Jefferies Starts Versum Materials (VSM) at Hold
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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."
Shares of Versum Materials closed at $ yesterday.
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