Piper Sandler raised the firm’s price target on Leggett & Platt (LEG) to $12 from $10 and keeps a Neutral rating on the shares. The firm notes that early last week, Somnigroup (SGI) proposed acquiring Leggett in an all-stock transaction. After having numerous industry discussions over the last week, and doing high level merger math, Piper now views the deal as highly compelling with potential to be highly accretive both immediately and over several years.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LEG:
- Midday Fly By: Nvidia invests in Synopsys, U.S. strikes pharma deal with UK
- Video: Vaccine makers slide following report of leaked memo from FDA’s Prasad
- Morning Movers: Synopsys leaps following Nvidia investment
- Leggett & Platt confirms unsolicited proposal from Somnigroup
- Somnigroup proposes to acquire Leggett & Platt for $12.00 per share