Gabelli Downgrades Actuant (ATU) to Hold on Valuation
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Gabelli analyst Justin Bergner downgraded Actuant (NYSE: ATU) from Buy to Hold with a price target of $29.00.
The analyst comments "We continue to see a buyer as able to pay $30 for remainco (14.5x FY 8/21 EBITDA using PF 8/31/19 net debt) should Actuant be willing to sell Industrial Tools & Services and the retained EC&S Cortland business, Emerson, Stanley Black & Decker and international tools players could be interested. However, the recent move up in the stock from $22-26 could make a deal more challenging by limiting the effective percentage premium."
Shares of Actuant closed at $26.19 yesterday.
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