Jefferies Starts Versum Materials (VSM) at Hold

September 23, 2016 6:55 AM EDT
Get Alerts VSM Hot Sheet
Price: $27.50 -1.19%

Rating Summary:
    3 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Jefferies initiates coverage Air Products (NYSE: APD) spin-off Versum Materials (NYSE: VSM) (VSM.wi) with a Hold rating and a price target of $26.00.

Analyst Laurence Alexander commented, "Following the Air Products (APD, Hold) spin, Versum gives investors leverage to a diversified, market-leading exposure to semiconductor production and innovation trends. Financial leverage is manageable (we forecast 1.6x net debt/EBITDA at the end of the year), and we estimate $615m-$1bn of balance sheet flexibility for M&A by 2020E ($0.45-$0.75 of EPS at buyback-equivalent returns). We initiate coverage with a Hold rating."

For an analyst ratings summary and ratings history on Versum Materials click here. For more ratings news on Versum Materials click here.

Shares of Versum Materials closed at $ yesterday.

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