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Fly News Breaks for January 18, 2019
SITE
Jan 18, 2019 | 09:08 EDT
William Blair analyst Ryan Merkel believes the recent pullback in shares of SiteOne Landscape Supply offer an attractive entry point for long-term investors. The stock is down 40% since September on rising interest rates, slowing housing data, and unfavorable weather in the fourth quarter, Merkel tells investors in a research note. However, with the shares trading at 13 times 2019 EBITDA, he sees a "compelling" entry point. The analyst sees a continued dovish Fed, less bad housing metrics, and 2019 guidance as key catalysts for SiteOne. In a bull case, Merkel uses 2020 EBITDA of $248M, which, at 15 times, implies share potential of $74, or up 35% from current levels.
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