Piper Jaffray Downgrades Jarden Corporation (JAH) to Neutral; Fairly Valued Ahead of Merger Vote

Piper Jaffray downgraded Jarden Corporation (NYSE: JAH) from Overweight to Neutral with a price target of $60.00 into the shareholder vote on the merger with Newell Rubbermaid on April 15.

Analyst Wissink commented, "We are making a tactical adjustment to our rating, but maintain a high degree of confidence in the value extrapolation potential inherent in the merger with NWL. Our Neutral rating (Overweight prior) should be viewed as a recommendation to hold JAH shares into the final external step - the shareholder vote on April 15. Should the vote clear both groups, the merger would close in the subsequent days. At that point, JAH shareholders will receive a $21/sh cash payout and 0.862 shares of NWL per JAH share. We think the offer price is fair and with anti-trust clearance and debt funding out of the way, shareholder support is all that remains. If the deal is denied, we would expect JAH shares to return to trading on a valuation basis on standalone earnings, which we estimate near $3.15/sh in 2017."

For an analyst ratings summary and ratings history on Jarden Corporation click here. For more ratings news on Jarden Corporation click here.

Shares of Jarden Corporation closed at $58.67 yesterday.

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