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Fly News Breaks for January 9, 2020
GM, F, SRT, AXP, SPOT, SHAK
Jan 9, 2020 | 10:16 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Shake Shack (SHAK) initiated with an Underperform at Raymond James. 2. Spotify (SPOT) initiated with an Underperform at Bernstein. 3. American Express (AXP) initiated with a Neutral at Baird. 4. StarTek (SRT) initiated with a Buy at B. Riley FBR. 5. Ford (F) initiated with a Hold at Benchmark while General Motors (GM) was initiated with a Buy. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
News For SHAK;SPOT;AXP;SRT;F;GM From the Last 2 Days
AXP
Jan 19, 2022 | 07:21 EST
JPMorgan analyst Richard Shane lowered the firm's price target on American Express to $198 from $215 and keeps an Overweight rating on the shares. The analyst reduced target multiples on consumer finance companies by 8%, on average. He views 2022 as a transition year and believes that the probability is shifting from 2023 earnings representing normalized earnings to 2023. This reflects a "cyclical earnings peak," driven by elevated inflation, rate uncertainty, and fewer tailwinds from labor market improvements as the U.S. approaches full employment, Shane tells investors in a research note.
F
Jan 18, 2022 | 16:07 EST
Ford (F) outlined several large special items that it intends to report in early February as part of the company's fourth-quarter and full-year 2021 financial results. Special items are included in Ford's reported GAAP net income and earnings per share, but are excluded from its non-GAAP adjusted earnings before interest and taxes and adjusted EPS. On a preliminary basis, the special items are expected to include: A fourth-quarter gain of $8.2 billion on Ford's equity investment in Rivian (RIVN), following Rivian's Nov. 10 initial public offering of common stock and a mark-to-market revaluation of the holdings. Additionally, Ford will reclassify its ~$900 million first-quarter 2021 non-cash gain on the Rivian investment as a special item - a step Ford said in October it would take after Rivian's IPO. The reclassification means the gain from first-quarter 2021 will not be included in Ford's full-year adjusted EBIT or adjusted EPS. When Ford last provided full-year adjusted EBIT guidance with its third-quarter results on Oct. 27, the ~$900 million gain was included in the forecast range of $10.5 billion to $11.5 billion. Going forward, mark-to-market revaluations to account for changes in Rivian's stock price could result in related gains or losses each quarter reported as special items. Another special item is an annual revaluation of Ford's global pension and other post-retirement employee benefits - resulting in a non-cash, pre-tax accounting re-measurement gain of about $3.5 billion in the fourth quarter and about $3.9 billion for the full year. Overall, the remeasurement gain is mostly attributable to higher discount rates and asset returns. Other items include: Recording about $1.7 billion in costs associated with Ford repurchasing and redeeming more than $7.6 billion in high-cost debt in the fourth quarter, and; Reporting a $3.6 billion tax special item - a non-cash benefit - primarily resulting from changes in Ford's global tax structure and its effect on deferred tax assets.
GM, F
Jan 18, 2022 | 10:59 EDT
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