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In a report published Wednesday, Stifel analyst Benjamin Nolan reiterated a Buy rating on
MatsonMATX, and raised the price target from $36.00 to $39.00.
In the report, Stifel noted, “Matson Inc. reported that they have come to an agreement to acquire Horizon Lines' (HRZL; NC) Alaskan operations along with the assumption of Horizon's non-Hawaii business liabilities for $0.72 per share or $456.1 million, including the repayment of debt. In a separate transaction Horizon Lines announced the sale of its Hawaiian operations to The Pasha Group for $141.5 million while ceasing all operations in the Puerto Rico market by the end of 2014. We believe the acquisition is substantially accretive and beneficial to Matson.”
Matson closed on Tuesday at $29.23.
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