Reported $45 per share valuation for Barnes Group ‘rather light,’ says Truist

Truist analyst Michael Ciarmoli notes that Reuters reported by that Apollo Global Management (APO) is in talks to acquire Barnes Group (B) for $45 per share or higher, though also pointed out that sources for the original article “stressed a deal is far from finalized.” The firm, which also notes that Barnes announced in June that the company was exploring strategic options, including a sale, views a $45 per share valuation as “rather light,” noting that it reflects multiples on FY24 EBTIDA and FY25 EBITDA estimates that would fall “well below” the peer group average. The firm has a Hold rating and $38 price target on Barnes shares, which are up about 7% to $42.75 in pre-market trading.