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Fly News Breaks for January 14, 2020
AXE, WCC
Jan 14, 2020 | 06:23 EDT
RBC Capital analyst Deane Dray upgraded Wesco (WCC) to Outperform from Sector Perform with a price target of $72, up from $60. The analyst expects the merger with Anixter (AXE) to be 50% earnings accretive and sees "compelling" potential for 28% upside in the stock price in spite of the 4.5-times initial net leverage and the merger's integration risk. Dray adds that Wesco's positive Q4 sales pre-announcement helped to de-risk the quarter.
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