Halister News

(Bloomberg) -- Canada’s GDP seen rising 4.2% in 1Q after increasing 2.6% in 4Q (forecast range +3.2% to +4.7%)

• For March alone, GDP seen rising 2.9% y/y after increasing 2.5% in February (forecast range +2.3% to +3%)

(Bloomberg) -- Moody’s 3-Year Refunding Index "stabilizing" as record high level of junk-bond maturities in April is offset by substantial increase in issuance, analyst Tiina Siilaberg writes in report.

• $68b of high-yield debt issued in first 4 months of 2017, 44% increase over previous year
• Refinancing risk still relatively high at 3.4x at end of April versus long-term average of 6.4x
• 1- year refunding risk at 6.9x versus long-term average of 11.9x due to fast increase in maturities entering 1-year mark without issuers actively refinancing such debt
• Among highly levered companies, telecom/media/tech sector has largest share of upcoming maturities with $66b

To contact the reporter on this story: Molly Smith in New York at msmith604@bloomberg.net To contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net Kenneth Pringle

(Bloomberg) -- INCR indicates $56.60-n/a pre-market vs $56.30 close after SunTrust analyst Sandy Draper upgraded to buy and raised the PT to $67 from $48, seeing attractive upside from co.s’ merger with closely held inVentiv Health.

• Cites the successful M&A track record of INCR’s management; the transaction could drive expense and potentially rev. synergies for the combined entity
• Increases 2017 rev. est. to $1.055b from $1.045b, and raises 2018 rev. view to $1.164b from $1.146b
• Expects the upfront investment in headcount without an immediate offset to sales this year to translate into 100 basis points gross margin improvement in 2018
• Shares rose 7% YTD while the S&P 500 Health index gained 10%
• INCR has 6 buys, 3 holds, 0 sells, avg PT $60: Bloomberg
• NOTE: May 10, INC Research Surges on InVentiv Deal; Watch Parexel, Peers
  • May 10, INC Research FY Adjusted EPS View Midpoint Tops Est.
  • May 3, INC Research, MedPace in Tough Strategic Spot, Wells Fargo Says

To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Will Daley