|Over a week ago |
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Focus Financial downgraded to Market Perform from Outperform at Keefe Bruyette » 05:2203/0203/02/23
Keefe Bruyette analyst…
Keefe Bruyette analyst Kyle Voigt downgraded Focus Financial to Market Perform from Outperform with an unchanged price target of $55. The analyst cites the recent rally in the shares and the company's agreement with CD&R to be taken private at $53 per share for the downgrade. The firm admits it could be leaving some upside on the table if competing bids develop.
Focus Financial downgraded to Market Perform from Outperform at William Blair » 16:5002/2702/27/23
William Blair analyst…
William Blair analyst Jeff Schmitt downgraded Focus Financial to Market Perform from Outperform after the company reached an agreement to be acquired by Clayton, Dubilier & Rice and Stone Point Capital in an all-cash transaction valued at $53 in cash per share.
Focus Financial to be acquired by CD&R for $53 per share in cash » 07:3402/2702/27/23
Focus Financial Partners,…
Focus Financial Partners, Clayton, Dubilier & Rice, and Stone Point Capital announced that Focus and CD&R have entered into a definitive agreement for Focus to be acquired by affiliates of CD&R in an all-cash transaction valued at an enterprise value of over $7 billion. The proposed transaction delivers substantial value to Focus' stockholders, who will receive $53 in cash per share, representing an approximately 36% premium to Focus' 60-day volume weighted average price as of the close on February 1, 2023, and an approximately 48% premium to the closing price of the Company's Class A common stock on December 28, 2022. Funds managed by Stone Point have agreed to retain a portion of their investment in Focus and provide new equity financing as part of the proposed transaction.The Special Committee of the Board of Directors has unanimously determined that this transaction is fair to and in the best interests of Focus and its unaffiliated stockholders. The proposed transaction has been approved by the Special Committee, which was formed on November 1, 2022, to evaluate a non-binding offer received from CD&R and to explore alternative transactions. The Special Committee is composed entirely of independent and disinterested directors. The Board of Directors of Focus has approved the proposed transaction on the recommendation of the Special Committee. Closing of the proposed transaction is subject to stockholder approval, regulatory approvals and other customary conditions. The transaction is expected to close in the third quarter of 2023. Focus will cease to be a publicly traded company upon consummation of the proposed transaction. CD&R and Stone Point intend to finance the transaction with fully committed equity financing that is not subject to any financing condition. The proposed transaction is subject to a non-waivable approval of holders of a majority in the voting power of the outstanding shares of common stock held by Focus' disinterested stockholders and provides for a 40-day "go-shop" period expiring at 11:59 p.m. Eastern time on April 8, 2023, which allows the Special Committee and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties, with a 10-day extension for parties that submit acquisition proposals during the initial 40-day period that are reasonably likely to lead to a superior proposal. The Company will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this "go-shop" will result in a superior proposal, and Focus does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or otherwise required.
|Over a month ago|
Focus Financial downgraded to Sector Perform from Outperform at RBC Capital » 10:2802/2102/21/23
RBC Capital downgraded…
RBC Capital downgraded Focus Financial to Sector Perform from Outperform with a $53 price target. Given the current price, the $53 per share takeover offer and the firm's expectations that the transaction will go through, RBC Capital is moving to the sidelines.
Focus Financial upgraded to Outperform from Market Perform at BMO Capital » 07:2202/2102/21/23
BMO Capital analyst James…
BMO Capital analyst James Fotheringham upgraded Focus Financial to Outperform from Market Perform with an unchanged $53 price target. The analyst cites the company's Q4 revenue-driven beat, also stating that while markets remain turbulent, Focus Financial continues to benefit from a variable expense base, recurring fee-based revenues, and earnings preference deal structures. The company also provided encouraging near-term guidance and reported deal momentum well ahead of last year's pace, the firm tells investors in a research note.
Focus Financial downgraded on limited upside to offer at Truist » 07:1202/2102/21/23
Truist downgraded Focus…
Truist downgraded Focus Financial to Hold from Buy with a price target of $53, up from $50. The analyst sees limited upside from current levels based on the non-binding $53 per share takeover offer from Clayton, Dubilier & Rice. Improved market conditions should continue to support Focus Financial's revenue, the analyst tells investors in a research note. The firm has confidence in its forecast of double-digit revenue growth in 2023 and 2024.
Focus Financial downgraded to Hold from Buy at Truist » 06:2302/2102/21/23
Truist analyst Brandon…
Truist analyst Brandon King downgraded Focus Financial Partners to Hold from Buy with a price target of $53, up from $50.
Focus Financial downgraded to Market Perform at Raymond James after offer » 08:0302/1702/17/23
Raymond James analyst…
Raymond James analyst Patrick O'Shaughnessy downgraded Focus Financial to Market Perform from Outperform without a price target following the Q4 results. The company's Q4 EPS was better than anticipated and its Q1 outlook was ahead of consensus, but share price upside will be limited from here due to the outstanding offer from private equity firm Clayton, Dubilier & Rice to acquire Focus for $53 per share in cash, the analyst tells investors in a research note. The firm does not expect another buyer to emerge given that Focus already shopped the company around to other potential buyers and has since entered into an exclusivity arrangement with CD&R.
Oppenheimer downgrades Focus Financial to Perform after buyout offer » 07:3302/1702/17/23
Oppenheimer analyst Owen…
Oppenheimer analyst Owen Lau downgraded Focus Financial Partners to Perform from Outperform without a price target. The analyst cites the pending $53 per share buyout offer from private equity firm Clayton, Dubilier & Rice for the downgrade. The firm believes Focus is trading on technical factors instead of fundamentals pending clarity on the deal. If the company doesn't accept the offer, the stock is at risk to retrace to or below $46, the analyst tells investors in a research note.
Focus Financial downgraded to Perform from Outperform at Oppenheimer » 05:2502/1702/17/23
Oppenheimer analyst Owen…
Oppenheimer analyst Owen Lau downgraded Focus Financial to Perform from Outperform without a price target.