Truist downgraded Hostess Brands (TWNK) to Hold from Buy with a price target of $34.25, down from $35, after J.M. Smucker (SJM) agreed to acquire all of the outstanding shares of Hostess Brands in a cash and stock transaction valued at $34.25 per Hostess Brands share. Given the firm’s belief that this deal went through the traditional auction process, it does not expect a higher offer to emerge, the analyst tells investors.
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 – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on TWNK:
- J.M. Smucker (NYSE:SJM) Acquires Twinkies-Owner Hostess Brands in a $5.6 Billion Deal
- Hostess Brands jumps 17% to $32.98 after J.M. Smucker acquisition proposal
- The J. M. Smucker Co. to Acquire Hostess Brands to Accelerate Focus on Convenient Consumer Occasions
- Hostess Brands to be acquired by J.M. Smucker in $5.6B cash, stock transaction
- J.M. Smucker to acquire Hostess Brands for $34.25 per share, or $5.6B