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CBRE Group

CBRE Group provides a wide range of real estate services to owners, occupants, and investors worldwide, including leasing, property and project management, and capital markets advisory. CBRE's investment management arm manages over $140 billion for clients across diverse public and private real estate strategies.

CBRE Group Inc

CBRE Global Real Estate Income Fund Common Shares of Beneficial Interest

CBRE Clarion Global Real Estate Income Fund

Northland Capital Markets analyst Gus Richard maintains Camtek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAMT#NASDAQ">CAMT</a>) with a Outperform and raises the price target from $102 to $120.

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CAMT

Northland Capital Markets Maintains Outperform on Camtek, Raises Price Target to $120

North American Construction Group Ltd. ("NACG" or "the Company") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/NOA#TSX">NOA</a>, NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOA#NYSE">NOA</a>) today announced that, in connection with the Company's previously announced normal course issuer bid (the "NCIB") to purchase, for cancellation, up to 2,087,577 common shares in the capital of the Company ("Common Shares"), it has entered into an automatic share purchase plan ("ASPP") with its designated broker.

TSX:NOA

North American Construction Initiates Automatic Share Purchase Plan Of Up To 2.1M Shares

Residential Builder United Homes Sees 19.1% Rise In Net New Orders For Q4

UBS analyst Erika Najarian upgrades Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) from Neutral to Buy and announces $53 price target.

Upgrades

UBS Upgrades Bank of America to Buy, Announces $53 Price Target

Truist Securities analyst Brian Foran initiates coverage on M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) with a Buy rating and announces Price Target of $233.

Initiation

Truist Securities Initiates Coverage On M&T Bank with Buy Rating, Announces Price Target of $233

SPRC

SciSparc Joint Venture MitoCareX Targets Pancreatic Cancer After Encouraging In-Vitro Outcomes

MAWSON INFRSTRUCTURE GRP by Mawson Infrastructure Group Inc.

MIGI

Mawson Infrastructure Inks Digital Colocation Customer Agreement

Truist Securities analyst Brian Foran initiates coverage on KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) with a Hold rating and announces Price Target of $19.

Truist Securities Initiates Coverage On KeyCorp with Hold Rating, Announces Price Target of $19

Truist Securities analyst Brian Foran initiates coverage on Synchrony Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) with a Hold rating and announces Price Target of $72.

Truist Securities Initiates Coverage On Synchrony Finl with Hold Rating, Announces Price Target of $72

AEHR

Aehr Announces Initial FOX-XP Multi-Wafer Test And Burn-In Production System Order

Truist Securities analyst Brian Foran initiates coverage on Huntington Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>) with a Buy rating and announces Price Target of $19.

HBAN

Truist Securities Initiates Coverage On Huntington Bancshares with Buy Rating, Announces Price Target of $19

UBS analyst John Hodulik upgrades Digital Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLR#NYSE">DLR</a>) from Neutral to Buy and raises the price target from $147 to $205.

UBS Upgrades Digital Realty Trust to Buy, Raises Price Target to $205

ZENA

AI Firm ZenaTech To Acquire Workforce Scheduling Software Company To Develop quantum Computing-Driven Solutions

Truist Securities analyst Brian Foran initiates coverage on First Citizens BancShares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCNCA#NASDAQ">FCNCA</a>) with a Hold rating and announces Price Target of $2303.

FCNCA

Truist Securities Initiates Coverage On First Citizens BancShares with Hold Rating, Announces Price Target of $2303

Truist Securities analyst Brian Foran initiates coverage on Fifth Third Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>) with a Buy rating and announces Price Target of $51.

FITB

Truist Securities Initiates Coverage On Fifth Third Bancorp with Buy Rating, Announces Price Target of $51

Truist Securities initiates coverage on Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) with a Buy rating and announces Price Target of $85.

Truist Securities Initiates Coverage On Citigroup with Buy Rating, Announces Price Target of $85

Barclays analyst Jeffrey Bernstein upgrades Shake Shack (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHAK#NYSE">SHAK</a>) from Equal-Weight to Overweight and raises the price target from $125 to $159.

SHAK

Barclays Upgrades Shake Shack to Overweight, Raises Price Target to $159

Truist Securities analyst Brian Foran initiates coverage on Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) with a Buy rating and announces Price Target of $233.

Truist Securities Initiates Coverage On Discover Finl with Buy Rating, Announces Price Target of $233

Getty Images Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GETY#NYSE">GETY</a>) and Shutterstock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSTK#NYSE">SSTK</a>) shares are trading higher premarket on Tuesday after the companies entered a deal to create a visual content company in a merger of equals. The combined company will have an <a target="_blank" href="https://www.benzinga.com//node/42839495" rel="noreferrer noopener">enterprise value of approximately&nbsp;$3.7 billion.</a>
The merger of Getty Images and Shutterstock will create a larger, more diverse content library, expand opportunities for contributors, and strengthen <a target="_blank" href="https://www.benzinga.com/25/01/42813337/getty-images-weighs-major-merger-with-shutterstock-that-could-potentially-reshape-visual-content-market-with-antitrust-risk" rel="noreferrer noopener">their commitment to inclusive content</a>.
Shutterstock shareholders will have three options for consideration at closing. They can elect to receive $28.85 in cash for each share of Shutterstock stock they own.
Alternatively, they can choose to receive 13.67 shares of Getty Images stock for each Shutterstock share.
The third option is a mixed consideration of 9.17 shares of Getty Images common stock plus $9.50 in cash for each share of Shutterstock common stock.
These elections will be subject to proration to ensure that the total consideration from Getty Images consists of $9.50 in cash and 9.17 Getty Images shares per Shutterstock share before the deal closes.
As of the signing date, the total consideration payable by Getty Images includes $331 million in cash and 319.4 million shares of Getty Images stock.
The transaction is subject to customary closing conditions, including approval from Getty Images and Shutterstock stockholders, and the extension or refinancing of Getty Images&#8217; existing debt obligations.
At closing, Getty Images shareholders will own 54.7% and Shutterstock shareholders will own 45.3% of the combined company on a fully diluted basis.
Shutterstock&#8217;s Board of Directors may continue to declare quarterly cash dividends until the transaction closes.
The deal is expected to generate significant synergies, with run-rate savings of $150 million to $200 million in SG&amp;A and capital expenditure <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">within the first three years post-close</a>.
About two-thirds of these synergies are anticipated to be realized within the first 12 to 24 months.
Upon closing, Getty Images CEO Craig Peters will become CEO of the combined company.
The combined company will retain the Getty Images name and trade on the NYSE under the ticker &#8220;GETY.&#8221;
On a pro forma basis for 2024, the combined company is expected to generate revenue of $1.979 billion &#8211; $1.993 billion, with 46% coming from subscription revenue.
The company is projected to have pre-synergy EBITDA of $569 million &#8211; $574 million, and pre-synergy adjusted EBITDA less capital expenditures of $461 million &#8211; $466 million.
Paul Hennessy, CEO, Shutterstock stated, &#8220;We expect the merger to produce value for the customers and stockholders of both companies by capitalizing on attractive growth opportunities to drive combined revenues, accelerating product innovation, realizing significant cost synergies and improving cash flow.&#8221;
As of &nbsp;September&nbsp;30, 2024, Shutterstock&#8217;s cash and cash equivalent <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41595321/shutterstock-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">stood at $131.4&nbsp;million</a>, while Getty had a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g41823912/getty-images-reports-third-quarter-2024-results" rel="noreferrer noopener">cash balance of $114.4 million</a>.
Price Action: GETY shares are up 80.2% at $4.63, while SSTK shares rose 41.4% at $42.50 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/downgrades/24/12/42561153/getty-images-ai-uncertainty-fx-headwinds-premium-valuation-spark-downgrade" target="_blank" rel="noreferrer noopener">Getty Images&#8217; AI Uncertainty, FX Headwinds, Premium Valuation Spark Downgrade</a></li>
</ul>
Photo via Shutterstock.

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GETY

SSTK

Picture Perfect Partnership: Getty And Shutterstock Merge To Form $3.7B Visual Giant

Truist Securities analyst John McDonald initiates coverage on Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) with a Buy rating and announces Price Target of $52.

Truist Securities Initiates Coverage On Bank of America with Buy Rating, Announces Price Target of $52

Impax US Sustainable Economy Fund Q3 2024 Commentary

Materials, software stocks are best poised for H1 outperformance: Goldman Sachs

Tracking William Nygren's Harris Associates Portfolio - Q3 2024 Update

Real estate stocks set to close 2024 in green, 2025 expected to be better

Real estate stocks show pockets of outperformance in 2024

Jefferies upgraded CBRE Group (CBRE) to Buy from Hold with a price target of $152, up from $133. The firm maintains a Positive outlook on the comme...

CBRE Group upgraded to Buy from Hold at Jefferies

REITs set for 2025 rebound amid widest discount since GFC: Jefferies

CBRE Group ( ($CBRE) ) has provided an announcement. CBRE Group announced the completion of its project management business combination with Turner...

CBRE Group Expands with Turner & Townsend Merger

Real estate stocks eke out gains in 2024, recovery on the cards for 2025

Real estate stocks eke out gains in 2024, recovery in the cards for 2025

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Press Releases

Accelerate Infrastructure Opportunities Raises $780 Million — $630 Million from CBRE Investment Management and $150 Million from Separate Inaugural Asset-Backed Securitization

NYLI CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) Declares Monthly Distribution for November 2024 and Availability of 19(a) Notice

CBRE Announces Expanded $5 Billion Stock Repurchase Authorization

Gateway Fiber Upsizes Credit Facility to $250 Million, Funding Continued Growth in Nationwide Fiber Deployment

Contracts

Real Estate

Kao Data Names CBRE as its new Data Centre Facilities Management Partner

CBRE Names Co-CEOs for Investment Management Business

CBRE Group, Inc. to Present at the Goldman Sachs 2024 Financial Services Conference

NYLI CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) Declares Monthly Distribution for December 2024 and Availability of 19(a) Notice

CBRE Group Completes Turner & Townsend/Project Management Combination; Vincent Clancy Joins CBRE Board of Directors

CBRE Group, Inc. Announces Details of Conference Call and Webcast for Fourth Quarter and Full-Year 2024 Financial Results

MEGI

TCBI

Altisource Portfolio Solutions S.A. - Common Stock

Altisource Portfolio

KE Holdings Inc American Depositary Shares (each representing three Class A Ordinary Shares)

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