Freedom Broker Upgrades $ESI to Buy, Raises PT to $48 from $42
Analyst comments: "We consider the mutual decision to terminate the previously announced acquisition of ESI by Solstice Advanced Materials to be an elegant and effective solution that should quickly reverse ESI’s ~16% share price erosion since the deal was first announced.
We believe the opportunity for investors in both companies to choose among pure-play exposures will quickly restore the luster lost as a result of the agreement to be acquired. We would buy ESI aggressively on this news.
We restore our pre-agreement price target of $48."
Analyst: David Silver