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UBS has downgraded H&E Equipment Services (NASDAQ:HEES) from Buy to Neutral, raising the price target from $60 to $92, following United Rentals' acquisition of the company. While the deal is seen as beneficial for United Rentals, market uncertainties persist, especially with a potential slowdown in the US construction sector. H&E reported a 4% decline in total revenues for Q3 2024, despite a slight increase in rental revenues, and plans to open 12 to 18 new locations in 2025 to drive long-term growth.
Canal+ is set to debut on the London Stock Exchange, marking the largest new listing in two years, with a projected market value of €6bn. The move, seen as a vote of confidence in the UK capital markets, comes as Vivendi spins off its media assets, including StudioCanal. The listing aims to bolster Canal+'s ambitions to compete with major streaming services like Netflix and Disney+.
Ashtead plans to relocate its stock listing to the US to attract American investors, despite challenges in the US construction industry due to high interest rates. The move has been partly motivated by criticism over a proposed $14 million pay package for CEO Brendan Horgan, seen as excessive in the UK but more acceptable in the US market. Analysts suggest that selling off its smaller UK operations could be the next step, although the company insists this will not impact its UK investment plans.
The election of Donald Trump has led to a stronger dollar, which could benefit some of Europe's major exporters despite potential tariffs in a second term. Companies like Roche Holding AG and Ashtead Group Plc, generating 46% and 86% of their revenue in dollars respectively, may find some protection from this currency strength.
Ashtead Group plc
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ubs downgrades h&e equipment services amid market uncertainties following uri acquisition
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