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Axiall upgraded at Cowen, which expects increased bid from Westlake

Mar. 10, 2016 3:19 PM ETAxiall Corporation (AXLL) StockAXLL, WLKBy: Carl Surran, SA News Editor
  • Axiall (AXLL +2%) is upgraded to Outperform from Market Perform with a $25 price target, up from $17, at Cowen, which expects Westlake Chemical (WLK +1.5%) will raise its takeover bid to at least $25 or that AXLL's actions will enhance a combination at a later date.
  • Cowen also thinks AXLL, excluding its building products business, could bring additional bidder interest due to its "pure play status.”
  • The firm believes AXLL’s FY 2017 EPS are set to increase by $0.54 in case of a $25/share offer and by $0.45 in case of a $30/share offer, assuming annual synergies of $60M.

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