Rogers (ROG): Raising PT On DeWal Acquisition - Needham

November 28, 2016 6:34 AM EST
Get Alerts ROG Hot Sheet
Price: $81.71 --0%

Rating Summary:
    7 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company analyst, Sean Hannan, reiterated his Buy rating on shares of Rogers Corp (NYSE: ROG) and raised the price target to $79 from $75 after ROG announced that it had acquired DeWal Industries for an undisclosed price. DeWal has trailing 12 month revenues of ~$50M and manufactures products such as PTFE, specialized polyethylene films, and unique tapes and specialty products for the industrial, aerospace, automotive, and electronics markets. ROG expects the transaction to be accretive to 2017.

The acquisition of DeWal appears to be further execution of the ROG strategy that should enhance the product portfolio value proposition in addition to further improving the ROG model. Looking forward to 2017, the analyst expects positive tailwinds with respect to organic growth, further boosted by DeWal's contribution through the top line and EPS accretion.

For an analyst ratings summary and ratings history on Rogers Corp click here. For more ratings news on Rogers Corp click here.

Shares of Rogers Corp closed at $73.54 yesterday.

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