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Fly News Breaks for April 24, 2015
VFC, BDE
Apr 24, 2015 | 06:57 EDT
Piper Jaffray believes shares of Black Diamond are pricing in a higher than average takeout multiple following news the company is exploring alternatives. Piper's work yields $9.25 per share in intrinsic value, and it believes the stock is likely to be range bound. It does not see VF Corp. (VFC) as a likely buyer of Black Diamond. The firm recommends not chasing the stock at current levels and keeps a Neutral rating on the name.
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