- Mizuho analyst Vikram Malhotra reiterated a Buy on WeWork Inc (NYSE:WE) with a $9 price target.
- WeWork reported 3Q results, with a headline miss on revenue and EBITDA, but adjusted for FX was more in line.
- A key positive was the company’s plans to exit underperforming locations, reducing the top line but improving profitability.
- In addition, WeWork extended the maturing of specific debt capacity by a year and extended its letter of credit (LC).
- Negatives include stalling the occupancy ramp and delaying its positive cash flow goal, which will require additional capital rises.
- Given these negatives, bears will be concerned near term and will focus on the need for more restructuring and strategic steps, given tech job losses.
- However, the core flex office business can keep outperforming versus core traditional Office, and there is room for additional cost reduction, both likely catalysts.
- He saw WeWork as an undervalued play on changing work patterns.
- Price Action: WE shares traded higher by 9.04% at $2.83 on the last check Friday.
China’s Biggest Lender ICBC Confirms Ransomware Attack, Disrupts Trades In US Treasury market
The U.S. financial services division of the Industrial and Commercial Bank of China (ICBC) faced a cyberattack, impacting Treasury trades and prompting an investigation, and ICBC isolated affected systems to contain the disruption.
The Industrial and Commercial Bank of China is the world's largest lender by assets.
