Defense contractor V2X gains as co poised to join S&P SmallCap index
BUZZ-Defense contractor V2X gains as co poised to join S&P SmallCap index ** Aerospace and defense contractor V2X Inc VVX.N shares up 5% before the bell on Tues to $79.99 as co set to join S&P SmallCap 600 index .SPCY later this week
** VVX to replace Avanos Medical AVNS.N in SPCY before the bell on Fri, Jul 24, S&P Dow Jones Indices said
** Medical device maker AVNS being taken private by American Industrial Partners in $1.27 bln deal
** Stephens analyst Melissa Roberts said in a note she expects passive funds will need to buy 2.7 mln VVX shares, implying nearly 5 days of purchasing demand
** Reston, Virginia-based VVX has ~31.3 mln shares outstanding for $2.4 bln market cap
** Through Mon, shares up 40% YTD
** Of 12 analysts, recommendation breakdown is 8 "strong buy" or "buy", 2 "hold" and 2 "sell" ratings; median PT $80, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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