A Chinese company has acquired personal transportation company Segway from Brentwood-based private equity fund Summit Strategic Investments. The local firm had acquired Segway, which is sold in 80 countries, in early 2013 with plans to expand its reach but that appears to have not happened in any meaningful way. From the companies' release:
“After the strategic combination, Ninebot and Segway will be able to cooperate closely with each other on technology and marketing, strengthening their research and development, manufacturing, marketing and sales capabilities. Intelligent hardware has grown quickly worldwide during the past several years. Our combination with Ninebot will enable us to provide more intelligent and valuable products to our customers. We are confident in our future,” said Rod Keller, President of Segway.
There's something of a Pac-Man feel to the deal announced today: TechCrunch points out that Segway and its founder, Dean Kamen, last year accused Ninebot — and a number of other Chinese companies — of infringing on Segway's intellectual property.
Fledgling microbrewery Smith & Lentz is setting up shop on Main Street in East Nashville, reports Matt Rogers at Eater Nashville. Smith & Lentz had been working on a SoBro home but that building was destroyed by fire late last year.
SEE ALSO: News last week of Towery Properties' purchase of the SoBro site Smith & Lentz had targeted
RBC Capital Markets analyst Paul Quinn has boosted his rating on shares of Louisiana-Pacific to 'sector perform' from 'underperform,' citing a positive outlook for the price of oriented strand board because of limited inventory coming to market soon. But Quinn's price target of $15 is still about 8 percent below where LP (Ticker: LPX) ended Monday's session.
Over at Goldman Sachs, analyst Neil Mehta has gone the other way with shares of Delek US Holdings and a number of other oil refiners, cutting them from 'buy' to 'neutral.' Mehta now has a price target of $43 on Delek, which has climbed about 40 percent year to date. His call helped take Delek down almost 5 percent Monday, with shares (Ticker: DK) closing at $37.80.
"While we recognize further upside may exist from restructuring/M&A optionality at DK: (1) risk/reward appears more balanced after share price strength and (2) we expect WTI-Midland differentials will stay compressed with new pipeline capacity additions," the analysts explained.
Wunderlich Securities analyst Kevin Reynolds has lifted his price target for shares of Pinnacle Financial Partners to $48 from $40 but is keeping his 'hold' rating. The largest bank headquartered in Nashville (Ticker: PNFP) got a lift this week from the news that is plans to buy Chattanooga's CapitalMark Bank & Trust. In Friday morning trading, they're down slightly to $44.65.
Over at Bank of America Merrill Lynch, analysts have taken Louisiana-Pacific down a notch to 'neutral' from 'buy' and trimmed their price target to $17 from $18. Shares of downtown-based LP (Ticker: LPX) are off about 0.5 percent to $16 today and down about 3 percent year to date.
Automotive accelerator program autoXLR8R, which is now being run by regional venture development organization Tech 2020, is on the hunt for its third cohort of startups. The nine-week program was started by the Southern Middle Tennessee Entrepreneur Center in 2013 and will this year be run from Tech 2020's Oak Ridge offices. Classes will start July 6 and take place in various meeting locations but the Tech 2020 team also will utilize online platforms to be more accessible to participants and gather a wider audience.
"We are moving to an online/remote based program delivery, which will minimize disruption of the entrepreneur's normal business activities and it also removes geography as a constraint,” Shawn Carson, Tech 2020's director of venture development, said in a release. “We expect to have participants from across Tennessee and the Southeast."
Tech 2020 also has connections with the University of Tennessee and UT Research Foundation.
Nashville-based startups companies Emil Erwin and Otis James are moving from Marathon Village to spaces located on North Nashville’s historic Buchanan Street, Nashville Business Journal reports.
Prior to interstate construction, Buchanan likely was the second-most bustling commericial street, after Jefferson Street, on the city's north side.
Shares of AmSurg jumped more than 4 percent Thursday — and closed within 3 percent of their all-time high — after analysts at Stephens launched coverage of the ambulatory surgery and physician services company with an 'overweight' rating at $77 price target. That last number is the highest on the Street and $10 above the median target. It leaves more than 20 percent of upside for AmSurg (Ticker: AMSG), which already has climbed 16 percent year to date.
The limited partner units of Delek Logistics Partners (Ticker: DKL) fell about 3 percent to $41.59 Thursday after Barclays analyst Richard Gross reiterated his 'hold' rating. Gross has a $45 price target for the company, which Wells Fargo Securities' Roger Read and Lauren Hendrix say would benefit big time from any deal between Delek US Holdings and Alon USA Energy.
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