove to be this cycle's trough. She reiterates an Outperform rating on the shares.
12/20/18
WBLR
12/20/18
NO CHANGE
WBLR
Wabtec selloff brings 'compelling entry point,' says William Blair
Shares of Wabtec have declined 25% so far in December, far more disproportionately than the average 11% decline experienced by its Multi-Industry peers and the 9% decline in the S&P 500, William Blair analyst Nicholas Heymann tells investors in a research note. The selloff coincides with rising investor concerns surrounding a potential trade correction in China, slowing global GDP growth, rising interest rates in the United States, and the continued impact of transit rail delivery delays on a handful of important U.K. contracts, says the analyst. Heymann, however, is unaware of any change in Wabtec's near-term fundamental outlook or of any deterioration in the external macroeconomic indicators affecting the company. As such, he believes the stock's current price, just above the 52-week low, has created a "compelling entry point for value-oriented investors." Heymann reiterates an Outperform rating on the name.

TODAY'S FREE FLY STORIES

AGRX

Agile Therapeutics

$2.37

0.19 (8.72%)

08:13
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SNWV

Sanuwave Health

$0.00

(0.00%)

08:12
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SNWV

Sanuwave Health

$0.00

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08:10
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08:10
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General news
U.S. trade price preview: import prices are estimated falling -0.4% in October »

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OGEN

Oragenics

$0.46

0.0036 (0.79%)

08:09
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08:09
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Oragenics announces bicyclic C/D ring study outcome published »

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HD

Home Depot

$236.55

1.76 (0.75%)

, LOW

Lowe's

$114.55

1.68 (1.49%)

08:09
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11/15
08:09
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08:09
Recommendations
Home Depot, Lowe's analyst commentary  »

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$236.55

1.76 (0.75%)

LOW

Lowe's

$114.55

1.68 (1.49%)

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  • 19

    Nov

  • 20

    Nov

  • 11

    Dec

SNWV

Sanuwave Health

$0.00

(0.00%)

08:09
11/15/19
11/15
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08:09
Earnings
Breaking Earnings news story on Sanuwave Health »

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SNWV

Sanuwave Health

$0.00

(0.00%)

08:08
11/15/19
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08:08
Earnings
Sanuwave Health reports Q3 EPS (1c), one est. (2c) »

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AMAT

Applied Materials

$56.89

-0.24 (-0.42%)

08:08
11/15/19
11/15
08:08
11/15/19
08:08
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Applied Materials analyst commentary  »

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  • 20

    Nov

  • 09

    Dec

  • 09

    Dec

LCTX

Lineage Cell Therapeutics

$0.80

0.0238 (3.09%)

08:07
11/15/19
11/15
08:07
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08:07
Hot Stocks
Lineage Cell Therapeutics provides update on OPC1 »

Lineage Cell Therapeutics…

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MAS

Masco

$46.08

-0.6 (-1.29%)

08:06
11/15/19
11/15
08:06
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08:06
Earnings
Masco cuts FY19 adj. EPS view to $2.12-$2.16 from $2.52-$2.56, consensus $2.54 »

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RDHL

RedHill Biopharma

$6.16

-0.06 (-0.96%)

08:06
11/15/19
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08:06
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08:06
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RedHill Biopharma to voluntarily delist from Tel-Aviv Stock Exchange »

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  • 19

    Nov

  • 22

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  • 22

    Nov

VLY

Valley National

$11.92

-0.01 (-0.08%)

, ORIT

Oritani Financial

$19.07

-0.09 (-0.47%)

08:05
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Valley National, Oritani Financial shareholders vote in favor of merger »

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VLY

Valley National

$11.92

-0.01 (-0.08%)

ORIT

Oritani Financial

$19.07

-0.09 (-0.47%)

03/08/13
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OPK

Opko Health

$1.43

-0.005 (-0.35%)

08:04
11/15/19
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Opko Health says Novitas issues final LCD for 4Kscore test »

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CSL

Carlisle

$160.41

2.69 (1.71%)

08:04
11/15/19
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Conference/Events
Carlisle management to meet with Seaport Global »

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  • 18

    Nov

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WMT

Walmart

$120.65

-0.41 (-0.34%)

08:04
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MAS

Masco

$46.08

-0.6 (-1.29%)

08:03
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Masco signs agreement to sell Masco Cabinetry for about $1B »

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CCLAY

Coca-Cola Amatil

$0.00

(0.00%)

08:03
11/15/19
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NTAP

NetApp

$61.94

1.9 (3.16%)

08:02
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  • 20

    Nov

  • 12

    Dec

ARCH

Arch Coal

$76.90

1.1 (1.45%)

08:02
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Arch Coal discontinues longwall operations at Mountain Laurel mine »

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GILD

Gilead

$63.79

0.46 (0.73%)

08:00
11/15/19
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Options
Gilead call buyer realizes 43% same-day gains »

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  • 07

    Dec

GIGL

Giggles N' Hugs

$0.00

(0.00%)

07:58
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Conference/Events
Giggles N' Hugs to host business news update conference call »

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  • 20

    Nov

CNR

Cornerstone Building Brands

$6.51

0.06 (0.93%)

07:56
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Cornerstone Building Brands management to meet with Seaport Global »

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  • 18

    Nov

  • 19

    Nov

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