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Fly News Breaks for March 28, 2019
WBC
Mar 28, 2019 | 13:55 EDT
Stephens analyst Justin Long downgraded Wabco to Equal Weight from Overweight and lowered his price target on the stock to $136.50 from $152.00 following the company's agreement to be acquired by ZF Friedrichshafen AG. While the takeout price was below his expectation, WBC has outlined its view that it will be facing an increasing level competition and has not been approached by any third parties since publicly acknowledging talks with ZF, which leads Long to conclude that the likelihood of a higher offer is relatively low.
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