|Over a quarter ago|
Orix to purchase Spain's Elawan Energy for roughly $965M, Bloomberg says » 06:4512/2812/28/20
Orix has agreed to…
Orix has agreed to purchase Spain's Elawan Energy, the conglomerate's first deal to buy a majority stake in an overseas renewable power company, Bloomberg's Taiga Uranaka and Takako Taniguchi report, citing people familiar with the matter. The company is acquiring an 80% stake in Elawan from management and Spanish company Acek and the deal is valued at roughly Y100B, or $965M. Reference Link
Orix unit Boston Financial completes acquisition Boston Capital portfolio » 09:1212/1612/16/20
ORIX announced that…
ORIX announced that wholly-owned subsidiary, Boston Financial Investment Management completed the acquisition of Boston Capital's low-income housing tax credit, LIHTC, fund portfolio. ORIX entered into an agreement with Boston Capital to acquire the LIHTC fund portfolio in September 2020. "This acquisition is an important milestone in our efforts to build a world-class real estate business, as well as re-affirming our commitment to the affordable housing community," said Terry Suzuki, ORIX USA President and CEO. "Combining the portfolios of two leading syndicators in the LIHTC industry creates one of the largest and most sustainable syndicators in the LIHTC industry, helping to drive growth and broaden Boston Financial's services to affordable housing stakeholders." With the addition of Boston Capital's LIHTC fund portfolio, Boston Financial now manages more than 2,300 underlying assets and 190 LIHTC funds, and the company's equity under management has nearly doubled from $7.7B to $15B. "The combined portfolio dramatically expands our strategic footprint and commitment to the creation of affordable housing," said Greg Voyentzie, Boston Financial CEO. "I am very excited about the opportunities this transaction offers us to broaden our relationships with fund investors and developer clients to address the growing need for affordable housing across the country."
Orix upgraded to Buy from Neutral at Goldman Sachs » 10:0912/1512/15/20
Goldman Sachs analyst…
Goldman Sachs analyst Shinichiro Nakamura upgraded Orix to Buy from Neutral with a price target of 1,750 yen, up from 1,400 yen, after raising his earnings estimates given better visibility for earnings in key segments and an improving economic outlook.
Orix upgraded to Neutral on valuation at Goldman Sachs » 11:0809/0109/01/20
As previously reported,…
As previously reported, Goldman Sachs analyst Shinichiro Nakamura upgraded Orix to Neutral from Sell with a price target of 1,300 yen, down from 1,320 yen, citing valuation relative to the rest of his financial sector coverage with the stock down 5% since it was added to the firm's Sell List on June 26.
Orix upgraded to Neutral from Sell at Goldman Sachs » 11:0709/0109/01/20
Goldman Sachs analyst…
Goldman Sachs analyst Shinichiro Nakamura upgraded Orix to Neutral from Sell.
Fly Intel: Top five analyst downgrades » 10:0706/2606/26/20
BA, INO, IRBT, FRPT, IX
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Boeing (BA) downgraded to Market Perform from Outperform at Bernstein with analyst Douglas Harned saying he believes recoveries in airline traffic and plane deliveries will take longer than previously expected amid the COVID-19 pandemic. 2. Inovio (INO) downgraded to Hold from Buy at Stifel with analyst Stephen Willey saying the over $6B fully diluted valuation more appropriately reflects a balanced risk/reward profile ahead of approaching events. 3. iRobot (IRBT) downgraded to Underperform from Neutral at BofA with analyst John Babcock saying he attributes the rally in the shares since Q1 results to data points that show a strong sell-through in April and May as well as increased interest in iRobot's products amidst the pandemic, but he does not believe that those trends are indicative of acceleration in the robot vacuum category and expects a re-rating of multiples as growth rates normalize. 4. Freshpet (FRPT) downgraded to Sell from Neutral at Citi with analyst Wendy Nicholson saying she likes the story but not at the current valuation. 5. Orix (IX) downgraded to Neutral from Buy at Citi with the firm's analyst saying the company's earnings are likely to be negatively impacted Covid-19, particularly in operations related to real estate and aircraft. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Orix downgraded to Sell from Buy at Goldman Sachs » 09:0806/2606/26/20
Goldman Sachs analyst…
Goldman Sachs analyst Shinichiro Nakamura double downgraded Orix to Sell from Buy with a price target of 1,320 yen, down from 1,640 yen. Larger than expected revenue declines due to COVID-19 and plans to intentionally limit capital gains drives lower return on equity and shareholder returns, Nakamura tells investors in a research note. The analyst sees no near-term catalysts for the shares.
Orix downgraded to Neutral from Buy at Citi » 04:4406/2606/26/20
Citi downgraded Orix to…
Citi downgraded Orix to Neutral from Buy with a price target of 1,400 yen, down from 2,200 yen. The company's earnings are likely to be negatively impacted Covid-19, particularly in operations related to real estate and aircraft, the firm says.