Two Avondale Partners managing directors and a senior analyst have left the locally based company for global firm Canaccord Genuity, which also has recruited a former Morgan Joseph vice chairman to set up a first Nashville office.
Making the move to Canaccord are:
• Roger Briggs Jr., who will lead Canaccord's sponsor coverage business nationwide and who was a partner at Trilantic Capital Partners from 2011 to 2013. Before that, Briggs (pictured) led Morgan Joseph's investment banking team for eight years.
• investment banker Dudley Baker, who had been with Avondale since late 2010, when he made the move from Morgan Joseph.
• health care technology and services analyst Richard Close and his right-hand man Brian Hoffman, who had been at Avondale since the springs of 2011 and 2012, respectively. Among the companies they cover is downtown-based HealthStream.
Getahn Ward with The Tennessean writes that the team is hunting for office space in Midtown or The Gulch.
Canaccord, whose shares are listed in Toronto (Ticker: CF) and in London, has a market cap of about $670 million and operations in 10 countries on four continents. The firm earlier this month recruited a team of real estate investment trust analysts in New York and San Francisco.
The move by Baker, Close and Hoffman is a blow for Avondale, whose CEO Pat Shepherd last fall told the Post he was seeking to grow his investment banking team and who early this year added former Stephens managing director Stephen Scott. Avondale's investment banking group, which is led by Jonathan Morphett, now has nine members.
Local investment evaluator David Trainer has signed an agreement to supply its research reports to clients of FA Today, which sells news and technology tools to independent financial advisors looking to connect with each other. FA Today's current format was launched in October, when it had about 12,000 users.
A number of local analysts have been recognized by market-watching firm StarMine for the quality of their research and recommendations. Leading the way is construction materials analyst Kathryn Thompson of Thompson Research Group. StarMine says she led the pack in her sector both in terms of the returns of her buy/sell recommendations and the accuracy of her earnings estimate. She is one of only four analysts to pull off that feat.
Also honored by StarMine are Richard Close at Avondale Partners and David Darst at Guggenheim Securities. Both came in third in the stock pickers segment of their sectors, which are health care technology for Close and thrifts/mortgage finance for Darst.
Check out the full StarMine 2013 awards list here.
Saying that Apple's profits are "on the back side of the mountain," David Trainer of New Constructs on Tuesday told viewers of MoneyLife with Chuck Jaffe that the company's shares are worth just $240, more than 40 percent below where they closed trading yesterday. Trainer's method of valuing stocks relies on deep dives into its financials and he said Apple is looking a lot like Dell in its heyday.
Trainer said that if the company can maintain a 75% return on invested capital, “the stock’s worth about 295 bucks. If the return on invested capital drops closer to 50, the stock’s worth closer to 240 bucks, and I think that’s where it ought to be, or where it’s going to go eventually.”
UPDATE: Trainer also talked to CNBC's "Squawk on the Street" Wednesday
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