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BABA

Alibaba

$171.29

2.27 (1.34%)

, AABA

Altaba

$70.07

0.43 (0.62%)

13:18
06/27/19
06/27
13:18
06/27/19
13:18

Altaba says stockholders approve complete liquidation and dissolution plan

Altaba (AABA) announced that, at the fund's special meeting of stockholders held earlier today, its stockholders voted to approve the voluntary liquidation and dissolution of the fund. The fund announced on April 2 that its board of directors had approved the plan. The fund currently intends to continue its sales of Alibaba Group Holding (BABA) American Depositary Shares through open market transactions and/or through private dispositions not executed or recorded on a public exchange or quotation service. Through June 26, Altaba has sold approximately 126.4M Alibaba shares, approximately 45% of its stake as of May 17. The fund may sell up to 100% of its Alibaba shares prior to filing a certificate of dissolution with the Secretary of State of the State of Delaware. The fund has previously disclosed that it intends to sell a minimum number of Alibaba shares to ensure that it has the liquid assets that the board estimates will be sufficient for the maximum potential reserves that might be required by the Delaware Court of Chancery to satisfy the fund's known, contingent and potential future liabilities. The fund expects to continue providing stockholders with weekly updates on the number of Alibaba shares sold. The updates will be provided on the Altaba.com website in the section titled "Holdings". The fund currently expects to make a pre-dissolution liquidating distribution late in the third quarter, although this timing is subject to board discretion and could change.

BABA

Alibaba

$171.29

2.27 (1.34%)

AABA

Altaba

$70.07

0.43 (0.62%)

  • 27

    Jun

BABA Alibaba
$171.29

2.27 (1.34%)

06/11/19
UBSW
06/11/19
NO CHANGE
Target $210
UBSW
Buy
Alibaba offers 'attractive long-term risk/reward', says at UBS
UBS analyst Jerry Liu kept his Buy rating and $210 price target on Alibaba as part of the "UBS Evidence Lab's Marketing Thinking Game" research note. The analyst says the percentage of investors predicting the number of their peers remaining bullish on the stock has slid slightly to 55% from 60% to reflect the near-term headwinds, including "Altaba distribution, insider selling and advertising market weakness", but he believes that the stock offers an "attractive" long-term risk-reward at its current price. Liu is positive on Alibaba's focus on "balanced growth" between revenue and profitability, also anticipating that the company will narrow losses from its "many key investment areas" in FY20.
06/04/19
06/04/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Uber (UBER) was initiated with an Overweight at Barclays and Morgan Stanley, an Outperform at Oppenheimer, Cowen, William Blair, and JMP Securities, a Buy at Canaccord, SunTrust, Deutsche Bank, Loop Capital, Mizuho, BTIG, Needham, and BofA/Merrill, and a Neutral at Citi. 2. Lyft (LYFT) was initiated with a Buy at BTIG, SunTrust, and Citi, a Hold at Loop Capital, and an Equal Weight at Barclays. 3. Alibaba (BABA), JD.com (JD), and Twitter (TWTR) were initiated with a Buy at Loop Capital, while Alphabet (GOOG, GOOGL) was initiated with a Hold. 4. Pfizer (PFE) was resumed with an Overweight at Morgan Stanley. 5. Neon Therapeutics (NTGN) was initiated with a Buy at Mizuho. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/04/19
BARD
06/04/19
NO CHANGE
BARD
Risk of large-cap tech breakups 'fairly low,' says Baird
Following yesterday's multiple media reports that antitrust regulators were laying out their lines of responsibility if they choose to pursue investigations of Google (GOOGL), Amazon (AMZN), Facebook (FB) and Apple (AAPL), Baird analyst Colin Sebastian said he views the odds of "nuclear options," such as forced breakups of Google, Facebook or Amazon, as "fairly low." However, he sees the chances of anti-trust action short of breakups as "moderate" and thinks the odds of regulation around privacy and security are "relatively high." Sebastian thinks Amazon and Alibaba (BABA) could outperform other large-cap tech stocks amid the "specter of government intervention," though he also thinks positive revenue trends at Facebook could lead to a rebound after investors digest the current news.
06/04/19
LOOP
06/04/19
INITIATION
Target $250
LOOP
Buy
Alibaba initiated with a Buy at Loop Capital
As previously reported, Loop Capital analyst Rob Sanderson initiated Alibaba with a Buy rating and a price target of $250. The analyst says the company represents the "world's most complete digital retail ecosystem" with dominant positioning in commerce marketplaces, digital payments infrastructure, and cloud computing services. Sanderson also believes that Alibaba can sustain its growth trends in core commerce and ramp up margins in its investment areas, with "meaningful" stock price appreciation potential if fears of a U.S.-China trade wars normalize.
AABA Altaba
$70.07

0.43 (0.62%)

05/24/19
STFL
05/24/19
NO CHANGE
Target $220
STFL
Buy
Stifel adds Alibaba to Select List, sees 40% upside from current levels
Stifel analyst Scott Devitt added Alibaba Group Holding (BABA) to his firm's Select List while keeping a Buy rating on the shares with a $220 price target. The 12% pullback in the stock since the company's Q4 results, due to trade war concerns, an Altaba (AABA) selling event, and concern over near-term investment in growth initiatives, has created an opportunity to own shares with a long-term investment horizon, Devitt tells investors in a research note. The stock now trades at 13 times estimated fiscal 2021 EBITDA, and is "even cheaper" on earnings from Alibaba's core marketplace-based businesses, says the analyst. Devitt sees 40% upside from current share levels.
04/04/19
04/04/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Micron (MU) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Joseph Moore saying the company's fundamentals have not changed but the stock has rallied amid recent optimism as cloud demand has started to come back and a competitor has experienced a "minor product qualification challenge." 2. Brighthouse Financial (BHF) downgraded to Sell from Neutral at Citi with analyst Suneet Kamat saying the recent decline in long-term interest rates and the forward curve could negatively impact Brighthouse's ability to generate free cash flow from its variable annuity business. 3. Altaba (AABA) downgraded to Neutral from Overweight at JPMorgan with analyst Douglas Anmuth saying Altaba yesterday announced its board approved plans for a voluntary liquidation and dissolution, with total distributions paid expected between $76.62 and $79.22 per share, which represents ~5-9% upside from current levels. 4. Comerica (CMA) downgraded to Neutral from Overweight at JPMorgan and to Neutral from Buy at Goldman Sachs. 5. Roku (ROKU) downgraded to Neutral from Buy at Guggenheim with analyst Michael Morris saying Apple's (AAPL) video product unveiled on March 25 represents an additional risk to Roku's active user base. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/04/19
JPMS
04/04/19
DOWNGRADE
Target $78
JPMS
Neutral
JPMorgan downgrades Altaba to Neutral ahead of dissolution
JPMorgan analyst Douglas Anmuth downgraded Altaba (AABA) to Neutral from Overweight and lowered his price target for the shares to $78 from $84. Altaba yesterday announced its board approved plans for a voluntary liquidation and dissolution, with total distributions paid expected between $76.62 and $79.22 per share, which represents ~5-9% upside from current levels, Anmuth tells investors in a research note. The analyst says this is not the tax-efficient outcome he had hoped for. He believes Altaba's ability to execute the most efficient transaction ultimately depended on Alibaba's (BABA) interest and willingness to participate, and "it was clear Alibaba has not shown an interest in repurchasing its shares." His Neutral rating reflects his expectation for a Q4 dissolution.
04/04/19
JPMS
04/04/19
DOWNGRADE
Target $78
JPMS
Neutral
Altaba downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Douglas Anmuth downgraded Altaba to Neutral from Overweight and lowered his price target for the shares to $78 from $84.

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