E-House and Tencent announce Tencent's strategic investment in Leju E-House and Tencent Holdings announced that Tencent will acquire from E-House 15% of the equity interests on a fully diluted basis in Leju for US$180 million. Leju Holdings is a wholly owned subsidiary of E-House. The transaction is expected to close by the end of this month. Tencent will also subscribe additional shares in Leju's proposed initial public offering to maintain its 15% equity interest on a fully diluted basis.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Zoetis (ZTS) downgraded to Market Perform from Outperform at William Blair... Target (TGT) downgraded to Hold from Buy at Evercore ISI... Alexandria Real Estate (ARE) downgraded to Neutral from Outperform at RW Baird... Allscripts (MDRX) downgraded to Sector Perform from Outperform at RBC Capital... athenahealth (ATHN) downgraded to Underperform from Sector Perform at RBC Capital... Boston Properties (BXP) downgraded to Neutral from Outperform at RW Baird... Cliffs Natural (CLF) downgraded to Hold from Buy at Deutsche Bank... Cubist (CBST) downgraded to Neutral from Outperform at Credit Suisse... Denbury Resources (DNR) downgraded to Equal Weight from Overweight at Barclays... E-House (EJ) downgraded to Perform from Outperform at Oppenheimer... Owens-Illinois (OI) downgraded to Market Perform from Outperform at BMO Capital... Quality Systems (QSII) downgraded to Sector Perform from Outperform at RBC Capital... Sapient (SAPE) downgraded to Hold from Buy at Stifel... Harsco (HSC) downgraded to Hold from Buy at Argus... Credit Acceptance (CACC) downgraded to Underperform from Market Perform at JMP Securities... Liberty Media (LMCA) downgraded to Hold from Buy at Telsey Advisory.
E-House price target lowered to $16 from $20 at Brean Capital Brean Capital lowered its price target on E-House to $16 from $20 following the company's Q4 results, citing seasonality, the market's overall slowdown, and lowered guidance. Brean Capital maintained its Buy rating to reflect the company's execution and leadership in e-commerce.