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MKM Partners Maintains a 'Neutral' on Gardner Denver Corp. (GD); Not So Fast ValueAct

July 31, 2012 11:13 AM EDT
Get Alerts GDI Hot Sheet
Price: $32.79 --0%

Rating Summary:
    11 Buy, 10 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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MKM Partners maintains a 'Neutral' on Gardner Denver Corp. (NYSE: GDI) price target of $54.00.

Analyst, Joshua Pokrzywinski, said, "We maintain our rating following ValueAct's suggestion that the GDI Board entertain offers to sell the company. While we view the takeout value of GDI as having room for value creation for a sufficiently long-term acquirer and would expect shares to price in a floor for the possibility of a sale, we believe the change in ValueAct's approach highlights the risk and uncertainty of a vacant permanent CEO position ahead of European restructuring and the volume declines in upstream energy."

Pokrzywinski expects the GDI's board to move through its announced restructuring process and do an assessment before entertaining a sale.

For an analyst ratings summary and ratings history on Gardner Denver Corp. click here. For more ratings news on Gardner Denver Corp. click here.

Shares of Gardner Denver Corp. closed at $56.35 yesterday.


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