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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on AJRD:
- L3Harris (NYSE:LHX) Gets a Boost with $4.7B Acquisition of Aerojet Rocketdyne
- L3Harris to acquire Aerojet Rocketdyne for $58 per share
- L3Harris nears $4.7B deal for Aerojet Rocketdyne, Bloomberg reports
- NASA’s Artemis I Mission Sees Successful Completion
- Aerojet Rocketdyne to Produce New Joint Economical Sled Track Rockets