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Feltl & Company lowers its rating on MEDTOX Scientific
MTOX from Buy to Hold following its acquisition from LabCorp
LH. Price target is raised from $21.50 to the acquisition price of $27.
Feltl & Company comments, "MEDTOX announced this morning that the company has entered into a definitive merger agreement with LabCorp (LH - not rated) to be acquired for $27.00 a share in cash or approximately $241 million. The companies expect the acquisition to close in the third quarter of this year. We believe this is a fair price for MEDTOX, representing 2.0x our 2012 revenue estimates; lab acquisitions typically take place between 1.5x and 2.5x sales. The acquisition price represents 35.1x our 2012 EPS estimate and 14.2x our 2012 EBITDA estimate."
MTOX closed at $26.70 on Friday.
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Posted In: Analyst ColorDowngradesPrice TargetIntraday UpdateAnalyst RatingsFeltl & CompanyHealth CareHealth Care Services
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