Sell-side analysts have stopped advising investors on U.S. private prisons as Wa...
FILE PHOTO: ICE detainees make phone calls at the Adelanto immigration detention center, which is run by the Geo Group Inc , in Adelanto, California, U.S., April 13, 2017. REUTERS/Lucy Nicholson
Investors have also been spooked by the sector’s risks, with both companies having fallen more than 20% since late June after U.S. Democratic presidential candidate Elizabeth Warren called for the elimination of privately run Federal and State detention centers, arguing they put profits above safety.
The lack of reports and recommendations is a negative for both investors and corporations, according to Haran Segram, a clinical professor of finance who teaches classes on valuing companies at NYU Stern Business School. A SunTrust spokesman said the coverage change was a “reallocation of resources” and not connected to the decision to forego financing work.
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