Piper Jaffray Remains Bullish on Sequential Brands (SQBG) following announced agreement to acquire Joe's Brand
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Piper Jaffray reiterated an Overweight rating and $21.00 price target on Sequential Brands (NASDAQ: SQBG) following announced a definitive agreement to acquire Joe's brand for $67M. Analyst Erinn Murphy views the announcement favorably.
Murphy commented, "Yesterday after market close Sequential Brands announced a definitive agreement to acquire Joe's brand for a purchase price of $67M as well as a long term strategic partnership with Hong Kong based Global Brands Group. We view the announcement favorably and are reiterating our OW rating and $21 target price on SQBG. We recommend investors continue to buy shares of Sequential Brands. While we estimate the impact of the acquisition will be smaller than previous strategic initiatives with Martha Stewart and Jessica Simpson, we are pleased with Sequential Brands' continued acquisitive strategy. In terms of estimates, we elect to remain conservative with our estimates until we get more detail around the acquisition and are therefore leaving our estimates unchanged."
Shares of Sequential Brands closed at $16.49 yesterday.
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Related EntitiesPiper Jaffray, Definitive Agreement, Erinn Murphy
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