Clarcor +6% as BB&T upgrades following $325M filtration acquisition


Clarcor (CLC +6%) is upgraded to Buy from Hold with a $65 price target at BB&T after the provider of filtration products and services agreed to acquire Stanadyne's filtration business for ~$325M.

BB&T says CLC bought a solid business at a reasonable price given its 37% EBITDA margin and strategic fit, and the firm believes the deal could be ~$0.20 accretive in the first full year, excluding initial purchase accounting charges.

The firm says CLC is putting its balance sheet to good use, estimates are moving higher and valuation is looking increasingly attractive.

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