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Special Situations: US Picks & Pans - Sept 2024
Andrew Brady - Head of Basics
Jarah Cotton - Associate Analyst, Chemicals
Peter Sakon, CFA - Senior Analyst, Special Situations
David Bussey, CFA - Senior Analyst, Leisure
Jordan Chalfin, CFA - Head of Technology
Jory M. Eisenberg, CFA, FRM - Senior Analyst, Special Situations
Joshua Kramer - Senior Analyst, Special Situations
Frank Longobardi - Senior Analyst, Leveraged Loans
Andy Li, CFA - Senior Analyst, Technology
Eric Axon, CFA - Co-Head of High Yield, Head of Healthcare
Michael O’Brien - Analyst, Homebuilders
Davis Hebert, CFA - Head of Telecom / Media
Todd Duvick, CFA - Head of Autos
Will Lee - Analyst, Autos
Savannah Buzzeo - Associate Analyst, Telecom / Media
Brian McKenna - Associate Analyst, Telecom & Media/Cable
James Goldstein, CFA - Head of Retail
Mark Lightner, Esq. - Head of Special Situations Legal Research
EXECUTIVE SUMMARY
- Our analyst team highlights 13 US Special Situations names under coverage which we think offer attractive risk adjusted returns (picks) and those which are unattractive (pans).
- Our analysts like AMC Entertainment, Anywhere Real Estate (2026 Notes), CommScope, Qurate, Sabre and WideOpenWest
- Our analysts dislike Anywhere Real Estate (Uns), Bausch Health, DISH Network, Hertz, MultiPlan, Rackspace Technology, Telesat and WW International.
- We recently reflected on the new AMC capital stack following the substantive exchange of $2.4 bn of 2026 debt maturities out to 2029-30. While the Company still has ~$450 mn of collective maturities to address prior to the end of 2026, it has bought itself substantial breathing room. Further, we expect that its ~$800 mn cash cushion and an
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