UPDATE: Benchmark Starts Landcadia Holdings III Inc (LCY) at Buy; 'Not Your Ordinary SPAC'
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Benchmark analyst Ruben Garner initiates coverage on SPAC Landcadia Holdings III Inc (NASDAQ: LCY), which is merging with The Hillman Group, with a Buy rating and a price target of $16.00.
The analyst commented, "We are initiating coverage on shares of Landcadia Holdings III, Inc. (LCY) with a Buy rating and $16 price target. LCY is a special purchase acquisition company (SPAC) that recently announced a merger agreement with The Hillman Group, Inc. Hillman is a leading “distributor” of hardware and home improvement products, jobsite protective solutions (including PPE) and robotic kiosk technologies. Our positive investment view is largely predicated on our belief that Hillman 1) is not your ordinary SPAC or private equity play since it is a profitable, growing company with a 56-year track record, 2) is not your average industrial “distributor” given the company’s unique domain expertise and 3) is exposed to the right end-markets at the right time with a large ‘white space’ runway in front of them. All-in-all, we recommend taking advantage of the broader sell-off in SPAC stocks as an opportunity to get in on the ground floor of this unique platform."
Shares of Landcadia Holdings III Inc closed at $10.27 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Hot New Coverage, New Coverage, SPAC
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