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VSM

Versum Materials

$51.98

-0.01 (-0.02%)

, MKGAY

Merck KGaA

$0.00

(0.00%)

07:43
04/16/19
04/16
07:43
04/16/19
07:43

Versum Materials downgraded to Hold from Buy at Loop Capital

As previously reported, Loop Capital analyst Chris Kapsch downgraded Versum Materials (VSM) to Hold and lowered his price target to $53 from $56, saying the bidding process for the company has "run its course" after its board agreed to Merck KGaA's (MKGAY) "sweetened" deal over that of Entegris' (ENTG) merger of equals proposal. The analyst says the stock has limited upside from its current levels and expects the deal to close in the second half of 2019.

VSM

Versum Materials

$51.98

-0.01 (-0.02%)

MKGAY

Merck KGaA

$0.00

(0.00%)

ENTG

Entegris

$39.79

-0.41 (-1.02%)

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VSM Versum Materials
$51.98

-0.01 (-0.02%)

04/08/19
KEYB
04/08/19
DOWNGRADE
KEYB
Sector Weight
Versum Materials downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Michael Sison downgraded Versum Materials (VSM) to Sector Weight from Overweight citing Merck KGaA's (MKGAY) revised proposal to acquire the company for $53 per share in cash. The analyst notes the revised price is approaching his prior price target of $55.
04/08/19
STFL
04/08/19
DOWNGRADE
Target $53
STFL
Hold
Versum Materials downgraded to Hold from Buy at Stifel
Stifel analyst Patrick Ho downgraded Versum Materials (VSM) to Hold from Buy after the company received a revised all-cash offer of $53 per share offer from Merck KGaA (MKGAY) and Entegris (ENTG) announced in a press release that it would not counter this bid. With Entegris turning down a potential counter and walking away, Ho said he does not believe there will be any additional counter, hostile, or unsolicited bidding. He raised his price target for Versum shares to $53 from $46.
04/09/19
LOOP
04/09/19
NO CHANGE
Target $46
LOOP
Buy
Entegris price target lowered to $46 from $50 at Loop Capital
Loop Capital analyst Chris Kapsch lowered his price target on Entegris (ENTG) to $46, citing reduced chances of the company consummating a merger of equals with Versum (VSM) after its management stated that it "does not currently intend to propose to revise the terms of the merger of equals." The analyst is keeping his Buy rating on the stock however, adding that he would not be surprised if an alternative acquisition from the company emerged. In a base case scenario of Entegris proceeding alone in the near term, Kapsch models the $140M break-up fee to be used for buybacks.
04/16/19
LOOP
04/16/19
DOWNGRADE
Target $53
LOOP
Hold
Versum Materials downgraded to Hold from Buy at Loop Capital
Loop Capital analyst Chris Kapsch downgraded Versum Materials to Hold from Buy and lowered his price target for the shares to $53 from $56.
MKGAY Merck KGaA
$0.00

(0.00%)

03/04/19
JEFF
03/04/19
DOWNGRADE
Target $47
JEFF
Hold
Jefferies downgrades Versum to Hold on less favorable risk/reward
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.
03/15/19
UBSW
03/15/19
DOWNGRADE
UBSW
Neutral
Merck KGaA downgraded to Neutral from Buy at UBS
UBS analyst Michael Leuchten downgraded Merck KGaA to Neutral from Buy saying the stock's valuation is now close to his sum-of-the parts analysis. The analyst believes near-term catalysts are now priced into the shares. He lowered his price target for Merck KGaA to EUR 108 from EUR 115.
04/03/19
04/03/19
UPGRADE
Target $56

Buy
Versum Materials upgraded to Buy at Loop Capital on deal prospects
As previously reported, Loop Capital analyst Chris Kapsch upgraded Versum Materials (VSM) to Buy from Hold and raised his price target for the shares to $56 from $53. The analyst say he "really likes" the potential combination with Entegris (ENTG) if it is successful in acquiring the company, as the merged entity would "create a premier mid-cap specialty materials company". Kapsch also speculates that Merck KGaA (MKGAY) is likely to increase its offer to acquire Versum even as the latter's board has "unequivocally spurned" the all-cash $48/share takeout bid and believes the revised proposal could come before the April 26th shareholder vote on the proposed merger of equals with Entegris.
ENTG Entegris
$39.79

-0.41 (-1.02%)

03/21/19
BREN
03/21/19
INITIATION
Target $43
BREN
Buy
Entegris initiated with a Buy at Berenberg
Berenberg analyst Paretosh Misra initiated Entegris with a Buy and $43 price target.

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GIB

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