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Fly News Breaks for January 7, 2020
AXE, WCC
Jan 7, 2020 | 07:43 EDT
Oppenheimer analyst Christopher Glynn upgraded Wesco (WCC) to Outperform from Perform with a $74 price target as he sees "even odds" that that the company can achieve a winning transaction proposal to land Anixter (AXE). His analysis uses an assumed $100 per share price for Anixter and assumes $150M synergies realized by 2023, though he notes his $74 price target only weights a transaction scenario at 50% and gives a 50% weighting to no deal. Given Wesco strategic rationale and domain expertise, Glynn thinks Anixter's board must increasingly consider its proposal and he thinks it is unclear how CD&R's debt funding commitments might scale at higher bid levels, the analyst added.
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