Wells Fargo Starts Matson, Inc. (MATX) at Market Perform; ALEX Spinoff, But Near-Term Growth Opportunities Seem Relatively Limited

June 19, 2012 11:07 AM EDT
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Price: $43.74 -0.73%

Rating Summary:
    6 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Wells Fargo initiates coverage on Matson, Inc. (: MATX) with a Market Perform. PT range $23-25.

Analyst, Michael Webber, said, "Matson--the transportation segment (including Ocean Transportation and Logistics) of the Hawaiian-centered real estate company Alexander & Baldwin (Nasdaq: ALEX)--is in the process of being spun off, with the completion of the spin set for June 29 ("regular way" trading begins July 2; "when issued" began June 14)."

"We view Matson as a stable and differentiated value story, given its ~3% forward dividend yield, solid balance sheet, and unique service offering that carries leverage to both traditional US transport markets (logistics, point-topoint US freight) and international trade (trans-pacific service to the USWC etc.); however, given the lack of a clear near-term growth catalyst and liquid price discovery, we are initially rating shares as Market Perform."

For an analyst ratings summary and ratings history on Matson, Inc. click here. For more ratings news on Matson, Inc. click here.

Shares of Matson, Inc. closed at $ yesterday, with a 52 week range of $-$.

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