Jonathan Chappell of Evercore ISI compared the issue to ripping off a band-aid, but stressed the company’s wounds have healed.
Chappell says the unexpected stock sale was somewhat of a blind-side hit. However, he explains it is consistent with management’s proactive actions and their refusal to rely on a "hope trade".
“We now believe the liquidity runway (even at the poor, in our view unsustainable, rates of today) stretches through 2017,” the analyst wrote in a report.
Chappell
