Jefferies analyst Stephen Volkmann says his sum-of-the-parts valuation points to over $50 per share for the combined businesses of HD Supply Holdings. The stock in premarket trading is up 4.5% to $39.60 after the company last night announced that it would be splitting its remaining segments into two separate companies. The news follows a series of simplification efforts designed to maximize the value of the company, and is unlikely to come as a big surprise to most investors, Volkmann tells investors in a research note. He believes HD is "unleashing significant value" and keeps a Buy rating on the shares with a $48 price target.