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UPDATE: JP Morgan Downgrades Titanium Metals to Neutral Following Tender Offer

Related TIE
UPDATE: D.A. Davidson Terminates Coverage on Titanium Metals Corp.
Precision Castparts Closes Offering Period for Timet Shares

JP Morgan reduced its rating on Titanium Metals (NYSE: TIE) from Overweight to Neutral and lowered its price target from $17 to $16.50.

JP Morgan commented, "We are downgrading shares of TIE to Neutral from Overweight and trimming our price target to $16.50, matching the all-cash tender offer made on November 9 by Precision Castparts (OW rated by J.P. Morgan Aerospace & Defense analyst Joe Nadol). While we originally viewed PCC's all-cash, 42.6% premium bid as an offer not likely to be refused or surpassed, the potential for a bid superior to the offer's terms, conditions, and year-end closing timeline became even more remote over the past month."

Titanium Metals closed at $16.43 on Wednesday.

Posted-In: JP MorganAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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