As previously reported, Craig-Hallum downgraded Thermon Group (THR) to Hold from Buy with a $51 price target following announced combination with Ceco Environmental (CECO) for $2.2B or 17-times EBITDA. The firm is looking for more color in imminent proxy filing but views deal as most likely path forward, and while it has seen a path to a larger stock, says acquisition is attractive for Thermon as it provides greater access to capital to take advantage of growth opportunities, as well as broader access to global markets and manufacturing, while also being nicely complementary to Ceco Environmental.
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Read More on THR:
- Thermon Group downgraded to Hold from Buy at Craig-Hallum
- Ceco Environmental price target raised to $79 from $73 at Northland
- Thermon Group downgraded to Market Perform from Outperform at CJS Securities
- Ceco Environmental price target raised to $80 from $60 at Lake Street
- Ceco Environmental price target raised to $68 from $58 at Roth Capital