BofA raised the firm’s price target on Integer to $145 from $135 and keeps a Buy rating on the shares after the company announced that it was divesting its non-medical Electrochem business that has applications for the energy, military and environment sectors for $50M in cash. While the news “does not come as a surprise” given that the company has signaled its intent to focus on the medical business, the firm calls the deal “a good strategic move,” which should accelerate top-line growth and boost margins slightly.
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Read More on ITGR:
- Integer price target raised to $145 from $137 at Truist
- Integer price target raised to $130 from $124 at Citi
- Ultralife to acquire Electrochem from Integer for $50M
- Integer to divest non-medical business for $50M
- Integer completes two Irish facility expansions to support growth