UPDATE: BMO Capital Upgrades Glatfelter (GLT) to Outperform
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
BMO Capital analyst Mark Wilde upgraded Glatfelter (NYSE: GLT) from Market Perform to Outperform with a price target of $17.00.
The analyst comments "We are becoming more optimistic on GLT's growth trajectory after the announcement of the Jacob Holm (JH) acquisition last Thursday. Swiss-based JH will expand the nonwovens franchise and continue GLT's transition into a leading producer of engineered materials.GLT is paying $308mm. This is ~6.8x LTM EBITDA of $45mm. However, GLT suggests EBITDA includes $10-15mm of COVID-19 related benefits. Removing this, and estimating $20mm in synergies, implies a 5.6-6.2x purchase multiple. We like the transaction and are upgrading GLT shares to Outperform from Market Perform."
Shares of Glatfelter closed at $14.10 yesterday.
You May Also Be Interested In
- Ryanair (RYA:ID) (RYAAY) PT Raised to EUR18.50 at Barclays
- L'Occitane International SA (973:HK) (LCCTF) PT Raised to HK$33 at HSBC
- HSBC Upgrades Shenzhen Goodix Technology (603160:CH) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesBMO Capital, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!