UPDATE: Bank of America Reiterates Buy Rating, Raises PT on United Rentals Following National Pump Acquisition Agreement

In a report published Wednesday, Bank of America analyst Ross Gilardi reiterated a Buy rating on

, and raised the price target from $95.00 to $105.00. In the report, Bank of America noted, “We reiterate our Buy rating on URI on the back of its recent agreement to acquire National Pump (NP) for $780mn (expected to close early Q214) and in advance of CEO Michael Kneeland's presentation at our Global Industrials conference in London on 3-18. Our preliminary calculations suggest that the deal could be $0.40-0.45 accretive (pre-amortization) by 2015, and the acquisition seems like an ideal fit with strong growth opportunity. Meantime, the core rental business is healthy.” United Rentals closed on Tuesday at $89.95.