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MAS

Masco

$38.12

0.22 (0.58%)

14:42
06/18/19
06/18
14:42
06/18/19
14:42

Masco sale of cyclical businesses should help shares re-rate, says Raymond James

Raymond James analyst Sam Darkatsh said Masco's announcement of plans to pursue the sale of its more cyclical Cabinets and Windows businesses should help the shares re-rate higher. He sees the sale reducing overall cyclicality and thinks the remaining businesses have a "far more attractive financial profile," Darkatsh tells investors. He keeps a Strong Buy rating on Masco shares.

MAS Masco
$38.12

0.22 (0.58%)

04/26/19
RAJA
04/26/19
UPGRADE
RAJA
Strong Buy
Masco upgraded to Strong Buy from Market Perform at Raymond James
04/26/19
RAJA
04/26/19
UPGRADE
Target $47
RAJA
Strong Buy
Masco upgraded two levels to Strong Buy at Raymond James
As previously reported, Raymond James analyst Sam Darkatsh upgraded Masco two notches, to Strong Buy from Market Perform, noting that the stock "remarkably" now trades below the level seen just prior to the Cabinets and Windows-related portfolio review announcement on March 1. While he is still cautious on the overall building products space, he views Masco as an asymmetric "special situation" and believes the stock could re-rate "meaningfully" if the "far less attractive" Cabinets and Windows businesses were removed and just Plumbing and Decorative Architecture remained. Darkatsh set a $47 price target on Masco shares.
04/29/19
ZELM
04/29/19
UPGRADE
ZELM
Buy
Masco upgraded to Buy from Hold at Zelman
06/18/19
JEFF
06/18/19
NO CHANGE
JEFF
Buy
Masco could trade lower on lack of clarity around unit buyers, says Jefferies
Jefferies analyst Philip Ng says that while Masco's plans to sell its Cabinetry and Windows businesses over the next six-to-nine months will unlock shareholder value, the "lack of clarity around buyers, proceeds, and timing could drive the stock lower today." The stock in morning trading is up 8c to $38.02. The transaction will shed Masco of its more capital intensive and cyclical businesses and leave it with its higher margin Plumbing and Paint businesses, to which investors would ascribe a larger multiple, predicts the analyst. Ng estimates that if the businesses could be sold at ~10 times enterprise value to EBITDA, or after-tax cash proceeds of ~$1.4B, and the proceeds used to buy back shares, it would imply a stock price of $47 for Masco. He keeps a Buy rating on the name.

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