Versigent initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Versigent (VGNT) with an Outperform rating and $55 price target. The bottom of $27 per share coincided with greater than 100% turnover of distributed shares, which is “a classic spin dynamic creating temporary dislocation and a value opportunity,” the analyst tells investors. The post-spin setup “screens unusually attractive,” with the firm seeing a path to peer rerating as forced selling subsides and margin expansion comes through, the analyst added.