Piper Jaffray Starts Fidelity National Financial Ventures (FNFV) at Neutral
Get Alerts FNFV Hot Sheet
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Piper Jaffray initiates coverage on Fidelity National Financial Ventures (NYSE: FNFV) with a Neutral rating and a price target of $16.50.
Analyst Jason Deleeuw commented, "We are initiating on FNFV with a Neutral rating and $16.50 price target, offering 12% potential upside. FNFV’s shares are -11% since trading as a tracking stock to FNF as of June 30, 2014. FNFV tracks and reflects the economic and financial performance of FNF’s portfolio company investments. We expect investor returns to be driven by book value growth as investments are monetized for more than their current carrying value. However, the timing and the tax impact of monetization events remain uncertain, so we expect the shares to trade at a discount to our book value estimate. Our $16.50 price target is based on ~0.85x our 2015 book value estimate of $19.26."
For an analyst ratings summary and ratings history on Fidelity National Financial Ventures click here. For more ratings news on Fidelity National Financial Ventures click here.
Shares of Fidelity National Financial Ventures closed at $14.51 yesterday.
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