Stifel Reiterates Buy on Matson (MATX) Following Investor Day
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Stifel reiterated a Buy rating and $46.00 price target on Matson, Inc. (NYSE: MATX) after attending the company's investor day. After acquiring the Alaska focused freight forwarding and consolidating business, the company anticipates $21 million of annual EBITDA accretion or $0.10-0.12 in EPS accretion. Also, while Alaska is in the midst of an oil related recession, the impact on Matson's rates and volumes should be limited. Channel checks, show volumes to potentially be down about 5% y/y which has already been modeled into estimates.
Analyst Benjamin Nolan commented, "This week we attended the Matson's investor day in the Seattle area, specifically focusing on several of the company's more recent acquisitions including the Horizon Alaska shipping business and the SPAN Alaska freight forwarding and consolidation business. Despite a challenging market for international container shipping, Matson's U.S. flag operations continue to do well and we believe there are further opportunities for growth."
Shares of Matson, Inc. closed at $39.81 yesterday.
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