UPDATE: Jefferies Raises PT on PolyOne Corporation on Spartech Acquisition

In a report published Wednesday, Jefferies analyst Laurence Alexander reiterated his Buy rating on PolyOne Corporation

, and raised his price target from $27.00 to $29.00. In the report, Alexander noted, “To reflect the completion of the Spartech acquisition, we are raising our 12-month price target for PolyOne $2 to $29, which effectively maintains our target multiple at 7.6x EBITDA and implies 16% total return.” PolyOne Corporation closed on Tuesday at $24.90.