Streetbeat News

Acquisitions Mergers

ET

Mizuho analyst Gabriel Moreen has reiterated a Buy rating on Energy Transfer LP (ET), raising the price target to $18 from $17. ET plans to release its Q2 2023 earnings on August 2, 2023. The analyst expects 'bolt-on M&A' to remain a cornerstone of ET's growth strategy, given its sprawling footprint and improved balance sheet. In May, ET announced a $1.45 billion acquisition of Lotus Midstream. Moreen raised the FY23 adj EBITDA estimate, but by a lesser amount than 1Q23 outperformance, to account for expected headwinds.

Portfolio Pulse from Nabaparna Bhattacharya

July 18, 2023 | 6:06 pm

ACI

KR

Telsey Advisory Group analyst Joseph Feldman reiterated a Market Perform rating on Albertsons Companies Inc (NYSE:ACI) with a price target of $27.25. Albertsons is expected to report 1Q23 earnings on July 25, but will not host an earnings call or provide guidance due to its pending merger with Kroger Co (NYSE:KR). The analyst maintains slightly above consensus 1Q23 sales and profit projections, citing supportive macro trends for the grocery industry. However, the company’s valuation remains dependent on its potential merger with Kroger.

Portfolio Pulse from Shivani Kumaresan

July 18, 2023 | 6:03 pm

ETSY

Etsy Inc (NASDAQ:ETSY) has sold its Brazilian marketplace Elo7, a move that is expected to increase the company's focus and profitability. The terms of the deal were not disclosed. Etsy acquired Elo7 in June 2021 for $217 million. The company's shares are currently trading higher by 0.71% at $94.07.

Portfolio Pulse from Shivani Kumaresan

July 18, 2023 | 5:50 pm

NDSN

Nordson Corp has announced an agreement to acquire ARAG and its subsidiaries. The all-cash transaction values ARAG at an enterprise value of €960M. This acquisition is expected to expand AWP Premium Swiss Financial.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 4:50 pm

CHEK

Symetryx Corporation has announced a non-binding proposal to acquire Check-Cap LTD (NASDAQ:CHEK) for $4.35 per share in cash. Symetryx, which owns less than 5% of CHEK, is believed to be the largest shareholder of Check. The proposal is contingent upon several conditions, including satisfactory due diligence, financing arrangements, and approval of Check shareholders.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 4:21 pm

TSLA

Tesla has secured contracts worth approximately $413 million to install 218 Megapacks in two energy storage facilities in Massachusetts. The facilities, named Cranberry Point Energy Storage and the Medway Grid, received the final ruling approval on June 30. The approval from the Massachusetts Energy Facilities Siting Board circumvents previous verdicts that denied the facilities' construction.

Portfolio Pulse from Benzinga EV Insights

July 18, 2023 | 4:15 pm

CLBR

Colombier Acquisition Corp. (CLBR) is in the spotlight due to a tweet suggesting that PublicSq, which is merging with CLBR this week, has structured a 7-figure deal with Tucker Carlson's Twitter show.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 4:12 pm

ACB

PM

TLRY

Phillip Morris (NYSE:PM) is reportedly buying Israeli med-tech company Syqe Medical for $650 million. Syqe's main product is a metered-dose inhaler for pain reduction treatment using medical marijuana. Phillip Morris will invest $130 million to finance the FDA approval process for Syqe’s inhaler. If approved, Phillip Morris would acquire all of Syqe's shares for $650 million via its subsidiary Vectura. This could make Syqe one of the ten biggest cannabis companies, alongside Tilray Brands Inc (NASDAQ:TLRY) and Aurora Cannabis (NYSE:ACB).

Portfolio Pulse from Nina Zdinjak

July 18, 2023 | 3:20 pm

BRPHF

CELUSD

Bankrupt crypto lender Celsius Network has sought approval for the distribution of funds from its sale of self-custody platform GK8. The Series B holders have agreed to distribute $25 million from the proceeds of the sale. The majority of the funds, $24 million, will be allocated for legal expenses, with the remaining $1 million to be shared among the holders. The settlement agreement aims to avoid expensive litigation and increased professional fees. Investment firm Galaxy Digital won the bid to buy GK8 in late 2022.

Portfolio Pulse from Murtuza Merchant

July 18, 2023 | 3:12 pm

MS

Morgan Stanley's CEO, James Gorman, has expressed optimism about the future of M&A and IPO activity, stating that it will improve at some point. However, no specific timeline or details were provided.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 2:53 pm