Truist analyst Michael Ciarmoli raised the firm’s price target on Barnes Group (B) to $47.50 from $38 and keeps a Hold rating on the shares after the company announced it entered into a definitive agreement to be acquired by Apollo Global (APO) in an all-cash transaction valuing the enterprise at about $3.6B or $47.50 per share. The deal represents a premium to Barnes’ historical 9.5-times EBITDA multiple average, but still falls well below the peer group average multiple of about 15-times, the firm stated.
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