UPDATE: Jefferies Initiates Coverage on Masco on Fair Valuation

In a report published Thursday, Jefferies analyst Philip Ng initiated coverage on

with a Hold rating and $24.00 price target. In the report, Jefferies noted, “While MAS has some of the best brands and its Cabinets business is finally turning the corner, we believe the stock is fairly valued and we are initiating coverage with a Hold. On a pullback, we would revisit the idea, since management is becoming more thoughtful on cash flow deployment and the big ticket market is gaining momentum.” Masco Corporation closed on Wednesday at $21.82.