Needham & Company Downgrades Measurement Specialties (MEAS) to Hold
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Analyst Sean K.F. Hannan said, "We believe TEL’s planned acquisition of MEAS is a sound strategy for the global connectivity leader as it expands its offering as a solutions provider to both “connect and sense”. The MEAS portfolio will also likely help expand TEL’s strategic efforts in auto (engine/vehicle), internet of things (IoT) & other attractive growth markets. Further, we believe MEAS investors will welcome the deal considering the 10% premium (to 6/18 close) is on top of the stock's healthy 28.5% performance YTD (vs just under 6% for the S&P 500) following a strong run in '13. As we also believe it is unlikely another bidder will step up, we now downgrade our rating on MEAS to Hold."
Shares of Measurement Specialties closed at $78.00 yesterday.
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