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IEA

Infrastructure and Energy Alternatives

$4.60

-0.35 (-7.07%)

, ARES

Ares Management

$25.32

-0.48 (-1.86%)

08:05
05/14/19
05/14
08:05
05/14/19
08:05

Infrastructure and Energy Alternatives announces $50M equity commitment

Infrastructure and Energy Alternatives (IEA) announced that it has entered into a $50M equity commitment agreement with a fund managed by the Private Equity Group of Ares Management Corporation (ARES) and funds managed by Oaktree Capital Management, L.P. (OAK). Under the terms of the commitment, the funds have agreed to purchase $50M of newly created Series B Preferred Stock from the company, subject to certain terms and conditions, including making certain amendments to the company's credit agreement and approval of the issuances by NASDAQ. Ares and Oaktree will receive warrants with an exercise price of 1c per share for the purchase of up to 10% of the company's common stock on a fully diluted basis with the opportunity to obtain warrants for up to an additional 6% of the company's outstanding fully diluted common stock based on the company's failure to meet certain performance targets. The proceeds from the sale of the Series B Preferred Stock will be used for working capital and to reduce outstanding borrowings under the company's revolving credit facility. The transaction is expected to close on or before May 20, 2019, subject to satisfaction of applicable closing conditions. Following the closing of the transaction, Ares will be entitled to appoint one director to the company's Board of Directors. A special committee of the company's Board of Directors consisting solely of independent disinterested directors reviewed and approved the terms of the preferred stock issuance. JP Roehm, CEO of IEA commented, "We are honored to have Ares as an investor in our company. Their commitment, as well as Oaktree's continued support, underscore the strength of our larger, more diversified platform. This capital will further strengthen our balance sheet and provide us the financial flexibility we need to execute our 2019 business plan and drive value creation for our shareholders."

IEA

Infrastructure and Energy Alternatives

$4.60

-0.35 (-7.07%)

ARES

Ares Management

$25.32

-0.48 (-1.86%)

OAK

Oaktree Capital

$49.28

-0.275 (-0.55%)

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IEA Infrastructure and Energy Alternatives
$4.60

-0.35 (-7.07%)

11/01/18
DADA
11/01/18
INITIATION
Target $10.5
DADA
Neutral
Infrastructure and Energy Alternatives initiated with a Neutral at DA Davidson
DA Davidson analyst Brent Thielman initiated Infrastructure and Energy Alternatives with a Neutral rating and a price target of $10.50, saying that although its peer group average multiple is about 6-times expected FY19 EBITDA, his price target implies valuation of about 5.5-times. The analyst notes that while the company offers longer-term benefits from its "radical transformation from nearly a pure wind construction play into other specialized construction verticals", new investors may be wary of building positions in a "newly public, micro-cap industry participant with greater financial leverage". Thielman also points to a "wide disparity" in the Street forecasts to his initial expectations for Infrastructure and Energy Alternatives performance.
02/20/19
DADA
02/20/19
NO CHANGE
Target $7
DADA
Neutral
Infrastructure and Energy Alternatives price target lowered to $7 at DA Davidson
DA Davidson analyst Brent Thielman lowered his price target on Infrastructure and Energy Alternatives to $7 from $10 and kept his Neutral rating after the company pre-announced a lighter than expected Q4. The analyst notes that "severe weather issues" in South Texas, Iowa, and Michigan impacted 6 of the company's 9 wind projects with $30M-$35M in lost gross profit contribution. Thielman plans to further review his projections after Infrastructure and Energy Alternatives discloses full Q4 results next month.
ARES Ares Management
$25.32

-0.48 (-1.86%)

06/28/18
JEFF
06/28/18
INITIATION
Target $26
JEFF
Buy
Ares Management initiated with a Buy at Jefferies
Jefferies analyst Gerald O'Hara started Ares Management with a Buy rating and $26 price target. The company continues to scale at a double-digit organic rate while steadily building out an increasingly diversified product set, O'Hara tells investors in a research note. He believes Ares is well positioned to deliver a "consistent all-weather return stream behind its $50B core direct lending credit franchise."
08/21/18
WELS
08/21/18
UPGRADE
WELS
Outperform
Ares Management upgraded to Outperform from Market Perform at Wells Fargo
08/21/18
08/21/18
UPGRADE
Target $25

Outperform
Ares Management upgraded to Outperform on underappreciated fee ramp-up at Wells Fargo
As previously reported, Wells Fargo analyst Christopher Harris upgraded Ares Management to Outperform from Market Perform and raised his price target on the shares to $25 from $24. The analyst sees several positive potential catalysts for the stock including significant fee earnings ramp through 2020, resumption of asset growth at the ARCC affiliate and the planned conversion to a C-Corp structure by year end.
01/04/19
GSCO
01/04/19
UPGRADE
Target $23
GSCO
Conviction Buy
Ares Management upgraded to Conviction Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Alexander Blostein upgraded Ares Management to Conviction Buy from Neutral with a price target of $23. The analyst believes that the asset manager is not getting enough credit for a "much more defensive earnings mix" with a decline of 23% in its shares during Q4 and expects the company to be "a lot more resilient in an event of a downturn given 75% of the firm's cash earnings come from fee-related earnings". Blostein acknowledges that credit market concerns continue to linger, but sees any impact on fee-related earnings as "manageable at less than 5%."
OAK Oaktree Capital
$49.28

-0.275 (-0.55%)

08/14/18
MSCO
08/14/18
NO CHANGE
Target $48
MSCO
Overweight
Oaktree Capital price target lowered to $48 from $51 at Morgan Stanley
Morgan Stanley analyst Michael Cyprys lowered his price target for Oaktree Capital to $48 from $51 but maintained an Overweight rating, telling investors in a research note that he views Oaktree as the "defensive play" in the alternative asset manager space given its distressed investing focus and "ample" dry powder that should drive over 50c of earnings power once activated.
03/14/19
MSCO
03/14/19
DOWNGRADE
Target $49
MSCO
Equal Weight
Oaktree Capital downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Michael Cyprys downgraded Oaktree Capital (OAK) to Equal Weight from Overweight as he sees relatively limited deal-related risk and assumes the company's majority stake sale deal with Brookfield (BAM) will close.
03/14/19
WELS
03/14/19
NO CHANGE
Target $49
WELS
Market Perform
Oaktree Capital price target raised to $49 from $44 at Wells Fargo
Wells Fargo analyst Christopher Harris raised his price target for Oaktree Capital (OAK) to $49 form $44 after the company and Brookfield Asset Management (BAM) announced an agreement for Brookfield to acquire 62% of the Oaktree business. Upon completion of the $4.7B transaction, which is expected to close in Q3, Oaktree Capital would no longer be publicly traded. Harris reiterates a Market Perform rating on Oaktree Capital's shares.

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NXPI

NXP Semiconductors

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NXPI

NXP Semiconductors

$91.93

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AJG

Arthur J. Gallagher

$83.41

0.05 (0.06%)

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Brown & Brown

$31.71

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Brown & Brown

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Marsh & McLennan

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AON

Aon plc

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WLTW

Willis Towers Watson

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MRK

Merck

$78.94

0.225 (0.29%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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DISH

Dish

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EchoStar

$42.01

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TMUS

T-Mobile

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NYSE Market Internals

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TILE

Interface

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GM

General Motors

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DISH

Dish

$31.11

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ZVO

Zovio

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LOW

Lowe's

$108.61

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TSLA

Tesla

$199.00

-12.02 (-5.70%)

, TROW

T. Rowe Price

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VRNA

Verona Pharma

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MYL

Mylan

$19.26

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$19.26

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Theravance Biopharma

$20.19

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