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BBU

Brookfield Business Partners

$41.25

1.28 (3.20%)

, BAM

Brookfield

$48.38

0.29 (0.60%)

17:15
06/20/19
06/20
17:15
06/20/19
17:15

Brookfield Business Partners announces $795M equity offering

Brookfield Business Partners (BBU) announced plan to issue 8.76M limited partnership units on a bought deal basis, to a syndicate of underwriters co-led by TD Securities Inc., Scotiabank, BMO Capital Markets, Credit Suisse Inc. and HSBC Securities Inc. at a price of $39.40 per unit for gross proceeds of approximately $345M. In addition, Brookfield Asset Management (BAM) and certain of its related entities will, concurrent with the offering, purchase 6.61M redemption-exchange units of Brookfield Business Partners' holding limited partnership at the offering price for a total amount of $250M. Brookfield Business Partners will also issue 5.1M units at the Offering Price by way of private placement to OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, for gross proceeds of approximately $200M. The aggregate gross proceeds of the Offering and the Concurrent Private Placements will be approximately $795M.

BBU

Brookfield Business Partners

$41.25

1.28 (3.20%)

BAM

Brookfield

$48.38

0.29 (0.60%)

  • 08

    Aug

BBU Brookfield Business Partners
$41.25

1.28 (3.20%)

01/15/19
RBCM
01/15/19
DOWNGRADE
RBCM
Sector Perform
Brookfield Business Partners downgraded to Sector Perform at RBC Capital
01/15/19
RBCM
01/15/19
DOWNGRADE
Target $42
RBCM
Sector Perform
Brookfield Business Partners cut to Sector Perform at RBC Capital on valuation
As reported earlier, RBC Capital analyst Jeoffrey Kwan downgraded Brookfield Business Partners to Sector Perform from Outperform and lowered his price target to $42 from $46. The analyst says that while the stock is an "attractive" investment over the longer term horizon, its 2018 outperformance relative to his coverage universe implies a total return that is now more in line with the average. Kwan also warns that the heightened market volatility could reduce Brookfield Business Partners' earnings visibility and thus the estimated values for its investments, recommending increased disclosures regarding their financial performance.
01/15/19
01/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PG&E (PCG) downgraded to Sell from Buy at Argus with analyst Jacob Kilstein citing the company's announcement that it will declare bankruptcy based on the potential for $30B in liability costs related to its role in California wildfire, the lack of financing, and the absence of the state government intervention. 2. SL Green Realty (SLG) downgraded to Neutral from Buy at Goldman Sachs with analyst Andrew Rosivach saying he believes the market will value at a lower multiple than real estate ownership. 3. Atlassian (TEAM) and Yext (YEXT) were downgraded to Underweight from Equal Weight at Morgan Stanley while Oracle (ORCL), VMware (VMW), and Autodesk (ADSK) were downgraded to Equal Weight from Overweight. 4. Brookfield Business Partners (BBU) downgraded to Sector Perform at RBC Capital. 5. Edison International (EIX) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing the challenging operating environment in California following the PG&E (PCG) Chapter 11 filing. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/13/19
FBCO
05/13/19
INITIATION
Target $42
FBCO
Neutral
Johnson Controls reinstated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh reinstated Johnson Controls (JCI) with a Neutral rating and a $42 price target, following the Power Solutions sale to Brookfield (BBU). The analyst cited tailwinds from energy efficiency/sustainability, improved free cash flow metrics, and margin expansion driven by incremental synergy/productivity gains in 2019/2020. However, he does not see meaningful upside to consensus estimates or relative valuation to implied IR ClimateCo, at this time.
BAM Brookfield
$48.38

0.29 (0.60%)

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.
03/18/19
BMOC
03/18/19
NO CHANGE
Target $13
BMOC
Market Perform
TerraForm Power price target raised to $13 on higher dividend at BMO Capital
BMO Capital analyst Ben Pham nudged his price target on TerraForm Power (TERP) to $13 from $12 in spite of its below-consensus Q4 adjusted EBITDA, saying the company's 6% dividend increase reflects the management's expectations for improved production and "better than expected" cost reductions in 2019. The analyst is keeping his Market Perform rating on the stock given its risk-adjusted relative return, but sees the company's cash flow generating business as stable and its sponsorship by Brookfield (BAM) as promising of new growth opportunities.
04/15/19
SBSH
04/15/19
UPGRADE
Target $35
SBSH
Neutral
Citi upgrades Franklin Resources, Artisan to Neutral from Sell
Citi analyst William Katz upgraded both Franklin Resources (BEN) and Artisan Partners (APAM) to Neutral from Sell. The analyst raised his price target to $35 from $28 for the former and to $25 from $20 for the latter. Ahead of the Q1 earnings season, however, the analyst favors the Alternatives. His top picks are Och-Ziff Capital (OZM), Brookfield (BAM) and Blackstone (BX). Katz, though, is "tactically less negative" on the Traditional asset managers.
04/25/19
FBCO
04/25/19
DOWNGRADE
Target $46
FBCO
Neutral
Brookfield Infrastructure downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Andrew Kuske downgraded Brookfield Infrastructure to Neutral from Outperform, with a $46 price target, given the more limited return to target and the balancing of funding needs. The analyst notes that the most interesting near-term issue facing Brookfield Infrastructure Partners is pending close for Brookfield's (BAM) Infrastructure Fund IV likely landing around $20B.

TODAY'S FREE FLY STORIES

RL

Ralph Lauren

$111.00

-4.16 (-3.61%)

, LEVI

Levi Strauss

$18.57

-1.24 (-6.26%)

10:52
07/17/19
07/17
10:52
07/17/19
10:52
On The Fly
Ralph Lauren, Levi Strauss under pressure after Goldman Sachs says sell »

Shares of Ralph Lauren…

RL

Ralph Lauren

$111.00

-4.16 (-3.61%)

LEVI

Levi Strauss

$18.57

-1.24 (-6.26%)

PVH

PVH Corp.

$89.45

-3.05 (-3.30%)

KTB

Kontoor Brands

$30.98

-0.88 (-2.76%)

UAA

Under Armour

$27.10

-0.27 (-0.99%)

UA

Under Armour

$23.89

-0.37 (-1.53%)

TPR

Tapestry

$30.64

-0.56 (-1.79%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 30

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    Sep

UAL

United Continental

$93.76

-0.24 (-0.26%)

10:48
07/17/19
07/17
10:48
07/17/19
10:48
Hot Stocks
United Continental expects MAX jet to return to service no later than Nov. 3 »

Management says flights…

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  • 17

    Jul

UAL

United Continental

$93.88

-0.12 (-0.13%)

10:46
07/17/19
07/17
10:46
07/17/19
10:46
Hot Stocks
United Continental CEO says China business was volatile due to trade issues »

Comments provided during…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 17

    Jul

SLB

Schlumberger

$39.13

-0.95 (-2.37%)

10:45
07/17/19
07/17
10:45
07/17/19
10:45
Options
Schlumberger call volume above normal and directionally bullish »

Bullish option flow…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 19

    Jul

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    Aug

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    Nov

PNC

PNC Financial

$140.14

1.48 (1.07%)

10:44
07/17/19
07/17
10:44
07/17/19
10:44
Hot Stocks
Breaking Hot Stocks news story on PNC Financial »

PNC Financial says sees…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
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  • 17

    Jul

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    Jul

  • 16

    Oct

INO

Inovio

$2.60

-0.405 (-13.50%)

10:43
07/17/19
07/17
10:43
07/17/19
10:43
Recommendations
Inovio analyst commentary at Piper Jaffray »

Inovio price target…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 17

    Jul

PNC

PNC Financial

$140.35

1.69 (1.22%)

10:43
07/17/19
07/17
10:43
07/17/19
10:43
Hot Stocks
Breaking Hot Stocks news story on PNC Financial »

PNC Financial says on…

03/08/13
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03/06/13
Citigroup
03/06/13
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  • 17

    Jul

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    Jul

  • 16

    Oct

DOYU

DouYu

$0.00

(0.00%)

10:42
07/17/19
07/17
10:42
07/17/19
10:42
Syndicate
Breaking Syndicate news story on DouYu »

DouYu indicated to open…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 17

    Jul

10:40
07/17/19
07/17
10:40
07/17/19
10:40
General news
Energy Action: NYMEX crude »

Energy Action: NYMEX…

EBAY

eBay

$39.72

-0.18 (-0.45%)

, GOOG

Alphabet

$1,151.72

-1.25 (-0.11%)

10:38
07/17/19
07/17
10:38
07/17/19
10:38
Earnings
Fly Intel: What to watch in eBay earnings report »

eBay (EBAY) is scheduled…

EBAY

eBay

$39.72

-0.18 (-0.45%)

GOOG

Alphabet

$1,151.72

-1.25 (-0.11%)

GOOGL

Alphabet Class A

$1,151.74

-1.12 (-0.10%)

PYPL

PayPal

$119.63

-0.05 (-0.04%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 17

    Jul

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    Jul

  • 24

    Jul

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    Jul

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    Jul

  • 08

    Aug

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    Oct

PNC

PNC Financial

$139.92

1.26 (0.91%)

10:35
07/17/19
07/17
10:35
07/17/19
10:35
Hot Stocks
PNC Financial notes 'uncertainty' in economy, outlook for rates »

Comments taken from Q2…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 17

    Jul

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    Oct

HLF

Herbalife Nutrition

$40.00

-1.87 (-4.47%)

10:35
07/17/19
07/17
10:35
07/17/19
10:35
Options
Herbalife put volume heavy and directionally bearish »

Bearish flow noted in…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 01

    Aug

DOYU

DouYu

$0.00

(0.00%)

10:31
07/17/19
07/17
10:31
07/17/19
10:31
Syndicate
Breaking Syndicate news story on DouYu »

DouYu indicated to open…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 17

    Jul

10:30
07/17/19
07/17
10:30
07/17/19
10:30
General news
Crude inventories for week of July 12 »

Crude oil inventories…

FXI

iShares China Large-Cap ETF

$42.28

0.09 (0.21%)

10:20
07/17/19
07/17
10:20
07/17/19
10:20
Options
Short-term put buyer in China ETF bought delta neutral »

Short-term put buyer in…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

10:17
07/17/19
07/17
10:17
07/17/19
10:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

03/08/13
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03/06/13
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PAGS

PagSeguro Digital

$45.50

0.78 (1.74%)

, OPRA

Opera

$11.00

0.41 (3.87%)

10:16
07/17/19
07/17
10:16
07/17/19
10:16
Initiation
Fly Intel: Top five analyst initiations »

Catch up on today's…

PAGS

PagSeguro Digital

$45.50

0.78 (1.74%)

OPRA

Opera

$11.00

0.41 (3.87%)

WORK

Slack Technologies

$34.19

-0.24 (-0.70%)

JLL

Jones Lang LaSalle

$140.23

-0.06 (-0.04%)

ALSN

Allison Transmission

$47.46

-0.1 (-0.21%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 01

    Aug

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    Aug

HSY

Hershey

$144.07

3.64 (2.59%)

, COP

ConocoPhillips

$60.31

0.57 (0.95%)

10:16
07/17/19
07/17
10:16
07/17/19
10:16
Upgrade
Fly Intel: Top five analyst upgrades »

Catch up on today's…

HSY

Hershey

$144.07

3.64 (2.59%)

COP

ConocoPhillips

$60.31

0.57 (0.95%)

CTRP

Ctrip

$38.35

1.48 (4.01%)

KBH

KB Home

$26.58

-0.16 (-0.60%)

SLGN

Silgan Holdings

$30.47

0.09 (0.30%)

03/08/13
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03/06/13
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03/06/13
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  • 24

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MFGP

Micro Focus

$21.23

0.57 (2.76%)

, WFC

Wells Fargo

$45.45

0.15 (0.33%)

10:16
07/17/19
07/17
10:16
07/17/19
10:16
Downgrade
Fly Intel: Top five analyst downgrades »

Catch up on today's…

MFGP

Micro Focus

$21.23

0.57 (2.76%)

WFC

Wells Fargo

$45.45

0.15 (0.33%)

ARLP

Alliance Resource Partners

$16.87

-0.38 (-2.20%)

WUBA

58.com

$57.07

-0.68 (-1.18%)

RL

Ralph Lauren

$111.09

-4.07 (-3.53%)

LEVI

Levi Strauss

$18.76

-1.05 (-5.30%)

PVH

PVH Corp.

$89.89

-2.61 (-2.82%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 26

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    Jul

  • 01

    Aug

  • 19

    Sep

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    Sep

  • 12

    Oct

  • 15

    Oct

$NYE

NYSE Market Internals

$0.00

(0.00%)

10:16
07/17/19
07/17
10:16
07/17/19
10:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

03/08/13
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DOYU

DouYu

$0.00

(0.00%)

10:15
07/17/19
07/17
10:15
07/17/19
10:15
Syndicate
Breaking Syndicate news story on DouYu »

DouYu indicated to open…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 17

    Jul

LEVI

Levi Strauss

$18.74

-1.07 (-5.40%)

10:15
07/17/19
07/17
10:15
07/17/19
10:15
Options
Levi Strauss put volume heavy and directionally bearish »

Bearish flow noted in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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10:15
07/17/19
07/17
10:15
07/17/19
10:15
General news
Fed funds futures have a light bid »

Fed funds futures have a…

10:15
07/17/19
07/17
10:15
07/17/19
10:15
General news
Breaking General news story  »

Week of 7/12 EIA…

DOYU

DouYu

$0.00

(0.00%)

10:13
07/17/19
07/17
10:13
07/17/19
10:13
Syndicate
Breaking Syndicate news story on DouYu »

DouYu indicated to open…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 17

    Jul

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