Analysts Offer Insights on Financial Companies: Oceanfirst Financial (OCFC) and Hong Kong Exchanges & Clearing (OtherHKXCF)
Analysts have been eager to weigh in on the Financial sector with new ratings on Oceanfirst Financial (OCFC – Research Report) and Hong Kong Exchanges & Clearing (HKXCF – Research Report).
Confident Investing Starts Here:
Oceanfirst Financial (OCFC)
In a report issued on June 6, Frank Schiraldi from Piper Sandler maintained a Hold rating on Oceanfirst Financial, with a price target of $19.00. The company's shares closed last Friday at $17.29.
According to TipRanks.com, Schiraldi is a 5-star analyst with an average return of 13.6% and a 61.3% success rate. Schiraldi covers the Financial sector, focusing on stocks such as Tompkins Financial Corporation, Valley National Bancorp, and Univest Of Pennsylvania.
The word on The Street in general, suggests a Hold analyst consensus rating for Oceanfirst Financial with a $20.00 average price target.
In a report released yesterday, Richard Xu from Morgan Stanley maintained a Buy rating on Hong Kong Exchanges & Clearing, with a price target of HK$500.00. The company's shares closed last Friday at $51.88.
According to TipRanks.com, Xu is ranked #4119 out of 9627 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Hong Kong Exchanges & Clearing with a $52.12 average price target, a 0.4% upside from current levels. In a report issued on June 2, Goldman Sachs also maintained a Buy rating on the stock with a HK$455.00 price target.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
an hour ago
- Miami Herald
IKEA's new store concept makes its way to this state
I remember the first time I walked into an IKEA store. I was amazed by the vast offering, but a bit annoyed by its layout - how it forces you to walk through the whole store and look at everything. I was annoyed only for one reason - I didn't have time for it, as this was supposed to be just a short stop on the way to somewhere else. Rushing through an IKEA store is no fun, because there are so many nicely designed items that grab your attention, and you want to check them out without time pressure. Don't miss the move: Subscribe to TheStreet's free daily newsletter This just illustrates how remarkable IKEA's marketing strategy really is. A neuromarketer and author of "The Buying Brain," Dr. A.K. Pradeep explains this "Ikea phenomenon" by explaining how its stores appeal to the subconscious mind, which is the primary driver of decision-making, writes CNBC. "Furniture is set up in its natural environment. Every single thing there is contextually in position. The brain perceives it, understands its inherent value, and therefore desires it," Pradeep said. Marketing isn't everything, naturally. IKEA wouldn't be as popular if its offerings were no good. However, the furniture giant is praised for affordable, easy-to-assemble products and Scandinavian aesthetic of simple, minimalist design. Now the Swedish home goods powerhouse is trying to position itself in the U.S. and rival big names such as Ashley HomeStore or Target. Image source: Ratcliffe/Bloomberg via Getty Images Over the past few years, IKEA expanded across multiple states, and it currently has 51 retail locations across the U.S. and 375 IKEA stores in 30 countries. On June 4, the company opened a Plan and Order point store in Beaverton, Oregon, located at Progress Ridge Town Square at 12305 SW Horizon Blvd. Related: Another major furniture chain closes stores, no bankruptcy This new format store is the second IKEA location in the Portland metro area. What is a Plan and Order point store? IKEA's new concept consists of smaller stores dedicated to kitchen, bedroom, and living room planning, where customers can get home furnishing advice to help them design their space. Customers can book an appointment with IKEA's expert planning specialists or use in-store self-service tools to design their own solutions. More Retail: Huge retail chain closing more stores soon (locations revealed)Struggling drugstore chain announces second bankruptcyBeloved discount grocery chain has massive US plans As the name suggests, Plan and Order point stores have no items to buy in-store and take home on the same day, but purchases made there can be home delivered or collected for free from one of the stores or pick-up points. This year, the retail mammoth already opened five locations in the U.S., and it plans six more by the end of the year. What's more, two additional locations are planned for 2026. It all started in 2023, when the company confirmed it would invest $2.2 billion to expand across the U.S. over the next three years by opening new stores and enhancing its fulfillment network. This was the biggest investment in almost 40 years since IKEA's first store opened in Plymouth Meeting, Pennsylvania, writes TheStreet's Fernanda Tronco. Related: Target CEO offers 10,000 items below $5 to win customers back "The U.S. is one of our most important markets, and we see endless opportunities to grow there and get closer to the many Americans with affordable products and services," IKEA Head Retail at Ingka Group, Tolga Öncü, said at the time. "More than ever before, we want to increase the density of our presence in the U.S., ramp up our fulfillment capacities and make our offer even more relevant to local customers' needs and dreams," he added. As the globally recognized furniture brand makes its way across the country, it will be interesting to see how its competitors respond. In any case, the bigger the offering, the better for consumers. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
an hour ago
- Miami Herald
Huge auto parts company files for Chapter 11 bankruptcy
Auto parts aftermarket companies have faced a series of economic issues that have reduced their revenue over the last two years. Rising inflation, increased interest rates, and consumers who are cautious with discretionary spending have affected their profits. Don't miss the move: Subscribe to TheStreet's free daily newsletter A major headwind on the industry since 2023 has been the declining consumer interest in electric vehicles. As inflation and high interest rates raised the prices of EVs, fuel costs for internal combustion vehicles plummeted. Related: Major auto parts company considers filing Chapter 11 bankruptcy It began to make more economic sense for consumers to buy ICE vehicles that were less expensive and more convenient to refuel at gas stations, instead of searching for an EV charger to recharge their battery. Tesla has become the poster child for declining EV sales as the electric vehicle maker's sales in April declined in its top three markets - U.S., China, and Europe - after suffering a 13% year-over-year delivery decline in the first quarter of 2025, according to Morningstar data. All of these economic issues have led auto parts suppliers to close stores and sometimes file for bankruptcy. Wheel Pros, which operates as auto parts distributor and retailer Hoonigan, filed for a prepackaged Chapter 11 bankruptcy on Sept. 9, 2024, with plans to hand 85% of its new equity interests to holders of first-lien claims and 15% to new first-lien lenders who will backstop the debtor's exit term loan. Accuride Corp., another top manufacturer of wheels and wheel end products for commercial trucks and trailers filed for Chapter 11 bankruptcy protection on Oct. 9, 2024, seeking a consensual restructuring of its debt to continue operating as a going concern. Some auto parts suppliers closed stores but didn't need to file for bankruptcy. Struggling auto parts retailer Advance Auto Parts, with nearly 5,000 retail stores, accelerated its strategic turnaround plan to close 727 corporate-owned and independent locations, as well as four West Coast distribution centers, by the end of March 2025. And now, a major auto parts supplier has filed for bankruptcy. Global auto parts giant Marelli Holdings Co., which is owned by KKR, filed for Chapter 11 bankruptcy protection with a prearranged restructuring agreement to wipe out billions of dollars of debt and hand ownership of the company to its senior lenders. Related: Popular trucking auto parts chain closing, no bankruptcy yet The auto parts company, whose headquarters are located in Saitama, Japan, with North American headquarters in Southfield, Mich., listed $4.9 billion in total funded debt in its filing on June 11, which included a $350 million emergency loan facility, provided by Development Bank of Japan and Mizuho Bank, according to a declaration from CEO David Slump. The emergency loan is senior to a $4.55 billion senior loan facility, led by Mizuho as agent. The debtor listed $1 billion to $10 billion in assets and liabilities in its petition. Its largest unsecured creditors include Stellantis, owed over $453 million; Nissan, owed over $313 million; Bosch Group, owed over $45 million; and Mazda, owed over $30 million. The debtor reached a restructuring support agreement with 80% of its senior secured lenders after a year of negotiations. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The agreement calls for a $1.1 billion new money debtor-in-possession financing provided by members of the debtor's Ad Hoc Group of senior lenders, a 47.5% rollup of senior loan claims, repayment of the $350 million emergency loan in cash, an 11% cashout of senior loan claims held by Japanese lenders, a reinstatement or payment in full of all general unsecured claims, and conversion of a portion of the DIP facility into 100% of the equity of the reorganized company. The debtor seeks a reorganization plan confirmation order within 180 days, according to the declaration. Marelli blamed several prepetition challenges that forced the company to file for bankruptcy, including the effects of the Covid-19 pandemic and post-pandemic market challenges and headwinds. Among the economic issues were supply chain challenges of labor shortages, disruptions, and high costs; high inflation and rising prices of raw materials; and declining customer volumes. The company also blamed a decrease in customer demand for electric vehicles in 2023, due to a combination of high inflation and lower fuel costs for internal combustion engine vehicles, which shifted the cost and benefits of buying an EV. The decreased interest in EVs triggered a rapid volume reduction beginning in May 2024 as automakers who had a surplus of EV inventory no longer had an immediate need for Marelli's components, leading to a decline in revenue in 2024 compared to 2023. The company also dealt with liquidity issues, and $150 million in annual interest payments put pressure on the debtor's cash flow. Related: Classic auto parts company files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
an hour ago
- Miami Herald
New lawsuit aims to halt sale of your data by DNA testing firm
23andMe was founded in 2006 and pioneered the direct-to-consumer genetic testing model. Customers responded positively, ordering DNA testing kits and submitting saliva swabs to find out about their ancestry and make connections with long-lost family members. With this success, at one point, the company's stock market valuation was close to $6 billion. Don't miss the move: Subscribe to TheStreet's free daily newsletter However, after going public and attempting to expand operations into new business lines including health care services and biotechnology, 23andMe ultimately filed for Chapter 11 bankruptcy protection on March 23, 2025. This did not mean the company discontinued operations, though, and in a Q&A document the company created about the filing, it explained that "your data remains protected. The Chapter 11 filing does not change how we store, manage, or protect customer data." Related: Major biotech company acquired after Chapter 11 bankruptcy Despite these assurances, many customers expressed concerns about the sensitive DNA information they'd submitted to 23andMe, prompting lawmakers to get involved. In a recent House Oversight Committee hearing, 23andMe's interim CEO Joseph Selsavage told lawmakers around 15% of the customer base, or 1.9 million people, had requested the deletion of their personal information, but this leaves a substantial amount of DNA data still under the control of the company. Now, 27 states have initiated a lawsuit that seeks to block the sale of this genetic information, raising questions about whether 23andMe has the right to sell DNA data without express consent. As 23andMe's bankruptcy proceedings have progressed, the plan was initially to sell the company to Regeneron, a biotech company, for $256 million, before 23andMe received an offer from TTAM Research Institute, a nonprofit newly launched by company Co-Founder Anne Wojcicki. The bankruptcy court reopened the auction to accept final bids from both potential buyers, but as this process played out, 27 states and D.C. filed suit to ask the bankruptcy court to consider whether selling the DNA data from more than 15 million customers is permissible without the express consent of customers. In court filing documents, the states assert that the transfer of this DNA data is not like an ordinary property sale in bankruptcy proceedings, and that special consideration is required. Related: Google resolves major privacy issue "23andMe holds - and is proposing to sell to a third party - an unprecedented compilation of highly sensitive and immutable personal data: a human being's permanent and everlasting genetic identity….the magnitude of the data in this proposed sale stretches far beyond the 23andMe consumers, impacting those who have no awareness of the sale as well as humans who no longer exist and do not exist yet," the court filings read. The states argue that the company can't just sell this customer information without first getting consent from each of the customers whose DNA data would be part of the transfer. A 23andMe company spokesperson said the AG's complaints "are without merit," adding that "customers will continue to have the same rights and protections in the hands of the winning bidder." For its part, Regeneron has acknowledged the sensitive nature of the information it would be purchasing, promising to process all of the customer data it receives in accordance with the 23andMe privacy policies that were in place before the sale. The company committed to complying with both applicable laws and the 23andMe terms of service and said it would put security controls in place to protect customer details. Related: OpenAI founder's newest project could destroy your privacy Still, this assurance was not enough to satisfy the states that are suing, and officials are speaking out to protect the rights of those whose information is at stake. "New Yorkers and many others around the country trusted 23andMe with their private information, and they have a right to know what will be done with their information. My office is joining 27 other attorneys general to protect people's most private information and to make sure 23andMe abides by the law," New York Attorney General Letitia James stated in a June 10 news release. More Tech News: Palantir gets great news from the PentagonAnalyst has blunt words on Trump's iPhone tariff plansOpenAI teams up with legendary Apple exec The bankruptcy court will need to consider the state's arguments before the information is handed over. The good news is that customers still have the opportunity to request closure of their account and deletion of their data, which the company explains can be done through the Account Settings option. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
