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.
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