Equities Research Analysts’ Updated EPS Estimates for February, 13th (A, AON, ATVI, AXL, BFR, BPL, CBS, EGAN, EXPE, GBDC)

Equities Research Analysts’ updated eps estimates for Monday, February 13th:

Agilent Technologies (NYSE:A) had its price target increased by Janney Montgomery Scott from $55.00 to $60.00. The firm currently has a buy rating on the stock.

Aon PLC (NYSE:AON) had its target price raised by Jefferies Group LLC to $137.00.

Activision Blizzard (NASDAQ:ATVI) was downgraded by analysts at Hilliard Lyons from a buy rating to an underperform rating.

American Axle & Manufacturing Holdings (NYSE:AXL) was downgraded by analysts at Citigroup Inc. from a buy rating to a neutral rating.

BBVA Banco Frances (NYSE:BFR) had its sell rating reaffirmed by analysts at Credit Suisse Group. The firm currently has a $21.50 target price on the stock.

Buckeye Partners L.P. (NYSE:BPL) was downgraded by analysts at Bank of America Corporation from a buy rating to a hold rating. Bank of America Corporation currently has $74.00 target price on the stock, up from their previous target price of $72.11.

CBS Corporation (NYSE:CBS) had its target price raised by Instinet to $70.00.

eGain Corporation (NASDAQ:EGAN) had its hold rating reiterated by analysts at Benchmark Co.. The firm currently has a $2.50 price target on the stock, down from their previous price target of $3.50.

Expedia (NASDAQ:EXPE) had its target price boosted by Benchmark Co. from $150.00 to $160.00. The firm currently has a buy rating on the stock.

Golub Capital BDC (NASDAQ:GBDC) had its neutral rating reiterated by analysts at National Securities. They currently have a $18.00 price target on the stock. The analysts wrote, “• Golub had another solid quarter posting slight net portfolio growth of $35.7 million with non-accruals remaining very miniscule at 0.3% of the portfolio at par.

• NAV/share decreased 1.4% sequentially Q/Q purely as a result of $0.25/share special dividend paid along with the regular dividend. Absent the special dividend, NAV/share would have improved 3 cents Q/Q.

• NIM (net investment margin) was down largely as a result of lower fee income likely from principal payments and sales of portfolio companies decreasing to $93.9 million from $151.3 million the quarter prior, weighing on prepayment fees.

• We continue to expect less pricing pressure in the upper middle market relative to the core and lower middle markets due to capacity constraints at lenders who do not wish to take syndication risk. However, competition remains substantial and we expect that the trends of lower yields which are more pronounced in the broadly syndicated market will make their way into the upper middle market as well, but we expect slight upticks in effective yields Y/Y in both fiscal 2017 and 2018 for Golub.

• We are revising our fiscal 2017 NII/share estimate to $1.27 from $1.28 and our fiscal 2018 NII/share estimate to $1.28 from $1.30.

Gladstone Capital Corporation (NASDAQ:GLAD) had its sell rating reiterated by analysts at National Securities. The firm currently has a $8.00 price target on the stock. The analysts wrote, “• Gladstone’s fiscal 1Q17 NII/share of $0.21 matched consensus estimates but fell a penny short of our estimate. NIM (net investment margin) was up to 11.00% from 10.01% Q/Q largely from other income increasing to $1.3 million from $638,000 the quarter prior.

• The sale of RBC Acquisition and equity issuance in the quarter ended 12/31/16 permitted significant deleveraging of the balance sheet with D/E dropping to 0.44x from 0.66x linked Q/Q. In our opinion this should permit strong portfolio growth through fiscal 2017 and 2018 requiring a secondary offering in fiscal 3Q18.

• GLAD has the potential to lower funding costs during fiscal 2017 as its redeemable preferred stock can be redeemed after 6/30/17. The preferred issue has a 6.75% coupon contrasted with the total effective credit facility cost (including commitment fees) of 4.47% as of fiscal 1Q17.

• Economic return (changes in NAV/share plus dividends divided by beginning of period NAV/share) should improve to 4.6% in fiscal 2017 and 11.4% in fiscal 2018 as a result of a stabilized NAV/share and stable, out-earned distributions, in our opinion.

• We are maintaining our fiscal 2017 NII/share estimate of $0.86 and our fiscal 2018 NII/share estimate of $0.88.

Gladstone Capital Corporation (NASDAQ:GLAD) had its sell rating reissued by analysts at National Securities. National Securities currently has a $8.00 target price on the stock. The analysts wrote, “• Gladstone’s fiscal 1Q17 NII/share of $0.21 matched consensus estimates but fell a penny short of our estimate. NIM (net investment margin) was up to 11.00% from 10.01% Q/Q largely from other income increasing to $1.3 million from $638,000 the quarter prior.

• The sale of RBC Acquisition and equity issuance in the quarter ended 12/31/16 permitted significant deleveraging of the balance sheet with D/E dropping to 0.44x from 0.66x linked Q/Q. In our opinion this should permit strong portfolio growth through fiscal 2017 and 2018 requiring a secondary offering in fiscal 3Q18.

• GLAD has the potential to lower funding costs during fiscal 2017 as its redeemable preferred stock can be redeemed after 6/30/17. The preferred issue has a 6.75% coupon contrasted with the total effective credit facility cost (including commitment fees) of 4.47% as of fiscal 1Q17.

• Economic return (changes in NAV/share plus dividends divided by beginning of period NAV/share) should improve to 4.6% in fiscal 2017 and 11.4% in fiscal 2018 as a result of a stabilized NAV/share and stable, out-earned distributions, in our opinion.

• We are maintaining our fiscal 2017 NII/share estimate of $0.86 and our fiscal 2018 NII/share estimate of $0.88.

Susquehanna Bancshares Inc started coverage on shares of JAGGED PEAK EGY (NYSE:JAG). The firm issued a positive rating and a $20.00 price target on the stock.

KB Financial Group (NYSE:KB) was upgraded by analysts at J P Morgan Chase & Co from a neutral rating to an overweight rating.

Masimo Corporation (NASDAQ:MASI) was downgraded by analysts at Raymond James Financial, Inc. from an outperform rating to a market perform rating.

Dougherty & Co started coverage on shares of Allscripts Healthcare Solutions (NASDAQ:MDRX). They issued a hold rating on the stock.

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) had its hold rating reiterated by analysts at Credit Suisse Group. Credit Suisse Group currently has a $11.00 target price on the stock.

Prospect Capital Corporation (NASDAQ:PSEC) had its sell rating reissued by analysts at National Securities. They currently have a $7.00 price target on the stock. The analysts wrote, “• PSEC reported NII/share of $0.24 for fiscal 2Q17, matching consensus and our own estimate. NIM (net investment margin) improved 26 bps Q/Q largely as a result of fee income increasing due to heavy repayments.

• NAV/share improved 2 cents Q/Q to $9.62 with $16.7 million of unrealized appreciation being offset by an under-earned dividend. We expect NAV/share will likely decrease through the remainder of fiscal 2017 before increasing modestly in fiscal 2018.

• CLO equity cash on cash yields decreased by 460 bps linked Q/Q to 21.5% and GAAP yields declined 130 bps to 14.8%. Management commented that they have a number of CLOs being refinanced which is positive for cash yields but this is offset by fewer reinvestment opportunities as the broadly syndicated loan market remains strongly bid.

• We expect the quarterly dividend to be reduced from $0.25/share to $0.21/share in fiscal 1Q18 as a result of lower yields on new investment opportunities relative to legacy, higher yielding positions being rotated out of.

• We are revising our fiscal 2017 NII/share estimate from $0.93 to $0.92 and our fiscal 2018 NII/share estimate from $0.93 to $0.91.

Societe Generale SA (NASDAQ:SCGLY) was upgraded by analysts at UBS AG from a sell rating to a neutral rating.

TransGlobe Energy (NASDAQ:TGA) (TSE:TGL) was downgraded by analysts at Raymond James Financial, Inc. from an outperform rating to a market perform rating.

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