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Fly News Breaks for March 20, 2017
SFM
Mar 20, 2017 | 08:21 EDT
After Bloomberg reported that Cerberus Capital Management-backed Albertsons held preliminary talks to merge with Sprouts Farmers Market, Jefferies analyst Christopher Mandeville says historical transactions suggest a $26 per share takeout price for Sprouts. The stock in pre-market trading is up 5%, or $1.13, to $23.15. If Sprouts is willing to sell itself, multiple suitors, both financial and strategic, could show interest, leading to a competitive bidding process that could potentially push the valuation higher than $26 per share, Mandeville tells investors in a research note. The company, as one of the last few growth concepts remaining in grocery, should "receive a very healthy valuation," the analyst argues. He has a Buy rating on Sprouts with a $22 price target.
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