UPDATE: Citigroup Raises PT on Jarden on Reverse Split, Share Repurchases
In a report published Wednesday, Citigroup analyst Gregory R. Badishkanian reiterated a Buy rating on Jarden Corp. (NYSE: JAH), and raised the price target from $46.67 to $49.00.
In the report, Badishkanian noted, “We are adjusting our estimates given the company's reverse split and share repurchases as well as updated views on costs/qtrly seasonality. The co announced their 3 for 2 stock split on Feb 14th, their 4th since '02 and reflects the confidence the board and mgmt have in the business. Additionally the company announced on Feb 28th an increase to their share repurchase program to $500mm which includes the remaining $130mm from their existing program. JAH also announced an accelerated stock repurchase program of $250mm of their common shares which they will fund with cash. We slightly raise (post stock split) our EPS and TP to reflect share repurchases as well as updated views on costs/qtrly seasonality.”
Jarden Corp. closed on Tuesday at $42.48.
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