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Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:
AZUL AZUL is one of the largest airlines in Brazil in terms of departures and destinations covered, offering flights to every region in Brazil. The Zacks Consesnsus Estimate for its current year earnings has been revised 35.0% downward over the last 60 days.
Arch Resources ARCH is one of the largest coal producers in the United States, operating nine mines across the major coal basins of the country. The Zacks Consensus Estimate for its current year earnings has been revised almost 19.5% downward over the last 60 days.
Ambac AMBC is a holding company which provides financial guarantees and other financial services to clients in both the public and private sectors globally. The Zacks Consensus Estimate for its current year earnings has been revised 10.3% downward over the last 60 days.
View the entire Zacks Rank #5 List.
Zacks Investment Research
Updates
** Shares of property and casualty insurer Ambac Financial AMBC.N jump as much as 9.5%, hitting their highest since early August; last up 8.4% at $12.11 in early trading
** Roth MKM upgrades rating on AMBC to "buy" from "neutral"; raises PT to $15 from $13, a 34.3% upside to stock's last close
** Brokerage says there is potential for AMBC to prosper again as it will have no debt following the sale of its financial guarantee business
** In June, AMBC agreed to sell its legacy financial guarantee business to asset manager Oaktree Capital for $420 mln; deal expected to close later this year or early 2025
** Roth MKM believes AMBC's shares will move up to the $15 level due to a $50 mln share repurchase program that will commence when the deal closes
** Adds that there are other potential strategic changes that could gain more investor enthusiasm such as selling its underwriting operation, which Roth MKM believes is not core to its strategy
** As of last close, AMBC shares down 32.2% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
After declining since the beginning of 2024, shares of Ambac Financial Group, Inc. have risen by almost 10% over the past five trading sessions.
The sale of Ambac Financial Group's legacy financial guarantee business is expected to close by yearend, positioning the holding company for cash earnings "within a year or two," according to Roth Capital Partners.
Analyst Harry Fong upgraded the rating for Ambac Financial Group from Neutral to Buy, while raising the price target from $13 to $15.
The Ambac Financial Group Thesis: Following the close of the financial guarantee business sale, the company will commence a share repurchase program of up to $50 million, which would lend upside to the stock, Fong said in the upgrade note.
Check out other analyst stock ratings.
The company will have around $180 million of deployable cash after the close of the sale of its financial guarantee business, Ambac Acceptance Corp (AAC), to Oaktree Capital Management, after repaying the bridge loan and plans to use up to $50 million of these funds for share repurchases, the analyst stated.
"However, we believe the company will only repurchase shares at current levels up to about $15 per share as it needs capital for acquisitions chiefly in the distribution business," he added.
"It will take more time for the company to fully roll out its new specialty insurance distribution business, but there are potentially some other strategic changes that could gain more investor enthusiasm sooner such as selling its underwriting operation, which we do not believe is core to its strategy," Fong further wrote.
AMBC Price Action: Shares of Ambac Financial Group had risen by 6.18% to $11.86 at the time of publication on Wednesday.
Read More:
Latest Ratings for AMBC
Date | Firm | Action | From | To |
---|---|---|---|---|
May 2017 | MKM Partners | Upgrades | Sell | Neutral |
Mar 2017 | BTIG | Upgrades | Neutral | Buy |
Dec 2016 | MKM Partners | Downgrades | Neutral | Sell |
View More Analyst Ratings for AMBC
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
AZUL’s AZUL financial stability is challenged by escalated operating expenses and weak liquidity. Elevated labor costs are putting a strain on the company’s bottom line, making it an unattractive choice for investors’ portfolios.
Let’s delve deeper.
AZUL: Risks to Watch
Southward Earnings Estimate Revision:The Zacks Consensus Estimate for current-quarter earnings has been revised 70% downward in the past 60 days. For the current year, the consensus mark for earnings has moved 35% south in the same time frame. The unfavorable estimate revisions indicate brokers’ lack of confidence in the stock.
Weak Zacks Rank: AZUL currently carries a Zacks Rank #4 (Sell).
Unimpressive Price Performance: AZUL shares have declined 57.3% in the past year against the industry’s 31.3% rise.
Bearish Industry Rank: The industry to which AZUL belongs currently has a Zacks Industry Rank of 186 (out of 251). Such an unfavorable rank places it in the bottom 26% of Zacks Industries.Studies show that 50% of a stock price movement is directly related to the performance of the industry group it belongs to.
A mediocre stock within a strong group is likely to outclass a robust stock in a weak industry. Reckoning the industry’s performance becomes imperative.
High Costs: The northward movement in operating expenses is hurting AZUL’sbottom line, challenging its financial stability. The surge in operating expenses was caused by increased labor costs. In the second quarter of 2024, total operating expenses rose by 1.5% compared to the second-quarter 2023 actuals.
Labor costs comprising salaries and benefits, accounting for 17.6% of the total operating expenses, rose 15.4% year over year.
The adverse impact of the Rio Grande do Sul floods and the temporary reduction in international capacity, which fell 8% year over year, continue to affect AZUL’s operations. As a result, the top line fell 2.3% year over year.
AZUL exited the second quarter of 2024 with a current ratio (a measure of liquidity) of 0.28. A current ratio of less than 1 is not desirable as it indicates that the company does not have sufficient cash to meet its short-term obligations.
Downgraded Credit Rating: Due to weaker-than-expected first-half 2024 results and lackluster liquidity, the rating agency S&P downgraded its global scale issuer credit rating on AZUL to “CCC+” from “B-” and the national scale rating to “brBB-” from “brBBB-.”
The rating agency’s negative outlook on AZUL reflects that ratings may be lowered further in the next six to 12 months if the Brazilian carrier’s cash flow generation and ability to access long-term financing weaken. The rating agency forecasts AZUL’s free operating cash flow deficits after lease payments of about R$1.6 billion this year and 2025.
Stocks to Consider
Some better-ranked stocks for investors’ consideration in the Zacks Transportation sector include C.H. Robinson Worldwide CHRW and Westinghouse Air Brake Technologies WAB.
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 14.2% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 61% in the past year.
Zacks Investment Research
** Roth MKM upgrades rating on property and casualty insurer Ambac Financial AMBC.N to "buy" from "neutral"
** Raises PT to $15 from $13, a 34.3% upside to stock's last close
** Brokerage says there is potential for AMBC to prosper again as it will have no debt following the sale of its financial guarantee business
** In June, AMBC agreed to sell its legacy financial guarantee business to asset manager Oaktree Capital for $420 mln; deal expected to close later this year or early 2025
** Roth MKM believes AMBC's shares will move up to the $15 level due to a $50 mln share repurchase program that will commence when the deal closes
** Adds that there are other potential strategic changes that could gain more investor enthusiasm such as selling its underwriting operation, which Roth MKM believes is not core to its strategy
** As of last close, AMBC shares down 32.2% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
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