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Fly News Breaks for October 16, 2019
TECD
Oct 16, 2019 | 07:07 EDT
Stifel analyst Matthew Sheerin raised his price target for Hold-rated Tech Data (TECD) to $125 from $105 after Reuters reported that Apollo Global Management (APO) has made an offer to acquire the company for about $130 per share, or $4.8B, a 17% premium to last night's closing price. The stock in premarket trading is up 14%, or $15.16, to $126.50. The analyst says that although Tech Data's board is obligated to give serious consideration to any takeout offers, he would not be surprised to see the company consider other, potentially higher offers. Tech Data has shown strong execution in recent quarters, and some investors would argue that the company should deserve a better valuation multiple, Sheerin tells investors in a research note titled "Is 7x EV/EBITDA Good Enough?" The analyst, however, believes an Apollo offer at the reported terms "would be fair."
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