Skyline Corporation (SKY) PT Raised to $55 at Craig-Hallum on ScotBilt Homes Acquisition
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Craig-Hallum analyst Greg Palm raised the price target on Skyline Corporation (NYSE: SKY) to $55.00 (from $49.00) after the company announced the acquisition of ScotBilt Homes, a multi-plant manufactured housing operator in Georgia that generated $79M of revenue in CY20.
The analyst reiterated a Buy rating, stating "The acquisition checks a lot of boxes in our view with key highlights as follows: (1) $53M purchase price implies 0.5x forward sales and an even more attractive valuation on earnings; (2) Broadens geographic presence in the southeast and mid-Atlantic regions, two of the fastest growing housing markets due to migration patterns; (3) Adds further distribution that can be utilized by Skyline Champion’s recently announced plant acquisitions in North Carolina; (4) Potential for cost and revenue synergy potential and (5) Further consolidates the manufactured housing industry between the “big three”."
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