These are some of the analyst downgrades and cautious research calls we have seen early this Tuesday morning on Wall Street:
Blackbaud (BLKB) Cut to Hold at Jefferies.
Citrix Systems (CTXS) Cut to Perform at Oppenheimer.
Discovery Labs (DSCO) Cut to Underperform at Jefferies.
Eaton Vance (EV) Cut to Underweight at JPMorgan.
Federated Investors (FII) Cut to Underweight at JPMorgan.
Southwest Air (LUV) Cut to Sell at Argus.
JON C. OGG
These are this Monday’s top pre-market analyst downgrades and cautious research calls from Wall Street with more than two hours until the market opens:
Citrix Systems (CTXS) Cut to Perform at Oppenheimer.
Discovery Labs (DSCO) Cut to Underperform at Jefferies.
Eaton Vance (EV) Cut to Underweight at JPMorgan.
Federated Investors (FII) Cut to Underweight at JPMorgan.
FPL Group (FPL) Cut to Underperform at Credit Suisse.
Rackspace (RAX) Cut to Neutral at Goldman Sachs.
JON C. OGG
These are some of the top pre-market analyst downgrades and negative calls we are seeing this Friday morning:
Jon C. Ogg
December 12, 2008
These are some of the top downgrades and negative calls we are seeing from Wall Street analysts this Tuesday morning:
Jon C. Ogg
November 25, 2008
Goldman Sachs has issued a call on its asset manager universe, and says it’s time to go on the offensive. Its rating on the group is now attractive. The bulge bracket brokerage leader has also made some key calls in the financial sector this morning.
In the call it has raised the following to Buy from Neutral:
There were actually some downgrades as well, with the following downgraded to Neutral from Buy:
It has maintained a Neutral rating on NASDAQ OMX Group (NASDAQ: NDAQ), although it raised estimates by $0.10 for both 2008 and 2009.
Jon C. Ogg
April 8, 2008
Point Asset Management, Inc. has filed to sell up to $250 million in an initial public offering and it will trade on the New York Stock Exchange under the symbol “PNT.” Deutsche Bank is listed as the sole underwriter as of now.
It will also be qualified as a REIT, so ownership of common stock by any person is generally limited to 9.8% in value or in number of shares. It will also be externally managed by Federated Investment Counseling, an indirect wholly-owned subsidiary of Federated Investors Inc. (NYSE:FII).
Point Asset Management, Inc. is a Maryland corporation that will invest predominantly in agency mortgage-backed securities such as Fannie Mae, Freddie Mac, or Ginnie Mae. It will also be externally managed and advised by Federated Investment Counseling as noted above.
Simultaneously with the completion of this offering, FII Holdings will purchase $25 million of our common stock at the initial public offering price per share in a private placement. So far, Federated is still down 2% at $41.31. With a $4.1 Billion market cap, there may be only so much a $250 million IPO can add even it hits all its new investments in mortgages as home runs.
We are careful in calling all of these new mortgage funds "vulture funds" but we also like to call it like we see it. We also don’t fault vulture funds, and in fact we even like them. Here are some others:
Jon C. Ogg
February 29, 2008
There is a recent boutique research report from earlier in the week showing a list of potential private equity targets from a specialty brokerage firm that I was very positive on from even before its IPO: Keefe Bruyette & Woods (KBW). The truth is that this company is probably only behind Goldman Sachs (GS) as far as its knowledge of what is going on in the North American financial services sector, and the argument is that KBW is considered the number one firm as far as independent coverage of the financial services sector. It is too bad the company did not get this out at the end of last year to include many other names that have been gobbled up, but it really feels as though every firm is ‘cramming for finals’ in the M&A world with the private equity superstars.
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