|Over a week ago|
Einhorn's Greenlight buys Twitter, exits Whirlpool in Q3 » 17:0311/1611/16/20
SNX, NCR, TWTR, INTC, INGR, TPX, SATS, WHR, XELA, GLD, AAWW, JACK, REZI, NBSE, AER, GDX, GPOR, CNX, APG, GRBK, BHF, CHNG
David Einhorn's Greenlight Capital disclosed in an SEC filing its holdings as of September 30, 2020. Greenlight's seventeen new buys during the third quarter included, by size of position, Synnex (SNX), NCR Corp. (NCR), Twitter (TWTR), Intel (INTC), and Ingredion (INGR). The fund exited four positions during the quarter, including by size of previous position Tempur Sealy (TPX), EchoStar (SATS), Whirlpool (WHR), and Exela Technologies (XELA). Greenlight increased its stake in five holdings, including by size of previous position SPDR Gold Shares (GLD), Atlas Air Worldwide (AAWW), Jack in the Box (JACK), Resideo Technologies (REZI), and Neubase Therapeutics (NBSE). The fund reduced its stake in eight holdings, including by size of previous position AerCap Holdings (AER), VanEck Vectors Gold Miners ETF (GDX), Gulfport Energy (GPOR), CNX Resources (CNX), and API Group (APG). Greenlight's top holdings as of September 30, 2020, in order of size, were Green Brick (GRBK), Brighthouse Financial (BHF), Atlas Air, Change Healthcare (CHNG), and AerCap Holdings.
NCR Corp. price target raised to $30 from $25 at Wells Fargo » 08:3610/2810/28/20
Wells Fargo analyst…
Wells Fargo analyst Timothy Willi raised the firm's price target on NCR Corp. to $30 from $25 and keeps an Overweight rating on the shares. The analyst believes that while challenges remain, the path to growth has become increasingly apparent following better-than-expected EPS/Revenue in Q3, which marked another stable result through the pandemic.
NCR sees COVID hurting business into 2021, possible charges in Q4 » 16:1410/2710/27/20
NCR Corp. said, "We…
NCR Corp. said, "We continue to navigate through the challenging times presented by COVID-19, with a sharp focus on safeguarding our employees and helping our customers. Despite the unprecedented environment, our teams are executing at a high level and we are advancing our strategy. While it is difficult to project how disruptive and protracted the pandemic will be, we do expect it will negatively impact our business for the remainder of 2020 and into 2021. We expect all of our segment results to be negatively impacted by the COVID-19 pandemic. We expect our hardware revenues to be most impacted while our recurring revenue streams is expected to be more resilient. The COVID-19 pandemic is complex and rapidly evolving. The ultimate impact on our overall financial condition and operating results will depend on the currently unknowable duration and severity of the pandemic, as well as any additional governmental and public actions taken in response. We are in the process of evaluating the long-term impact that COVID-19 may have on our business model which may result in charges in the fourth quarter of 2020. These charges may include both cash and non-cash items. There can be no assurance that the measures we have taken or will take will completely offset the negative impact of COVID-19.
NCR says taking steps to reduce finance leverage » 16:1210/2710/27/20
The company said,…
The company said, "We are taking steps to reduce our finance leverage and simplify our capital structure. In August, we closed two new bond offerings for $650 million at 5.00% and $450 million at 5.25% with maturities of 8- and 10- years. We used a portion of the proceeds to redeem the $600 million 5.00% senior notes and the $700 million 6.375% senior notes. In total, we redeemed $1.3 billion of debt and issued $1.1 billion of debt to delever by $200 million. At the beginning of the fourth quarter we repurchased 132,000 shares of the outstanding Series A Convertible Preferred Stock for $144 million, which represented approximately 32% of NCR's outstanding convertible preferred stock. Additionally, early in the fourth quarter, we paid down $470 million of the revolver based on the strong free cash flow performance year to date and our confidence in the outlook for our business."
NCR Corp. reports Q3 EPS 54c, consensus 39c » 16:1110/2710/27/20
Reports Q3 revenue…
Reports Q3 revenue $1.59B, consensus $1.55B. The company said, "Our third quarter performance reflects solid execution of our strategy and the resiliency of our solutions in a difficult operating environment that continues to be impacted by COVID-19. We generated healthy recurring revenue growth in the quarter and implemented productivity improvement initiatives to drive accelerated margin expansion. EBITDA margin expanded to 15.7%, representing sequential and year-over-year improvement. In addition, we delivered strong free cash flow and have recently taken steps to reduce our leverage and simplify our capital structure. Looking ahead, we still face a challenging operating environment but we remain confident in our ability to execute our strategy and grow recurring revenue, drive cash flow generation and expand margins. Our liquidity position remains solid and we are focused on finishing the year strong. We are positioning NCR to drive success for our customers and long-term sustainable growth for our stakeholders."
Einhorn's Greenlight Capital takes new long positions in Synnex, NCR » 11:0010/2710/27/20
SNX, NCR, GRBK, AER, AAWW, BHF, CHNG, AMSSY
In its third quarter…
In its third quarter letter to investors, David Einhorn's Greenlight Capital disclosed that it took new long positions in Synnex (SNX) and NCR Corp. (NCR) as well as Germany's AMS AG (AMSSY). "The Greenlight Capital funds returned 5.9% in the third quarter compared to 8.9% for the S&P 500 Index. [...] Green Brick Partners (GRBK) was the primary driver of this quarter's results. The shares advanced from $11.85 to $16.10. Housing appears to be a major beneficiary from the pandemic, as low interest rates combined with an expanded preference for single-family detached housing has spurred demand. [...] We established medium-sized new long positions in Synnex, ams AG, and NCR Corporation. [...] We did not have any significant portfolio exits," the letter reads. "At quarter-end, the largest disclosed long positions in the Partnerships were AerCap [AER], Atlas Air Worldwide [AAWW], Brighthouse Financial [BHF], Change Healthcare [CHNG] and Green Brick Partners. The Partnerships had an average exposure of 138% long and 80% short," Greenlight's letter to investors stated.
Fly Intel: Top five analyst upgrades » 09:5110/2710/27/20
WIFI, SIRI, ADT, ANAB, NCR
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Boingo Wireless (WIFI) upgraded to Outperform from Perform at Oppenheimer with analyst Timothy Horan saying he believes there's a "high probability" that Boingo sells part or all of its business to towers or an infrastructure-focused private equity firm in the next year. 2. Sirius XM (SIRI) upgraded to Outperform from Sector Perform at RBC Capital with analyst Kutgun Maral saying the company's beat-and-raise Q3 results continued to highlight the resiliency of its business model, its "consistent execution" and its "strong" balance sheet. 3. ADT Inc. (ADT) upgraded to Buy from Neutral at Citi with analyst Peter Christiansen saying the shares following the recent selloff offer a more favorable risk/reward. 4. AnaptysBio (ANAB) upgraded to Outperform from Neutral at Wedbush with analyst David Nierengarten saying he believes the amended licensing deal around dostarlimab and Zejula provides significant downside protection, and with near-term clinical catalysts around the corner, inexpensive upside exists for new investors. 5. NCR Corp. (NCR) upgraded to Overweight from Neutral at JPMorgan with analyst Paul Chung saying shares of both NCR and Diebold (DBD) are down year-to-date given their hospitality and retail point of sale exposure, coupled with pauses in ATM installation activity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Synnex, NCR Corp. revealed as new holdings by Greenlight, Bloomberg says » 09:4410/2710/27/20
Greenlight Capital disclosed in its Q3 letter to investors that it took new positions in Synnex (SNX) and NCR Corp. (NCR), according to Bloomberg.
NCR Corp. upgraded to Overweight from Neutral at JPMorgan » 08:2310/2710/27/20
JPMorgan analyst Paul…
JPMorgan analyst Paul Chung upgraded NCR Corp. to Overweight from Neutral with a price target of $27, up from $21, after assuming coverage of the name from Paul Coster. Shares of both NCR and Diebold (DBD) are down year-to-date given their hospitality and retail point of sale exposure, coupled with pauses in ATM installation activity, Chung tells investors in a research note. Retail is expected to remain pressured, though a structural preference for contactless shopping may accelerate demand for more self-checkout solutions, says the analyst. He sees ATMs per branch continuing to grow modestly and expects a gradual fundamental recovery over the next 6-12 months. Both stocks look attractively valued, but NCR is preferred given its margin structure and free cash flow outlook, Chung contends.
|Over a month ago|
NCR Corp. price target raised to $31 from $27 at DA Davidson » 09:2110/1610/16/20
DA Davidson analyst Matt…
DA Davidson analyst Matt Summerville raised the firm's price target on NCR Corp. to $31 from $27 and keeps a Buy rating on the shares ahead of its Q3 results. The analyst says his prior Q3 outlook for the stock may have been "overly punitive", and he expects NCR to examine some of its further cost structure refinements as a result of the pandemic. Summerville adds that he "fully expects a rebound in industry volumes next year" to align with a normalized replacement rate, also stating that NCR's self-checkout technology demand remains solid.