Jefferies analyst Greg Konrad downgraded Aerojet Rocketdyne (AJRD) to Hold from Buy with a price target of $58, down from $62, after the company reached a definitive agreement to be acquired by L3Harris Technologies (LHX) for $58 per share, in an all-cash transaction valued at $4.7B, inclusive of net debt. The offer price is a 14% premium to the prior Lockheed Martin deal amid a higher bid is unlikely, Konrad tells investors in research note. The analyst sees minimal competitive overlap and regulatory risk.
Published first on TheFly
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