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Fly News Breaks for March 4, 2019
ENTG, MKGAY, VSM
Mar 4, 2019 | 08:49 EDT
Jefferies analyst Laurence Alexander downgraded Versum Materials (VSM) to Hold from Buy while raising his price target for the shares to $47 from $44. With the market already discounting a higher takeover bid from Merck KGaA (MKGAY), the stock's near-term risk/reward is less favorable, Alexander tells investors in a research note. The analyst believes a merger with Entegris (ENTG appears to have slightly higher cost synergies and revenue synergies, with his leveraged buyout model supporting fair value for the new company in 2022 at $73 per share.
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