A quanto pare, il lupo ha perso il pelo, ma non il vizio: mercoledì scorso era la prima giornata nella quale gli analisti delle banche d'affari potevano, legalmente, pubblicare giudizi su Blackstone, la società di gestione di fondi di Private equity appena sbarcata in Borsa. Il titolo è stato gratificato da da una lunga serie di "buy" e di lodi sperticate. Peccato che ad essere ottimisti siano stati soprattutto gli analisti delle numerose banche che hanno collaborato all'IPO .
Gli unici a nutrire qualche scetticismo sembrano essere gli analisti delle poche banche non coinvolte in affari con Blackstone - e gli investitori, che hanno visto l'azione perdere il 23% in poche sedute. Complimenti per l'indipendenza di giudizio.
Fonte: DealBook - New York Times
The Blackstone Group has been feeling a chill on many fronts lately — from Capitol Hill, labor unions and the stock market, just to name a few. But the private equity giant got a big batch of love letters Wednesday from the research departments at investment banks, which initiated coverage on Blackstone en masse with droves of “buy” ratings.
Banks say that their equity research is unaffected by their underwriting business. So Wednesday’s wave of optimism was theoretically unrelated to the fact that nearly every major Wall Street firm, and many minor ones, were on the team that helped sell Blackstone’s $4.7 billion offering to the public in June.
The highly anticipated offering not only raised billions for Blackstone, which buys companies in hopes of turning them around and selling them at a profit, but also allowed many of the firm’s insiders to cash out part of their stakes.
However, for many who bought the new shares — including the government of China — the I.P.O. has been a money-losing proposition.
Shares of Blackstone have declined 23 percent from their offer price, making it one of the year’s worst-performing I.P.O.’s. [...]
Reuters on Wednesday ticked off the banks issuing ratings of “buy”, “overperform” or “overweight” on Blackstone: Merrill Lynch, Citigroup, Lehman Brothers, Morgan Stanley, Deutsche Bank, Credit Suisse, and Banc of America Securities. All the banks had some role in the I.P.O., which was led by Morgan Stanley and Citi.
One of the few outliers was Wachovia Securities, where analyst Douglas Sipkin rated Blackstone’s shares a more-tepid “market perform.”
tag: Blackstone, Finanza, Mercati, Banche, LBO, Private Equity