Jefferies Downgrades Headwaters (HW) to Hold Pending Takeover

Jefferies downgraded Headwaters (NYSE: HW) from Buy to Hold with a price target of $24.25 amid takeout.

Analyst Philip Ng commented, "We are Downgrading HW to Hold after the announcement that the company will be acquired by Boral (BLD-AU) for $24.25 per share, which is currently reflected in the share price, and we believe a superior offer is unlikely. The stock will likely be range bound until the deal closes in 2H17, with the biggest risk being anti-trust."

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

Shares of Headwaters closed at $23.57 yesterday.

You May Also Be Interested In

• Jefferies on Five Below (FIVE): 'Our latest channel checks reinforce our view that FIVE's momentum extends well beyond viral Squish trends'
• Wolverine World Wide (WWW) PT Raised to $31 at UBS on Growth, EPS Upside Potential
• Jefferies upgrades Five Below to Buy, sees path to TJX-like re-rating