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March 6, 2014
12:48 EDTAVH, CPACopa sinks after Maduro cuts ties with Panama
Copa Holdings (CPA), the owner of Copa Airlines and Copa Colombia, is trading sharply lower after Venezuela’s President Nicolas Maduro last night announced he had severed diplomatic and trade relations with Panama. Copa Airlines operates from Panama and Copa Colombia provides service within Colombia and international flights from various cities in Colombia to Panama, Venezuela, and other South American countries. WHAT’S NEW: In televised remarks made last night, Maduro accused Panama of being a “lackey” for the U.S. in a conspiracy plot against Venezuela, according to media reports. Maduro said he was cutting off diplomatic and political ties with the Central American nation and freezing trade relations. Maduro’s statement comes after weeks of anti-government protests in Venezuela. In a statement, Panama’s government denied Maduro’s accusations. ANALYST REACTION: In a note to investors, analysts at Citigroup called Venezuela’s decision to sever ties with Panama a “stunning turn of events.” Citi said Venezuela’s actions go against the firm’s previous belief that the country was eager to maintain international commercial air service and this new political posture materially increases operating uncertainties for Copa. As a result, the firm downgraded shares of Copa to Neutral from Buy and cut its price target on the stock to $148 from $170. PRICE ACTION: Shares of Copa opened the session lower and promptly dropped further. In early afternoon trade shares are near their worst levels, down $11.32, or 8.4%, to $123.55. Prior to today’s drop, shares of Copa were down about 15% year-to-date. OTHERS TO WATCH: U.S.-listed shares of Avianca Holdings (AVH), the largest airline in Colombia, Venezuela’s western neighbor, are also lower following Maduro’s comments. Avianca fell about 4%, to $16.51 in early afternoon trade.
News For CPA;AVH From The Last 14 Days
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February 2, 2016
10:01 EDTCPAOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Agnico Eagle (AEM) downgraded to Hold from Buy at Desjardins... Alere (ALR) downgraded to Hold from Buy at Canaccord... Antero Resources (AR) downgraded to Reduce from Neutral at SunTrust... Carbylan (CBYL) downgraded to Market Perform from Outperform at Leerink... Copa Holdings (CPA) downgraded to Hold from Buy at Deutsche Bank... Dominion (D) downgraded to Neutral from Buy at Citi... Duke Energy (DUK) downgraded to Market Perform from Outperform at Wells Fargo... Hain Celestial (HAIN) downgraded to Neutral from Overweight at Piper Jaffray... Integrated Device (IDTI) downgraded to Neutral from Buy at BofA/Merrill... Logitech (LOGI) downgraded to Underweight from Equal Weight at Morgan Stanley... Merus Labs (MSLI) downgraded to Sector Perform from Outperform at Scotiabank... New Gold (NGD) downgraded to Sell from Buy at Desjardins... Nokia (NOK) downgraded to Underperform from Buy at CLSA... Plantronics (PLT) downgraded to Underperform from Outperform at Raymond James... Pool Corp. (POOL) downgraded to Equal Weight from Overweight at Stephens... Praxair (PX) downgraded to Sector Weight from Overweight at KeyBanc... Rofin-Sinar (RSTI) downgraded to Neutral from Buy at Longbow... Southwestern Energy (SWN) downgraded to Neutral from Overweight at JPMorgan... Stifel cuts Twitter (TWTR) to Sell after noting Yahoo has significantly more users... Superior Energy (SPN) downgraded to In-Line from Outperform at Imperial Capital... Sysco (SYY) downgraded to Underweight from Equal Weight at Morgan Stanley... Telenor (TELNY) downgraded to Underperform from Neutral at Credit Suisse... Twitter (TWTR) downgraded to Sell from Hold at Stifel... Valeo (VLEEY) downgraded to Underweight from Equal Weight at Morgan Stanley.
06:44 EDTCPACopa Holdings downgraded to Hold from Buy at Deutsche Bank
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