Market Overview

UPDATE: Credit Suisse Raises PT to 212 on Precision Castparts on Acquisition

Share:
Related PCP
US Stock Futures Surge Ahead Of Fed Meeting
Precision Castparts Misses Q1 Expectations
Tuesday Big Movers UPS CMI PCP AMGN YELP GILD AKAM TWTR BWLD PNRA (Marketfy Insights)

Credit Suisse reiterated its Outperform rating on Precision Castparts (NYSE: PCP) and increased its price target from $199 to $212.

Credit Suisse noted, "After Friday's (Nov 9) close, PCP announced an agreement to purchase publicly-traded TIE for ~$2.9B. Timet further integrates PCP upstream, adding titanium (Ti) sponge, melt & mill product capability. It is one of 3 domestic Ti mills (with ATI & RTI), and is a key supplier of Ti mill product to BA & engine OEMs. This is the largest deal in PCP history, among the most transformational, and we expect it to be very well-received given similarity to the CY06 acquisition of nickel-producer SMC which significantly exceeded accretion targets & established PCP as an excellent vertical integrator."

Precision Castparts closed at $171.33 on Friday.

Latest Ratings for PCP

DateFirmActionFromTo
Jul 2015Canaccord GenuityMaintainsHold
Jul 2015JP MorganInitiates Coverage onNeutral
Jul 2015CitigroupMaintainsBuy

View More Analyst Ratings for PCP
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (PCP)

Get Benzinga's Newsletters