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May 5, 2014
10:34 EDTHON, C, GE, UTX, BEAVAnalysts weigh in after BE Aerospace begins exploring sale
Shares of BE Aerospace (BEAV) are climbing after the company announced that it was exploring strategic alternatives, including a possible sales of the company. Analysts at Jefferies and Deutsche Bank had very different outlooks on the company following the news. WHAT'S NEW: BE Aerospace yesterday said that it would explore strategic alternatives meant to increase shareholder value. The company stated that it could elect to sell itself, or spin-off or sell a number of its businesses. Other strategic transactions may also be pursued, added the company, which noted that it had hired Citigroup (C) as its financial advisor and Shearman & Sterling as its legal advisor in connection with this process. ANALYST REACTION: BE Aerospace could be sold for about $107 per share, wrote Jefferies analyst Howard Rubel in a note to investors earlier today. The company could appeal to a strategic partner because of recent innovations that have enabled it to increase its market share, according to Rubel. Moreover, BE Aerospace has strong relationships with its customers and is benefiting from the growing importance that airlines attach to the interior of their planes, added the analyst, who increased his price target on the shares to $107 from $85 and kept a Buy rating on the stock. Another firm, FBR Capital, said it views BE Aerospace as a "very attractive asset" since it is the market leader in both the commercial aerospace OEM supply-chain and aftermarket end-markets. The firm thinks both strategic buyers and private equity could be interested and said it can "easily see" a multi-bidder situation developing now that the company is exploring alternatives. FBR has an Outperform rating on the stock. Conversely, Deutsche Bank analyst Myles Walton wrote that an acquisition of BE Aerospace would be quite expensive and that potential acquirers may find it difficult to make such a purchase profitable. Additionally many companies that could potentially buy BE Aerospace - including GE (GE), Honeywell (HON), and United Technologies (UTX) - would not be interested in doing so, the analyst believes. Walton kept a Hold rating on BE Aerospace. PRICE ACTION: In early trading, BE Aerospace shares jumped 11.2% to $98.92.
News For BEAV;GE;HON;UTX;C From The Last 14 Days
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11:59 EDTUTXKorean Air selects Pratt & Whitney's PurePower engines
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09:29 EDTUTXSikorsky Aircraft to deliver seven S-92 helicopters to Bristow Helicopters
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09:14 EDTUTXSMBC Aviation Capital selected Pratt & Whitney's engine for thirty Airbus
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08:09 EDTGEGE's renewable energy business announces $25M investment from TerraForm
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06:10 EDTUTXAirbus, Boeing, Lockheed among companies eyeing Sikorsky, WSJ says
Guillaume Faury, the president of Airbus Helicopters (EADSY), is said to be watching United Technologies' (UTX) plan to offload its Sikorsky unit, though Airbus has not committed to making a bid for its rival, The Wall Street Journal reports. United Tech said yesterday that it will sell or spin off Sikorsky, which makes Black Hawk helicopters, within the next two months. Sources say that in addition to Airbus potentially being interested in Sikorsky, there is also interest coming from Lockheed Martin (LMT), Boeing (BA) and Textron (TXT). Reference Link
05:42 EDTUTXPratt & Whitney and OEM collaborators signs agreement formalizing MRO network
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05:40 EDTUTXWizz Air receives Pure-V recognition for fleet of 120 V2500 engines
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05:39 EDTUTXSAS selects V-services for 50 V2500 engines
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05:39 EDTUTXAir New Zealand extends V2500 engine maintenance agreement with Pratt & Whitney
Air New Zealand has signed a Maintenance Services Agreement extension with the Pratt & Whitney Christchurch Engine Centre to maintain its fleet of 58 V2500 engines for an additional five years supporting the airline's Airbus A320 operations. The V2500 engine is offered through IAE International Aero Engines AG, a multinational aero engine consortium whose shareholders comprise Pratt & Whitney, Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. This announcement follows Air New Zealand's recent selection of Pratt & Whitney's PW1100G-JM engines for 13 firm A320neo family aircraft and provision of fleet management support services for up to 16 years.
05:37 EDTUTXPratt & Whitney enters long term agreement with Levitt Engineering
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05:36 EDTUTXWizz Air selects V2500 engine for 17 aircraft order
Wizz Air has selected the V2500 engine to power a new fleet of 17 previously announced Airbus (EADSY) A321ceo family aircraft. The V2500 engine is offered through IAE International Aero Engines AG, a multinational aero engine consortium whose shareholders comprise Pratt & Whitney (UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. This new order supplements an existing order for 179 V2500 engines, bringing the new total number of V2500 engines in Wizz Air's fleet to 213, including spares. The agreement also includes a long-term flight hour agreement.
05:36 EDTUTXPratt & Whitney initiates testing for PurePower PW1900G test engine
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05:34 EDTUTXUTC Aerospace Systems extends long term CARE agreement with Japan Airlines
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05:33 EDTUTXUTC Aerospace Systems CARE program selected by Beijing Capital, Tianjin Airlines
UTC Aerospace Systems has been selected to provide asset management and repair services for components on 44 aircraft operated by Beijing Capital Airlines and Tianjin Airlines. The work will be provided under UTC Aerospace Systems' Comprehensive Accessory Repair and Exchange program. As part of the agreement, UTC Aerospace Systems will provide inventory support and maintenance, repair and overhaul services for the two airlines' Airbus A320 fleet. The 10-year agreement includes support of more than 40 engine accessories on the Pratt & Whitney V2500 engines.
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