Jefferies Downgrades Headwaters (HW) to Hold Pending Takeover
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Jefferies downgraded Headwaters (NYSE: HW) from Buy to Hold with a price target of $24.25 amid takeout.
Analyst Philip Ng commented, "We are Downgrading HW to Hold after the announcement that the company will be acquired by Boral (BLD-AU) for $24.25 per share, which is currently reflected in the share price, and we believe a superior offer is unlikely. The stock will likely be range bound until the deal closes in 2H17, with the biggest risk being anti-trust."
Shares of Headwaters closed at $23.57 yesterday.
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