Rogers (ROG): Raising PT On DeWal Acquisition - Needham
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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.
Shares of Rogers Corp closed at $73.54 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company, Definitive Agreement
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