UPDATE: Citi Assumes Valvoline (VVV) at Buy

Citi analyst Chasen Bender assumes coverage on Valvoline (NYSE: VVV) with a Buy rating and a price target of $37.00.

The analyst comments "We are transferring coverage of VVV and maintaining our Buy rating. With VVV just recently announcing the sale of its Global Products business to Saudi Aramco at a gross purchase price of $2.65 bn (equating to a ~8.5x TTM EBITDA multiple), we think current valuation for the still-combined company looks attractive. We remain optimistic about the big growth opportunity ahead for Retail Services and now with clarity around the timing and terms of the separation, we believe one of key sentiment overhangs has been lifted."

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

Shares of Valvoline closed at $31.35 yesterday.

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