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U.S. prisons lose Wall Street sell-side coverage
Source: Reuters
BUSINESS NEWS JULY 31, 2019 / 3:16 PM / UPDATED 2 HOURS AGO
U.S. prisons lose Wall Street sell-side coverage
Sinéad Carew, Imani Moise
4 MIN READ
(Reuters) - Sell-side analysts have stopped covering U.S. private prison operators as Wall Street has distanced itself from publicly traded GEO Group Inc (GEO.N) and CoreCivic Inc (CXW.N).
This retreat follows a parade of major lenders announcing they would no longer offer financing to private detention center operators amid a public uproar over immigrant detention policies of U.S. President Donald Trump’s administration.
Wells Fargo and SunTrust Robinson Humphrey dropped analyst coverage of the prison companies earlier this month putting the pair in a very small group of big companies with no coverage from Wall Street analysts that sell research to investors.
During a quarterly earnings conference call on Tuesday, GEO Chief Financial Officer Brian Evans said the company was working with a number of smaller equity analyst shops and in the early stage of developing relationships after a portfolio manager asked about efforts to get sell-side coverage.
-snip-
U.S. prisons lose Wall Street sell-side coverage
Sinéad Carew, Imani Moise
4 MIN READ
(Reuters) - Sell-side analysts have stopped covering U.S. private prison operators as Wall Street has distanced itself from publicly traded GEO Group Inc (GEO.N) and CoreCivic Inc (CXW.N).
This retreat follows a parade of major lenders announcing they would no longer offer financing to private detention center operators amid a public uproar over immigrant detention policies of U.S. President Donald Trump’s administration.
Wells Fargo and SunTrust Robinson Humphrey dropped analyst coverage of the prison companies earlier this month putting the pair in a very small group of big companies with no coverage from Wall Street analysts that sell research to investors.
During a quarterly earnings conference call on Tuesday, GEO Chief Financial Officer Brian Evans said the company was working with a number of smaller equity analyst shops and in the early stage of developing relationships after a portfolio manager asked about efforts to get sell-side coverage.
-snip-
Read more: https://www.reuters.com/article/us-usa-stocks-privateprisons/u-s-prisons-lose-wall-street-sell-side-coverage-idUSKCN1UQ2IJ