UPDATE: RBC Capital Downgrades Atotech (ATC) to Sector Perform
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RBC Capital analyst Arun Viswanathan downgraded Atotech (NYSE: ATC) from Outperform to Sector Perform with a price target of $26.00 (from $27.00).
The analyst comments "Following ATC's agreement to be acquired by MKS Instruments for $5.1B (equity value), we are downgrading the stock to Sector Perform as we see the stock fairly valued. That said, we continue to see ATC benefitting from secular trends in digitalization with 5G buildout, cloud computing, EV, and growing consumer demand for longer-lasting, sustainable high-quality products."
Shares of Atotech closed at $24.42 yesterday.
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