UPDATE: Goldman Sachs Upgrades Kaydon Corporation to Neutral, Raises PT Following SKF Acquisition Announcement

In a report published Friday, Goldman Sachs analyst Samuel H. Eisner upgraded the rating on

from Sell to Neutral, and raised the price target from $25.00 to $33.00. In the report, Goldman Sachs noted, “We are upgrading shares of Kaydon to Neutral following the company's announcement that it is being acquired by SKF. We raise our 12-month price target to $33 (from $25) to incorporate M&A value into our methodology. Since being added to the Sell List on July 1, 2013, KDN shares have increased 4.1% vs. the S&P 500 2.4%. On an LTM basis, shares have increased 31.5% vs. the S&P of 17.7%. In our view, our call that shares would revalue lower to our target P/E multiple of 14x 2014E did not come to fruition as the company has agreed to be purchased.” Kaydon Corporation closed on Thursday at $35.55.