MRC Global price target raised to $17 from $15 at Stifel

Stifel raised the firm’s price target on MRC Global (MRC) to $17 from $15 and keeps a Buy rating on the shares after the company and Dnow (DNOW) announced a definitive merger agreement pursuant to which Dnow will acquire MRC Global in an all-stock transaction valued at approximately $1.5B, inclusive of MRC Global’s net debt. Dnow expects to generate $70M of annual cost synergies by year three following the anticipated close in Q4, with 25% EPS accretion in 2026, the analyst noted.