Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly.
Company: Sable Offshore Corp.
Symbol: SOC
Price: Last Trade $32.35
Trade Date: Thursday, 5/22
Re-Offer Range: $29.50-$31.00
Shares: $200 million
Underwriter(s): J.P. Morgan, Jefferies, TD Cowen
Description: They are an independent oil and gas company, headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez Unit in federal waters offshore California.
Rating = BUY
Company: Elbit Systems Inc.
Symbol: ESLT
Price: Last Trade $395.93
Trade Date: Thursday, 5/22
Re-Offer Range: $375.00-$380.00
Shares: 1.36 million
Underwriter(s): BofA Securities, JP Morgan, Jefferies, Morgan Stanley
Description: They develop and supply a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications in Israel, North America, Europe, the Asia-Pacific, Latin America, and internationally.
Rating = Neutral
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