XP Inc., a Brazil-based investment management company, announced that it has struck a deal to buy financial advisory company Riza M&A to enhance its corporate client services and offerings.
XP (XP) has not disclosed the terms of the deal. However, the company said that the deal is in-line with its strategy “to reinforce its Capital Markets ecosystem.” Riza’s partners, Marco Gonçalves and André Quaresma, will join XP’s M&A team as per the terms of the deal.
Pedro Mesquita, head of XP Investment Banking said, “There is a huge potential for development in the Brazilian Capital Market.” He added, “A talented and experienced M&A team completes the suite of products and services we can offer to our corporate clients. It is our commitment and focus to deliver the best value proposition to our clients.” (See XP stock analysis on TipRanks).
On Oct. 16, Merrill Lynch analyst Mario Pierry said that the company’s business model looked more resilient and fared better-than-expected during the coronavirus pandemic. Pierry noted that the company's assets under custody have been growing in the past few months.
The analyst, therefore, upgraded the stock to Hold from Sell and maintained a price target of $50 (20.9% upside potential). Shares have increased 7.4% year-to-date.
Monmouth Real Estate Investment Corp. (MNR) on Dec. 24 announced the acquisition of a new 657,518 square foot industrial building located in the city of Locust Grove in Georgia, for a purchase price of $96.7 million.
Monmouth Real Estate Investment said that the purchased property is net-leased for 20 years to Home Depot (HD). The building is situated on 130 acres and has a land-to-building ratio of nearly nine times, with ample accretive growth potential, the company said.
“With the addition of this brand new facility near Atlanta, Monmouth’s weighted average building age is now 9.5 years. Through the acquisition of one high-quality asset at a time, we have more than doubled our portfolio size over the past five years," said Monmouth Real Estate CEO Michael P. Landy. "This transaction marks our second high-quality acquisition during the first quarter. Fiscal 2021 is off to a very strong start for Monmouth, and we are confident we are taking the right steps to extend our company’s long track record of profitable growth and value creation.” .
On Dec. 22, B. Riley Securities analyst Craig Kucera raised the stock's price target from $18 to $20 reiterated a Buy rating (15% upside potential).
The analyst's update came shortly after Blackwells Capital's all-cash offer of $18 per share to purchase the entire outstanding common stock of Monmouth.
Kucera views the offer price "as fair but certainly not a significant portfolio premium" for an industrial real estate investment trust of Monmouth's "quality relative to its peers."
From the rest of the Street, the stock scores a cautiously optimistic analyst consensus of a Moderate Buy based on 3 Buys and 2 Holds. The average analyst price target of $17 implies downside potential of 2.3% to current levels. The share price has gained 20% on a year-to-date basis.
MedMen Enterprises on Dec. 24 announced the cancellation of the remaining 815,295 class A super-voting shares held by co-founder Andrew Modlin effective Dec. 10, 2020. Shares closed 1% higher at the close on Thursday.
Simultaneously, the proxy granted by Modlin to MedMen Enterprises (MMNFF) co-founder and former CEO Benjamin Rose towards the voting of such shares also expired.
All the above came into effect under a purchase agreement on Jan. 30, 2020, when Rose decided to depart as the CEO and chairman effective Feb. 1, 2020.
The cannabis retailer now has only one class of outstanding shares, which are class B subordinate voting shares. (See MMNFF stock analysis on TipRanks)
On Dec. 12, Canaccord Genuity analyst Matt Bottomley reiterated a Sell rating on the stock, noting that MedMen's road to profitability is still uncertain given its more than $500 million of lease liabilities, notes payable and convertible debt.
"The company continues to operate with a cash balance that is still razor thin compared to its potential capital needs with the prospect of future material dilution still a very real risk for the company," Bottomley wrote in a note to investors. "We believe MMEN’s need for near-term financing points to continued material dilution given its current share price."
From the rest of the Street, the stock scores an analyst consensus of a Moderate Sell based on 1 Hold and 1 Sell. With shares down 76% year-to-date, the average analyst price target of $0.12 implies downside potential of 8.5% to current levels.
Constellation Brands has received the long-awaited consent order from the US Federal Trade Commission (FTC) to divest some of its wine and spirits portfolio to California-based E. & J. Gallo Winery. The deal is likely to close in early January of 2021.
Constellation Brands (STZ) said that the divestment includes “a portion of Constellation’s wine and spirits portfolio principally priced at $11 retail and below, including certain related facilities located in California, New York, and Washington state.”
The alcohol beverage company had first announced the $1.7 billion deal in April 2019, but revised it twice in December 2019 and then in May 2020 to address concerns raised by the FTC. In May 2020, the deal price was reduced to $1.03 billion, of which “$250 million is an earnout if brand performance provisions are met over a two-year period after closing,” the company said.
Separately, the FTC has now also approved Constellation’s deals to sell the Paul Masson Grande Amber Brandy brand to Sazerac and to offload some of the brands from its grape juice concentrate business to Vie-Del Company. In addition, the FTC has also cleared the sale of Constellation’s Nobilo wine brand to Gallo. (See STZ stock analysis on TipRanks)
On Dec. 23, MKM Partners analyst William Kirk maintained a Sell rating on the stock with a price target of $154 (28.6% downside potential). The analyst said that “Following the sale of Ballast Point (Dec 2019), Constellation does not have scale in Craft Beer. Remaining brands like Funky Buddha (2017 acquisition) and Four Corners are sub-scale and respective tap rooms have likely struggled.”
Unlike Kirk, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 9 Buys, 3 Holds and 1 Sell. The average price target stands at $222.46 and implies upside potential of about 3.1% to current levels. Shares have climbed 13.7% year-to-date.
Home Depot has completed the acquisition of HD Supply Holdings for an enterprise value of about $8 billion. With the completion of the deal, HD Supply has now become a wholly-owned subsidiary of Home Depot.
Home Depot (HD) announced the acquisition of the national distributor of MRO (maintenance, repair and operations) products to multifamily and hospitality end markets last month. The home improvement retailer had spun-off HD Supply in 2007.
“The combination of the two businesses will enable us to better serve both existing and new MRO customers, and I look forward to the value this acquisition will bring to our associates, customers and shareholders,” Home Depot’s CEO Craig Menear said. (See HD stock analysis on TipRanks)
On Nov. 17, Wells Fargo analyst Zachary Fadem reiterated a Buy rating on the stock and a price target of $310 (14.4% upside potential). In a note to investors, Fadem said, “HD [is] a LT (long-term) winner with offensive/defensive characteristics, accelerating share gains, and ample financial flexibility.”
Commenting on the HD Supply deal in a report on Nov. 16, Fadem noted that the transaction would “accelerate HD’s strategic initiatives to better serve Professional customers, broaden its ability to provide job site delivery (via HDS’s logistics capabilities), and enhance HD’s existing MRO/Interline capabilities.”
Most of the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 11 Buys and 3 Holds. The average price target stands at $309.57 and implies upside potential of about 14.2% to current levels. Shares have gained 24.1% year-to-date.
Scorpio Bulkers has inked a deal with an unaffiliated third party to sell its Ultramax bulk carrier, SBI Phoebe, for about $17.7 million. The shipping company expects to deliver the vessels in the first quarter of 2021. Shares closed 2.3% higher on Thursday.
Scorpio Bulkers (SALT) has already sold eight vessels and has agreed to sell 17 more vessels. The transactions are expected to close in the first half of 2021. Further, the company said that it “intends to sell its 24 remaining wholly-owned or finance leased drybulk vessels (including 7 Kamsarmax vessels and 17 Ultramax vessels) during 2021.”
On Dec. 20, Scorpio Bulkers said that the company plans to fully exit the dry bulk sector in 2021 and switch its investments to next-generation wind turbine installation vessels.
Back in October, Scorpio Bulkers reported a loss of $1.45 per share in the third quarter, compared to analysts’ expectations for a loss of $1.21. Meanwhile, its revenues of $46.7 million beat the Street's estimates of about $45 million. (See SALT stock analysis on TipRanks)
Following the 3Q results, B. Riley Securities analyst Liam Burke lowered the price target from $35 to $30 (71.6% upside potential), but reiterated a Buy rating on the stock. Burke noted that the gap between Scorpio Bulkers’ share price and net asset value is narrowing “through opportunistic asset sales.”
Shares have plunged 72.6% on a year-to-date basis, but the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 4 unanimous Buys. That's with an average price target of $23, which implies upside potential of about 31.6% to current levels. .
In the latest trading session, LabCorp (LH) closed at $203.87, marking a -0.09% move from the previous day. This change lagged the S&P 500's daily gain of 0.35%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, added 0.26%.
Kinross Gold (KGC) closed at $7.39 in the latest trading session, marking a +0.14% move from the prior day. This move lagged the S&P 500's daily gain of 0.35%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq gained 0.26%.
Quidel (QDEL) closed the most recent trading day at $197.49, moving -1.26% from the previous trading session. This move lagged the S&P 500's daily gain of 0.35%. Elsewhere, the Dow gained 0.23%, while the tech-heavy Nasdaq added 0.26%.
MercadoLibre (MELI) closed the most recent trading day at $1,690.48, moving +1.23% from the previous trading session. This change outpaced the S&P 500's 0.35% gain on the day. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq gained 0.26%.
Yeti (YETI) closed the most recent trading day at $73.09, moving +0.27% from the previous trading session. This move lagged the S&P 500's daily gain of 0.35%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, added 0.26%.
In the latest trading session, Limelight Networks (LLNW) closed at $4.13, marking a -0.24% move from the previous day. This change lagged the S&P 500's daily gain of 0.35%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, added 0.26%.
In the latest trading session, Annaly Capital Management (NLY) closed at $8.44, marking a -0.35% move from the previous day. This move lagged the S&P 500's daily gain of 0.35%. Elsewhere, the Dow gained 0.23%, while the tech-heavy Nasdaq added 0.26%.
iRobot (IRBT) closed at $85.85 in the latest trading session, marking a -0.88% move from the prior day. This move lagged the S&P 500's daily gain of 0.35%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, added 0.26%.
In the latest trading session, AllianceBernstein (AB) closed at $33.37, marking a -0.03% move from the previous day. This move lagged the S&P 500's daily gain of 0.35%. Elsewhere, the Dow gained 0.23%, while the tech-heavy Nasdaq added 0.26%.
In the latest trading session, Boston Beer (SAM) closed at $1,014.93, marking a -0.89% move from the previous day. This change lagged the S&P 500's daily gain of 0.35%. Elsewhere, the Dow gained 0.23%, while the tech-heavy Nasdaq added 0.26%.
In the latest trading session, Barrick Gold (GOLD) closed at $22.90, marking a +0.31% move from the previous day. This change lagged the S&P 500's 0.35% gain on the day. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, added 0.26%.
In the latest trading session, AutoNation (AN) closed at $68.05, marking a +0.1% move from the previous day. The stock lagged the S&P 500's daily gain of 0.35%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq gained 0.26%.
PepsiCo (PEP) closed the most recent trading day at $145.06, moving +0.45% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.35%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq gained 0.26%.
Paypal (PYPL) closed the most recent trading day at $238.64, moving -0.33% from the previous trading session. This change lagged the S&P 500's daily gain of 0.35%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq gained 0.26%.
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