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RBC Capital downgrades Dowlais, says American Axle deal now in the price
(Sharecast News) - RBC Capital Markets downgraded Dowlais on Tuesday to 'sector perform' from 'outperform' as the American Axle deal gets closer and is now in the price. "With Dowlais trading at only a circa 1-2% discount to the implied American Axle bid price we downgrade our rating to sector perform and set our price target at 77p in line with the current implied bid price," the bank said.
The previous price target was 70p.
"We remain of the view that the American Axle offer potentially undervalues Dowlais," RBC said, adding that there is a significant future upside opportunity skewed towards American Axle shareholders.
"However, with the offer having been in place now for over six months with a Q4 completion still expected by the management teams, we see a completion as most likely."
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