Anixter Int'l (AXE) Completes Power Solutions Acquisition; Imperial Capital Cuts Price Target to $70

Imperial Capital maintained an In-Line rating on Anixter International (NYSE: AXE), and cut the price target to $70.00 (from $73.00), following announced completion of Power Solutions business acquisition from HD Supply. The announcement was made on 10/05/2015.

Analyst Jeff Kessler commented, "We are maintaining our In-Line rating and lowering our one-year price target to $70 from $73 on AXE shares. Our price target is about 15% above the recent share price. On 10/5/15, Anixter announced that it completed the acquisition of the Power Solutions business of HD Supply for $825mn, marking the company’s largest acquisition in its history. Combined with the acquisition of Tri-Ed in September 2014 and the sale of OEM – Supply Fasteners in June 2015, we believe management has a sizable integration task ahead, and we do not expect accretion to EPS before 1Q16."

For an analyst ratings summary and ratings history on Anixter International click here. For more ratings news on Anixter International click here.

Shares of Anixter International closed at $61.12 yesterday.

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