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AWI

Armstrong World

$83.07

0.86 (1.05%)

11:45
04/04/19
04/04
11:45
04/04/19
11:45

Armstrong World reports confidential settlement agreement with Rockfon

Armstrong World Industries reported in a regulatory filing earlier that the company and Roxul USA entered into a confidential settlement agreement to fully resolve the litigation between them that was pending in the U.S. District Court for the District of Delaware. All claims in the litigation will be fully and finally dismissed and released with Armstrong making a payment to Rockfon for its costs, expenses and attorneys' fees, the company said. Pursuant to the settlement, both parties acknowledge that Armstrong denies all claims of wrongdoing and makes no admission of wrongdoing or of the truth of any of the claims or allegations contained in Rockfon's complaint or otherwise alleged in the litigation; all Armstrong exclusive distribution locations will remain exclusive to Armstrong under their respective distribution agreements, and in all other non-exclusive or "open" distribution locations, resellers are free to purchase and resell ceiling systems products of any manufacturer at their discretion, the filing noted. Also on April 3, Rockfon filed a stipulation of dismissal with prejudice with the court, in which Rockfon formally dismissed all claims it had against Armstrong with prejudice and the pending trial between the parties was vacated.

AWI Armstrong World
$83.07

0.86 (1.05%)

01/04/19
BOFA
01/04/19
UPGRADE
Target $75
BOFA
Buy
Armstrong World upgraded to Buy at BofA/Merrill
BofA/Merrill analyst John Lovallo upgraded Armstrong World to Buy from Neutral and maintained a $75 price target. The analyst views Armstrong's 50%+ share in the North American mineral fiber market as a key competitive advantage and provides the ability for the company to increase prices in a flow to low-single-digit volume environment. Lovallo is also positive on Armstrong's capital allocation strategy of buybacks, M&A tuck-in acquisitions, and the recently announced dividend.
02/26/19
KEYB
02/26/19
NO CHANGE
Target $83
KEYB
Overweight
Armstrong World price target raised to $83 from $76 at KeyBanc
KeyBanc analyst Kenneth Zener raised his price target for Armstrong World to $83 from $76 saying its FY19 guidance of $4.45 on 7%-10% revenue growth affirms its portfolio vitality, with growth not only from Tile price, but increasingly from sustained Architectural Specialty gains. The analyst reiterates an Overweight rating on the shares.
03/04/19
NOMU
03/04/19
DOWNGRADE
NOMU
Neutral
Armstrong World downgraded to Neutral from Buy at Nomura Instinet
03/04/19
NOMU
03/04/19
DOWNGRADE
Target $76
NOMU
Neutral
Armstrong World downgraded to Neutral on valuation at Nomura Instinet
Nomura Instinet analyst Michael Wood downgraded Armstrong World Industries to Neutral while raising his price target for the shares to $76 from $73. The analyst believes investors fully understand Armstrong's share gain opportunity within Architectural Specialties and pricing power in the high-quality, legacy Mineral Fiber segment. Wood adds that potential for positive earnings revisions are now almost fully priced in compared to his "blue sky" upside valuation target of $78-$82 per share. However, cyclical risks, notably within the new commercial construction end market in the company's Architectural Specialties segment, do not appear to be factored in, Wood tells investors in a research note.

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