UPDATE: Jefferies & Company Assumes Coverage on PolyOne Corporation with Buy Rating, $24 PT

In a report published Wednesday, Jefferies & Company assumed coverage on PolyOne Corporation POL with a Buy rating and $24.00 price target. Jefferies noted, “On December 20, PolyOne announced the acquisition of $50m (2012E sales) Glasform to strengthen its specialty portfolio in key niche specialty end markets. We expect the acquisition to be modestly accretive and to generate a ROIC of more than 9%. With this note, we are assuming coverage of PolyOne as the prior analyst has left the firm. We are maintaining estimates and a Buy rating.” PolyOne Corporation closed on Monday at $20.42.